EMVL.L vs. HEZU

Last updated Jun 16, 2026

EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) and HEZU (iShares Currency Hedged MSCI Eurozone ETF) are both exchange-traded funds - EMVL.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index. Both are passively managed. Over the past 5 years, EMVL.L returned 16.74%/yr vs 12.82%/yr for HEZU. At a 0.49 correlation, their price movements are largely independent. EMVL.L charges 0.40%/yr vs 0.52%/yr for HEZU.

Performance

EMVL.L vs. HEZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) and iShares Currency Hedged MSCI Eurozone ETF (HEZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMVL.L achieves a 45.06% return, which is significantly higher than HEZU's 12.90% return.

EMVL.L

• 1D: 2.91%
• 1M: 8.74%
• YTD: 45.06%
• 6M: 49.13%
• 1Y: 82.04%
• 3Y*: 36.29%
• 5Y*: 16.74%
• 10Y*: —

HEZU

• 1D: 0.71%
• 1M: 7.52%
• YTD: 12.90%
• 6M: 13.50%
• 1Y: 25.79%
• 3Y*: 18.13%
• 5Y*: 12.82%
• 10Y*: 12.74%

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

EMVL.L vs. HEZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)	45.06%	43.13%	14.49%	18.37%	-16.29%	5.29%	7.72%	17.64%	-2.10%
HEZU iShares Currency Hedged MSCI Eurozone ETF	12.90%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-4.74%

Correlation

The correlation between EMVL.L and HEZU is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.49

EMVL.L vs. HEZU - Sectors Allocation Comparison

Sectors	EMVL.L	HEZU
Technology	48.9%	16.1%
Financial Services	16.0%	23.8%
Basic Materials	8.6%	4.1%
Energy	7.0%	3.9%
Consumer Cyclical	6.8%	8.4%
Industrials	3.3%	21.0%
Real Estate	1.7%	0.9%
Communication Services	1.6%	4.3%
Healthcare	1.5%	5.6%
Utilities	1.4%	6.4%
Consumer Defensive	1.2%	5.5%

Return for Risk

EMVL.L vs. HEZU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMVL.L

EMVL.L Risk / Return Rank: 94
EMVL.L Sharpe Ratio Rank: 96
EMVL.L Sortino Ratio Rank: 94
EMVL.L Omega Ratio Rank: 94
EMVL.L Calmar Ratio Rank: 95
EMVL.L Martin Ratio Rank: 93

HEZU

HEZU Risk / Return Rank: 54
HEZU Sharpe Ratio Rank: 53
HEZU Sortino Ratio Rank: 54
HEZU Omega Ratio Rank: 53
HEZU Calmar Ratio Rank: 51
HEZU Martin Ratio Rank: 57

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.

EMVL.L vs. HEZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) and iShares Currency Hedged MSCI Eurozone ETF (HEZU). 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.

	EMVL.L	HEZU	Difference
Sharpe ratio: Return per unit of total volatility	3.73	1.67	+2.05
Sortino ratio: Return per unit of downside risk	4.42	2.42	+2.00
Omega ratio: Gain probability vs. loss probability	1.64	1.31	+0.33
Calmar ratio: Return relative to maximum drawdown	7.00	2.36	+4.64
Martin ratio: Return relative to average drawdown	22.34	9.29	+13.05

EMVL.L vs. HEZU - Sharpe Ratio Comparison

The current EMVL.L Sharpe Ratio is 3.73, which is higher than the HEZU Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EMVL.L and HEZU, 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

EMVL.L vs. HEZU - Drawdown Comparison

The maximum EMVL.L drawdown since its inception was -34.95%, smaller than the maximum HEZU drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for EMVL.L and HEZU.

Drawdown Indicators

	EMVL.L	HEZU	Difference
Max Drawdown Largest peak-to-trough decline	-34.95%	-38.80%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.65%	-10.95%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.42%	-14.83%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-33.55%	-22.79%	-10.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.80%	—
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-9.53%	-5.82%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.78%	+0.88%

Volatility

EMVL.L vs. HEZU - Volatility Comparison

iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) has a higher volatility of 10.29% compared to iShares Currency Hedged MSCI Eurozone ETF (HEZU) at 5.72%. This indicates that EMVL.L's price experiences larger fluctuations and is considered to be riskier than HEZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMVL.L	HEZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	5.72%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	18.92%	13.13%	+5.79%
Volatility (1Y) Calculated over the trailing 1-year period	21.93%	15.51%	+6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	16.59%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	18.43%	+2.76%

EMVL.L vs. HEZU - Expense Ratio Comparison

EMVL.L has a 0.40% expense ratio, which is lower than HEZU's 0.52% expense ratio.

Dividends

EMVL.L vs. HEZU - Dividend Comparison

EMVL.L has not paid dividends to shareholders, while HEZU's dividend yield for the trailing twelve months is around 2.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMVL.L iShares Edge MSCI EM Value Factor 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%	0.00%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.59%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both EMVL.L and HEZU in my portfolio?

EMVL.L and HEZU have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMVL.L or HEZU?

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

Which ETF is cheaper, EMVL.L or HEZU?

EMVL.L is cheaper with a 0.40% expense ratio, compared with 0.52% for HEZU.

What is the main difference between EMVL.L and HEZU?

EMVL.L is categorized as Emerging Markets Equities, while HEZU is Europe Equities. EMVL.L tracks MSCI EM NR USD, while HEZU tracks MSCI EMU 100% USD Hedged Index. Their fees differ too: 0.40% for EMVL.L and 0.52% for HEZU.