The article examines different risk models for emerging markets equities during turbulent and calm market periods. The researchers compared models for the top 9 emerging markets and found that most risk models are consistent over time and market conditions. However, China and South Africa have varying and market-dependent risk models. Overall, there is more similarity than difference in risk models across countries, making it easier for risk managers to choose the best models. This study is important for improving internal risk management and increasing confidence in investing in emerging markets.