- ISIN
- US46434V8037
- CUSIP
- 46434V803
- Issuer
- iShares
- Inception Date
- Jan 31, 2014
- Region
- Developed Markets (EAFE)
- Category
- Foreign Large Cap Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- MSCI EAFE 100% Hedged to USD Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $8B
Highlights
- Avg. Volume (1M)
- 650K
- Avg. Volume Value (1M)
- $30.10M
Share Price Chart
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Performance
HEFA Performance Chart
iShares Currency Hedged MSCI EAFE ETF (HEFA) is up 14.0% since the beginning of the year. HEFA is currently trading at $46 per share. Investors who bought $1,000 worth of HEFA shares 5 years ago would now be looking at an investment worth $1,939.
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Returns By Period
iShares Currency Hedged MSCI EAFE ETF (HEFA) has returned 14.00% so far this year and 30.42% over the past 12 months. Over the last ten years, HEFA has had an annualized return of 12.94%, just under the S&P 500 Index benchmark’s 13.26%.
iShares Currency Hedged MSCI EAFE ETF
- 1D
- -0.74%
- 1M
- 0.22%
- 6M
- 10.13%
- YTD
- 14.00%
- 1Y
- 30.42%
- 3Y*
- 18.79%
- 5Y*
- 14.16%
- 10Y*
- 12.94%
- ALL TIME*
- 10.81%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
HEFA Monthly Returns History
Based on dividend-adjusted daily data since Feb 14, 2014, HEFA's average daily return is +0.05%, while the average monthly return is +0.92%. At this rate, an investment would double in approximately 6.3 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2020 with a return of +12.3%, while the worst month was Mar 2020 at -13.2%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.
On a daily basis, HEFA closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +7.4%, while the worst single day was Mar 16, 2020 at -10.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.51% | 5.19% | -5.63% | 3.73% | 3.29% | 3.06% | 0.48% | 14.00% | |||||
| 2025 | 4.75% | 2.06% | -2.31% | -0.52% | 4.63% | 0.50% | 1.38% | 2.41% | 2.23% | 3.51% | 0.71% | 3.07% | 24.58% |
| 2024 | 2.19% | 3.94% | 4.21% | -1.23% | 3.72% | -0.49% | 0.51% | 1.08% | -0.25% | -1.86% | 1.24% | 0.09% | 13.71% |
| 2023 | 7.67% | 0.24% | 1.13% | 2.65% | -1.42% | 3.96% | 1.69% | -1.91% | -0.89% | -2.29% | 5.41% | 2.93% | 20.33% |
| 2022 | -2.66% | -3.43% | 2.20% | -1.74% | 1.20% | -5.72% | 5.47% | -3.05% | -5.83% | 6.12% | 7.47% | -3.81% | -4.86% |
| 2021 | 0.07% | 2.79% | 5.20% | 1.24% | 2.46% | 1.29% | 0.29% | 2.04% | -1.63% | 3.05% | -2.88% | 4.41% | 19.59% |
Benchmark Metrics
iShares Currency Hedged MSCI EAFE ETF has an annualized alpha of 1.61%, beta of 0.78, and R2 of 0.70 versus S&P 500 Index. Calculated based on daily prices since February 14, 2014.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (70.90%) than losses (66.91%) - typical of diversified or defensive assets.
- Alpha
- 1.61%
- Beta
- 0.78
- R²
- 0.70
- Upside Capture
- 70.90%
- Downside Capture
- 66.91%
Expense Ratio
HEFA has an expense ratio of 0.35%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HEFA ranks 86 for risk / return — above 86% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HEFA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 2.00 | +0.98 |
| Martin ratioReturn relative to average drawdown | 12.45 | 8.49 | +3.95 |
Dividends
Dividend History
iShares Currency Hedged MSCI EAFE ETF provided a 4.03% dividend yield over the last twelve months, with an annual payout of $1.87 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.87 | $1.82 | $1.07 | $0.95 | $6.79 | $1.08 | $0.64 | $2.31 | $1.18 | $0.76 | $0.83 | $0.90 |
Dividend yield | 4.03% | 4.40% | 3.09% | 3.02% | 25.14% | 3.06% | 2.10% | 7.56% | 4.58% | 2.55% | 3.17% | 3.54% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Currency Hedged MSCI EAFE ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.69 | $0.69 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.64 | $0.00 | $0.00 | $0.00 | $0.00 | $1.18 | $1.82 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $0.00 | $0.00 | $0.00 | $0.00 | $0.47 | $1.07 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.55 | $0.00 | $0.00 | $0.00 | $0.00 | $0.40 | $0.95 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.78 | $0.00 | $0.00 | $0.00 | $0.00 | $6.00 | $6.79 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $1.08 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Currency Hedged MSCI EAFE ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Currency Hedged MSCI EAFE ETF was 32.39%, occurring on Mar 16, 2020. Recovery took 200 trading sessions.
The current iShares Currency Hedged MSCI EAFE ETF drawdown is 0.75%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-32.39%Mar 2020 | 1mo 2d | 9mo 18d | 10mo 20dFeb 2020 - Dec 2020 | COVID crash2020 |
-23.14%Feb 2016 | 8mo 19d | 1y 19d | 1y 9moMay 2015 - Mar 2017 | — |
-15.45%Dec 2018 | 11mo 4d | 3mo 19d | 1y 2moJan 2018 - Apr 2019 | Rate-hike selloffLate 2018 |
-14.79%Sep 2022 | 8mo 28d | 3mo 25d | 1y 18dJan 2022 - Jan 2023 | Bear market2022 |
-14.28%Apr 2025 | 1mo 18d | 1mo 4d | 2mo 22dFeb 2025 - May 2025 | 2025 selloff2025 |
Drawdown Indicators
| HEFA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.39% | -56.78% | +24.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.52% | -9.10% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.28% | -18.90% | +4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -14.79% | -25.43% | +10.64% |
Max Drawdown (10Y)Largest decline over 10 years | -32.39% | -33.92% | +1.53% |
Current DrawdownCurrent decline from peak | -0.75% | -1.58% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -10.70% | +6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 2.14% | +0.14% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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