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HEEM vs. DGS
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HEEM vs. DGS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS).

HEEM and DGS 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. DGS is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Emerging Markets SmallCap Dividend Index. It was launched on Oct 30, 2007. Both HEEM and DGS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HEEM vs. DGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). The values are adjusted to include any dividend payments, if applicable.

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HEEM vs. DGS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEEM
iShares Currency Hedged MSCI Emerging Markets ETF		6.21%34.02%12.59%10.14%-16.85%-1.82%17.94%18.53%-11.09%27.59%
DGS
WisdomTree Emerging Markets SmallCap Dividend Fund		5.34%21.18%1.13%19.08%-12.35%15.33%4.06%18.90%-16.52%37.47%

Returns By Period

In the year-to-date period, HEEM achieves a 6.21% return, which is significantly higher than DGS's 5.34% return. Both investments have delivered pretty close results over the past 10 years, with HEEM having a 9.13% annualized return and DGS not far behind at 8.94%.

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%

DGS

1D
2.72%
1M
-6.99%
YTD
5.34%
6M
6.67%
1Y
29.07%
3Y*
13.78%
5Y*
7.49%
10Y*
8.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

iShares Currency Hedged MSCI Emerging Markets ETF

WisdomTree Emerging Markets SmallCap Dividend Fund

Often compared with HEEM:
HEEM vs. IEMS.LHEEM vs. HEWJHEEM vs. VWOHEEM vs. VYMIHEEM vs. AVEMHEEM vs. EDIVHEEM vs. IEMG
Often compared with DGS:
DGS vs. AVESDGS vs. AVEEDGS vs. AVDVDGS vs. DLSDGS vs. AVEMDGS vs. VSSDGS vs. VWO

HEEM vs. DGS - Expense Ratio Comparison

HEEM has a 0.72% expense ratio, which is higher than DGS's 0.58% expense ratio.

HEEM
iShares Currency Hedged MSCI Emerging Markets ETF
DGS
WisdomTree Emerging Markets SmallCap Dividend Fund

Return for Risk

HEEM vs. DGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEEM
HEEM Risk / Return Rank: 9292
Overall Rank
HEEM Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HEEM Sortino Ratio Rank: 9393
Sortino Ratio Rank
HEEM Omega Ratio Rank: 9393
Omega Ratio Rank
HEEM Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEEM Martin Ratio Rank: 9292
Martin Ratio Rank
DGS
DGS Risk / Return Rank: 8787
Overall Rank
DGS Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
DGS Sortino Ratio Rank: 8888
Sortino Ratio Rank
DGS Omega Ratio Rank: 8787
Omega Ratio Rank
DGS Calmar Ratio Rank: 8686
Calmar Ratio Rank
DGS Martin Ratio Rank: 8686
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.

HEEM vs. DGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.

HEEMDGSDifference

Sharpe ratio

Return per unit of total volatility

2.12

1.76

+0.36

Sortino ratio

Return per unit of downside risk

2.78

2.37

+0.42

Omega ratio

Gain probability vs. loss probability

1.41

1.34

+0.07

Calmar ratio

Return relative to maximum drawdown

3.22

2.56

+0.66

Martin ratio

Return relative to average drawdown

12.72

9.49

+3.22

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

HEEM vs. DGS - Sharpe Ratio Comparison

The current HEEM Sharpe Ratio is 2.12, which is comparable to the DGS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of HEEM and DGS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HEEMDGSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

1.76

+0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.51

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.52

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.21

+0.19

Correlation

The correlation between HEEM and DGS is 0.84, 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. DGS - Dividend Comparison

HEEM's dividend yield for the trailing twelve months is around 3.74%, more than DGS's 3.49% yield.

TTM20252024202320222021202020192018201720162015
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%
DGS
WisdomTree Emerging Markets SmallCap Dividend Fund		3.49%3.45%3.36%4.55%5.34%3.98%3.69%3.95%4.24%2.81%3.42%3.28%

Drawdowns

HEEM vs. DGS - Drawdown Comparison

The maximum HEEM drawdown since its inception was -33.53%, smaller than the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for HEEM and DGS.

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Drawdown Indicators

HEEMDGSDifference

Max Drawdown

Largest peak-to-trough decline

-33.53%

-61.83%

+28.30%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-10.99%

-0.43%

Max Drawdown (5Y)

Largest decline over 5 years

-30.64%

-24.86%

-5.78%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-44.08%

+10.55%

Current Drawdown

Current decline from peak

-7.64%

-7.62%

-0.02%

Average Drawdown

Average peak-to-trough decline

-11.28%

-12.68%

+1.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

2.96%

-0.07%

Volatility

HEEM vs. DGS - Volatility Comparison

iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 8.92% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 8.48%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEEMDGSDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.92%

8.48%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

13.25%

11.46%

+1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

17.52%

16.59%

+0.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.55%

14.66%

+1.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.75%

17.25%

+0.50%