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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in iShares Currency Hedged MSCI Emerging Markets ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has returned 6.21% so far this year and 37.01% over the past 12 months. Over the last ten years, HEEM has returned 9.13% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
iShares Currency Hedged MSCI Emerging Markets ETF
- 1D
- 3.58%
- 1M
- -6.72%
- YTD
- 6.21%
- 6M
- 13.27%
- 1Y
- 37.01%
- 3Y*
- 18.98%
- 5Y*
- 6.31%
- 10Y*
- 9.13%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Sep 25, 2014, HEEM's average daily return is +0.03%, while the average monthly return is +0.64%. At this rate, your investment would double in approximately 9.1 years.
Historically, 55% of months were positive and 45% were negative. The best month was Nov 2022 with a return of +12.2%, while the worst month was Mar 2020 at -13.4%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 10 months.
On a daily basis, HEEM closed higher 52% of trading days. The best single day was Mar 16, 2022 with a return of +7.7%, while the worst single day was Mar 12, 2020 at -10.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.26% | 5.18% | -6.72% | 6.21% | |||||||||
| 2025 | 2.64% | -0.29% | 1.52% | -1.57% | 3.22% | 5.49% | 2.54% | 2.94% | 6.93% | 3.96% | -0.94% | 3.55% | 34.02% |
| 2024 | -3.13% | 3.91% | 3.69% | 0.83% | 1.83% | 2.89% | 1.01% | 0.11% | 4.41% | -1.53% | -1.59% | -0.19% | 12.59% |
| 2023 | 8.07% | -5.49% | 2.60% | -0.50% | -1.81% | 4.48% | 4.99% | -5.40% | -2.19% | -3.02% | 6.33% | 2.78% | 10.14% |
| 2022 | -0.09% | -3.25% | -3.89% | -3.81% | -0.11% | -3.18% | -0.20% | -0.32% | -9.20% | -1.59% | 12.18% | -3.52% | -16.85% |
| 2021 | 3.97% | 1.00% | -0.06% | 0.28% | 0.77% | 1.43% | -5.93% | 1.42% | -2.90% | 0.82% | -3.64% | 1.42% | -1.82% |
Benchmark Metrics
iShares Currency Hedged MSCI Emerging Markets ETF has an annualized alpha of -0.47%, beta of 0.74, and R² of 0.55 versus S&P 500 Index. Calculated based on daily prices since September 26, 2014.
- This ETF participated in 67.41% of S&P 500 Index downside but only 59.11% of its upside — more exposed to losses than it benefited from rallies.
- Alpha
- -0.47%
- Beta
- 0.74
- R²
- 0.55
- Upside Capture
- 59.11%
- Downside Capture
- 67.41%
Expense Ratio
HEEM has an expense ratio of 0.72%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HEEM ranks 92 for risk / return — in the top 92% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and compare them to a chosen benchmark (S&P 500 Index).
| HEEM | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.12 | 0.90 | +1.23 |
Sortino ratioReturn per unit of downside risk | 2.78 | 1.39 | +1.40 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.21 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.40 | +1.82 |
Martin ratioReturn relative to average drawdown | 12.72 | 6.61 | +6.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore HEEM risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
iShares Currency Hedged MSCI Emerging Markets ETF provided a 3.74% dividend yield over the last twelve months, with an annual payout of $1.38 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.38 | $1.38 | $0.64 | $0.68 | $1.72 | $0.57 | $0.46 | $0.80 | $0.54 | $0.54 | $0.39 | $1.26 |
Dividend yield | 3.74% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Currency Hedged MSCI Emerging Markets ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.00 | $0.00 | $1.10 | $1.38 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | $0.46 | $0.64 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.00 | $0.00 | $0.47 | $0.68 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.00 | $0.00 | $1.49 | $1.72 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.57 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Currency Hedged MSCI Emerging Markets ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Currency Hedged MSCI Emerging Markets ETF was 33.53%, occurring on Oct 24, 2022. Recovery took 672 trading sessions.
The current iShares Currency Hedged MSCI Emerging Markets ETF drawdown is 7.64%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -33.53% | Feb 18, 2021 | 425 | Oct 24, 2022 | 672 | Jul 1, 2025 | 1097 |
| -28.81% | Jan 29, 2018 | 541 | Mar 23, 2020 | 94 | Aug 5, 2020 | 635 |
| -27.59% | Apr 28, 2015 | 185 | Jan 20, 2016 | 371 | Jul 11, 2017 | 556 |
| -10.83% | Feb 26, 2026 | 23 | Mar 30, 2026 | — | — | — |
| -8.71% | Nov 24, 2014 | 16 | Dec 16, 2014 | 24 | Jan 22, 2015 | 40 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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