HEZU vs. EMVL.L

Last updated Jun 16, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index, while EMVL.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, HEZU returned 12.82%/yr vs 16.74%/yr for EMVL.L. At a 0.49 correlation, their price movements are largely independent. HEZU charges 0.52%/yr vs 0.40%/yr for EMVL.L.

Performance

HEZU vs. EMVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEZU achieves a 12.90% return, which is significantly lower than EMVL.L's 45.06% return.

HEZU

• 1D: 0.71%
• 1M: 7.52%
• YTD: 12.90%
• 6M: 13.50%
• 1Y: 25.79%
• 3Y*: 18.13%
• 5Y*: 12.82%
• 10Y*: 12.74%

EMVL.L

• 1D: 2.91%
• 1M: 8.74%
• YTD: 45.06%
• 6M: 49.13%
• 1Y: 82.04%
• 3Y*: 36.29%
• 5Y*: 16.74%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEZU vs. EMVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HEZU iShares Currency Hedged MSCI Eurozone ETF	12.90%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-4.74%
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)	45.06%	43.13%	14.49%	18.37%	-16.29%	5.29%	7.72%	17.64%	-2.10%

Correlation

The correlation between HEZU and EMVL.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.49

HEZU vs. EMVL.L - Sectors Allocation Comparison

Sectors	HEZU	EMVL.L
Financial Services	23.8%	16.0%
Industrials	21.0%	3.3%
Technology	16.1%	48.9%
Consumer Cyclical	8.4%	6.8%
Utilities	6.4%	1.4%
Healthcare	5.6%	1.5%
Consumer Defensive	5.5%	1.2%
Communication Services	4.3%	1.6%
Basic Materials	4.1%	8.6%
Energy	3.9%	7.0%
Real Estate	0.9%	1.7%

Return for Risk

HEZU vs. EMVL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEZU

HEZU Risk / Return Rank: 54
HEZU Sharpe Ratio Rank: 53
HEZU Sortino Ratio Rank: 54
HEZU Omega Ratio Rank: 53
HEZU Calmar Ratio Rank: 51
HEZU Martin Ratio Rank: 57

EMVL.L

EMVL.L Risk / Return Rank: 94
EMVL.L Sharpe Ratio Rank: 96
EMVL.L Sortino Ratio Rank: 94
EMVL.L Omega Ratio Rank: 94
EMVL.L Calmar Ratio Rank: 95
EMVL.L Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEZU vs. EMVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L). 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.

	HEZU	EMVL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.67	3.73	-2.05
Sortino ratio: Return per unit of downside risk	2.42	4.42	-2.00
Omega ratio: Gain probability vs. loss probability	1.31	1.64	-0.33
Calmar ratio: Return relative to maximum drawdown	2.36	7.00	-4.64
Martin ratio: Return relative to average drawdown	9.29	22.34	-13.05

HEZU vs. EMVL.L - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.67, which is lower than the EMVL.L Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of HEZU and EMVL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEZU vs. EMVL.L - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, which is greater than EMVL.L's maximum drawdown of -34.95%. Use the drawdown chart below to compare losses from any high point for HEZU and EMVL.L.

Drawdown Indicators

	HEZU	EMVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-34.95%	-3.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-11.65%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-16.42%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-33.55%	+10.76%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	—	—
Current Drawdown Current decline from peak	0.00%	-3.38%	+3.38%
Average Drawdown Average peak-to-trough decline	-5.82%	-9.53%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	3.66%	-0.88%

Volatility

HEZU vs. EMVL.L - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 5.72%, while iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) has a volatility of 10.29%. This indicates that HEZU experiences smaller price fluctuations and is considered to be less risky than EMVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEZU	EMVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	10.29%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	18.92%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	21.93%	-6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	20.24%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	21.19%	-2.76%

HEZU vs. EMVL.L - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is higher than EMVL.L's 0.40% expense ratio.

Dividends

HEZU vs. EMVL.L - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.59%, while EMVL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.59%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both HEZU and EMVL.L in my portfolio?

HEZU and EMVL.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEZU or EMVL.L?

On fees, EMVL.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEZU or EMVL.L?

EMVL.L is cheaper with a 0.40% expense ratio, compared with 0.52% for HEZU.

What is the main difference between HEZU and EMVL.L?

HEZU is categorized as Europe Equities, while EMVL.L is Emerging Markets Equities. HEZU tracks MSCI EMU 100% USD Hedged Index, while EMVL.L tracks MSCI EM NR USD. Their fees differ too: 0.52% for HEZU and 0.40% for EMVL.L.