HEEM vs. PPEM
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Diversified funds - HEEM tracks the MSCI Emerging Markets 100% USD Hedged Index while PPEM tracks the MSCI Emerging Markets Index. Both are passively managed. Their correlation of 0.87 suggests significant overlap in exposure. HEEM charges 0.72%/yr vs 0.61%/yr for PPEM.
Performance
HEEM vs. PPEM - Performance Comparison
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Returns By Period
HEEM
- 1D
- -0.70%
- 1M
- -7.25%
- 6M
- 11.58%
- YTD
- 18.57%
- 1Y
- 38.27%
- 3Y*
- 21.93%
- 5Y*
- 8.93%
- 10Y*
- 9.87%
PPEM
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEEM vs. PPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 18.57% | 34.02% | 12.59% | 1.96% |
PPEM Putnam Panagora ESG Emerging Markets Equity ETF - | 31.88% | 35.39% | 7.50% | 0.19% |
Correlation
The correlation between HEEM and PPEM is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.87 |
The correlation between HEEM and PPEM has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
HEEM vs. PPEM — Risk / Return Rank
HEEM
PPEM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HEEM vs. PPEM - 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 Panagora ESG Emerging Markets Equity ETF - (PPEM). 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 | PPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.34 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | — | — |
| Martin ratioReturn relative to average drawdown | 11.17 | — | — |
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Drawdowns
HEEM vs. PPEM - Drawdown Comparison
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Drawdown Indicators
| HEEM | PPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -11.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | — | — |
Current DrawdownCurrent decline from peak | -11.02% | — | — |
Average DrawdownAverage peak-to-trough decline | -11.08% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | — | — |
Volatility
HEEM vs. PPEM - Volatility Comparison
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Volatility by Period
| HEEM | PPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 19.92% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.84% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.92% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | — | — |
HEEM vs. PPEM - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than PPEM's 0.61% expense ratio.
Dividends
HEEM vs. PPEM - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.24%, while PPEM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.24% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
PPEM Putnam Panagora ESG Emerging Markets Equity ETF - | 49.06% | 6.05% | 3.27% | 1.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEEM and PPEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPEM is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPEM is cheaper with a 0.61% expense ratio, compared with 0.72% for HEEM.
PPEM has the higher dividend yield at 49.06%, compared with 3.24% for HEEM.
HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while PPEM tracks MSCI Emerging Markets Index. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.72% for HEEM and 0.61% for PPEM.
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