DVY vs. HEFA

Last updated Jul 26, 2026

DVY (iShares Select Dividend ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend 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, DVY returned 10.35%/yr vs 12.70%/yr for HEFA. Their 0.63 correlation means they have sometimes moved together and sometimes differently. DVY charges 0.39%/yr vs 0.35%/yr for HEFA.

Performance

DVY vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) 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, DVY achieves a 17.29% return, which is significantly higher than HEFA's 13.57% return. Over the past 10 years, DVY has underperformed HEFA with an annualized return of 10.35%, while HEFA has yielded a comparatively higher 12.70% annualized return.

DVY

• 1D: 1.31%
• 1M: 3.82%
• 6M: 11.93%
• YTD: 17.29%
• 1Y: 22.32%
• 3Y*: 15.86%
• 5Y*: 11.17%
• 10Y*: 10.35%
• ALL TIME*: 9.09%

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)
DVY iShares Select Dividend ETF	$86.69M	$71.80M	$68.36M
HEFA iShares Currency Hedged MSCI EAFE ETF	$39.23M	$30.73M	$26.09M

DVY vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVY iShares Select Dividend ETF	17.29%	11.60%	16.24%	1.12%	1.80%	31.70%	-4.91%	22.62%	-6.36%	14.82%
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 DVY and HEFA is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014	0.63

Over the past year, the correlation between DVY and HEFA has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

DVY vs. HEFA - Sectors Allocation Comparison

Sectors	DVY	HEFA
Financial Services	26.1%	25.9%
Utilities	24.2%	3.7%
Consumer Defensive	13.5%	6.8%
Consumer Cyclical	10.1%	7.2%
Energy	8.2%	3.7%
Communication Services	5.2%	3.5%
Healthcare	5.2%	10.4%
Technology	3.7%	12.0%
Industrials	2.1%	18.9%
Basic Materials	1.8%	5.9%
Real Estate	-	1.7%

Return for Risk

DVY vs. HEFA — Risk / Return Rank

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

DVY

DVY Risk / Return Rank: 86
DVY Sharpe Ratio Rank: 87
DVY Sortino Ratio Rank: 89
DVY Omega Ratio Rank: 82
DVY Calmar Ratio Rank: 85
DVY Martin Ratio Rank: 85

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.

DVY vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) 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.

	DVY	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.03	+0.03
Sortino ratio: Return per unit of downside risk	3.04	2.81	+0.23
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.35	2.77	+0.57
Martin ratio: Return relative to average drawdown	11.83	11.52	+0.31

DVY vs. HEFA - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.06, which is comparable to the HEFA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DVY 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

DVY vs. HEFA - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for DVY and HEFA.

Drawdown Indicators

	DVY	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-32.39%	-30.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-9.52%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-14.28%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-14.79%	-2.75%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-32.39%	-9.20%
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-8.74%	-4.13%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	2.29%	-0.35%

Volatility

DVY vs. HEFA - Volatility Comparison

iShares Select Dividend ETF (DVY) has a higher volatility of 3.69% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.21%. This indicates that DVY'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

	DVY	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	3.21%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	10.72%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	13.05%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	13.82%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	15.66%	+2.35%

DVY vs. HEFA - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is higher than HEFA's 0.35% expense ratio.

Dividends

DVY vs. HEFA - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.23%, less than HEFA's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.23%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
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 DVY and HEFA in my portfolio?

DVY and HEFA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or HEFA?

DVY has higher volatility (3.69%) compared to HEFA (3.21%). In terms of maximum drawdown, DVY dropped -62.59% vs HEFA's -32.39%.

Which ETF is better, DVY or HEFA?

On 10-year performance, HEFA leads with 12.70% vs 10.35% for DVY. On fees, HEFA is cheaper at 0.35% per year. On volatility, HEFA has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVY or HEFA?

Over the 10-year period, HEFA has performed better with a 12.70% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or HEFA?

HEFA is cheaper with a 0.35% expense ratio, compared with 0.39% for DVY.

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

HEFA has the higher dividend yield at 4.04%, compared with 3.23% for DVY.

What is the main difference between DVY and HEFA?

DVY is categorized as Large Cap Value Equities, while HEFA is Foreign Large Cap Equities. DVY tracks Dow Jones U.S. Select Dividend Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. Their fees differ too: 0.39% for DVY and 0.35% for HEFA.

Which has better risk-adjusted returns?

DVY currently has the higher Sharpe Ratio (2.06 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.