HEEM vs. DFEV
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. HEEM is passively managed, while DFEV is actively managed. Over the past 3 years, HEEM returned 25.96%/yr vs 24.76%/yr for DFEV. Their correlation of 0.89 suggests significant overlap in exposure. HEEM charges 0.72%/yr vs 0.43%/yr for DFEV.
Performance
HEEM vs. DFEV - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HEEM having a 27.33% return and DFEV slightly lower at 27.12%.
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%
DFEV
- 1D
- 0.76%
- 1M
- -0.36%
- YTD
- 27.12%
- 6M
- 27.81%
- 1Y
- 46.60%
- 3Y*
- 24.76%
- 5Y*
- —
- 10Y*
- —
HEEM vs. DFEV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 27.33% | 34.02% | 12.59% | 10.14% | -3.94% |
DFEV Dimensional Emerging Markets Value ETF | 27.12% | 32.54% | 7.26% | 15.52% | -6.08% |
Correlation
The correlation between HEEM and DFEV is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022 | 0.89 |
The correlation between HEEM and DFEV has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.
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Return for Risk
HEEM vs. DFEV — Risk / Return Rank
HEEM
DFEV
HEEM vs. DFEV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Dimensional Emerging Markets Value ETF (DFEV). 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 | DFEV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.45 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.95 | 4.12 | +0.83 |
| Martin ratioReturn relative to average drawdown | 18.26 | 14.64 | +3.62 |
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Drawdowns
HEEM vs. DFEV - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than DFEV's maximum drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for HEEM and DFEV.
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Drawdown Indicators
| HEEM | DFEV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -18.49% | -15.04% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -11.35% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -17.94% | +3.12% |
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% | -4.07% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -4.63% | -6.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 3.19% | -0.26% |
Volatility
HEEM vs. DFEV - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 11.43% compared to Dimensional Emerging Markets Value ETF (DFEV) at 10.80%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | DFEV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 10.80% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 18.67% | 17.92% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.48% | 19.72% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 17.04% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 17.04% | +1.16% |
HEEM vs. DFEV - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than DFEV's 0.43% expense ratio.
Dividends
HEEM vs. DFEV - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.12%, more than DFEV's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFEV Dimensional Emerging Markets Value ETF | 2.02% | 2.69% | 3.17% | 3.47% | 3.35% | 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
HEEM and DFEV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEEM has higher volatility (11.43%) compared to DFEV (10.80%). In terms of maximum drawdown, HEEM dropped -33.53% vs DFEV's -18.49%.
On 3-year performance, HEEM leads with 25.96% vs 24.76% for DFEV. On fees, DFEV is cheaper at 0.43% per year. On volatility, DFEV has been the lower-risk option at 10.80%. 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 24.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEV is cheaper with a 0.43% expense ratio, compared with 0.72% for HEEM.
HEEM has the higher dividend yield at 3.12%, compared with 2.02% for DFEV.
They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.72% for HEEM and 0.43% for DFEV.
HEEM currently has the higher Sharpe Ratio (2.62 vs 2.37), 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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