EEM vs HEEM: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets ETF

EEMBNYSE Arca

iShares Currency Hedged MSCI Emerging Markets ETF

HEEMDCboe

Overlap

99.7%by weight

Expense ratio

EEM −0.79pt a year

EEM0.72%HEEM1.51%

Avg volume · 30D

EEM 176.7×the volume

EEM20.9MHEEM118K

10Y return · a year

HEEM +1.5pt

EEM+7.4%HEEM+8.9%

EEM vs HEEM Performance

Oct 29, 2021 – Oct 30, 2026

+34.9%EEM+50.9%HEEM

Expense ratio: EEM 0.72%, better; HEEM 1.51%
Fund size: EEM $28.2B; HEEM $273M
1Y total return: EEM +12.5%; HEEM +14.6%, better
Yield (12M): EEM 1.83%; HEEM 3.44%, better
Holdings: EEM 1206; HEEM 1201
Avg volume (30D): EEM 20.9M sh, better; HEEM 118K sh
NAV per share: EEM $60.94; HEEM $38.67
52W range

ETF.net Grade

Pillar letters and Scores for EEM, HEEM, with each pillar’s weight
Pillar	EEM	HEEM
Cost30% weight	D27Higher	F11
Mission25% weight	A100	Not scored
Risk15% weight	C42	B56Higher
Tradability15% weight	A77Higher	C51
Holdings10% weight	C53	C53
Durability5% weight	A73Higher	C49

Rank among MSCI Emerging Markets Core funds

How we build Categories ›

Same Category. EEM and HEEM are both graded against the same 5 MSCI Emerging Markets Core funds, so their Grades compare head to head.

MSCI Emerging Markets Core⁠

Category · 5 funds

See all 5 ›

EEM ranks 3rd and HEEM 5th of 5 funds in the MSCI Emerging Markets Core Category.

Rank 1AIEMGiShares Core MSCI Emerging Markets ETFScore 76
Rank 2BEMXCiShares MSCI Emerging Markets ex China ETFScore 63
Rank 3BEEMiShares MSCI Emerging Markets ETFScore 59
Rank 4CDBEMXtrackers MSCI Emerging Markets Hedged Equity ETFScore 39
Rank 5DHEEMiShares Currency Hedged MSCI Emerging Markets ETFScore 36

Our read on each fund

ETF.net Research

EEMBiShares MSCI Emerging Markets ETF

HEEMDiShares Currency Hedged MSCI Emerging Markets ETF

In short

EEM The 2003 original. iShares' first big emerging-markets fund is still one of the most actively traded ways to own large- and mid-cap stocks across developing economies, and it carries a legacy price tag to match.

HEEM Most emerging-market funds hand you two bets at once: the stocks and the currencies. HEEM, running since 2014, tracks an MSCI EM index hedged 100% back to the US dollar, so the equity story is the whole story.

Stated mandate

EEM The fund seeks to track an index representing large- and mid-capitalization equities from emerging-market countries.

HEEM The fund seeks to track an index of emerging-market equities while reducing the effect of currency movements.

Why people hold it

EEM Launched in 2003, one of the earliest broad emerging-markets ETFs, and still a very actively traded fund with tens of billions in assets, which supports tight pricing for size.
Tracks the MSCI Emerging Markets Index (Net) very closely, with among the tightest measured index-tracking in its peer group.
One ticket for large- and mid-cap companies across emerging-market countries, in a plain 1940 Act fund wrapper rather than a trust or partnership.

HEEM One job, done explicitly: track emerging-market equities while damping the effect of currency moves, via an index hedged 100% to the dollar.ishares.com
A thin shelf to shop from. Currency-hedged EM equity is a niche corner; within this MSCI EM peer group the main alternative is Xtrackers' DBEM.
Listed by iShares in 2014, it has carried a mid-sized asset base through more than a decade of dollar cycles and pays distributions quarterly.

Worth knowing

EEM The fee is the trade-off: 0.72% a year, above the peer-group median of 0.66%, while the newer core sibling IEMG charges 0.09% for a similar MSCI emerging-markets mandate.
Broad emerging-market equity brings currency swings and single-country politics along with stock risk; measured volatility sits at the higher end of this cohort.
Income arrives once or twice a year, not quarterly or monthly.

