AVXC vs. HEFA

Last updated Jun 24, 2026

AVXC (Avantis Emerging Markets ex-China Equity ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - AVXC is a Emerging Markets Diversified fund actively managed by Avantis, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. AVXC is actively managed, while HEFA is passively managed. Over the past year, AVXC returned 56.20% vs 29.40% for HEFA. A 0.67 correlation means they provide meaningful diversification when combined. AVXC charges 0.33%/yr vs 0.35%/yr for HEFA.

Performance

AVXC vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets ex-China Equity ETF (AVXC) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVXC achieves a 31.52% return, which is significantly higher than HEFA's 12.09% return.

AVXC

• 1D: -5.67%
• 1M: 3.81%
• YTD: 31.52%
• 6M: 32.82%
• 1Y: 56.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFA

• 1D: -1.61%
• 1M: 2.31%
• YTD: 12.09%
• 6M: 12.33%
• 1Y: 29.40%
• 3Y*: 19.37%
• 5Y*: 13.74%
• 10Y*: 13.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVXC vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	31.52%	31.45%	-1.26%
HEFA iShares Currency Hedged MSCI EAFE ETF	12.09%	24.58%	3.84%

Correlation

The correlation between AVXC and HEFA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.67

The correlation between AVXC and HEFA has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

AVXC vs. HEFA - Sectors Allocation Comparison

Sectors	AVXC	HEFA
Technology	34.2%	12.5%
Financial Services	18.9%	24.3%
Industrials	8.7%	18.0%
Basic Materials	7.3%	6.0%
Consumer Cyclical	5.4%	7.1%
Energy	3.7%	3.3%
Communication Services	3.5%	4.3%
Consumer Defensive	2.7%	6.5%
Utilities	2.4%	3.4%
Healthcare	2.1%	9.5%
Real Estate	1.3%	1.4%

Return for Risk

AVXC vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVXC

AVXC Risk / Return Rank: 80
AVXC Sharpe Ratio Rank: 81
AVXC Sortino Ratio Rank: 73
AVXC Omega Ratio Rank: 82
AVXC Calmar Ratio Rank: 81
AVXC Martin Ratio Rank: 82

HEFA

HEFA Risk / Return Rank: 72
HEFA Sharpe Ratio Rank: 74
HEFA Sortino Ratio Rank: 74
HEFA Omega Ratio Rank: 75
HEFA Calmar Ratio Rank: 65
HEFA Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVXC vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets ex-China Equity ETF (AVXC) and iShares Currency Hedged MSCI EAFE ETF (HEFA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AVXC	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.25	+0.20
Sortino ratio: Return per unit of downside risk	3.07	3.13	-0.06
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	4.02	3.10	+0.92
Martin ratio: Return relative to average drawdown	15.56	12.99	+2.57

AVXC vs. HEFA - Sharpe Ratio Comparison

The current AVXC Sharpe Ratio is 2.45, which is comparable to the HEFA Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of AVXC and HEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVXC vs. HEFA - Drawdown Comparison

The maximum AVXC drawdown since its inception was -20.44%, smaller than the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for AVXC and HEFA.

Drawdown Indicators

	AVXC	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-32.39%	+11.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-9.52%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.39%	—
Current Drawdown Current decline from peak	-5.67%	-1.61%	-4.06%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.15%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	2.27%	+1.35%

Volatility

AVXC vs. HEFA - Volatility Comparison

Avantis Emerging Markets ex-China Equity ETF (AVXC) has a higher volatility of 13.12% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 4.50%. This indicates that AVXC's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVXC	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.12%	4.50%	+8.62%
Volatility (6M) Calculated over the trailing 6-month period	21.15%	10.80%	+10.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.03%	13.11%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	13.86%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	15.71%	+4.12%

AVXC vs. HEFA - Expense Ratio Comparison

AVXC has a 0.33% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

AVXC vs. HEFA - Dividend Comparison

AVXC's dividend yield for the trailing twelve months is around 2.06%, less than HEFA's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVXC Avantis Emerging Markets ex-China Equity ETF	2.06%	1.97%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEFA iShares Currency Hedged MSCI EAFE ETF	3.92%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%

Frequently Asked Questions

Can I hold both AVXC and HEFA in my portfolio?

AVXC and HEFA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVXC or HEFA?

AVXC has higher volatility (13.12%) compared to HEFA (4.50%). In terms of maximum drawdown, AVXC dropped -20.44% vs HEFA's -32.39%.

Which ETF is better, AVXC or HEFA?

On 1-year performance, AVXC leads with 56.20% vs 29.40% for HEFA. On fees, AVXC is cheaper at 0.33% per year. On volatility, HEFA has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVXC or HEFA?

Over the 1-year period, AVXC has performed better with a 56.20% return vs 29.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVXC or HEFA?

AVXC is cheaper with a 0.33% expense ratio, compared with 0.35% for HEFA.

Which ETF pays a higher dividend yield, AVXC or HEFA?

HEFA has the higher dividend yield at 3.92%, compared with 2.06% for AVXC.

What is the main difference between AVXC and HEFA?

AVXC is categorized as Emerging Markets Diversified, while HEFA is Foreign Large Cap Equities. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.33% for AVXC and 0.35% for HEFA.

Which has better risk-adjusted returns?

AVXC currently has the higher Sharpe Ratio (2.45 vs 2.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.