IEMG is also an emerging-market ETF, but unlike VWO it carries a notably heavier weighting toward Taiwanese and Korean semiconductor names (TSMC, Samsung Electronics, SK hynix), which helped it capture more of the recent chip rally — a 33.2% one-year return, well ahead of VWO's 18.2%.

This is a good illustration of how much country and sector weightings can diverge even between funds in the same "emerging markets" category. If semiconductor-heavy emerging-market exposure is the goal, IEMG may fit better than VWO.