HEEM Cost is the trade-off: a 1.51% expense ratio against a 0.66% median in its peer group, while unhedged core exposure like IEMG lists at 0.09%.
The hedge cuts both ways. When emerging-market currencies gain on the dollar, that tailwind is hedged out along with the headwind.
Moderately traded rather than a top-of-book EM name, so limit orders and spread checks matter more here than with the giants.

Full EEM profile⁠

Full HEEM profile⁠

EEM vs HEEM Holdings

How EEM and HEEM differ

Overlap by weight

99.7%

Shared holdings make up 100% of EEM and 99.7% of HEEM.

Level by level

Sector11 Sectors99.0%
Asset classEquity100%
Countryby domicile99.7%
Holdings1,168 in both99.7%

Sector

Sector weights in EEM and HEEM, widest gap first
Sector	More in EEMMore in HEEM	EEM	HEEM
Technology	HEEM +1.0 points	41.9%	42.9%
Financials	EEM +0.4 points	20.3%	19.9%
Energy	EEM +0.1 points	3.7%	3.6%
Communication	EEM +0.1 points	6.0%	5.9%
Consumer Discretionary	Same weight	7.6%	7.6%
Materials	EEM +0.1 points	5.9%	5.8%
Consumer Staples	EEM +0.1 points	2.8%	2.7%
Utilities	Same weight	1.9%	1.9%
Health Care	Same weight	2.7%	2.7%
Industrials	Same weight	6.0%	6.0%
Real Estate	Same weight	1.0%	1.0%

Country, concentration and asset class

Country by domicile

Country weights in EEM and HEEM, widest gap first
Country	More in EEMMore in HEEM	EEM	HEEM
Taiwan	HEEM +0.3 points	31.0%	31.3%
South Korea	HEEM +0.1 points	21.4%	21.5%
China	HEEM +0.1 points	20.8%	20.9%
India	EEM +0.2 points	12.2%	12.0%
South Africa	Same weight	7.1%	7.1%
Brazil	Same weight	4.2%	4.2%
Mexico	EEM +0.1 points	1.9%	1.8%
Poland	Same weight	1.3%	1.3%

Outside the US: EEM 0% developed, 100% emerging. HEEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EEM37.8%
HEEM37.6%

Securities held

EEM1,183
HEEM1,176

Asset class

EEM: Equity
HEEM: Equity

Holdings

Only in EEM15
In both1,168
Only in HEEM8

Only in EEM

15 securities, 0.0% of EEM by weight

United Company Rusal0.00%
Ak Alrosa0.00%
Moscow Exchange0.00%
Nk Rosneft0.00%
Mobilnye Telesistemy0.00%
Severstal0.00%
Inr/Usd0.00%
Tcs Group Holding Repr Class A Re0.00%
X5 Retail Group Gdr NV0.00%
Vk Company Ltd0.00%
Pjsc Phosagro Gdr0.00%
Ozon Holdings Adr PLC0.00%
Polyus0.00%
Enka Insaat Ve Sanayi A0.00%
Folli Follie S.a. SA0.00%

Only in HEEM

8 securities, 0.9% of HEEM by weight

Twd/Usd0.55%
Brl/Usd0.13%
Mxn/Usd0.07%
Eur/Usd0.04%
Zar/Usd0.04%
Clp/Usd0.01%
Thb/Usd<0.01%
Idr/Usd<0.01%

Weight gaps

The 100 widest of 1,168 Holdings in both funds.

