EMXC vs HEEM: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets ex China ETF

EMXCBNasdaq

iShares Currency Hedged MSCI Emerging Markets ETF

HEEMDCboe

Overlap

80.2%by weight

Expense ratio

EMXC −1.26pt a year

EMXC0.25%HEEM1.51%

Avg volume · 30D

EMXC 19.8×the volume

EMXC2.33MHEEM118K

5Y return · a year

EMXC +2.2pt

EMXC+10.8%HEEM+8.6%

EMXC vs HEEM Performance

Oct 29, 2021 – Oct 30, 2026

+66.7%EMXC+50.9%HEEM

Expense ratio: EMXC 0.25%, better; HEEM 1.51%
Fund size: EMXC $25.4B; HEEM $273M
1Y total return: EMXC +27.3%, better; HEEM +14.6%
Yield (12M): EMXC 2.14%; HEEM 3.44%, better
Holdings: EMXC 625; HEEM 1201
Avg volume (30D): EMXC 2.33M sh, better; HEEM 118K sh
NAV per share: EMXC $89.69; HEEM $38.67
52W range

ETF.net Grade

Pillar letters and Scores for EMXC, HEEM, with each pillar’s weight
Pillar	EMXC	HEEM
Cost30% weight	B63Higher	F11
Mission25% weight	A100	Not scored
Risk15% weight	D36	B56Higher
Tradability15% weight	C52Higher	C51
Holdings10% weight	D35	C53Higher
Durability5% weight	C47	C49Higher

Rank among MSCI Emerging Markets Core funds

How we build Categories ›

Same Category. EMXC 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 ›

EMXC ranks 2nd 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

EMXCBiShares MSCI Emerging Markets ex China ETF

HEEMDiShares Currency Hedged MSCI Emerging Markets ETF

In short

EMXC Launched in 2017, EMXC turns one decision into two: own large- and mid-cap emerging markets through a standard MSCI index, then size China on your own, separately. Roughly 600 stocks, one very large country deliberately absent.

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

EMXC The fund seeks to track an index of large- and mid-cap companies across emerging markets while excluding China, providing diversified international equity exposure.

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

Why people hold it

EMXC Costs 0.25% a year, well under the roughly 0.66% median in its MSCI emerging-markets cohort.
A multi-billion-dollar, actively traded fund, one of the established ways to run the ex-China version of emerging markets.
No bolted-on tilts. It follows the MSCI Emerging Markets ex China Index of roughly 600 large- and mid-cap names, and the mandate matches the label.ishares.com
iShares frames it as keeping broad emerging-markets exposure while handling the China allocation separately, which fits investors who already own China elsewhere.ishares.com

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

EMXC The carve-out costs extra: IEMG covers broad emerging markets including China for 0.09%. Splitting the exposure also means two tickers to maintain.
Emerging-market equities move hard in both directions, and cutting out one large market leaves the rest of the index carrying the whole load.
Distributions arrive annually or semiannually, not monthly or quarterly.

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 EMXC profile⁠

Full HEEM profile⁠

EMXC vs HEEM Holdings

How EMXC and HEEM differ

Overlap by weight

80.2%

Shared holdings make up 100% of EMXC and 80.2% of HEEM.

Level by level

Countryby domicile79.1%
Holdings592 in both80.2%
Sector11 Sectors92.6%
Asset classEquity100%

Sector

Sector weights in EMXC and HEEM, widest gap first
Sector	More in EMXCMore in HEEM	EMXC	HEEM
Technology	EMXC +6.8 points	49.7%	42.9%
Consumer Discretionary	HEEM +3.8 points	3.8%	7.6%
Communication	HEEM +2.7 points	3.2%	5.9%
Health Care	HEEM +0.7 points	2.0%	2.7%
Materials	EMXC +0.3 points	6.1%	5.8%
Industrials	EMXC +0.2 points	6.2%	6.0%
Real Estate	HEEM +0.1 points	0.9%	1.0%
Energy	EMXC +0.1 points	3.7%	3.6%
Financials	HEEM +0.1 points	19.8%	19.9%
Utilities	Same weight	1.9%	1.9%
Consumer Staples	Same weight	2.7%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in EMXC and HEEM, widest gap first
Country	More in EMXCMore in HEEM	EMXC	HEEM
China	HEEM +20.9 points	0.0%	20.9%
Taiwan	EMXC +6.9 points	38.2%	31.3%
South Korea	EMXC +4.9 points	26.4%	21.5%
India	EMXC +3.0 points	15.0%	12.0%
South Africa	EMXC +1.7 points	8.8%	7.1%
Thailand	EMXC +1.3 points	1.3%	0.0%
Malaysia	EMXC +1.2 points	1.2%	0.0%
Brazil	EMXC +0.9 points	5.1%	4.2%
Other countries (2)	EMXC +0.8 points	3.9%	3.1%

