HEEM vs. VEXC
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - HEEM tracks the MSCI Emerging Markets 100% USD Hedged Index while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.88 means they have usually moved in the same direction. HEEM charges 0.72%/yr vs 0.07%/yr for VEXC.
Performance
HEEM vs. VEXC - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 18.23% return, which is significantly higher than VEXC's 17.29% 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%
VEXC
- 1D
- 1.25%
- 1M
- -2.53%
- 6M
- 11.04%
- YTD
- 17.29%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.32M | $12.63M | $6.04M | |
| $2.10M | $2.14M | $2.87M |
HEEM vs. VEXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 18.23% | 5.77% |
VEXC Vanguard Emerging Markets Ex-China ETF | 17.29% | 4.50% |
Correlation
The correlation between HEEM and VEXC is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.88 |
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Return for Risk
HEEM vs. VEXC — Risk / Return Rank
HEEM
VEXC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HEEM vs. VEXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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 | VEXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.33 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | — | — |
| Martin ratioReturn relative to average drawdown | 9.49 | — | — |
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Drawdowns
HEEM vs. VEXC - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for HEEM and VEXC.
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Drawdown Indicators
| HEEM | VEXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -12.42% | -21.11% |
Max Drawdown (1Y)Largest decline over 1 year | -15.01% | — | — |
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% | -6.04% | -5.24% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -2.61% | -8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | — | — |
Volatility
HEEM vs. VEXC - Volatility Comparison
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Volatility by Period
| HEEM | VEXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 20.67% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.65% | 20.44% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.03% | 20.44% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 20.44% | -2.04% |
HEEM vs. VEXC - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is higher than VEXC's 0.07% expense ratio.
Dividends
HEEM vs. VEXC - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.25%, more than VEXC's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VEXC Vanguard Emerging Markets Ex-China ETF | 1.47% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEEM and VEXC 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.
On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEXC is cheaper with a 0.07% expense ratio, compared with 0.72% for HEEM.
HEEM has the higher dividend yield at 3.25%, compared with 1.47% for VEXC.
HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.72% for HEEM and 0.07% for VEXC.
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