Holding weights in EEM and HEEM, widest gap first
Holding	More in EEMMore in HEEM	EEM	HEEM
Taiwan Semiconductor Manufacturing	EEM +0.08 points	15.88%	15.80%
Samsung Electronics Ltd	EEM +0.03 points	7.06%	7.03%
Sk Hynix	EEM +0.03 points	5.49%	5.46%
Hkd/Usd	HEEM +0.02 points	0.00%	0.02%
Tencent Holdings	EEM +0.02 points	2.57%	2.55%
Alibaba Group Holding	EEM +0.01 points	1.79%	1.78%
Mediatek	EEM +0.01 points	1.56%	1.55%
Samsung Electronics Non Voting Pre	Same weight	0.96%	0.96%
China Construction Bank Corp H	EEM +0.01 points	0.95%	0.94%
Hon Hai Precision Industry	Same weight	0.81%	0.81%
Delta Electronics	Same weight	0.77%	0.77%
Hdfc Bank	Same weight	0.71%	0.71%
Icici Bank	Same weight	0.67%	0.67%
Reliance Industries Ltd	Same weight	0.61%	0.61%
Ase Technology Holding	Same weight	0.61%	0.61%
Sk Square	Same weight	0.57%	0.57%
Industrial and Commercial Bank of	Same weight	0.56%	0.56%
Bharti Airtel Ltd	EEM +0.01 points	0.51%	0.50%
Xiaomi	EEM +0.01 points	0.49%	0.48%
Samsung Electro Mechanics Ltd	Same weight	0.47%	0.47%
Bank of China Ltd H	EEM +0.01 points	0.46%	0.45%
Al Rajhi Bank	EEM +0.01 points	0.41%	0.40%
Nan Ya Plastics Corp	EEM +0.01 points	0.40%	0.39%
Meituan	EEM +0.01 points	0.39%	0.38%
Petroleo Brasileiro Pref SA	EEM +0.01 points	0.39%	0.38%
Elite Material	Same weight	0.38%	0.38%
Nu Holdings Class ANU	Same weight	0.38%	0.38%
Anglogold Ashanti PLC	EEM +0.01 points	0.38%	0.37%
Unimicron Technology	EEM +0.01 points	0.38%	0.37%
Fubon Financial Holding	Same weight	0.36%	0.36%
Saudi Arabian Oil	Same weight	0.36%	0.36%
Pdd Holdings AdsPDD	EEM +0.01 points	0.36%	0.35%
Petroleo Brasileiro SA Petrobras	EEM +0.01 points	0.36%	0.35%
Cia Vale Do Rio Doce Sh	Same weight	0.35%	0.35%
United Micro Electronics Corp	Same weight	0.35%	0.35%
Itau Unibanco Holding Pref SA	EEM +0.01 points	0.35%	0.34%
Kb Financial Group	Same weight	0.34%	0.34%
Ping An Insurance (Group) Co of Ch	Same weight	0.34%	0.34%
Ctbc Financial Holding	EEM +0.01 points	0.34%	0.33%
Netease	EEM +0.01 points	0.34%	0.33%
Infosys	Same weight	0.32%	0.32%
Grupo Mexico B	EEM +0.01 points	0.32%	0.31%
Cathay Financial Holding	EEM +0.01 points	0.30%	0.29%
Byd H	Same weight	0.28%	0.28%
Gold Fields	EEM +0.01 points	0.28%	0.27%
Naspers Limited Class N	Same weight	0.27%	0.27%
Asia Vital Components	Same weight	0.27%	0.27%
Ts Financial Holding	Same weight	0.26%	0.26%
Axis Bank	Same weight	0.26%	0.26%
Hyundai Motor	Same weight	0.25%	0.25%
Jd.com Class A	Same weight	0.25%	0.25%
Otp Bank	Same weight	0.25%	0.25%
Firstrand Ltd	EEM +0.01 points	0.25%	0.24%
The Saudi National Bank	Same weight	0.24%	0.24%
Quanta Computer	Same weight	0.24%	0.24%
Kuwait Finance House	Same weight	0.24%	0.24%
Shinhan Financial Group	Same weight	0.24%	0.24%
Petrochina H	Same weight	0.24%	0.24%
Larsen and Toubro Ltd	Same weight	0.24%	0.24%
Accton Technology	Same weight	0.24%	0.24%
Gpo Finance Banorte	Same weight	0.23%	0.23%
Kotak Mahindra Bank Ltd	Same weight	0.23%	0.23%
Mahindra and Mahindra Ltd	Same weight	0.23%	0.23%
Powszechna Kasa Oszczednosci Bank	Same weight	0.23%	0.23%
Yageo	EEM +0.01 points	0.23%	0.22%
China Merchants Bank H	Same weight	0.22%	0.22%
Standard Bank Group	Same weight	0.21%	0.21%
Bajaj Finance Ltd	Same weight	0.21%	0.21%
Capitec Shs	Same weight	0.21%	0.21%
Samsung Sdi Ltd	Same weight	0.21%	0.21%
Credicorp LtdBAP	Same weight	0.21%	0.21%
Yuanta Financial Holding	Same weight	0.21%	0.21%
Hana Financial Group	Same weight	0.21%	0.21%
Agricultural Bank of China H	EEM +0.01 points	0.21%	0.20%
National Bank of Kuwait	Same weight	0.20%	0.20%
China Life Insurance Ltd H	Same weight	0.20%	0.20%
E.sun Financial Holding	Same weight	0.20%	0.20%
Beone Medicines AG	Same weight	0.20%	0.20%
Trip.com Group	Same weight	0.19%	0.19%
Saudi Telecom	Same weight	0.19%	0.19%
First Abu Dhabi Bank	Same weight	0.19%	0.19%
Orlen	Same weight	0.19%	0.19%
Chroma Ate	Same weight	0.19%	0.19%
Celltrion	EEM +0.01 points	0.19%	0.18%
Zijin Mining Group Ltd H	EEM +0.01 points	0.18%	0.18%
Tata Consultancy Services Ltd	Same weight	0.18%	0.18%
Lenovo Group	Same weight	0.18%	0.18%
Fomento Economico Mexicano	Same weight	0.18%	0.18%
Mtn Group	Same weight	0.18%	0.18%
Global Unichip	Same weight	0.18%	0.18%
Delta Electronics (Thailand) Non-V	Same weight	0.18%	0.18%
Wuxi Biologics Cayman	Same weight	0.18%	0.18%
Baidu	Same weight	0.17%	0.17%
Qatar National Bank	Same weight	0.17%	0.17%
Emirates Telecommunications Group	Same weight	0.17%	0.17%
Samsung C&T Corp	Same weight	0.17%	0.17%
Asustek Computer Inc	Same weight	0.17%	0.17%
Emaar Properties	Same weight	0.17%	0.17%
Mega Financial Holding Ltd	Same weight	0.17%	0.17%
Nanya Technology Corp	EEM +0.01 points	0.17%	0.16%

