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EMMV.L vs. HDEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMMV.L vs. HDEM.L

Last updated Jul 21, 2026
Documentation

EMMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)) and HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) are both Emerging Markets Equities funds - EMMV.L tracks the MSCI Emerging Markets Minimum Volatility Index (Net) while HDEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMMV.L returned 5.62%/yr vs 6.55%/yr for HDEM.L. A 0.72 correlation means they provide meaningful diversification when combined. EMMV.L charges 0.40%/yr vs 0.49%/yr for HDEM.L.

Performance

EMMV.L vs. HDEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMMV.L is traded in USD, while HDEM.L is traded in GBp. To make them comparable, the HDEM.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMMV.L achieves a 12.47% return, which is significantly higher than HDEM.L's 10.15% return. Over the past 10 years, EMMV.L has underperformed HDEM.L with an annualized return of 5.62%, while HDEM.L has yielded a comparatively higher 6.55% annualized return.

EMMV.L

1D
0.25%
1M
-6.70%
6M
8.62%
YTD
12.47%
1Y
16.51%
3Y*
11.83%
5Y*
5.22%
10Y*
5.62%
ALL TIME*
4.06%

HDEM.L

1D
0.97%
1M
4.45%
6M
6.88%
YTD
10.15%
1Y
22.39%
3Y*
14.65%
5Y*
6.98%
10Y*
6.55%
ALL TIME*
3.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMMV.L vs. HDEM.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)		12.47%12.62%8.30%8.03%-14.19%4.40%7.89%6.68%-5.45%26.38%
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		10.15%27.25%2.18%9.21%-16.40%14.05%-7.24%15.93%-6.61%24.99%

Correlation

The correlation between EMMV.L and HDEM.L is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since May 27, 2016

0.72

The correlation between EMMV.L and HDEM.L shifts across timeframes, from 0.60 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

EMMV.L vs. HDEM.L - Sectors Allocation Comparison

Sectors
EMMV.L
HDEM.L

Technology

37.3%
4.8%

Financial Services

18.2%
24.8%

Communication Services

10.1%
6.1%

Consumer Cyclical

6.7%
8.1%

Industrials

5.8%
10.3%

Healthcare

5.5%
1.6%

Consumer Defensive

5.5%
6.9%

Utilities

4.2%
9.5%

Energy

3.5%
17.7%

Basic Materials

2.6%
5.7%

Real Estate

0.6%
4.7%

Technology

EMMV.L
37.3%
HDEM.L
4.8%

Financial Services

EMMV.L
18.2%
HDEM.L
24.8%

Communication Services

EMMV.L
10.1%
HDEM.L
6.1%

Consumer Cyclical

EMMV.L
6.7%
HDEM.L
8.1%

Industrials

EMMV.L
5.8%
HDEM.L
10.3%

Healthcare

EMMV.L
5.5%
HDEM.L
1.6%

Consumer Defensive

EMMV.L
5.5%
HDEM.L
6.9%

Utilities

EMMV.L
4.2%
HDEM.L
9.5%

Energy

EMMV.L
3.5%
HDEM.L
17.7%

Basic Materials

EMMV.L
2.6%
HDEM.L
5.7%

Real Estate

EMMV.L
0.6%
HDEM.L
4.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)

Invesco FTSE EM High Dividend Low Volatility UCITS ETF

Often compared with EMMV.L:
EMMV.L vs. EIMI.LEMMV.L vs. CSP1.LEMMV.L vs. FLES.LEMMV.L vs. IUIT.LEMMV.L vs. IWDA.LEMMV.L vs. IGLN.LEMMV.L vs. ISAC.L
Often compared with HDEM.L:
HDEM.L vs. EUHD.LHDEM.L vs. WTEI.DEHDEM.L vs. EUNY.DEHDEM.L vs. JEPG.LHDEM.L vs. SCHDHDEM.L vs. JGPI.DEHDEM.L vs. SEDY.L

Return for Risk

EMMV.L vs. HDEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMMV.L
EMMV.L Risk / Return Rank: 4343
Overall Rank
EMMV.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EMMV.L Sortino Ratio Rank: 4040
Sortino Ratio Rank
EMMV.L Omega Ratio Rank: 4343
Omega Ratio Rank
EMMV.L Calmar Ratio Rank: 4444
Calmar Ratio Rank
EMMV.L Martin Ratio Rank: 4545
Martin Ratio Rank
HDEM.L
HDEM.L Risk / Return Rank: 8181
Overall Rank
HDEM.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HDEM.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
HDEM.L Omega Ratio Rank: 8080
Omega Ratio Rank
HDEM.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
HDEM.L Martin Ratio Rank: 6969
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMMV.L vs. HDEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L). 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.

EMMV.LHDEM.LDifference
Sharpe ratioReturn per unit of total volatility
1.09
1.84

-0.74

Sortino ratioReturn per unit of downside risk
1.59
2.63

-1.04

Omega ratioGain probability vs. loss probability

1.21

1.31

-0.09

Calmar ratioReturn relative to maximum drawdown

1.69

2.67

-0.97

Martin ratioReturn relative to average drawdown

5.34

7.43

-2.09

EMMV.L vs. HDEM.L - Sharpe Ratio Comparison

The current EMMV.L Sharpe Ratio is 1.09, which is lower than the HDEM.L Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of EMMV.L and HDEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMMV.L vs. HDEM.L - Drawdown Comparison

The maximum EMMV.L drawdown since its inception was -32.15%, smaller than the maximum HDEM.L drawdown of -38.97%. Use the drawdown chart below to compare losses from any high point for EMMV.L and HDEM.L.

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Drawdown Indicators

EMMV.LHDEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.15%

-38.97%

+6.82%

Max Drawdown (1Y)

Largest decline over 1 year

-9.71%

-8.36%

-1.35%

Max Drawdown (3Y)

Largest decline over 3 years

-12.41%

-14.02%

+1.61%

Max Drawdown (5Y)

Largest decline over 5 years

-22.34%

-29.56%

+7.22%

Max Drawdown (10Y)

Largest decline over 10 years

-32.15%

-38.97%

+6.82%

Current Drawdown

Current decline from peak

-7.71%

-2.80%

-4.91%

Average Drawdown

Average peak-to-trough decline

-8.54%

-11.97%

+3.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.01%

+0.08%

Volatility

EMMV.L vs. HDEM.L - Volatility Comparison

iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) has a higher volatility of 6.25% compared to Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) at 4.13%. This indicates that EMMV.L's price experiences larger fluctuations and is considered to be riskier than HDEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMMV.LHDEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.25%

4.13%

+2.12%

Volatility (6M)

Calculated over the trailing 6-month period

13.76%

9.53%

+4.23%

Volatility (1Y)

Calculated over the trailing 1-year period

15.05%

12.16%

+2.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.07%

15.36%

-2.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.07%

16.64%

-2.57%

EMMV.L vs. HDEM.L - Expense Ratio Comparison

EMMV.L has a 0.40% expense ratio, which is lower than HDEM.L's 0.49% expense ratio.

Dividends

EMMV.L vs. HDEM.L - Dividend Comparison

EMMV.L has not paid dividends to shareholders, while HDEM.L's dividend yield for the trailing twelve months is around 4.77%.

PositionTTM2025202420232022202120202019201820172016
EMMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		4.77%5.18%5.61%6.08%8.92%5.96%4.31%5.23%5.37%5.06%2.27%

Frequently Asked Questions

EMMV.L and HDEM.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMMV.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HDEM.L.

EMMV.L tracks MSCI Emerging Markets Minimum Volatility Index (Net), while HDEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for EMMV.L and 0.49% for HDEM.L.

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