EFNL vs. HEZU

Last updated Jun 26, 2026

EFNL (iShares MSCI Finland ETF) and HEZU (iShares Currency Hedged MSCI Eurozone ETF) are both Europe Equities funds from iShares - EFNL tracks the MSCI Finland IMI 25/50 Index while HEZU tracks the MSCI EMU 100% USD Hedged Index. Both are passively managed. Over the past 10 years, EFNL returned 10.24%/yr vs 13.39%/yr for HEZU. A 0.69 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.52%/yr for HEZU.

Performance

EFNL vs. HEZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and iShares Currency Hedged MSCI Eurozone ETF (HEZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 11.95% return, which is significantly lower than HEZU's 13.40% return. Over the past 10 years, EFNL has underperformed HEZU with an annualized return of 10.24%, while HEZU has yielded a comparatively higher 13.39% annualized return.

EFNL

• 1D: 0.95%
• 1M: -7.80%
• YTD: 11.95%
• 6M: 12.57%
• 1Y: 34.50%
• 3Y*: 19.75%
• 5Y*: 5.38%
• 10Y*: 10.24%

HEZU

• 1D: 1.06%
• 1M: 3.04%
• YTD: 13.40%
• 6M: 13.42%
• 1Y: 26.69%
• 3Y*: 19.44%
• 5Y*: 12.98%
• 10Y*: 13.39%

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

EFNL vs. HEZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	11.95%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
HEZU iShares Currency Hedged MSCI Eurozone ETF	13.40%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%

Correlation

The correlation between EFNL and HEZU is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014	0.69

The correlation between EFNL and HEZU has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

EFNL vs. HEZU - Sectors Allocation Comparison

Sectors	EFNL	HEZU
Financial Services	25.9%	23.8%
Technology	23.3%	16.1%
Industrials	20.3%	21.0%
Basic Materials	8.9%	4.1%
Consumer Cyclical	4.2%	8.4%
Energy	4.1%	3.9%
Utilities	3.6%	6.4%
Healthcare	3.5%	5.6%
Consumer Defensive	2.8%	5.5%
Communication Services	2.3%	4.3%
Real Estate	0.7%	0.9%

Return for Risk

EFNL vs. HEZU — Risk / Return Rank

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

EFNL

EFNL Risk / Return Rank: 68
EFNL Sharpe Ratio Rank: 64
EFNL Sortino Ratio Rank: 59
EFNL Omega Ratio Rank: 59
EFNL Calmar Ratio Rank: 83
EFNL Martin Ratio Rank: 77

HEZU

HEZU Risk / Return Rank: 60
HEZU Sharpe Ratio Rank: 59
HEZU Sortino Ratio Rank: 61
HEZU Omega Ratio Rank: 59
HEZU Calmar Ratio Rank: 57
HEZU Martin Ratio Rank: 61

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.

EFNL vs. HEZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and iShares Currency Hedged MSCI Eurozone ETF (HEZU). 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.

	EFNL	HEZU	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.73	+0.12
Sortino ratio: Return per unit of downside risk	2.45	2.49	-0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.90	2.45	+1.46
Martin ratio: Return relative to average drawdown	12.83	9.61	+3.22

EFNL vs. HEZU - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.85, which is comparable to the HEZU Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EFNL and HEZU, 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

EFNL vs. HEZU - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, roughly equal to the maximum HEZU drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for EFNL and HEZU.

Drawdown Indicators

	EFNL	HEZU	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-38.80%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-10.95%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-14.83%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-22.79%	-15.91%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-38.80%	+0.10%
Current Drawdown Current decline from peak	-8.01%	-1.13%	-6.88%
Average Drawdown Average peak-to-trough decline	-10.91%	-5.81%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.78%	-0.08%

Volatility

EFNL vs. HEZU - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 8.36% compared to iShares Currency Hedged MSCI Eurozone ETF (HEZU) at 5.41%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than HEZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	HEZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	5.41%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	13.26%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.73%	15.55%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	16.60%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	18.17%	+1.76%

EFNL vs. HEZU - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than HEZU's 0.52% expense ratio.

Dividends

EFNL vs. HEZU - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.02%, less than HEZU's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.02%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.58%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both EFNL and HEZU in my portfolio?

EFNL and HEZU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or HEZU?

EFNL has higher volatility (8.36%) compared to HEZU (5.41%). In terms of maximum drawdown, EFNL dropped -38.70% vs HEZU's -38.80%.

Which ETF is better, EFNL or HEZU?

On 10-year performance, HEZU leads with 13.39% vs 10.24% for EFNL. On fees, HEZU is cheaper at 0.52% per year. On volatility, HEZU has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or HEZU?

Over the 10-year period, HEZU has performed better with a 13.39% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or HEZU?

HEZU is cheaper with a 0.52% expense ratio, compared with 0.53% for EFNL.

Which ETF pays a higher dividend yield, EFNL or HEZU?

HEZU has the higher dividend yield at 2.58%, compared with 1.02% for EFNL.

What is the main difference between EFNL and HEZU?

EFNL tracks MSCI Finland IMI 25/50 Index, while HEZU tracks MSCI EMU 100% USD Hedged Index. Their fees differ too: 0.53% for EFNL and 0.52% for HEZU.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (1.85 vs 1.73), 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.