HDEF vs. IGRO

Last updated Aug 2, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and IGRO (iShares International Dividend Growth ETF) are both Foreign Large Cap Equities funds - HDEF tracks the MSCI EAFE High Dividend Yield US Dollar Hedged Index while IGRO tracks the Morningstar Global ex-US Dividend Growth Index (Net). Both are passively managed. Over the past 10 years, HDEF returned 9.09%/yr vs 9.13%/yr for IGRO. Their 0.75 correlation means they have sometimes moved together and sometimes differently. HDEF charges 0.20%/yr vs 0.15%/yr for IGRO.

Performance

HDEF vs. IGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) and iShares International Dividend Growth ETF (IGRO). 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 HDEF having a 12.33% return and IGRO slightly higher at 12.57%. Both investments have delivered pretty close results over the past 10 years, with HDEF having a 9.09% annualized return and IGRO not far ahead at 9.13%.

HDEF

• 1D: -0.95%
• 1M: 3.70%
• 6M: 8.55%
• YTD: 12.33%
• 1Y: 23.62%
• 3Y*: 17.68%
• 5Y*: 11.81%
• 10Y*: 9.09%
• ALL TIME*: 8.10%

IGRO

• 1D: -0.91%
• 1M: 2.78%
• 6M: 8.51%
• YTD: 12.57%
• 1Y: 23.88%
• 3Y*: 16.37%
• 5Y*: 9.24%
• 10Y*: 9.13%
• ALL TIME*: 9.42%

*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)
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$3.46M	$3.74M	$5.68M
IGRO iShares International Dividend Growth ETF	$3.88M	$3.27M	$3.72M

HDEF vs. IGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	12.33%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%
IGRO iShares International Dividend Growth ETF	12.57%	25.03%	7.78%	15.38%	-12.72%	9.94%	7.71%	26.13%	-14.86%	24.64%

Correlation

The correlation between HDEF and IGRO is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since May 19, 2016	0.75

The correlation between HDEF and IGRO shifts across timeframes, from 0.75 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

HDEF vs. IGRO - Sectors Allocation Comparison

Sectors	HDEF	IGRO
Financial Services	27.2%	36.2%
Consumer Defensive	20.0%	9.4%
Healthcare	17.2%	14.4%
Energy	10.4%	2.2%
Utilities	8.1%	7.1%
Industrials	7.6%	12.9%
Consumer Cyclical	3.8%	5.9%
Communication Services	3.7%	1.7%
Real Estate	0.8%	0.3%
Technology	0.6%	6.7%
Basic Materials	0.6%	3.1%

Return for Risk

HDEF vs. IGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HDEF

HDEF Risk / Return Rank: 83
HDEF Sharpe Ratio Rank: 87
HDEF Sortino Ratio Rank: 87
HDEF Omega Ratio Rank: 87
HDEF Calmar Ratio Rank: 82
HDEF Martin Ratio Rank: 71

IGRO

IGRO Risk / Return Rank: 79
IGRO Sharpe Ratio Rank: 83
IGRO Sortino Ratio Rank: 83
IGRO Omega Ratio Rank: 83
IGRO Calmar Ratio Rank: 70
IGRO Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HDEF vs. IGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) and iShares International Dividend Growth ETF (IGRO). 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.

	HDEF	IGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.93	+0.16
Sortino ratio: Return per unit of downside risk	2.91	2.73	+0.18
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	3.02	2.42	+0.60
Martin ratio: Return relative to average drawdown	8.62	9.41	-0.78

HDEF vs. IGRO - Sharpe Ratio Comparison

The current HDEF Sharpe Ratio is 2.09, which is comparable to the IGRO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HDEF and IGRO, 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

HDEF vs. IGRO - Drawdown Comparison

The maximum HDEF drawdown since its inception was -36.43%, roughly equal to the maximum IGRO drawdown of -36.25%. Use the drawdown chart below to compare losses from any high point for HDEF and IGRO.

Drawdown Indicators

	HDEF	IGRO	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-36.25%	-0.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-10.00%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-11.13%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	-25.98%	+2.35%
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	-36.25%	-0.18%
Current Drawdown Current decline from peak	-0.95%	-0.91%	-0.04%
Average Drawdown Average peak-to-trough decline	-5.02%	-5.61%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.56%	+0.24%

Volatility

HDEF vs. IGRO - Volatility Comparison

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) and iShares International Dividend Growth ETF (IGRO) have volatilities of 3.31% and 3.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDEF	IGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.45%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	10.75%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	12.59%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	13.92%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	16.58%	-0.45%

HDEF vs. IGRO - Expense Ratio Comparison

HDEF has a 0.20% expense ratio, which is higher than IGRO's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HDEF vs. IGRO - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.70%, more than IGRO's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.70%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%
IGRO iShares International Dividend Growth ETF	2.64%	2.51%	2.44%	2.79%	2.69%	2.27%	2.41%	2.65%	2.97%	2.43%	1.18%	0.00%

Frequently Asked Questions

Can I hold both HDEF and IGRO in my portfolio?

HDEF and IGRO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDEF or IGRO?

IGRO has higher volatility (3.45%) compared to HDEF (3.31%). In terms of maximum drawdown, HDEF dropped -36.43% vs IGRO's -36.25%.

Which ETF is better, HDEF or IGRO?

On 10-year performance, IGRO leads with 9.13% vs 9.09% for HDEF. On fees, IGRO is cheaper at 0.15% per year. On volatility, HDEF has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDEF or IGRO?

Over the 10-year period, IGRO has performed better with a 9.13% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDEF or IGRO?

IGRO is cheaper with a 0.15% expense ratio, compared with 0.20% for HDEF.

Which ETF pays a higher dividend yield, HDEF or IGRO?

HDEF has the higher dividend yield at 3.70%, compared with 2.64% for IGRO.

What is the main difference between HDEF and IGRO?

HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index, while IGRO tracks Morningstar Global ex-US Dividend Growth Index (Net). They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.20% for HDEF and 0.15% for IGRO.

Which has better risk-adjusted returns?

HDEF currently has the higher Sharpe Ratio (2.09 vs 1.93), 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.