FFEM vs. HEEM

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Fundamental Emerging Markets ETF (FFEM) and iShares Currency Hedged MSCI Emerging Markets ETF (HEEM).

FFEM and HEEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FFEM is managed by Fidelity. HEEM is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets 100% USD Hedged Index. It was launched on Sep 23, 2014.

Performance

FFEM vs. HEEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and iShares Currency Hedged MSCI Emerging Markets ETF (HEEM). The values are adjusted to include any dividend payments, if applicable.

FFEM vs. HEEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	6.04%	40.03%	-2.27%
HEEM iShares Currency Hedged MSCI Emerging Markets ETF	6.21%	34.02%	-0.11%

Returns By Period

The year-to-date returns for both investments are quite close, with FFEM having a 6.04% return and HEEM slightly higher at 6.21%.

FFEM

• 1D: 4.43%
• 1M: -8.84%
• YTD: 6.04%
• 6M: 12.60%
• 1Y: 41.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEEM

• 1D: 3.58%
• 1M: -6.72%
• YTD: 6.21%
• 6M: 13.27%
• 1Y: 37.01%
• 3Y*: 18.98%
• 5Y*: 6.31%
• 10Y*: 9.13%

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

FFEM vs. HEEM - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is lower than HEEM's 0.72% expense ratio.

HEEM

iShares Currency Hedged MSCI Emerging Markets ETF

FFEM

Fidelity Fundamental Emerging Markets ETF

Return for Risk

FFEM vs. HEEM — Risk / Return Rank

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

FFEM

FFEM Risk / Return Rank: 89
FFEM Sharpe Ratio Rank: 89
FFEM Sortino Ratio Rank: 89
FFEM Omega Ratio Rank: 89
FFEM Calmar Ratio Rank: 90
FFEM Martin Ratio Rank: 90

HEEM

HEEM Risk / Return Rank: 92
HEEM Sharpe Ratio Rank: 92
HEEM Sortino Ratio Rank: 93
HEEM Omega Ratio Rank: 93
HEEM Calmar Ratio Rank: 91
HEEM Martin Ratio Rank: 92

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.

FFEM vs. HEEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and iShares Currency Hedged MSCI Emerging Markets ETF (HEEM). 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.

	FFEM	HEEM	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.12	-0.22
Sortino ratio Return per unit of downside risk	2.53	2.78	-0.25
Omega ratio Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio Return relative to maximum drawdown	3.04	3.22	-0.18
Martin ratio Return relative to average drawdown	11.69	12.72	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFEM vs. HEEM - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 1.90, which is comparable to the HEEM Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FFEM and HEEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FFEM	HEEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.12	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.40	+1.12

Correlation

The correlation between FFEM and HEEM is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FFEM vs. HEEM - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.54%, less than HEEM's 3.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEM Fidelity Fundamental Emerging Markets ETF	1.54%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEEM iShares Currency Hedged MSCI Emerging Markets ETF	3.74%	3.98%	2.38%	2.75%	7.49%	1.93%	1.49%	3.04%	2.37%	2.05%	1.84%	6.28%

Drawdowns

FFEM vs. HEEM - Drawdown Comparison

The maximum FFEM drawdown since its inception was -16.29%, smaller than the maximum HEEM drawdown of -33.53%. Use the drawdown chart below to compare losses from any high point for FFEM and HEEM.

Drawdown Indicators

	FFEM	HEEM	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-33.53%	+17.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-11.42%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.53%	—
Current Drawdown Current decline from peak	-9.74%	-7.64%	-2.10%
Average Drawdown Average peak-to-trough decline	-2.44%	-11.28%	+8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.89%	+0.64%

Volatility

FFEM vs. HEEM - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 11.96% compared to iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) at 8.92%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than HEEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	HEEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.96%	8.92%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	16.75%	13.25%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	17.52%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	16.55%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	17.75%	+3.38%