HEEM vs IEMG: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI Emerging Markets ETF

HEEMDCboe

iShares Core MSCI Emerging Markets ETF

IEMGANYSE Arca

Overlap

88.1%by weight

Expense ratio

IEMG −1.42pt a year

HEEM1.51%IEMG0.09%

Avg volume · 30D

IEMG 100.1×the volume

HEEM118KIEMG11.8M

10Y return · a year

HEEM +0.9pt

HEEM+8.9%IEMG+8.0%

HEEM vs IEMG Performance

Oct 29, 2021 – Oct 30, 2026

+50.9%HEEM+37.7%IEMG

Expense ratio: HEEM 1.51%; IEMG 0.09%, better
Fund size: HEEM $273M; IEMG $146B
1Y total return: HEEM +14.6%, better; IEMG +11.5%
Yield (12M): HEEM 3.44%, better; IEMG 2.42%
Holdings: HEEM 1201; IEMG 2857
Avg volume (30D): HEEM 118K sh; IEMG 11.8M sh, better
NAV per share: HEEM $38.67; IEMG $74.19
52W range

ETF.net Grade

Pillar letters and Scores for HEEM, IEMG, with each pillar’s weight
Pillar	HEEM	IEMG
Cost30% weight	F11	A84Higher
Mission25% weight	Not scored	A100
Risk15% weight	B56Higher	C42
Tradability15% weight	C51	B56Higher
Holdings10% weight	C53	A76Higher
Durability5% weight	C49	A79Higher

Rank among MSCI Emerging Markets Core funds

How we build Categories ›

Same Category. HEEM and IEMG 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 ›

IEMG ranks 1st 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 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

HEEMDiShares Currency Hedged MSCI Emerging Markets ETF

IEMGAiShares Core MSCI Emerging Markets ETF

In short

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.

IEMG iShares' emerging-markets workhorse: large, mid and small caps across developing economies in one fund at 0.09% a year, against a 0.66% median for its peer group. Built as a cheap core holding, not a tactical trade.

Stated mandate

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

IEMG The fund seeks to track an index representing large-, mid- and small-capitalization equities from emerging markets.

Why people hold it

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.

IEMG Charges 0.09% a year while the typical fund in its peer group takes 0.66%. The older in-house sibling EEM charges 0.72% for a narrower large- and mid-cap index.
Tracks the MSCI Emerging Markets IMI, which targets about 99% of each country's free float and reaches into the small caps that large- and mid-cap EM funds skip. Roughly 2,800 holdings.msci.com ishares.com
One of the largest and most heavily traded funds in the category, which typically shows up as tight spreads for the person clicking buy.
No currency hedge, no ex-China carve-out, no climate screen. Straight cap-weighted emerging-markets exposure, and one of the strongest implementations in its peer group.

Worth knowing

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.

IEMG Emerging markets bring currency, political and liquidity risks that developed-market equity does not, and the prospectus spells that out. Expect a bumpier ride.ishares.com
Cap weighting means a handful of countries and their biggest companies drive most of the move, even with roughly 2,800 names in the basket.msci.com
Cash comes back once or twice a year rather than monthly, so income arrives in lumps.

Full HEEM profile⁠

Full IEMG profile⁠

HEEM vs IEMG Holdings

How HEEM and IEMG differ

Overlap by weight

88.1%

Shared holdings make up 99.7% of HEEM and 88.4% of IEMG.

Level by level

Holdings1,166 in both88.1%
Sector11 Sectors95.7%
Countryby domicile96.1%
Asset classEquity100%

Sector

Sector weights in HEEM and IEMG, widest gap first
Sector	More in HEEMMore in IEMG	HEEM	IEMG
Technology	HEEM +3.6 points	42.9%	39.3%
Industrials	IEMG +1.3 points	6.0%	7.3%
Health Care	IEMG +0.8 points	2.7%	3.5%
Real Estate	IEMG +0.6 points	1.0%	1.6%
Materials	IEMG +0.5 points	5.8%	6.3%
Financials	HEEM +0.5 points	19.9%	19.4%
Consumer Discretionary	IEMG +0.4 points	7.6%	8.0%
Consumer Staples	IEMG +0.4 points	2.7%	3.1%
Utilities	IEMG +0.3 points	1.9%	2.2%
Communication	HEEM +0.2 points	5.9%	5.7%
Energy	Same weight	3.6%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in HEEM and IEMG, widest gap first
Country	More in HEEMMore in IEMG	HEEM	IEMG
China	HEEM +1.8 points	20.9%	19.1%
India	IEMG +1.3 points	12.0%	13.3%
Thailand	IEMG +1.2 points	0.0%	1.2%
Malaysia	IEMG +1.2 points	0.0%	1.2%
South Korea	HEEM +1.1 points	21.5%	20.4%
Taiwan	HEEM +0.9 points	31.3%	30.4%
Other countries (4)	Same weight	14.4%	14.4%

