HEEM vs. GEME
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and GEME (Pacific North of South Global Emerging Markets Equity Active ETF) are both Emerging Markets Equities funds. HEEM is passively managed, while GEME is actively managed. Over the past year, HEEM returned 40.11% vs 60.84% for GEME. Their correlation of 0.88 means they have usually moved in the same direction. HEEM charges 0.72%/yr vs 0.75%/yr for GEME.
Performance
HEEM vs. GEME - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 18.23% return, which is significantly lower than GEME's 29.70% return.
HEEM
- 1D
- 0.85%
- 1M
- -4.02%
- 6M
- 9.21%
- YTD
- 18.23%
- 1Y
- 40.11%
- 3Y*
- 20.86%
- 5Y*
- 9.65%
- 10Y*
- 9.86%
- ALL TIME*
- 7.84%
GEME
- 1D
- 1.51%
- 1M
- -0.95%
- 6M
- 16.89%
- YTD
- 29.70%
- 1Y
- 60.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 46.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.60M | $4.28M | $3.34M | |
| $10.32M | $12.63M | $6.04M |
HEEM vs. GEME - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 18.23% | 32.25% |
GEME Pacific North of South Global Emerging Markets Equity Active ETF | 29.70% | 37.43% |
Correlation
The correlation between HEEM and GEME is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025 | 0.88 |
The correlation between HEEM and GEME has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
HEEM vs. GEME — Risk / Return Rank
HEEM
GEME
HEEM vs. GEME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Pacific North of South Global Emerging Markets Equity Active ETF (GEME). 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 | GEME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 4.41 | -1.82 |
| Martin ratioReturn relative to average drawdown | 9.49 | 13.63 | -4.14 |
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Drawdowns
HEEM vs. GEME - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than GEME's maximum drawdown of -16.86%. Use the drawdown chart below to compare losses from any high point for HEEM and GEME.
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Drawdown Indicators
| HEEM | GEME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -16.86% | -16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -15.01% | -13.46% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | — | — |
Current DrawdownCurrent decline from peak | -11.28% | -7.52% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -2.72% | -8.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | 4.35% | -0.25% |
Volatility
HEEM vs. GEME - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 9.41% compared to Pacific North of South Global Emerging Markets Equity Active ETF (GEME) at 7.60%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than GEME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | GEME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 7.60% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 20.67% | 21.41% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.65% | 24.18% | -1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.03% | 24.09% | -6.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 24.09% | -5.69% |
HEEM vs. GEME - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is lower than GEME's 0.75% expense ratio.
Dividends
HEEM vs. GEME - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.25%, less than GEME's 5.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEME Pacific North of South Global Emerging Markets Equity Active ETF | 5.40% | 7.01% | 0.00% | 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 | 3.25% | 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 0.90, HEEM and GEME 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.
HEEM has higher volatility (9.41%) compared to GEME (7.60%). In terms of maximum drawdown, HEEM dropped -33.53% vs GEME's -16.86%.
On 1-year performance, GEME leads with 60.84% vs 40.11% for HEEM. On fees, HEEM is cheaper at 0.72% per year. On volatility, GEME has been the lower-risk option at 7.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GEME has performed better with a 60.84% return vs 40.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEEM is cheaper with a 0.72% expense ratio, compared with 0.75% for GEME.
GEME has the higher dividend yield at 5.40%, compared with 3.25% for HEEM.
They also come from different issuers: iShares and Pacific AM. Their fees differ too: 0.72% for HEEM and 0.75% for GEME.
GEME currently has the higher Sharpe Ratio (2.46 vs 1.72), 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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