EMMF vs. HEDJ

Last updated Aug 2, 2026

EMMF (WisdomTree Emerging Markets Multifactor Fund) and HEDJ (WisdomTree Europe Hedged Equity Fund) are both exchange-traded funds - EMMF is a Emerging Markets Equities fund actively managed by WisdomTree, while HEDJ is a Europe Equities fund tracking the WisdomTree Europe Hedged Equity Index. EMMF is actively managed, while HEDJ is passively managed. Over the past 5 years, EMMF returned 9.89%/yr vs 10.78%/yr for HEDJ. Their 0.62 correlation means they have sometimes moved together and sometimes differently. EMMF charges 0.48%/yr vs 0.58%/yr for HEDJ.

Performance

EMMF vs. HEDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Multifactor Fund (EMMF) and WisdomTree Europe Hedged Equity Fund (HEDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMMF achieves a 15.85% return, which is significantly higher than HEDJ's 8.59% return.

EMMF

• 1D: 1.12%
• 1M: -3.36%
• 6M: 7.56%
• YTD: 15.85%
• 1Y: 30.07%
• 3Y*: 17.16%
• 5Y*: 9.89%
• 10Y*: —
• ALL TIME*: 7.48%

HEDJ

• 1D: -0.87%
• 1M: -0.79%
• 6M: 6.02%
• YTD: 8.59%
• 1Y: 21.05%
• 3Y*: 13.72%
• 5Y*: 10.78%
• 10Y*: 10.96%
• ALL TIME*: 8.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMMF WisdomTree Emerging Markets Multifactor Fund	$671.84K	$537.76K	$597.96K
HEDJ WisdomTree Europe Hedged Equity Fund	$3.72M	$3.36M	$5.37M

EMMF vs. HEDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMMF WisdomTree Emerging Markets Multifactor Fund	15.85%	21.22%	9.45%	20.59%	-13.47%	5.97%	9.25%	2.30%	-6.45%
HEDJ WisdomTree Europe Hedged Equity Fund	8.59%	23.55%	5.28%	26.89%	-10.09%	23.54%	-3.35%	27.50%	-13.67%

Correlation

The correlation between EMMF and HEDJ is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (All Time) Calculated using the full available price history since Aug 10, 2018	0.62

The correlation between EMMF and HEDJ has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

EMMF vs. HEDJ - Sectors Allocation Comparison

Sectors	EMMF	HEDJ
Technology	39.6%	13.2%
Industrials	12.4%	22.6%
Consumer Cyclical	11.0%	12.9%
Financial Services	8.5%	15.8%
Basic Materials	8.0%	6.6%
Communication Services	6.8%	4.7%
Healthcare	4.5%	7.9%
Energy	3.3%	3.4%
Utilities	2.9%	-
Consumer Defensive	2.2%	12.7%
Real Estate	0.9%	-

Return for Risk

EMMF vs. HEDJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EMMF

EMMF Risk / Return Rank: 60
EMMF Sharpe Ratio Rank: 60
EMMF Sortino Ratio Rank: 54
EMMF Omega Ratio Rank: 65
EMMF Calmar Ratio Rank: 57
EMMF Martin Ratio Rank: 61

HEDJ

HEDJ Risk / Return Rank: 48
HEDJ Sharpe Ratio Rank: 48
HEDJ Sortino Ratio Rank: 48
HEDJ Omega Ratio Rank: 47
HEDJ Calmar Ratio Rank: 43
HEDJ Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMMF vs. HEDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Multifactor Fund (EMMF) and WisdomTree Europe Hedged Equity Fund (HEDJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	EMMF	HEDJ	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.17	+0.24
Sortino ratio: Return per unit of downside risk	1.90	1.75	+0.15
Omega ratio: Gain probability vs. loss probability	1.28	1.22	+0.06
Calmar ratio: Return relative to maximum drawdown	2.04	1.54	+0.50
Martin ratio: Return relative to average drawdown	7.30	6.28	+1.02

EMMF vs. HEDJ - Sharpe Ratio Comparison

The current EMMF Sharpe Ratio is 1.41, which is comparable to the HEDJ Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of EMMF and HEDJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMMF vs. HEDJ - Drawdown Comparison

The maximum EMMF drawdown since its inception was -32.57%, smaller than the maximum HEDJ drawdown of -38.18%. Use the drawdown chart below to compare losses from any high point for EMMF and HEDJ.

Drawdown Indicators

	EMMF	HEDJ	Difference
Max Drawdown Largest peak-to-trough decline	-32.57%	-38.18%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.40%	-11.90%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-15.93%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.02%	-22.17%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.18%	—
Current Drawdown Current decline from peak	-10.59%	-1.22%	-9.37%
Average Drawdown Average peak-to-trough decline	-7.44%	-5.87%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	2.92%	+1.10%

Volatility

EMMF vs. HEDJ - Volatility Comparison

WisdomTree Emerging Markets Multifactor Fund (EMMF) has a higher volatility of 8.23% compared to WisdomTree Europe Hedged Equity Fund (HEDJ) at 4.39%. This indicates that EMMF's price experiences larger fluctuations and is considered to be riskier than HEDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMMF	HEDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	4.39%	+3.84%
Volatility (6M) Calculated over the trailing 6-month period	19.31%	13.20%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	15.74%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	16.86%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	18.15%	-1.04%

EMMF vs. HEDJ - Expense Ratio Comparison

EMMF has a 0.48% expense ratio, which is lower than HEDJ's 0.58% expense ratio.

Dividends

EMMF vs. HEDJ - Dividend Comparison

EMMF's dividend yield for the trailing twelve months is around 2.04%, more than HEDJ's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMMF WisdomTree Emerging Markets Multifactor Fund	2.04%	2.45%	1.30%	1.62%	3.48%	2.64%	1.93%	2.93%	0.66%	0.00%	0.00%	0.00%
HEDJ WisdomTree Europe Hedged Equity Fund	1.79%	1.63%	3.28%	3.31%	2.83%	2.08%	2.65%	1.82%	2.73%	2.27%	2.74%	9.43%

Frequently Asked Questions

Can I hold both EMMF and HEDJ in my portfolio?

EMMF and HEDJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMMF or HEDJ?

EMMF has higher volatility (8.23%) compared to HEDJ (4.39%). In terms of maximum drawdown, EMMF dropped -32.57% vs HEDJ's -38.18%.

Which ETF is better, EMMF or HEDJ?

On 5-year performance, HEDJ leads with 10.78% vs 9.89% for EMMF. On fees, EMMF is cheaper at 0.48% per year. On volatility, HEDJ has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMMF or HEDJ?

Over the 5-year period, HEDJ has performed better with a 10.78% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMMF or HEDJ?

EMMF is cheaper with a 0.48% expense ratio, compared with 0.58% for HEDJ.

Which ETF pays a higher dividend yield, EMMF or HEDJ?

EMMF has the higher dividend yield at 2.04%, compared with 1.79% for HEDJ.

What is the main difference between EMMF and HEDJ?

EMMF is categorized as Emerging Markets Equities, while HEDJ is Europe Equities. Their fees differ too: 0.48% for EMMF and 0.58% for HEDJ.

Which has better risk-adjusted returns?

EMMF currently has the higher Sharpe Ratio (1.41 vs 1.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.