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

Concentration

Weight in the 10 largest Holdings

HEEM37.6%
IEMG33.0%

Securities held

HEEM1,176
IEMG2,828

Asset class

HEEM: Equity
IEMG: Equity

Holdings

Only in HEEM10
In both1,166
Only in IEMG1,662

Only in HEEM

10 securities, 0.9% of HEEM by weight

Twd/Usd0.55%
Brl/Usd0.13%
Mxn/Usd0.07%
Eur/Usd0.04%
Zar/Usd0.04%
Hkd/Usd0.02%
Clp/Usd0.01%
Thb/Usd<0.01%
Idr/Usd<0.01%
Axia Energia Prf SA<0.01%

Only in IEMG

1,662 securities, 11.9% of IEMG by weight

Taiwan Union Technology0.08%
Kinsus Interconnect Technology Cor0.07%
Nan Ya Printed Circuit Board Corp0.07%
Powerchip Semiconductor Manufactur0.06%
Samsung E&A Ltd0.06%
Tripod Technology0.05%
Coforge0.05%
Compeq Manufacturing Ltd0.05%
Win Semiconductors Corp0.05%
Land Mark Corp0.05%
Auo0.04%
Taiwan Cement0.04%
United Integrated Services0.04%
Macronix International0.04%
International Games System Ltd0.04%
Powertech Technology0.04%
Iteq Corp0.04%
Wpg Holdings0.04%
Silergy0.04%
Ememory Technology Inc0.04%
Wt Microelectronics0.04%
Compal Electronics0.03%
Taiwan Business Bank Ltd0.03%
Sona Blw Precision Forgings Ltd0.03%
Coway Ltd0.03%
Benefit Systems0.03%
Fositek0.03%
Synnex Technology International Co0.03%
Embassy Office Parks Reit Units0.03%
Old Mutual Limited0.03%
Winway Technology0.03%
Samsung Securities Ltd0.03%
Hlb Ltd0.03%
Kaori Heat Treatment Ltd0.03%
Isupetasys Ltd0.03%
Glenmark Pharmaceuticals0.03%
Radico Khaitan0.03%
Jusung Engineering Ltd0.03%
Max Financial Services Ltd0.03%
Walsin Technology0.03%
Chipbond Technology Corp0.03%
Aspen Pharmacare0.03%
Micro-Star International0.03%
Yang Ming Marine Transport0.03%
Walsin Lihwa0.03%
Daeduckelectronics Ltd0.02%
Kingdee Int L Software Group Ltd0.02%
Alior Bank SA0.02%
Totvs0.02%
Ta Chen Stainless Pipe Ltd0.02%

Weight gaps

The 100 widest of 1,166 Holdings in both funds.

