FMQQ vs. HEEM
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds - FMQQ tracks the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net while HEEM tracks the MSCI Emerging Markets 100% USD Hedged Index. Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 25.80%/yr for HEEM. A 0.66 correlation means they provide meaningful diversification when combined. FMQQ charges 0.86%/yr vs 0.72%/yr for HEEM.
Performance
FMQQ vs. HEEM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FMQQ achieves a -17.33% return, which is significantly lower than HEEM's 26.06% return.
FMQQ
- 1D
- -1.59%
- 1M
- 0.22%
- YTD
- -17.33%
- 6M
- -17.61%
- 1Y
- -20.84%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
HEEM
- 1D
- -5.40%
- 1M
- 3.12%
- YTD
- 26.06%
- 6M
- 26.50%
- 1Y
- 55.61%
- 3Y*
- 25.80%
- 5Y*
- 9.77%
- 10Y*
- 11.34%
FMQQ vs. HEEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -17.33% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 26.06% | 34.02% | 12.59% | 10.14% | -16.85% | -2.56% |
Correlation
The correlation between FMQQ and HEEM is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.66 |
The correlation between FMQQ and HEEM has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FMQQ vs. HEEM — Risk / Return Rank
FMQQ
HEEM
FMQQ vs. HEEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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.
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.
| FMQQ | HEEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.94 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.52 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 5.16 | -5.84 |
| Martin ratioReturn relative to average drawdown | -1.28 | 19.26 | -20.53 |
Loading charts...
Drawdowns
FMQQ vs. HEEM - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, which is greater than HEEM's maximum drawdown of -33.53%. Use the drawdown chart below to compare losses from any high point for FMQQ and HEEM.
Loading charts...
Drawdown Indicators
| FMQQ | HEEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -33.53% | -30.98% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -10.83% | -19.99% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -14.82% | -16.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.53% | — |
Current DrawdownCurrent decline from peak | -55.31% | -5.40% | -49.91% |
Average DrawdownAverage peak-to-trough decline | -49.41% | -11.10% | -38.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.34% | 2.90% | +13.44% |
Volatility
FMQQ vs. HEEM - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a volatility of 11.87%. This indicates that FMQQ experiences smaller price fluctuations and is considered to be less risky than HEEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FMQQ | HEEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 11.87% | -5.77% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 18.67% | -2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.25% | 20.56% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.80% | 17.64% | +7.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.80% | 18.20% | +6.60% |
FMQQ vs. HEEM - Expense Ratio Comparison
FMQQ has a 0.86% expense ratio, which is higher than HEEM's 0.72% expense ratio.
Dividends
FMQQ vs. HEEM - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.74%, less than HEEM's 3.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.74% | 0.61% | 0.45% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.16% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
Frequently Asked Questions
FMQQ and HEEM have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEEM has higher volatility (11.87%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs HEEM's -33.53%.
On 3-year performance, HEEM leads with 25.80% vs 2.61% for FMQQ. On fees, HEEM is cheaper at 0.72% per year. On volatility, FMQQ has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HEEM has performed better with a 25.80% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEEM is cheaper with a 0.72% expense ratio, compared with 0.86% for FMQQ.
HEEM has the higher dividend yield at 3.16%, compared with 0.74% for FMQQ.
FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while HEEM tracks MSCI Emerging Markets 100% USD Hedged Index. They also come from different issuers: EMQQ and iShares. Their fees differ too: 0.86% for FMQQ and 0.72% for HEEM.
HEEM currently has the higher Sharpe Ratio (2.72 vs -1.09), 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.
Find the right allocation for FMQQ and HEEM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer