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 +13.3% compared to +8.8%
HEEM vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
HEEM
$258M
Winner
SPY
$735B
Expense Ratio
HEEM
0.72%
Winner
SPY
0.09%
Max Drawdown
Winner
HEEM
35.35%
SPY
56.47%
Sharpe Ratio
Winner
HEEM
2.09
SPY
1.62
5Y Beta
Winner
HEEM
0.72
SPY
1.00
P/E Ratio
HEEM
N/A
SPY
28.99
Forward P/E
HEEM
N/A
SPY
22.37
5Y Dividends CAGR
Winner
HEEM
14.21%
SPY
5.43%
5Y EPS CAGR
HEEM
N/A
SPY
26.05%
Debt to Equity
HEEM
N/A
SPY
32.40%
P/S Ratio
HEEM
N/A
SPY
3.74
P/B Ratio
HEEM
N/A
SPY
5.61
HEEM vs SPY - Holdings Comparison
HEEM and SPY have 1 common holdings. Overlap is -24.25%
HEEM's top 25 holdings weight is 171.34%. SPY's top 25 holdings weight is 52.37%.
| Rank | HEEM | SPY |
|---|---|---|
| #1 | ISHARES MSCI EMERGING MARKETS ETF (EEM) - 99.63% | NVIDIA CORP (NVDA) - 8.10% |
| #2 | TWD/USD PURCHASED (n/a) - 23.77% | APPLE INC (AAPL) - 7.02% |
| #3 | KRW/USD PURCHASED (n/a) - 17.95% | MICROSOFT CORP (MSFT) - 4.79% |
| #4 | HKD/USD PURCHASED (n/a) - 16.93% | AMAZON.COM INC (AMZN) - 4.02% |
| #5 | INR/USD PURCHASED (n/a) - 10.35% | ALPHABET INC CLASS A (GOOGL) - 3.51% |
| #6 | BRL/USD PURCHASED (n/a) - 3.78% | BROADCOM INC (AVGO) - 3.10% |
| #7 | CNH/USD PURCHASED (n/a) - 3.34% | ALPHABET INC CLASS C (GOOG) - 2.79% |
| #8 | ZAR/USD PURCHASED (n/a) - 3.01% | META PLATFORMS INC CLASS A (META) - 2.08% |
| #9 | EUR/USD PURCHASED (n/a) - 1.74% | TESLA INC (TSLA) - 1.89% |
| #10 | MXN/USD PURCHASED (n/a) - 1.74% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | IDR/USD PURCHASED (n/a) - 0.01% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #12 | CLP/USD PURCHASED (n/a) - 0.00% | ELI LILLY AND CO (LLY) - 1.31% |
| #13 | THB/USD PURCHASED (n/a) - 0.00% | JPMORGAN CHASE & CO (JPM) - 1.28% |
| #14 | TRY/USD PURCHASED (n/a) - 0.00% | ADVANCED MICRO DEVICES INC (AMD) - 1.27% |
| #15 | BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 0.00% | EXXON MOBIL CORP (XOM) - 0.97% |
| #16 | MYR/USD PURCHASED (n/a) - 0.00% | INTEL CORP (INTC) - 0.90% |
| #17 | USD CASH (n/a) - -0.38% | JOHNSON & JOHNSON (JNJ) - 0.86% |
| #18 | TRY/USD SOLD (n/a) - -0.43% | VISA INC CLASS A (V) - 0.85% |
| #19 | CLP/USD SOLD (n/a) - -0.57% | WALMART INC (WMT) - 0.81% |
| #20 | IDR/USD SOLD (n/a) - -0.77% | CISCO SYSTEMS INC (CSCO) - 0.72% |
| #21 | THB/USD SOLD (n/a) - -0.97% | COSTCO WHOLESALE CORP (COST) - 0.69% |
| #22 | MYR/USD SOLD (n/a) - -1.06% | CATERPILLAR INC (CAT) - 0.66% |
| #23 | MXN/USD SOLD (n/a) - -1.74% | MASTERCARD INC CLASS A (MA) - 0.62% |
| #24 | EUR/USD SOLD (n/a) - -1.92% | LAM RESEARCH CORP (LRCX) - 0.62% |
| #25 | ZAR/USD SOLD (n/a) - -3.07% | ABBVIE INC (ABBV) - 0.58% |
| Total Holdings | 31 | 505 |
HEEM vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
HEEM
+0.44%
Winner
SPY
+1.90%
3M
Winner
HEEM
+12.89%
SPY
+8.55%
6M
Winner
HEEM
+21.67%
SPY
+8.18%
1Y
Winner
HEEM
+50.32%
SPY
+25.79%
5Y(CAGR)
HEEM
+8.77%
Winner
SPY
+13.32%
10Y(CAGR)
HEEM
+10.47%
Winner
SPY
+15.19%
Max(CAGR)
HEEM
+8.15%
Winner
SPY
+8.47%
HEEM vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | HEEM | SPY |
|---|---|---|
| 2026 | +17.66% | +8.26% |
| 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 -7.80%. The current SPY drawdown is -2.90%.
| 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 | -10.83% Feb 25, 2026 - Apr 17, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -8.71% Nov 21, 2014 - Jan 22, 2015 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -7.80% Jun 2, 2026 - Jun 5, 2026 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -5.70% Aug 26, 2020 - Oct 12, 2020 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -5.39% Nov 21, 2017 - Jan 2, 2018 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -5.25% Jan 25, 2021 - Feb 5, 2021 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -4.29% Feb 20, 2015 - Apr 2, 2015 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -4.17% Oct 8, 2025 - Oct 20, 2025 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -4.14% Oct 29, 2025 - Dec 4, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -4.13% May 11, 2026 - May 26, 2026 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -3.56% Jan 22, 2015 - Feb 13, 2015 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -3.36% Oct 6, 2014 - Oct 31, 2014 | -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 | 0.00% | 0.24% |
| 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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