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

Concentration

Weight in the 10 largest Holdings

EMXC42.5%
HEEM37.6%

Securities held

EMXC605
HEEM1,176

Asset class

EMXC: Equity
HEEM: Equity

Holdings

Only in EMXC13
In both592
Only in HEEM584

Only in EMXC

13 securities, 0.0% of EMXC by weight

Axia Energia SA<0.01%
Abu Dhabi Islamic Bank Rights<0.01%
Inr/Usd0.00%
United Company Rusal0.00%
Ak Alrosa0.00%
Moscow Exchange0.00%
Nk Rosneft0.00%
Mobilnye Telesistemy0.00%
Severstal0.00%
Tcs Group Holding Repr Class A Re0.00%
X5 Retail Group Gdr NV0.00%
Pjsc Phosagro Gdr0.00%
Polyus0.00%

Only in HEEM

584 securities, 20.3% of HEEM by weight

Tencent Holdings2.55%
Alibaba Group Holding1.78%
China Construction Bank Corp H0.94%
Industrial and Commercial Bank of0.56%
Twd/Usd0.55%
Xiaomi0.48%
Bank of China Ltd H0.45%
Meituan0.38%
Pdd Holdings Ads0.35%
Ping An Insurance (Group) Co of Ch0.34%
Netease0.33%
Byd H0.28%
Jd.com Class A0.25%
Petrochina H0.24%
China Merchants Bank H0.22%
Agricultural Bank of China H0.20%
China Life Insurance Ltd H0.20%
Beone Medicines AG0.20%
Trip.com Group0.19%
Zijin Mining Group Ltd H0.18%
Lenovo Group0.18%
Wuxi Biologics Cayman0.18%
Baidu0.17%
China Shenhua Energy Ltd H0.15%
Brl/Usd0.13%
Kweichow Moutai A0.13%
Innovent Biologics0.13%
Yum China Holdings Inc0.13%
Picc Property and Casualty Ltd H0.12%
China Petroleum and Chemical H0.11%
Ke Holdings0.10%
Anta Sports Products Ltd0.10%
Geely Automobile Holdings Ltd0.10%
China Resources Land0.09%
Wuxi Apptec H0.08%
Kuaishou Technology0.08%
Contemporary Amperex Technology A0.08%
Nongfu Spring Ltd H0.08%
China Pacific Insurance (Group) H0.08%
H World Group Adr0.08%
China Citic Bank Corp Ltd H0.07%
Bank of Communications Ltd H0.07%
Cspc Pharmaceutical Group0.07%
Pop Mart International Group0.07%
China Hongqiao Group Ltd0.07%
China Merchants Bank A0.07%
Mxn/Usd0.07%
Zto Express (Cayman) Inc0.07%
Contemporary Amperex Technology Class0.07%
Citic Ltd0.06%

Weight gaps

The 100 widest of 592 Holdings in both funds.