Holding weights in HEEM and IEMG, widest gap first
Holding	More in HEEMMore in IEMG	HEEM	IEMG
Taiwan Semiconductor Manufacturing	HEEM +1.86 points	15.80%	13.94%
Sk Hynix	HEEM +0.89 points	5.46%	4.57%
Samsung Electronics Ltd	HEEM +0.89 points	7.03%	6.14%
Tencent Holdings	HEEM +0.21 points	2.55%	2.34%
Mediatek	HEEM +0.20 points	1.55%	1.35%
Alibaba Group Holding	HEEM +0.17 points	1.78%	1.61%
Delta Electronics	HEEM +0.15 points	0.77%	0.62%
Samsung Electronics Non Voting Pre	HEEM +0.15 points	0.96%	0.81%
Hon Hai Precision Industry	HEEM +0.09 points	0.81%	0.72%
Sk Square	HEEM +0.09 points	0.57%	0.48%
China Construction Bank Corp H	HEEM +0.08 points	0.94%	0.86%
Samsung Electro Mechanics Ltd	HEEM +0.08 points	0.47%	0.39%
Ase Technology Holding	HEEM +0.08 points	0.61%	0.53%
Elite Material	HEEM +0.06 points	0.38%	0.32%
Reliance Industries Ltd	HEEM +0.06 points	0.61%	0.55%
Anglogold Ashanti PLC	HEEM +0.06 points	0.37%	0.31%
Icici Bank	HEEM +0.06 points	0.67%	0.61%
Nan Ya Plastics Corp	HEEM +0.05 points	0.39%	0.34%
Hdfc Bank	HEEM +0.06 points	0.71%	0.65%
Unimicron Technology	HEEM +0.05 points	0.37%	0.32%
Bharti Airtel Ltd	HEEM +0.05 points	0.50%	0.45%
Industrial and Commercial Bank of	HEEM +0.05 points	0.56%	0.51%
Nu Holdings Class ANU	HEEM +0.05 points	0.38%	0.33%
United Micro Electronics Corp	HEEM +0.05 points	0.35%	0.30%
Gold Fields	HEEM +0.04 points	0.27%	0.23%
Bank of China Ltd H	HEEM +0.04 points	0.45%	0.41%
Al Rajhi Bank	HEEM +0.04 points	0.40%	0.36%
Itau Unibanco Holding Pref SA	HEEM +0.04 points	0.34%	0.30%
Accton Technology	HEEM +0.05 points	0.24%	0.19%
Grupo Mexico B	HEEM +0.04 points	0.31%	0.27%
Fubon Financial Holding	HEEM +0.04 points	0.36%	0.32%
Yageo	HEEM +0.03 points	0.22%	0.19%
Petroleo Brasileiro Pref SA	HEEM +0.03 points	0.38%	0.35%
Pdd Holdings AdsPDD	HEEM +0.03 points	0.35%	0.32%
Saudi Arabian Oil	HEEM +0.04 points	0.36%	0.32%
Xiaomi	HEEM +0.03 points	0.48%	0.45%
Chroma Ate	HEEM +0.04 points	0.19%	0.15%
Kia Corporation	HEEM +0.03 points	0.16%	0.13%
Kb Financial Group	HEEM +0.03 points	0.34%	0.31%
Hyundai Motor	HEEM +0.03 points	0.25%	0.22%
Ctbc Financial Holding	HEEM +0.03 points	0.33%	0.30%
Naspers Limited Class N	HEEM +0.03 points	0.27%	0.24%
Powszechna Kasa Oszczednosci Bank	HEEM +0.03 points	0.23%	0.20%
Petroleo Brasileiro SA Petrobras	HEEM +0.03 points	0.35%	0.32%
Firstrand Ltd	HEEM +0.03 points	0.24%	0.21%
Cathay Financial Holding	HEEM +0.03 points	0.29%	0.26%
Ping An Insurance (Group) Co of Ch	HEEM +0.03 points	0.34%	0.31%
Byd H	HEEM +0.03 points	0.28%	0.25%
Delta Electronics (Thailand) Non-V	HEEM +0.03 points	0.18%	0.15%
Wistron	HEEM +0.03 points	0.16%	0.13%
Standard Bank Group	HEEM +0.03 points	0.21%	0.18%
Lenovo Group	HEEM +0.03 points	0.18%	0.15%
Otp Bank	HEEM +0.03 points	0.25%	0.22%
Multi Commodity Exchange of India	IEMG +0.03 points	<0.01%	0.03%
Hanwha Aerospace Ltd	HEEM +0.02 points	0.16%	0.14%
Ts Financial Holding	HEEM +0.03 points	0.26%	0.23%
Kuwait Finance House	HEEM +0.03 points	0.24%	0.21%
Asia Vital Components	HEEM +0.03 points	0.27%	0.24%
Meituan	HEEM +0.02 points	0.38%	0.36%
Netease	HEEM +0.02 points	0.33%	0.31%
Cia Vale Do Rio Doce Sh	HEEM +0.03 points	0.35%	0.32%
Credicorp LtdBAP	HEEM +0.02 points	0.21%	0.19%
Axis Bank	HEEM +0.03 points	0.26%	0.23%
Southern Copper CorpSCCO	HEEM +0.02 points	0.15%	0.13%
Mahindra and Mahindra Ltd	HEEM +0.03 points	0.23%	0.20%
Valterra Platinum Ltd	HEEM +0.03 points	0.16%	0.13%
Capitec Shs	HEEM +0.02 points	0.21%	0.19%
The Saudi National Bank	HEEM +0.02 points	0.24%	0.22%
Axia Energia SA	HEEM +0.02 points	0.11%	0.09%
National Bank of Kuwait	HEEM +0.02 points	0.20%	0.18%
Quanta Computer	HEEM +0.02 points	0.24%	0.22%
Nanya Technology Corp	HEEM +0.02 points	0.16%	0.14%
Asustek Computer Inc	HEEM +0.02 points	0.17%	0.15%
Gpo Finance Banorte	HEEM +0.02 points	0.23%	0.21%
Larsen and Toubro Ltd	HEEM +0.03 points	0.24%	0.21%
Aspeed Technology	HEEM +0.02 points	0.15%	0.13%
China Life Insurance Ltd H	HEEM +0.02 points	0.20%	0.18%
Largan Precision Ltd	HEEM +0.02 points	0.14%	0.12%
Infosys	HEEM +0.03 points	0.32%	0.29%
Saudi Telecom	HEEM +0.02 points	0.19%	0.17%
Samsung C&T Corp	HEEM +0.02 points	0.17%	0.15%
Jd.com Class A	HEEM +0.02 points	0.25%	0.23%
Shinhan Financial Group	HEEM +0.02 points	0.24%	0.22%
Yuanta Financial Holding	HEEM +0.02 points	0.21%	0.19%
Doosan Enerbility Ltd	HEEM +0.02 points	0.16%	0.14%
Kotak Mahindra Bank Ltd	HEEM +0.02 points	0.23%	0.21%
Orlen	HEEM +0.02 points	0.19%	0.17%
Bajaj Finance Ltd	HEEM +0.02 points	0.21%	0.19%
Wuxi Biologics Cayman	HEEM +0.03 points	0.18%	0.15%
Hyundai Mobis Ltd	HEEM +0.02 points	0.13%	0.11%
Beone Medicines AG	HEEM +0.03 points	0.20%	0.17%
Wiwynn Corporation	HEEM +0.02 points	0.15%	0.13%
Sk Inc	HEEM +0.02 points	0.13%	0.11%
Agricultural Bank of China H	HEEM +0.02 points	0.20%	0.18%
Hana Financial Group	HEEM +0.02 points	0.21%	0.19%
Zijin Mining Group Ltd H	HEEM +0.02 points	0.18%	0.16%
Samsung Sdi Ltd	HEEM +0.02 points	0.21%	0.19%
Emaar Properties	HEEM +0.02 points	0.17%	0.15%
Winbond Electronics	HEEM +0.02 points	0.14%	0.12%
B3 Brasil Bolsa Balcao SA	HEEM +0.02 points	0.12%	0.10%

