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GRID vs. HEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GRID vs. HEFA

Last updated Jun 14, 2026

GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure 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, GRID returned 19.76%/yr vs 13.27%/yr for HEFA. A 0.67 correlation means they provide meaningful diversification when combined. GRID charges 0.70%/yr vs 0.35%/yr for HEFA.

Performance

GRID vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GRID achieves a 23.59% return, which is significantly higher than HEFA's 11.36% return. Over the past 10 years, GRID has outperformed HEFA with an annualized return of 19.76%, while HEFA has yielded a comparatively lower 13.27% annualized return.

GRID

1D
-0.18%
1M
-1.44%
YTD
23.59%
6M
24.02%
1Y
43.17%
3Y*
23.21%
5Y*
16.83%
10Y*
19.76%

HEFA

1D
0.33%
1M
3.88%
YTD
11.36%
6M
12.73%
1Y
28.01%
3Y*
18.32%
5Y*
13.57%
10Y*
13.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GRID vs. HEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		23.59%29.65%15.18%21.57%-13.89%27.65%48.84%42.80%-22.69%27.44%
HEFA
iShares Currency Hedged MSCI EAFE ETF		11.36%24.58%13.71%20.33%-4.86%19.59%2.09%27.63%-9.33%16.67%

Correlation

The correlation between GRID and HEFA is 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Feb 14, 2014

0.67

The correlation between GRID and HEFA shifts across timeframes, from 0.67 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.

GRID vs. HEFA - Sectors Allocation Comparison

Sectors
GRID
HEFA

Industrials

24.4%
18.4%

Technology

12.6%
12.7%

Utilities

3.9%
3.4%

Consumer Cyclical

2.4%
6.8%

Energy

1.6%
3.9%

Basic Materials

0.0%
6.2%

Communication Services

-

4.5%

Consumer Defensive

-

6.4%

Financial Services

-

24.9%

Healthcare

-

10.2%

Real Estate

-

1.2%

Industrials

GRID
24.4%
HEFA
18.4%

Technology

GRID
12.6%
HEFA
12.7%

Utilities

GRID
3.9%
HEFA
3.4%

Consumer Cyclical

GRID
2.4%
HEFA
6.8%

Energy

GRID
1.6%
HEFA
3.9%

Basic Materials

GRID
0.0%
HEFA
6.2%

Communication Services

GRID

-

HEFA
4.5%

Consumer Defensive

GRID

-

HEFA
6.4%

Financial Services

GRID

-

HEFA
24.9%

Healthcare

GRID

-

HEFA
10.2%

Real Estate

GRID

-

HEFA
1.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund

iShares Currency Hedged MSCI EAFE ETF

Often compared with GRID:
GRID vs. ICLNGRID vs. NLRGRID vs. VOOGRID vs. POWRGRID vs. FIWGRID vs. VOLTGRID vs. QCLN
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEWJHEFA vs. HEZU

Return for Risk

GRID vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GRID
GRID Risk / Return Rank: 7373
Overall Rank
GRID Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
GRID Sortino Ratio Rank: 6969
Sortino Ratio Rank
GRID Omega Ratio Rank: 6969
Omega Ratio Rank
GRID Calmar Ratio Rank: 7979
Calmar Ratio Rank
GRID Martin Ratio Rank: 7878
Martin Ratio Rank
HEFA
HEFA Risk / Return Rank: 7272
Overall Rank
HEFA Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 7474
Sortino Ratio Rank
HEFA Omega Ratio Rank: 7575
Omega Ratio Rank
HEFA Calmar Ratio Rank: 6464
Calmar Ratio Rank
HEFA Martin Ratio Rank: 7373
Martin Ratio Rank
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.

GRID vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) 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.

GRIDHEFADifference
Sharpe ratioReturn per unit of total volatility
2.02
2.05

-0.02

Sortino ratioReturn per unit of downside risk
2.70
2.87

-0.18

Omega ratioGain probability vs. loss probability

1.35

1.38

-0.03

Calmar ratioReturn relative to maximum drawdown

3.57

2.81

+0.76

Martin ratioReturn relative to average drawdown

12.89

11.78

+1.12

GRID vs. HEFA - Sharpe Ratio Comparison

The current GRID Sharpe Ratio is 2.02, which is comparable to the HEFA Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GRID 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.

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Drawdowns

GRID vs. HEFA - Drawdown Comparison

The maximum GRID drawdown since its inception was -40.56%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for GRID and HEFA.

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Drawdown Indicators

GRIDHEFADifference

Max Drawdown

Largest peak-to-trough decline

-40.56%

-32.39%

-8.17%

Max Drawdown (1Y)

Largest decline over 1 year

-11.73%

-9.52%

-2.21%

Max Drawdown (3Y)

Largest decline over 3 years

-20.77%

-14.28%

-6.49%

Max Drawdown (5Y)

Largest decline over 5 years

-29.64%

-14.79%

-14.85%

Max Drawdown (10Y)

Largest decline over 10 years

-40.56%

-32.39%

-8.17%

Current Drawdown

Current decline from peak

-5.40%

0.00%

-5.40%

Average Drawdown

Average peak-to-trough decline

-8.42%

-4.16%

-4.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

2.28%

+0.97%

Volatility

GRID vs. HEFA - Volatility Comparison

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a higher volatility of 9.56% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 4.55%. This indicates that GRID'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.

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Volatility by Period

GRIDHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

9.56%

4.55%

+5.01%

Volatility (6M)

Calculated over the trailing 6-month period

17.70%

10.68%

+7.02%

Volatility (1Y)

Calculated over the trailing 1-year period

20.73%

13.08%

+7.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.24%

13.85%

+7.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.90%

15.86%

+7.04%

GRID vs. HEFA - Expense Ratio Comparison

GRID has a 0.70% expense ratio, which is higher than HEFA's 0.35% expense ratio.

Dividends

GRID vs. HEFA - Dividend Comparison

GRID's dividend yield for the trailing twelve months is around 0.80%, less than HEFA's 3.95% yield.

PositionTTM20252024202320222021202020192018201720162015
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		0.80%1.01%1.06%1.23%1.26%0.63%0.68%1.26%1.28%1.07%1.07%1.23%
HEFA
iShares Currency Hedged MSCI EAFE ETF		3.95%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

GRID and HEFA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GRID has higher volatility (9.56%) compared to HEFA (4.55%). In terms of maximum drawdown, GRID dropped -40.56% vs HEFA's -32.39%.

On 10-year performance, GRID leads with 19.76% vs 13.27% for HEFA. On fees, HEFA is cheaper at 0.35% per year. On volatility, HEFA has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GRID has performed better with a 19.76% return vs 13.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEFA is cheaper with a 0.35% expense ratio, compared with 0.70% for GRID.

HEFA has the higher dividend yield at 3.95%, compared with 0.80% for GRID.

GRID is categorized as Alternative Energy Equities, while HEFA is Foreign Large Cap Equities. GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for GRID and 0.35% for HEFA.

HEFA currently has the higher Sharpe Ratio (2.05 vs 2.02), 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.

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