iShares Currency Hedged MSCI Emerging Markets… (HEEM) Performance
HEEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.3% since Dec 31, 2025
- 1 year
- +17.3% total return
- 5 years
- +8.4% a year
- 10 years
- +8.9% a year
- Since first price
- +7.3% a year since 2014
HEEM trailing returns vs SPY, QQQ, AGG
| Period | HEEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.4% | −8.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.0% | −6.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.5% | −2.0% | +7.8% | +8.4% | −1.5% |
| YTD | +13.3% | +12.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +17.3% | +13.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +86.4%+23.1%/yr | +70.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +49.9%+8.4%/yr | +24.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +135.6%+8.9%/yr | +76.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionSep 25, 2014 | +134.3%+7.3%/yr | +61.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HEEM vs SPY
From Sep 25, 2014: HEEM grew to $23,432, SPY to $47,236.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HEEM returns by calendar year
7 of 11 full years positive. Best 2025 (+34.0%), worst 2022 (−16.8%). 2026 is year to date.
HEEM annual returns table
| Year | HEEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.3% | −15.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +34.0% | −14.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +12.6% | −8.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +10.1% | −10.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −16.8% | −26.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −1.8% | −15.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +17.9% | −28.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +18.5% | −9.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −11.1% | −20.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +27.6% | −5.4% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.1% | −8.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −10.1% | −23.9% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HEEM largest drawdowns
Now 15.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 17, 2021 | −33.5% | Oct 24, 2022 | Jul 1, 2025 | 1.7 years | 4.4 years |
| Jan 26, 2018 | −28.8% | Mar 23, 2020 | Aug 5, 2020 | 2.2 years | 2.5 years |
| Apr 27, 2015 | −27.6% | Jan 20, 2016 | Jul 11, 2017 | 9 months | 2.2 years |
| Jun 22, 2026 | −15.4% | Oct 22, 2026 | not yet | 4 months | 4 months so far |
| Feb 25, 2026 | −10.8% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HEEM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +25.0% | +10.7% | +9.8% | +8.1% |
| Volatility (annualized) | 13.6% | 15.1% | 14.5% | 14.1% |
| Sharpe ratio | 1.40 | 0.52 | 0.56 | 0.49 |
| Sortino ratio | 2.62 | 0.85 | 0.89 | 0.77 |
| Best month | +11.3% | +12.2% | +12.2% | +12.2% |
| Worst month | −8.1% | −9.2% | −13.4% | −13.4% |
| Best 12 months | +61.2% | +61.2% | +61.2% | +61.2% |
| Worst 12 months | +9.4% | −24.9% | −24.9% | −24.9% |
| Positive months | 69% | 53% | 57% | 56% |
| Beta vs S&P 500 | 0.66 | 0.60 | 0.65 | — |
| Correlation with S&P 500 | 0.60 | 0.62 | 0.68 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HEEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 134 | −24.9% | +9.9% | +61.2% | 67% |
| 3-year (a year) | 110 | −5.7% | +6.4% | +27.3% | 85% |
| 5-year (a year) | 86 | −1.1% | +5.6% | +13.5% | 98% |
| 10-year (a year) | 26 | +3.9% | +8.1% | +11.2% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
HEEM performance overview
iShares Currency Hedged MSCI Emerging Markets… (HEEM) returned +17.3% over the past year and +8.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +7.3% a year, turning $10,000 into about $23,432. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −33.5%, from Feb 17, 2021 to Oct 24, 2022, and it took 2.7 years to get back to the old high. HEEM finished 7 of its 11 full calendar years with a gain; the best year was 2025 (+34.0%) and the worst 2022 (−16.8%). Volatility has been 14.1% a year.
Related: HEEM chart, HEEM holdings, HEEM dividends. See the HEEM overview for the latest quote and fund facts.
HEEM performance FAQ
What is the HEEM return over the past year?
HEEM returned +17.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.1%.
What is the average annual return of HEEM?
HEEM has returned +8.4% a year over 5 years, +8.9% a year over 10 years, +7.3% a year since September 25, 2014 (total return, distributions reinvested).
How much would $10,000 invested in HEEM be worth?
$10,000 invested in HEEM at its first recorded close on September 25, 2014 would be worth about $23,432 on October 23, 2026 with distributions reinvested.
What was the worst year for HEEM?
The worst calendar year was 2022, with a total return of −16.8%. The best was 2025 at +34.0%.
What is the biggest drawdown of HEEM?
The largest peak-to-trough decline was −33.5% between February 17, 2021 and October 24, 2022. It recovered to the old high on July 1, 2025, 2.7 years after the bottom.
How volatile is HEEM?
Over the past 3 years HEEM had an annualized volatility of 13.6% and a Sharpe ratio of 1.40 (excess return over 1–3 month T-bills per unit of risk).