MEM vs. HEEM
MEM (Matthews Emerging Markets Equity Active ETF) and HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. MEM is actively managed, while HEEM is passively managed. Over the past 3 years, MEM returned 21.88%/yr vs 25.80%/yr for HEEM. Their correlation of 0.90 suggests significant overlap in exposure. MEM charges 0.79%/yr vs 0.72%/yr for HEEM.
Performance
MEM vs. HEEM - Performance Comparison
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Returns By Period
In the year-to-date period, MEM achieves a 24.68% return, which is significantly lower than HEEM's 26.06% return.
MEM
- 1D
- -5.79%
- 1M
- 2.54%
- YTD
- 24.68%
- 6M
- 25.39%
- 1Y
- 46.10%
- 3Y*
- 21.88%
- 5Y*
- —
- 10Y*
- —
HEEM
- 1D
- -5.40%
- 1M
- 3.12%
- YTD
- 26.06%
- 6M
- 26.50%
- 1Y
- 55.61%
- 3Y*
- 25.80%
- 5Y*
- 9.77%
- 10Y*
- 11.34%
MEM vs. HEEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MEM Matthews Emerging Markets Equity Active ETF | 24.68% | 28.31% | 10.11% | 6.92% | 7.13% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 26.06% | 34.02% | 12.59% | 10.14% | -1.05% |
Correlation
The correlation between MEM and HEEM is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022 | 0.90 |
The correlation between MEM and HEEM has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
MEM vs. HEEM — Risk / Return Rank
MEM
HEEM
MEM vs. HEEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Active ETF (MEM) and iShares Currency Hedged MSCI Emerging Markets ETF (HEEM). 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.
| MEM | HEEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.52 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 5.16 | -1.99 |
| Martin ratioReturn relative to average drawdown | 11.12 | 19.26 | -8.13 |
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Drawdowns
MEM vs. HEEM - Drawdown Comparison
The maximum MEM drawdown since its inception was -19.10%, smaller than the maximum HEEM drawdown of -33.53%. Use the drawdown chart below to compare losses from any high point for MEM and HEEM.
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Drawdown Indicators
| MEM | HEEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.10% | -33.53% | +14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.62% | -10.83% | -3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -19.10% | -14.82% | -4.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.53% | — |
Current DrawdownCurrent decline from peak | -5.79% | -5.40% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -11.10% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 2.90% | +1.26% |
Volatility
MEM vs. HEEM - Volatility Comparison
Matthews Emerging Markets Equity Active ETF (MEM) has a higher volatility of 12.91% compared to iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) at 11.87%. This indicates that MEM's price experiences larger fluctuations and is considered to be riskier than HEEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MEM | HEEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.91% | 11.87% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 21.33% | 18.67% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.57% | 20.56% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 17.64% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.10% | 18.20% | +0.90% |
MEM vs. HEEM - Expense Ratio Comparison
MEM has a 0.79% expense ratio, which is higher than HEEM's 0.72% expense ratio.
Dividends
MEM vs. HEEM - Dividend Comparison
MEM's dividend yield for the trailing twelve months is around 2.86%, less than HEEM's 3.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.16% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
MEM Matthews Emerging Markets Equity Active ETF | 2.86% | 3.56% | 7.81% | 0.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, MEM and HEEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MEM has higher volatility (12.91%) compared to HEEM (11.87%). In terms of maximum drawdown, MEM dropped -19.10% vs HEEM's -33.53%.
On 3-year performance, HEEM leads with 25.80% vs 21.88% for MEM. On fees, HEEM is cheaper at 0.72% per year. On volatility, HEEM has been the lower-risk option at 11.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HEEM has performed better with a 25.80% return vs 21.88%. 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 0.79% for MEM.
HEEM has the higher dividend yield at 3.16%, compared with 2.86% for MEM.
They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MEM and 0.72% for HEEM.
HEEM currently has the higher Sharpe Ratio (2.72 vs 1.97), 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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