By default, images are set on the baseline of the current line. You can center this vertically by using adjustbox's valign=c option:

\documentclass{article}
\usepackage[export]{adjustbox}
\newcommand{\scarysymbol}[1][]{\includegraphics[width=1.2em,valign=c,#1]{example-image}}
\begin{document}
Something scary \includegraphics[width=1.2em]{example-image}.
Something scary \includegraphics[width=1.2em,valign=c]{example-image}.
Something scary \scarysymbol.
\end{document}
Alternatively, you can "raise" the image into position via \raisebox{<value>}{<stuff>}, where <value> can be a negative dimension and <stuff> is your \includegraphics. However, letting adjustbox sort this out is far simpler.
For consistency, store your scary symbol in a macro (say) \scarysymbol.
\raiseboxto the\includegraphicsor you could\clipboxto remove the empty bottom of the image – Steven B. Segletes Dec 07 '16 at 21:37