Holding weights in EMXC and HEEM, widest gap first
Holding	More in EMXCMore in HEEM	EMXC	HEEM
Taiwan Semiconductor Manufacturing	EMXC +3.99 points	19.79%	15.80%
Samsung Electronics Ltd	EMXC +1.68 points	8.71%	7.03%
Sk Hynix	EMXC +1.02 points	6.48%	5.46%
Mediatek	EMXC +0.36 points	1.91%	1.55%
Hon Hai Precision Industry	EMXC +0.21 points	1.02%	0.81%
Hdfc Bank	EMXC +0.21 points	0.92%	0.71%
Samsung Electronics Non Voting Pre	EMXC +0.20 points	1.16%	0.96%
Icici Bank	EMXC +0.19 points	0.86%	0.67%
Reliance Industries Ltd	EMXC +0.17 points	0.78%	0.61%
Ase Technology Holding	EMXC +0.15 points	0.76%	0.61%
Bharti Airtel Ltd	EMXC +0.15 points	0.65%	0.50%
Sk Square	EMXC +0.12 points	0.69%	0.57%
Delta Electronics	EMXC +0.11 points	0.88%	0.77%
Petroleo Brasileiro Pref SA	EMXC +0.12 points	0.50%	0.38%
Cia Vale Do Rio Doce Sh	EMXC +0.11 points	0.46%	0.35%
Al Rajhi Bank	EMXC +0.11 points	0.51%	0.40%
Petroleo Brasileiro SA Petrobras	EMXC +0.11 points	0.46%	0.35%
Infosys	EMXC +0.10 points	0.42%	0.32%
Saudi Arabian Oil	EMXC +0.10 points	0.46%	0.36%
Fubon Financial Holding	EMXC +0.10 points	0.46%	0.36%
Ctbc Financial Holding	EMXC +0.10 points	0.43%	0.33%
Kb Financial Group	EMXC +0.09 points	0.43%	0.34%
Nu Holdings Class ANU	EMXC +0.08 points	0.46%	0.38%
Samsung Electro Mechanics Ltd	EMXC +0.09 points	0.56%	0.47%
Nan Ya Plastics Corp	EMXC +0.09 points	0.48%	0.39%
Itau Unibanco Holding Pref SA	EMXC +0.09 points	0.43%	0.34%
Cathay Financial Holding	EMXC +0.09 points	0.38%	0.29%
United Micro Electronics Corp	EMXC +0.08 points	0.43%	0.35%
Unimicron Technology	EMXC +0.08 points	0.45%	0.37%
Grupo Mexico B	EMXC +0.08 points	0.39%	0.31%
Anglogold Ashanti PLC	EMXC +0.08 points	0.45%	0.37%
Shinhan Financial Group	EMXC +0.07 points	0.31%	0.24%
Elite Material	EMXC +0.07 points	0.45%	0.38%
Ts Financial Holding	EMXC +0.07 points	0.33%	0.26%
Asia Vital Components	EMXC +0.07 points	0.34%	0.27%
Larsen and Toubro Ltd	EMXC +0.06 points	0.30%	0.24%
Quanta Computer	EMXC +0.07 points	0.31%	0.24%
Naspers Limited Class N	EMXC +0.06 points	0.33%	0.27%
The Saudi National Bank	EMXC +0.07 points	0.31%	0.24%
Kotak Mahindra Bank Ltd	EMXC +0.06 points	0.29%	0.23%
Gpo Finance Banorte	EMXC +0.06 points	0.29%	0.23%
Samsung Sdi Ltd	EMXC +0.06 points	0.27%	0.21%
Kuwait Finance House	EMXC +0.06 points	0.30%	0.24%
Firstrand Ltd	EMXC +0.07 points	0.31%	0.24%
Otp Bank	EMXC +0.06 points	0.31%	0.25%
Bajaj Finance Ltd	EMXC +0.06 points	0.27%	0.21%
Hana Financial Group	EMXC +0.06 points	0.27%	0.21%
Mahindra and Mahindra Ltd	EMXC +0.06 points	0.29%	0.23%
Hyundai Motor	EMXC +0.06 points	0.31%	0.25%
Yuanta Financial Holding	EMXC +0.06 points	0.27%	0.21%
First Abu Dhabi Bank	EMXC +0.06 points	0.25%	0.19%
Axis Bank	EMXC +0.05 points	0.31%	0.26%
Celltrion	EMXC +0.06 points	0.24%	0.18%
E.sun Financial Holding	EMXC +0.05 points	0.25%	0.20%
Capitec Shs	EMXC +0.06 points	0.27%	0.21%
Tata Consultancy Services Ltd	EMXC +0.06 points	0.24%	0.18%
Saudi Telecom	EMXC +0.05 points	0.24%	0.19%
Fomento Economico Mexicano	EMXC +0.05 points	0.23%	0.18%
Gold Fields	EMXC +0.06 points	0.33%	0.27%
Powszechna Kasa Oszczednosci Bank	EMXC +0.05 points	0.28%	0.23%
Mtn Group	EMXC +0.05 points	0.23%	0.18%
National Bank of Kuwait	EMXC +0.05 points	0.25%	0.20%
Orlen	EMXC +0.05 points	0.24%	0.19%
Qatar National Bank	EMXC +0.05 points	0.22%	0.17%
Credicorp LtdBAP	EMXC +0.05 points	0.26%	0.21%
Mega Financial Holding Ltd	EMXC +0.04 points	0.21%	0.17%
Chunghwa Telecom Ltd	EMXC +0.05 points	0.21%	0.16%
America Movil B	EMXC +0.04 points	0.20%	0.16%
Standard Bank Group	EMXC +0.05 points	0.26%	0.21%
Global Unichip	EMXC +0.04 points	0.22%	0.18%
Eternal	EMXC +0.04 points	0.19%	0.15%
Emaar Properties	EMXC +0.04 points	0.21%	0.17%
Accton Technology	EMXC +0.04 points	0.28%	0.24%
State Bank of India	EMXC +0.05 points	0.21%	0.16%
Saudi Arabian Mining	EMXC +0.04 points	0.19%	0.15%
Samsung Biologics	EMXC +0.04 points	0.14%	0.10%
Emirates Telecommunications Group	EMXC +0.04 points	0.21%	0.17%
Naver	EMXC +0.04 points	0.20%	0.16%
Sun Pharmaceutical Industries	EMXC +0.04 points	0.19%	0.15%
Sinopac Financial Holdings	EMXC +0.04 points	0.19%	0.15%
Yageo	EMXC +0.05 points	0.27%	0.22%
Samsung C&T Corp	EMXC +0.04 points	0.21%	0.17%
Public Bank	EMXC +0.04 points	0.18%	0.14%
Kgi Financial Holding	EMXC +0.04 points	0.20%	0.16%
Titan Company Ltd	EMXC +0.04 points	0.18%	0.14%
Doosan Enerbility Ltd	EMXC +0.04 points	0.20%	0.16%
Asustek Computer Inc	EMXC +0.04 points	0.21%	0.17%
Wistron	EMXC +0.04 points	0.20%	0.16%
First Financial Holding Ltd	EMXC +0.04 points	0.17%	0.13%
Cemex Cpo	EMXC +0.04 points	0.18%	0.14%
Samsung Fire & Marine Insurance Lt	EMXC +0.04 points	0.16%	0.12%
Ntpc Ltd	EMXC +0.04 points	0.16%	0.12%
Jentech Precision Industrial Ltd	EMXC +0.04 points	0.19%	0.15%
Woori Financial Group Inc	EMXC +0.04 points	0.17%	0.13%
Samsung Life Ltd	EMXC +0.04 points	0.18%	0.14%
King Slide Works	EMXC +0.04 points	0.19%	0.15%
Hindustan Unilever Ltd	EMXC +0.03 points	0.15%	0.12%
Nanya Technology Corp	EMXC +0.04 points	0.20%	0.16%
Hua Nan Financial Holdings	EMXC +0.04 points	0.16%	0.12%
Hcl Technologies Ltd	EMXC +0.04 points	0.15%	0.11%

