HEEM vs SPY
Comparison between ISHARES CURRENCY HEDGED MSCI EMERGING MARKETS ETF (HEEM, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed HEEM, delivering a return of +13.0% compared to +9.7%
HEEM vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
HEEM
$290M
Winner
SPY
$781B
Expense Ratio
HEEM
0.72%
Winner
SPY
0.09%
Max Drawdown
Winner
HEEM
35.35%
SPY
56.47%
Sharpe Ratio
Winner
HEEM
1.56
SPY
1.25
5Y Beta
Winner
HEEM
0.77
SPY
1.00
P/E Ratio
HEEM
N/A
SPY
28.78
Forward P/E
HEEM
N/A
SPY
21.23
5Y Dividends CAGR
Winner
HEEM
21.76%
SPY
6.00%
5Y EPS CAGR
HEEM
N/A
SPY
25.62%
Debt to Equity
HEEM
N/A
SPY
31.92%
P/S Ratio
HEEM
N/A
SPY
3.76
P/B Ratio
HEEM
N/A
SPY
5.64
HEEM vs SPY - Holdings Comparison
HEEM and SPY have 1 common holdings. Overlap is -28.12%
HEEM's top 25 holdings weight is 184.07%. SPY's top 25 holdings weight is 51.74%.
| Rank | HEEM | SPY |
|---|---|---|
| #1 | ISHARES MSCI EMERGING MARKETS ETF (EEM) - 100.73% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | TWD/USD PURCHASED (n/a) - 26.48% | APPLE INC (AAPL) - 7.37% |
| #3 | KRW/USD PURCHASED (n/a) - 24.64% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | HKD/USD PURCHASED (n/a) - 18.59% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | INR/USD PURCHASED (n/a) - 11.71% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | CNH/USD PURCHASED (n/a) - 3.79% | BROADCOM INC (AVGO) - 2.86% |
| #7 | ZAR/USD PURCHASED (n/a) - 3.21% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | EUR/USD PURCHASED (n/a) - 2.05% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | MXN/USD PURCHASED (n/a) - 1.88% | TESLA INC (TSLA) - 1.70% |
| #10 | BRL/USD PURCHASED (n/a) - 0.10% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | THB/USD PURCHASED (n/a) - 0.10% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | CLP/USD PURCHASED (n/a) - 0.02% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | TRY/USD PURCHASED (n/a) - 0.01% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | MYR/USD PURCHASED (n/a) - 0.01% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | IDR/USD PURCHASED (n/a) - 0.01% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 0.00% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | TRY/USD SOLD (n/a) - -0.40% | VISA INC CLASS A (V) - 0.90% |
| #18 | USD CASH (n/a) - -0.44% | WALMART INC (WMT) - 0.76% |
| #19 | CLP/USD SOLD (n/a) - -0.62% | INTEL CORP (INTC) - 0.75% |
| #20 | IDR/USD SOLD (n/a) - -0.75% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | CASH OFFSET (n/a) - -0.80% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | THB/USD SOLD (n/a) - -1.10% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | MYR/USD SOLD (n/a) - -1.12% | ABBVIE INC (ABBV) - 0.66% |
| #24 | MXN/USD SOLD (n/a) - -1.98% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | EUR/USD SOLD (n/a) - -2.05% | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 32 | 505 |
HEEM vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
HEEM
-8.25%
Winner
SPY
+0.52%
3M
HEEM
+6.24%
Winner
SPY
+6.55%
6M
Winner
HEEM
+14.27%
SPY
+9.76%
1Y
Winner
HEEM
+42.10%
SPY
+20.32%
5Y(CAGR)
HEEM
+9.67%
Winner
SPY
+13.01%
10Y(CAGR)
HEEM
+10.18%
Winner
SPY
+15.06%
Max(CAGR)
HEEM
+8.16%
Winner
SPY
+8.50%
HEEM vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | HEEM | SPY |
|---|---|---|
| 2026 | +19.04% | +10.11% |
| 2025 | +34.47% | +18.00% |
| 2024 | +13.00% | +25.59% |
| 2023 | +8.27% | +26.72% |
| 2022 | -17.43% | -18.64% |
| 2021 | -2.74% | +30.52% |
| 2020 | +15.36% | +17.28% |
| 2019 | +17.92% | +31.09% |
| 2018 | -12.68% | -5.24% |
| 2017 | +26.04% | +20.78% |
| 2016 | +11.00% | +13.59% |
| 2015 | -9.15% | +1.31% |
| 2014 | -1.12% | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
HEEM vs SPY Drawdown Comparison
The maximum drawdown for HEEM was -33.53%, occurring on Oct 24, 2022. Recovery took 1097 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current HEEM drawdown is -8.25%. The current SPY drawdown is -1.24%.
| Rank | HEEM | SPY |
|---|---|---|
| #1 | -33.53% Feb 17, 2021 - Jul 1, 2025 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -28.82% Jan 26, 2018 - Aug 5, 2020 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -27.54% Apr 27, 2015 - Jul 11, 2017 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -11.01% Jun 22, 2026 - Jul 17, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -10.83% Feb 25, 2026 - Apr 17, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -8.71% Nov 21, 2014 - Jan 22, 2015 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -8.01% Jun 2, 2026 - Jun 18, 2026 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -5.70% Aug 26, 2020 - Oct 12, 2020 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -5.39% Nov 21, 2017 - Jan 2, 2018 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -5.25% Jan 25, 2021 - Feb 5, 2021 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -4.29% Feb 20, 2015 - Apr 2, 2015 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -4.17% Oct 8, 2025 - Oct 20, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -4.14% Oct 29, 2025 - Dec 4, 2025 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -4.13% May 11, 2026 - May 26, 2026 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -3.56% Jan 22, 2015 - Feb 13, 2015 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between HEEM and SPY is 0.91 which considered as a very strong positive correlation - the stocks move almost identically together.
0.91
-101
Dividend Comparison (1999 - 2026)
HEEM vs SPY dividend yield comparison.
| Year | HEEM | SPY |
|---|---|---|
| 2026 | 0.54% | 0.49% |
| 2025 | 3.98% | 1.07% |
| 2024 | 2.38% | 1.21% |
| 2023 | 2.75% | 1.40% |
| 2022 | 7.49% | 1.65% |
| 2021 | 1.93% | 1.20% |
| 2020 | 1.49% | 1.52% |
| 2019 | 3.04% | 1.75% |
| 2018 | 2.37% | 2.04% |
| 2017 | 2.05% | 1.80% |
| 2016 | 1.84% | 2.03% |
| 2015 | 6.28% | 2.06% |
| 2014 | 2.04% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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