MEMA vs. HEEM
MEMA (Man Active Emerging Markets Alternative ETF) and HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. MEMA is actively managed, while HEEM is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. MEMA charges 0.85%/yr vs 0.72%/yr for HEEM.
Performance
MEMA vs. HEEM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MEMA achieves a 18.99% return, which is significantly lower than HEEM's 25.92% return.
MEMA
- 1D
- -0.75%
- 1M
- -1.20%
- YTD
- 18.99%
- 6M
- 19.35%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEEM
- 1D
- -0.11%
- 1M
- 3.00%
- YTD
- 25.92%
- 6M
- 26.65%
- 1Y
- 52.14%
- 3Y*
- 25.76%
- 5Y*
- 9.63%
- 10Y*
- 11.33%
MEMA vs. HEEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MEMA Man Active Emerging Markets Alternative ETF | 18.99% | 2.94% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 25.92% | 2.56% |
Correlation
The correlation between MEMA and HEEM is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025 | 0.92 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MEMA vs. HEEM — Risk / Return Rank
MEMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HEEM
MEMA vs. HEEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Man Active Emerging Markets Alternative ETF (MEMA) 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.
| MEMA | HEEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.50 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.84 | — |
| Martin ratioReturn relative to average drawdown | — | 17.93 | — |
Loading charts...
Drawdowns
MEMA vs. HEEM - Drawdown Comparison
The maximum MEMA drawdown since its inception was -13.12%, smaller than the maximum HEEM drawdown of -33.53%. Use the drawdown chart below to compare losses from any high point for MEMA and HEEM.
Loading charts...
Drawdown Indicators
| MEMA | HEEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -33.53% | +20.41% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.83% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.82% | — |
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 | -7.13% | -5.51% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -11.10% | +8.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.92% | — |
Volatility
MEMA vs. HEEM - Volatility Comparison
Loading charts...
Volatility by Period
| MEMA | HEEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.87% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 18.65% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 28.58% | 20.56% | +8.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.58% | 17.64% | +10.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.58% | 18.20% | +10.38% |
MEMA vs. HEEM - Expense Ratio Comparison
MEMA has a 0.85% expense ratio, which is higher than HEEM's 0.72% expense ratio.
Dividends
MEMA vs. HEEM - Dividend Comparison
MEMA has not paid dividends to shareholders, while HEEM's dividend yield for the trailing twelve months is around 3.16%.
| 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% |
MEMA Man Active Emerging Markets Alternative ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, MEMA 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.
On fees, HEEM is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEEM is cheaper with a 0.72% expense ratio, compared with 0.85% for MEMA.
HEEM has the higher dividend yield at 3.16%, compared with 0.00% for MEMA.
They also come from different issuers: Man Group and iShares. Their fees differ too: 0.85% for MEMA and 0.72% for HEEM.
Find the right allocation for MEMA and HEEM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer