HEEM vs. MEM
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and MEM (Matthews Emerging Markets Equity Active ETF) are both Emerging Markets Diversified funds. HEEM is passively managed, while MEM is actively managed. Over the past 3 years, HEEM returned 22.40%/yr vs 18.78%/yr for MEM. Their correlation of 0.90 suggests significant overlap in exposure. HEEM charges 0.72%/yr vs 0.79%/yr for MEM.
Performance
HEEM vs. MEM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HEEM having a 20.28% return and MEM slightly lower at 19.48%.
HEEM
- 1D
- -3.79%
- 1M
- -4.46%
- 6M
- 13.12%
- YTD
- 20.28%
- 1Y
- 43.38%
- 3Y*
- 22.40%
- 5Y*
- 9.06%
- 10Y*
- 10.05%
MEM
- 1D
- -2.66%
- 1M
- -4.37%
- 6M
- 12.46%
- YTD
- 19.48%
- 1Y
- 36.71%
- 3Y*
- 18.78%
- 5Y*
- —
- 10Y*
- —
HEEM vs. MEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 20.28% | 34.02% | 12.59% | 10.14% | -1.05% |
MEM Matthews Emerging Markets Equity Active ETF | 19.48% | 28.31% | 10.11% | 6.92% | 7.13% |
Correlation
The correlation between HEEM and MEM is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022 | 0.90 |
The correlation between HEEM and MEM has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
HEEM vs. MEM — Risk / Return Rank
HEEM
MEM
HEEM vs. MEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Matthews Emerging Markets Equity Active ETF (MEM). 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 | MEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.28 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 2.52 | +1.50 |
| Martin ratioReturn relative to average drawdown | 13.50 | 8.27 | +5.23 |
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Drawdowns
HEEM vs. MEM - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than MEM's maximum drawdown of -19.10%. Use the drawdown chart below to compare losses from any high point for HEEM and MEM.
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Drawdown Indicators
| HEEM | MEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -19.10% | -14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -14.62% | +3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -19.10% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -29.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | — | — |
Current DrawdownCurrent decline from peak | -9.74% | -9.72% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -4.75% | -6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 4.45% | -1.23% |
Volatility
HEEM vs. MEM - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Matthews Emerging Markets Equity Active ETF (MEM) have volatilities of 11.44% and 11.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | MEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.44% | 11.60% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 19.69% | 21.93% | -2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 24.28% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 19.24% | -1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 19.24% | -0.95% |
HEEM vs. MEM - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is lower than MEM's 0.79% expense ratio.
Dividends
HEEM vs. MEM - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.19%, more than MEM's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.19% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
MEM Matthews Emerging Markets Equity Active ETF | 2.98% | 3.56% | 7.81% | 0.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, HEEM and MEM 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.
MEM has higher volatility (11.60%) compared to HEEM (11.44%). In terms of maximum drawdown, HEEM dropped -33.53% vs MEM's -19.10%.
On 3-year performance, HEEM leads with 22.40% vs 18.78% for MEM. On fees, HEEM is cheaper at 0.72% per year. On volatility, HEEM has been the lower-risk option at 11.44%. 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 22.40% return vs 18.78%. 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 0.79% for MEM.
HEEM has the higher dividend yield at 3.19%, compared with 2.98% for MEM.
They also come from different issuers: iShares and Matthews. Their fees differ too: 0.72% for HEEM and 0.79% for MEM.
HEEM currently has the higher Sharpe Ratio (2.02 vs 1.52), 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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