All 1,184 EEM holdings⁠All HEEM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EEM vs HEEM Cost

Overpaying HEEM vs EEM

$12,468

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EEM 0.72%
$13,957
HEEM 1.51%
$26,425

Amount$10,000

Years30 years

Cost over time

EEM 0.72%
HEEM 1.51%
Overpaying

Year by year

Year	EEM	HEEM	Overpaying
10	$1,284	$2,606	$1,322
20	$4,888	$9,575	$4,687
30	$13,957	$26,425	$12,468

Expense ratio

0.72%EEM, cheaper
1.51%HEEM

EEM0.72%HEEM1.51%

0.09%1.51%

Middle half of MSCI Emerging Markets Core funds
Median 0.66%

EEM 4th cheapest of 5 funds

HEEM 5th cheapest of 5 funds

EEM vs HEEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEM 1.83%; HEEM 3.44%, better
Payout (12M): EEM $1.11; HEEM $1.33
Last payment: EEM $0.35; HEEM $0.23
Ex-dividend: EEM Jun 15, 2026; HEEM Jul 2, 2026
Paid on: EEM Jun 18, 2026; HEEM Jul 8, 2026
Frequency: EEM Twice a year; HEEM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EEMTwice a year · 20 paymentsAll EEM payments⁠

HEEMTwice a year · 22 paymentsAll HEEM payments⁠

EEM vs HEEM Risk

Fall from peak · 5 years

EEM
HEEM

Risk facts

VolatilityStd dev, 3 years: EEM 16.1%HEEM 14.7%, better
Return per unit of riskSharpe ratio, 3 years: EEM 1.01HEEM 1.17, better
Worst fallMax drawdown, 5 years: EEM −33.2%HEEM −26.9%, better
Market sensitivityBeta, 5 years: EEM 1.03HEEM 0.82; Market = 1

EEM and HEEM in the news

All news⁠

Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026EEM
Top Movers
Brazil funds fall as much as 31.6% after Lula wins the runoff
Oct 26, 2026EEM
Top Movers
Korea funds rose 4% Monday, well ahead of Seoul
Oct 19, 2026EEM
Top Movers
Brazil funds held their election gain through Friday
Oct 9, 2026EEM
New ETFs
BlackRock lists an active emerging-markets ETF 19 days after Goldman
Oct 5, 2026EEM
Category Rankings
The funds most people hold lost money in September as gains stayed narrow
Updated Oct 2, 2026EEM

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EEM vs HEEM

In short

Stated mandate

Why people hold it