HEEM vs. PEMX
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Diversified funds. HEEM is passively managed, while PEMX is actively managed. Over the past 3 years, HEEM returned 22.40%/yr vs 29.12%/yr for PEMX. A 0.79 correlation means they provide meaningful diversification when combined. HEEM charges 0.72%/yr vs 0.85%/yr for PEMX.
Performance
HEEM vs. PEMX - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 20.28% return, which is significantly lower than PEMX's 30.56% return.
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%
PEMX
- 1D
- -4.48%
- 1M
- -4.73%
- 6M
- 23.98%
- YTD
- 30.56%
- 1Y
- 52.11%
- 3Y*
- 29.12%
- 5Y*
- —
- 10Y*
- —
HEEM vs. PEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 20.28% | 34.02% | 12.59% | 5.19% |
PEMX Putnam Emerging Markets Ex-China ETF | 30.56% | 34.01% | 17.21% | 15.13% |
Correlation
The correlation between HEEM and PEMX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.79 |
The correlation between HEEM and PEMX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.
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Return for Risk
HEEM vs. PEMX — Risk / Return Rank
HEEM
PEMX
HEEM vs. PEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Putnam Emerging Markets Ex-China ETF (PEMX). 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 | PEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 3.62 | +0.40 |
| Martin ratioReturn relative to average drawdown | 13.50 | 12.60 | +0.91 |
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Drawdowns
HEEM vs. PEMX - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for HEEM and PEMX.
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Drawdown Indicators
| HEEM | PEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -14.91% | -18.62% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -14.45% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -14.91% | +0.09% |
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% | -11.70% | +1.96% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -2.92% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 4.15% | -0.93% |
Volatility
HEEM vs. PEMX - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) is 11.44%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 13.23%. This indicates that HEEM experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | PEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.44% | 13.23% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 19.69% | 24.08% | -4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 26.07% | -4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 19.87% | -2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 19.87% | -1.58% |
HEEM vs. PEMX - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is lower than PEMX's 0.85% expense ratio.
Dividends
HEEM vs. PEMX - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.19%, less than PEMX's 5.36% 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% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.36% | 7.00% | 5.00% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEEM and PEMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEMX has higher volatility (13.23%) compared to HEEM (11.44%). In terms of maximum drawdown, HEEM dropped -33.53% vs PEMX's -14.91%.
On 3-year performance, PEMX leads with 29.12% vs 22.40% for HEEM. 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, PEMX has performed better with a 29.12% return vs 22.40%. 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 0.85% for PEMX.
PEMX has the higher dividend yield at 5.36%, compared with 3.19% for HEEM.
They also come from different issuers: iShares and Putnam. Their fees differ too: 0.72% for HEEM and 0.85% for PEMX.
HEEM currently has the higher Sharpe Ratio (2.02 vs 2.01), 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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