GPIQ vs. HEFA

Last updated Jul 26, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. GPIQ is actively managed, while HEFA is passively managed. Over the past year, GPIQ returned 21.40% vs 26.09% for HEFA. Their 0.65 correlation means they have sometimes moved together and sometimes differently. GPIQ charges 0.29%/yr vs 0.35%/yr for HEFA.

Performance

GPIQ vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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, GPIQ achieves a 10.98% return, which is significantly lower than HEFA's 13.57% return.

GPIQ

• 1D: -1.08%
• 1M: -3.82%
• 6M: 9.18%
• YTD: 10.98%
• 1Y: 21.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.03%

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)
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	$68.84M	$77.85M	$80.88M
HEFA iShares Currency Hedged MSCI EAFE ETF	$39.23M	$30.73M	$26.09M

GPIQ vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	10.98%	19.77%	23.22%	15.17%
HEFA iShares Currency Hedged MSCI EAFE ETF	13.57%	24.58%	13.71%	9.35%

Correlation

The correlation between GPIQ and HEFA is 0.67, 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.	0.67
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.65

The correlation between GPIQ and HEFA has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

GPIQ vs. HEFA - Sectors Allocation Comparison

Sectors	GPIQ	HEFA
Technology	60.6%	12.0%
Communication Services	12.2%	3.5%
Consumer Cyclical	10.6%	7.2%
Consumer Defensive	6.2%	6.8%
Industrials	4.0%	18.9%
Healthcare	3.7%	10.4%
Utilities	1.3%	3.7%
Basic Materials	1.1%	5.9%
Energy	0.5%	3.7%
Financial Services	0.2%	25.9%
Real Estate	0.1%	1.7%

Return for Risk

GPIQ vs. HEFA — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 60
GPIQ Sharpe Ratio Rank: 57
GPIQ Sortino Ratio Rank: 53
GPIQ Omega Ratio Rank: 55
GPIQ Calmar Ratio Rank: 65
GPIQ Martin Ratio Rank: 71

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.

GPIQ vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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.

	GPIQ	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.03	-0.69
Sortino ratio: Return per unit of downside risk	1.85	2.81	-0.96
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	2.28	2.77	-0.49
Martin ratio: Return relative to average drawdown	8.75	11.52	-2.77

GPIQ vs. HEFA - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 1.34, which is lower than the HEFA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of GPIQ 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

GPIQ vs. HEFA - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for GPIQ and HEFA.

Drawdown Indicators

	GPIQ	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-32.39%	+11.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-9.52%	+0.01%
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	-6.47%	-1.12%	-5.35%
Average Drawdown Average peak-to-trough decline	-2.30%	-4.13%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.29%	+0.18%

Volatility

GPIQ vs. HEFA - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 6.13% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.21%. This indicates that GPIQ'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

	GPIQ	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	3.21%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	10.72%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	13.05%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	13.82%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	15.66%	+2.31%

GPIQ vs. HEFA - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

GPIQ vs. HEFA - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 10.18%, more than HEFA's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	10.18%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 GPIQ and HEFA in my portfolio?

GPIQ and HEFA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIQ or HEFA?

GPIQ has higher volatility (6.13%) compared to HEFA (3.21%). In terms of maximum drawdown, GPIQ dropped -21.06% vs HEFA's -32.39%.

Which ETF is better, GPIQ or HEFA?

On 1-year performance, HEFA leads with 26.09% vs 21.40% for GPIQ. On fees, GPIQ is cheaper at 0.29% 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, GPIQ or HEFA?

Over the 1-year period, HEFA has performed better with a 26.09% return vs 21.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or HEFA?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.35% for HEFA.

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

GPIQ has the higher dividend yield at 10.18%, compared with 4.04% for HEFA.

What is the main difference between GPIQ and HEFA?

GPIQ is categorized as Nasdaq-100, while HEFA is Foreign Large Cap Equities. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.29% for GPIQ and 0.35% for HEFA.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.34), 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.