DGRO vs. HEFA

Last updated Jul 26, 2026

DGRO (iShares Core Dividend Growth ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, DGRO returned 13.29%/yr vs 12.70%/yr for HEFA. Their 0.75 correlation means they have sometimes moved together and sometimes differently. DGRO charges 0.08%/yr vs 0.35%/yr for HEFA.

Performance

DGRO vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DGRO having a 13.15% return and HEFA slightly higher at 13.57%. Both investments have delivered pretty close results over the past 10 years, with DGRO having a 13.29% annualized return and HEFA not far behind at 12.70%.

DGRO

• 1D: 0.83%
• 1M: 3.14%
• 6M: 10.33%
• YTD: 13.15%
• 1Y: 20.83%
• 3Y*: 16.11%
• 5Y*: 11.10%
• 10Y*: 13.29%
• ALL TIME*: 12.47%

HEFA

• 1D: 0.51%
• 1M: 0.73%
• 6M: 10.08%
• YTD: 13.57%
• 1Y: 26.09%
• 3Y*: 18.91%
• 5Y*: 13.96%
• 10Y*: 12.70%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRO iShares Core Dividend Growth ETF	$96.40M	$101.84M	$109.07M
HEFA iShares Currency Hedged MSCI EAFE ETF	$39.23M	$30.73M	$26.09M

DGRO vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	13.15%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
HEFA iShares Currency Hedged MSCI EAFE ETF	13.57%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between DGRO and HEFA is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.75

The correlation between DGRO and HEFA shifts across timeframes, from 0.60 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

DGRO vs. HEFA - Sectors Allocation Comparison

Sectors	DGRO	HEFA
Financial Services	20.4%	25.9%
Healthcare	17.9%	10.4%
Technology	17.3%	12.0%
Consumer Defensive	11.9%	6.8%
Industrials	11.3%	18.9%
Utilities	7.3%	3.7%
Consumer Cyclical	6.5%	7.2%
Energy	4.8%	3.7%
Basic Materials	2.5%	5.9%
Communication Services	0.1%	3.5%
Real Estate	-	1.7%

Return for Risk

DGRO vs. HEFA — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 89
DGRO Sharpe Ratio Rank: 91
DGRO Sortino Ratio Rank: 92
DGRO Omega Ratio Rank: 90
DGRO Calmar Ratio Rank: 85
DGRO Martin Ratio Rank: 87

HEFA

HEFA Risk / Return Rank: 83
HEFA Sharpe Ratio Rank: 86
HEFA Sortino Ratio Rank: 86
HEFA Omega Ratio Rank: 86
HEFA Calmar Ratio Rank: 76
HEFA Martin Ratio Rank: 83

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.

DGRO vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) 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.

	DGRO	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.03	+0.22
Sortino ratio: Return per unit of downside risk	3.28	2.81	+0.47
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	3.30	2.77	+0.53
Martin ratio: Return relative to average drawdown	12.72	11.52	+1.19

DGRO vs. HEFA - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.25, which is comparable to the HEFA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DGRO 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

DGRO vs. HEFA - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for DGRO and HEFA.

Drawdown Indicators

	DGRO	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-32.39%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-9.52%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-14.28%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-14.79%	-4.52%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-32.39%	-2.71%
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.13%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.29%	-0.61%

Volatility

DGRO vs. HEFA - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.81%, while iShares Currency Hedged MSCI EAFE ETF (HEFA) has a volatility of 3.21%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	3.21%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	10.72%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	13.05%	-3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	13.82%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	15.66%	+0.91%

DGRO vs. HEFA - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

DGRO vs. HEFA - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.90%, less than HEFA's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.90%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
HEFA iShares Currency Hedged MSCI EAFE ETF	4.04%	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 DGRO and HEFA in my portfolio?

DGRO and HEFA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGRO or HEFA?

HEFA has higher volatility (3.21%) compared to DGRO (2.81%). In terms of maximum drawdown, DGRO dropped -35.10% vs HEFA's -32.39%.

Which ETF is better, DGRO or HEFA?

On 10-year performance, DGRO leads with 13.29% vs 12.70% for HEFA. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or HEFA?

Over the 10-year period, DGRO has performed better with a 13.29% return vs 12.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or HEFA?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for HEFA.

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

HEFA has the higher dividend yield at 4.04%, compared with 1.90% for DGRO.

What is the main difference between DGRO and HEFA?

DGRO is categorized as Large Cap Growth Equities, while HEFA is Foreign Large Cap Equities. DGRO tracks Morningstar US Dividend Growth Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. Their fees differ too: 0.08% for DGRO and 0.35% for HEFA.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.25 vs 2.03), 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.