All HEEM holdings⁠All 2,851 IEMG 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.

HEEM vs IEMG Cost

Overpaying HEEM vs IEMG

$24,527

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

HEEM 1.51%
$26,425
IEMG 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

HEEM 1.51%
IEMG 0.09%
Overpaying

Year by year

Year	HEEM	IEMG	Overpaying
10	$2,606	$165	$2,441
20	$9,575	$646	$8,929
30	$26,425	$1,898	$24,527

Expense ratio

1.51%HEEM
0.09%IEMG, cheaper

IEMG0.09%HEEM1.51%

0.09%1.51%

Middle half of MSCI Emerging Markets Core funds
Median 0.66%

IEMG cheapest of 5 funds

HEEM 5th cheapest of 5 funds

HEEM vs IEMG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HEEM 3.44%, better; IEMG 2.42%
Payout (12M): HEEM $1.33; IEMG $1.80
Last payment: HEEM $0.23; IEMG $0.66
Ex-dividend: HEEM Jul 2, 2026; IEMG Jun 15, 2026
Paid on: HEEM Jul 8, 2026; IEMG Jun 18, 2026
Frequency: HEEM Twice a year; IEMG Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HEEMTwice a year · 22 paymentsAll HEEM payments⁠

IEMGTwice a year · 19 paymentsAll IEMG payments⁠

HEEM vs IEMG Risk

Fall from peak · 5 years

HEEM
IEMG

Risk facts

VolatilityStd dev, 3 years: HEEM 14.7%, betterIEMG 15.9%
Return per unit of riskSharpe ratio, 3 years: HEEM 1.17, betterIEMG 1.00
Worst fallMax drawdown, 5 years: HEEM −26.9%, betterIEMG −32.0%
Market sensitivityBeta, 5 years: HEEM 0.82IEMG 1.01; Market = 1

HEEM and IEMG in the news

All news⁠

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Oct 20, 2026IEMG
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Oct 16, 2026IEMG
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Three new international stock funds, and none is the cheap one
Oct 5, 2026IEMG
New ETFs
BlackRock lists an active emerging-markets ETF 19 days after Goldman
Oct 5, 2026IEMG
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Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IEMG

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HEEM vs IEMG

In short

Stated mandate

Why people hold it