HEEM vs. BBEM
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and BBEM (JPMorgan Betabuilders Emerging Markets Equity ETF) are both Emerging Markets Diversified funds - HEEM tracks the MSCI Emerging Markets 100% USD Hedged Index while BBEM tracks the Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, HEEM returned 25.96%/yr vs 21.94%/yr for BBEM. Their correlation of 0.93 suggests significant overlap in exposure. HEEM charges 0.72%/yr vs 0.15%/yr for BBEM.
Performance
HEEM vs. BBEM - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 27.33% return, which is significantly higher than BBEM's 23.93% return.
HEEM
- 1D
- 1.12%
- 1M
- 0.71%
- YTD
- 27.33%
- 6M
- 28.07%
- 1Y
- 53.35%
- 3Y*
- 25.96%
- 5Y*
- 9.88%
- 10Y*
- 11.59%
BBEM
- 1D
- 0.95%
- 1M
- -0.00%
- YTD
- 23.93%
- 6M
- 24.13%
- 1Y
- 43.75%
- 3Y*
- 21.94%
- 5Y*
- —
- 10Y*
- —
HEEM vs. BBEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 27.33% | 34.02% | 12.59% | 5.68% |
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF | 23.93% | 32.43% | 5.61% | 6.01% |
Correlation
The correlation between HEEM and BBEM is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.93 |
The correlation between HEEM and BBEM has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
HEEM vs. BBEM — Risk / Return Rank
HEEM
BBEM
HEEM vs. BBEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM). 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.
| HEEM | BBEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.38 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.95 | 3.35 | +1.60 |
| Martin ratioReturn relative to average drawdown | 18.26 | 12.41 | +5.85 |
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Drawdowns
HEEM vs. BBEM - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than BBEM's maximum drawdown of -17.42%. Use the drawdown chart below to compare losses from any high point for HEEM and BBEM.
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Drawdown Indicators
| HEEM | BBEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -17.42% | -16.11% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -13.12% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -17.42% | +2.60% |
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 | -4.45% | -4.31% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -3.71% | -7.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 3.54% | -0.61% |
Volatility
HEEM vs. BBEM - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) have volatilities of 11.43% and 11.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | BBEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 11.78% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 18.67% | 20.37% | -1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.48% | 22.18% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 18.41% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 18.41% | -0.21% |
HEEM vs. BBEM - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than BBEM's 0.15% expense ratio.
Dividends
HEEM vs. BBEM - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.12%, less than BBEM's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF | 4.68% | 5.86% | 2.73% | 1.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.12% | 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
With a correlation of 0.94, HEEM and BBEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BBEM has higher volatility (11.78%) compared to HEEM (11.43%). In terms of maximum drawdown, HEEM dropped -33.53% vs BBEM's -17.42%.
On 3-year performance, HEEM leads with 25.96% vs 21.94% for BBEM. On fees, BBEM is cheaper at 0.15% per year. On volatility, HEEM has been the lower-risk option at 11.43%. 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 25.96% return vs 21.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBEM is cheaper with a 0.15% expense ratio, compared with 0.72% for HEEM.
BBEM has the higher dividend yield at 4.68%, compared with 3.12% for HEEM.
HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while BBEM tracks Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.72% for HEEM and 0.15% for BBEM.
HEEM currently has the higher Sharpe Ratio (2.62 vs 1.98), 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.
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