All 607 EMXC 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.

EMXC vs HEEM Cost

Overpaying HEEM vs EMXC

$21,266

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

EMXC 0.25%
$5,159
HEEM 1.51%
$26,425

Amount$10,000

Years30 years

Cost over time

EMXC 0.25%
HEEM 1.51%
Overpaying

Year by year

Year	EMXC	HEEM	Overpaying
10	$455	$2,606	$2,151
20	$1,769	$9,575	$7,806
30	$5,159	$26,425	$21,266

Expense ratio

0.25%EMXC, cheaper
1.51%HEEM

EMXC0.25%HEEM1.51%

0.09%1.51%

Middle half of MSCI Emerging Markets Core funds
Median 0.66%

EMXC 2nd cheapest of 5 funds

HEEM 5th cheapest of 5 funds

EMXC vs HEEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMXC 2.14%; HEEM 3.44%, better
Payout (12M): EMXC $1.92; HEEM $1.33
Last payment: EMXC $0.59; HEEM $0.23
Ex-dividend: EMXC Jun 15, 2026; HEEM Jul 2, 2026
Paid on: EMXC Jun 18, 2026; HEEM Jul 8, 2026
Frequency: EMXC Twice a year; HEEM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EMXCTwice a year · 19 paymentsAll EMXC payments⁠

HEEMTwice a year · 22 paymentsAll HEEM payments⁠

EMXC vs HEEM Risk

Fall from peak · 5 years

EMXC
HEEM

Risk facts

VolatilityStd dev, 3 years: EMXC 20.0%HEEM 14.7%, better
Return per unit of riskSharpe ratio, 3 years: EMXC 1.04HEEM 1.17, better
Worst fallMax drawdown, 5 years: EMXC −28.9%HEEM −26.9%, better
Market sensitivityBeta, 5 years: EMXC 1.19HEEM 0.82; Market = 1

EMXC and HEEM in the news

All news⁠

First-Year Review
Myriad's allocation fund gained 17%, 1.6 percentage points ahead of global stocks
Oct 2, 2026EMXC
First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026EMXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026EMXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026EMXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026EMXC

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EMXC vs HEEM

In short

Stated mandate

Why people hold it