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

HDEM.L vs. IEMA.L

Last updated Jun 5, 2026

HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) and IEMA.L (iShares MSCI EM UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - HDEM.L tracks the MSCI EM NR USD while IEMA.L tracks the MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, HDEM.L returned 8.19%/yr vs 10.89%/yr for IEMA.L. A 0.72 correlation means they provide meaningful diversification when combined. HDEM.L charges 0.49%/yr vs 0.18%/yr for IEMA.L.

Performance

HDEM.L vs. IEMA.L - Performance Comparison

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

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, HDEM.L achieves a 8.36% return, which is significantly lower than IEMA.L's 26.11% return. Over the past 10 years, HDEM.L has underperformed IEMA.L with an annualized return of 8.19%, while IEMA.L has yielded a comparatively higher 10.89% annualized return.

HDEM.L

1D
-0.50%
1M
-2.19%
YTD
8.36%
6M
6.78%
1Y
25.44%
3Y*
12.01%
5Y*
6.83%
10Y*
8.19%

IEMA.L

1D
-1.44%
1M
6.27%
YTD
26.11%
6M
27.85%
1Y
53.86%
3Y*
20.98%
5Y*
8.58%
10Y*
10.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		8.36%18.32%3.92%3.74%-6.39%15.10%-10.00%11.46%-1.01%16.23%
IEMA.L
iShares MSCI EM UCITS ETF USD (Acc)		26.11%24.83%9.49%3.96%-10.74%-1.91%15.51%11.35%-8.84%24.06%

Correlation

The correlation between HDEM.L and IEMA.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

0.67

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

0.63

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

0.72

Correlation (All Time)
Calculated using the full available price history since Jun 1, 2016

0.72

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

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

Sectors
HDEM.L
IEMA.L

Financial Services

24.3%
19.4%

Energy

18.3%
4.1%

Industrials

10.6%
7.5%

Utilities

9.9%
2.1%

Consumer Cyclical

7.6%
9.6%

Consumer Defensive

6.9%
3.0%

Communication Services

6.0%
6.9%

Basic Materials

5.8%
6.5%

Real Estate

4.6%
1.1%

Technology

4.3%
36.8%

Healthcare

1.6%
2.9%

Financial Services

HDEM.L
24.3%
IEMA.L
19.4%

Energy

HDEM.L
18.3%
IEMA.L
4.1%

Industrials

HDEM.L
10.6%
IEMA.L
7.5%

Utilities

HDEM.L
9.9%
IEMA.L
2.1%

Consumer Cyclical

HDEM.L
7.6%
IEMA.L
9.6%

Consumer Defensive

HDEM.L
6.9%
IEMA.L
3.0%

Communication Services

HDEM.L
6.0%
IEMA.L
6.9%

Basic Materials

HDEM.L
5.8%
IEMA.L
6.5%

Real Estate

HDEM.L
4.6%
IEMA.L
1.1%

Technology

HDEM.L
4.3%
IEMA.L
36.8%

Healthcare

HDEM.L
1.6%
IEMA.L
2.9%

Compare stocks, funds, or ETFs

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

Invesco FTSE EM High Dividend Low Volatility UCITS ETF

iShares MSCI EM UCITS ETF USD (Acc)

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. JEPQ
Often compared with IEMA.L:
IEMA.L vs. EIMI.LIEMA.L vs. IEMGIEMA.L vs. MWEQ.LIEMA.L vs. VWOIEMA.L vs. EEMIEMA.L vs. GLDIEMA.L vs. FBTU.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDEM.L
HDEM.L Risk / Return Rank: 7979
Overall Rank
HDEM.L Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HDEM.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
HDEM.L Omega Ratio Rank: 7474
Omega Ratio Rank
HDEM.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
HDEM.L Martin Ratio Rank: 7474
Martin Ratio Rank
IEMA.L
IEMA.L Risk / Return Rank: 8080
Overall Rank
IEMA.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IEMA.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
IEMA.L Omega Ratio Rank: 8181
Omega Ratio Rank
IEMA.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
IEMA.L Martin Ratio Rank: 7878
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.

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

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

HDEM.LIEMA.LDifference
Sharpe ratioReturn per unit of total volatility
2.49
2.93

-0.44

Sortino ratioReturn per unit of downside risk
3.58
3.79

-0.22

Omega ratioGain probability vs. loss probability

1.43

1.55

-0.12

Calmar ratioReturn relative to maximum drawdown

4.80

5.02

-0.22

Martin ratioReturn relative to average drawdown

13.83

17.07

-3.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HDEM.L Sharpe Ratio is 2.49, which is comparable to the IEMA.L Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of HDEM.L and IEMA.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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Sharpe Ratios by Period

HDEM.LIEMA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.93

-0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.50

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.58

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.38

+0.16

Drawdowns

HDEM.L vs. IEMA.L - Drawdown Comparison

The maximum HDEM.L drawdown since its inception was -32.18%, roughly equal to the maximum IEMA.L drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for HDEM.L and IEMA.L.

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Drawdown Indicators

HDEM.LIEMA.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.18%

-31.72%

-0.46%

Max Drawdown (1Y)

Largest decline over 1 year

-5.28%

-10.68%

+5.40%

Max Drawdown (3Y)

Largest decline over 3 years

-12.22%

-15.59%

+3.37%

Max Drawdown (5Y)

Largest decline over 5 years

-18.05%

-23.90%

+5.85%

Max Drawdown (10Y)

Largest decline over 10 years

-32.18%

-27.41%

-4.77%

Current Drawdown

Current decline from peak

-3.70%

-2.37%

-1.33%

Average Drawdown

Average peak-to-trough decline

-6.84%

-10.79%

+3.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

3.15%

-1.32%

Volatility

HDEM.L vs. IEMA.L - Volatility Comparison

The current volatility for Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) is 2.93%, while iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) has a volatility of 7.99%. This indicates that HDEM.L experiences smaller price fluctuations and is considered to be less risky than IEMA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDEM.LIEMA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

7.99%

-5.06%

Volatility (6M)

Calculated over the trailing 6-month period

7.52%

15.80%

-8.28%

Volatility (1Y)

Calculated over the trailing 1-year period

10.18%

18.31%

-8.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

17.01%

-3.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.82%

18.80%

-2.98%

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

HDEM.L has a 0.49% expense ratio, which is higher than IEMA.L's 0.18% expense ratio.

Dividends

HDEM.L vs. IEMA.L - Dividend Comparison

HDEM.L's dividend yield for the trailing twelve months is around 4.86%, while IEMA.L has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		4.86%5.17%5.62%6.08%8.93%5.96%4.31%5.23%5.37%6.81%2.78%
IEMA.L
iShares MSCI EM 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%

Frequently Asked Questions

HDEM.L and IEMA.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, IEMA.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEMA.L is cheaper with a 0.18% expense ratio, compared with 0.49% for HDEM.L.

HDEM.L tracks MSCI EM NR USD, while IEMA.L tracks MSCI Emerging Markets Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.49% for HDEM.L and 0.18% for IEMA.L.

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