HEEM vs. FEMR
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and FEMR (Fidelity Enhanced Emerging Markets ETF) are both Emerging Markets Diversified funds. HEEM is passively managed, while FEMR is actively managed. Over the past year, HEEM returned 50.37% vs 48.01% for FEMR. Their correlation of 0.90 suggests significant overlap in exposure. HEEM charges 0.72%/yr vs 0.38%/yr for FEMR.
Performance
HEEM vs. FEMR - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 20.85% return, which is significantly lower than FEMR's 23.59% return.
HEEM
- 1D
- -5.76%
- 1M
- -2.36%
- YTD
- 20.85%
- 6M
- 21.68%
- 1Y
- 50.37%
- 3Y*
- 23.65%
- 5Y*
- 8.78%
- 10Y*
- 10.40%
FEMR
- 1D
- -6.65%
- 1M
- -2.79%
- YTD
- 23.59%
- 6M
- 26.74%
- 1Y
- 48.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEEM vs. FEMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 20.85% | 34.02% | -0.11% |
FEMR Fidelity Enhanced Emerging Markets ETF | 23.59% | 35.27% | -1.49% |
Correlation
The correlation between HEEM and FEMR is 0.91, 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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024 | 0.90 |
The correlation between HEEM and FEMR has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
HEEM vs. FEMR — Risk / Return Rank
HEEM
FEMR
HEEM vs. FEMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Fidelity Enhanced Emerging Markets ETF (FEMR). 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 | FEMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.41 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 3.33 | +1.34 |
| Martin ratioReturn relative to average drawdown | 18.40 | 13.18 | +5.21 |
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 | FEMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | 2.16 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.77 | -1.32 |
Drawdowns
HEEM vs. FEMR - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than FEMR's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for HEEM and FEMR.
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Drawdown Indicators
| HEEM | FEMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -15.58% | -17.95% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -14.47% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | — | — |
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 | -7.80% | -8.63% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -11.13% | -2.33% | -8.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.65% | -0.90% |
Volatility
HEEM vs. FEMR - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) is 9.48%, while Fidelity Enhanced Emerging Markets ETF (FEMR) has a volatility of 10.88%. This indicates that HEEM experiences smaller price fluctuations and is considered to be less risky than FEMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | FEMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.48% | 10.88% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 16.57% | 19.95% | -3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.71% | 22.30% | -3.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 21.98% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 21.98% | -3.92% |
HEEM vs. FEMR - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than FEMR's 0.38% expense ratio.
Dividends
HEEM vs. FEMR - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.29%, more than FEMR's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMR Fidelity Enhanced Emerging Markets ETF | 1.52% | 1.92% | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.29% | 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 0.91, HEEM and FEMR 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.
FEMR has higher volatility (10.88%) compared to HEEM (9.48%). In terms of maximum drawdown, HEEM dropped -33.53% vs FEMR's -15.58%.
On 1-year performance, HEEM leads with 50.37% vs 48.01% for FEMR. On fees, FEMR is cheaper at 0.38% per year. On volatility, HEEM has been the lower-risk option at 9.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HEEM has performed better with a 50.37% return vs 48.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEMR is cheaper with a 0.38% expense ratio, compared with 0.72% for HEEM.
HEEM has the higher dividend yield at 3.29%, compared with 1.52% for FEMR.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.72% for HEEM and 0.38% for FEMR.
HEEM currently has the higher Sharpe Ratio (2.71 vs 2.16), 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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