- ISIN
- US46434G5099
- CUSIP
- 46434G509
- Issuer
- iShares
- Inception Date
- Sep 23, 2014
- Region
- Emerging Markets (Broad)
- Category
- Emerging Markets Diversified
- Leveraged
- 1x (No leverage)
- Index Tracked
- MSCI Emerging Markets 100% USD Hedged Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $296M
Share Price Chart
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Performance
HEEM Performance Chart
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) is up 33.3% since the beginning of the year. HEEM is currently trading at $46 per share. Investors who bought $1,000 worth of HEEM shares 5 years ago would now be looking at an investment worth $1,700.
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Returns By Period
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has returned 33.26% so far this year and 65.45% over the past 12 months. Over the last ten years, HEEM has returned 11.96% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
iShares Currency Hedged MSCI Emerging Markets ETF
- 1D
- 0.46%
- 1M
- 9.01%
- YTD
- 33.26%
- 6M
- 34.02%
- 1Y
- 65.45%
- 3Y*
- 28.15%
- 5Y*
- 11.19%
- 10Y*
- 11.96%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HEEM Monthly Returns History
Based on dividend-adjusted daily data since Sep 25, 2014, HEEM's average daily return is +0.04%, while the average monthly return is +0.80%. At this rate, an investment would double in approximately 7.2 years.
Historically, 56% of months were positive and 44% 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% | 11.27% | 7.41% | 4.97% | 33.26% | ||||||
| 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 0.64%, beta of 0.75, and R2 of 0.54 versus S&P 500 Index. Calculated based on daily prices since September 25, 2014.
- This ETF participated in 64.29% of S&P 500 Index downside but only 62.17% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- 0.64%
- Beta
- 0.75
- R²
- 0.54
- Upside Capture
- 62.17%
- Downside Capture
- 64.29%
Expense Ratio
HEEM has an expense ratio of 0.72%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HEEM ranks 93 for risk / return — in the top 93% 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 S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HEEM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.37 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 6.07 | 2.78 | +3.29 |
| Martin ratioReturn relative to average drawdown | 22.82 | 12.44 | +10.38 |
Dividends
Dividend History
iShares Currency Hedged MSCI Emerging Markets ETF provided a 2.98% 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 | 2.98% | 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 | $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.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -33.53%Oct 2022 | 1y 8mo | 2y 8mo | 4y 4moFeb 2021 - Jul 2025 |
COVID crash2020 | -28.81%Mar 2020 | 2y 1mo | 4mo 15d | 2y 6moJan 2018 - Aug 2020 |
2016 bear market2016 | -27.59%Jan 2016 | 8mo 27d | 1y 5mo | 2y 2moApr 2015 - Jul 2017 |
2026 correction2026 | -10.83%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 |
2014 pullback2014 | -8.71%Dec 2014 | 22d | 1mo 7d | 1mo 29dNov 2014 - Jan 2015 |
Drawdown Indicators
| HEEM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -56.78% | +23.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -9.10% | -1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -18.90% | +4.08% |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | -25.43% | -5.17% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -33.92% | +0.39% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -10.71% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.03% | +0.85% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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