HEEM vs. SPHD
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - HEEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets 100% USD Hedged Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, HEEM returned 11.96%/yr vs 7.38%/yr for SPHD. At a 0.44 correlation, their price movements are largely independent. HEEM charges 0.72%/yr vs 0.30%/yr for SPHD.
Performance
HEEM vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 33.26% return, which is significantly higher than SPHD's 6.47% return. Over the past 10 years, HEEM has outperformed SPHD with an annualized return of 11.96%, while SPHD has yielded a comparatively lower 7.38% annualized return.
HEEM
- 1D
- 0.46%
- 1M
- 9.01%
- YTD
- 33.26%
- 6M
- 34.02%
- 1Y
- 65.45%
- 3Y*
- 28.15%
- 5Y*
- 11.19%
- 10Y*
- 11.96%
SPHD
- 1D
- 0.20%
- 1M
- -0.79%
- YTD
- 6.47%
- 6M
- 6.49%
- 1Y
- 11.21%
- 3Y*
- 12.10%
- 5Y*
- 6.82%
- 10Y*
- 7.38%
HEEM vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 33.26% | 34.02% | 12.59% | 10.14% | -16.85% | -1.82% | 17.94% | 18.53% | -11.09% | 27.59% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 6.47% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between HEEM and SPHD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2014 | 0.44 |
Over the past year, the correlation between HEEM and SPHD has dropped to 0.07 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
HEEM vs. SPHD — Risk / Return Rank
HEEM
SPHD
HEEM vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.17 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 6.07 | 1.54 | +4.54 |
| Martin ratioReturn relative to average drawdown | 22.82 | 3.77 | +19.05 |
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Drawdowns
HEEM vs. SPHD - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for HEEM and SPHD.
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Drawdown Indicators
| HEEM | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -41.39% | +7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -7.33% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -13.29% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | -19.50% | -11.10% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -41.39% | +7.86% |
Current DrawdownCurrent decline from peak | 0.00% | -3.48% | +3.48% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -4.69% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.98% | -0.10% |
Volatility
HEEM vs. SPHD - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 10.25% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.95%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.25% | 3.95% | +6.30% |
Volatility (6M)Calculated over the trailing 6-month period | 17.76% | 7.99% | +9.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.82% | 11.39% | +8.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 14.14% | +3.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.18% | 17.67% | +0.51% |
HEEM vs. SPHD - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
HEEM vs. SPHD - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 2.98%, less than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 2.98% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.97% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
HEEM and SPHD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEEM has higher volatility (10.25%) compared to SPHD (3.95%). In terms of maximum drawdown, HEEM dropped -33.53% vs SPHD's -41.39%.
On 10-year performance, HEEM leads with 11.96% vs 7.38% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HEEM has performed better with a 11.96% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.72% for HEEM.
SPHD has the higher dividend yield at 4.97%, compared with 2.98% for HEEM.
HEEM is categorized as Emerging Markets Diversified, while SPHD is Dividend. HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.72% for HEEM and 0.30% for SPHD.
HEEM currently has the higher Sharpe Ratio (3.33 vs 0.99), 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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