HEEM vs. DFSE
Compare and contrast key facts about iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE).
HEEM and DFSE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. DFSE is an actively managed fund by Dimensional. It was launched on Nov 1, 2022.
Performance
HEEM vs. DFSE - Performance Comparison
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HEEM vs. DFSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 6.21% | 34.02% | 12.59% | 10.14% | 7.23% |
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 2.27% | 28.22% | 6.90% | 14.66% | 11.62% |
Returns By Period
In the year-to-date period, HEEM achieves a 6.21% return, which is significantly higher than DFSE's 2.27% return.
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%
DFSE
- 1D
- 3.27%
- 1M
- -8.75%
- YTD
- 2.27%
- 6M
- 3.96%
- 1Y
- 28.74%
- 3Y*
- 14.83%
- 5Y*
- —
- 10Y*
- —
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HEEM vs. DFSE - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than DFSE's 0.41% expense ratio.
Return for Risk
HEEM vs. DFSE — Risk / Return Rank
HEEM
DFSE
HEEM vs. DFSE - 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 Sustainability Core 1 ETF (DFSE). 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.
| HEEM | DFSE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.12 | 1.50 | +0.62 |
Sortino ratioReturn per unit of downside risk | 2.78 | 2.06 | +0.72 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.30 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.16 | +1.06 |
Martin ratioReturn relative to average drawdown | 12.72 | 8.14 | +4.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEEM | DFSE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 1.50 | +0.62 |
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 | 0.40 | 1.10 | -0.71 |
Correlation
The correlation between HEEM and DFSE is 0.91, 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
HEEM vs. DFSE - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.74%, more than DFSE's 2.18% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 2.18% | 2.26% | 2.06% | 2.06% | 0.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HEEM vs. DFSE - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than DFSE's maximum drawdown of -19.77%. Use the drawdown chart below to compare losses from any high point for HEEM and DFSE.
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Drawdown Indicators
| HEEM | DFSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -19.77% | -13.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -12.88% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | — | — |
Current DrawdownCurrent decline from peak | -7.64% | -10.03% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -11.28% | -4.07% | -7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 3.42% | -0.53% |
Volatility
HEEM vs. DFSE - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) is 8.92%, while Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) has a volatility of 9.85%. This indicates that HEEM experiences smaller price fluctuations and is considered to be less risky than DFSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | DFSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.92% | 9.85% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 13.25% | 13.91% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.52% | 19.20% | -1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.55% | 17.09% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.75% | 17.09% | +0.66% |