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HDV vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. IEFA

Last updated Jul 26, 2026
Documentation

HDV (iShares Core High Dividend ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, HDV returned 9.50%/yr vs 9.38%/yr for IEFA. Their 0.64 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.07%/yr for IEFA.

Performance

HDV vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDV achieves a 20.12% return, which is significantly higher than IEFA's 9.45% return. Both investments have delivered pretty close results over the past 10 years, with HDV having a 9.50% annualized return and IEFA not far behind at 9.38%.

HDV

1D
1.23%
1M
4.76%
6M
13.60%
YTD
20.12%
1Y
24.04%
3Y*
15.34%
5Y*
12.15%
10Y*
9.50%
ALL TIME*
10.85%

IEFA

1D
0.61%
1M
0.32%
6M
4.92%
YTD
9.45%
1Y
17.75%
3Y*
15.52%
5Y*
8.55%
10Y*
9.38%
ALL TIME*
8.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HDV

iShares Core High Dividend ETF
$163.75M$142.23M$95.79M

IEFA

iShares Core MSCI EAFE ETF
$895.79M$960.37M$950.39M

HDV vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDV
iShares Core High Dividend ETF		20.12%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%
IEFA
iShares Core MSCI EAFE ETF		9.45%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between HDV and IEFA is 0.20, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.20

Correlation (3Y)
Balances recent behavior with more history.

0.38

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.50

Correlation (10Y)
Provides a long-term view across more market conditions.

0.59

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.64

Over the past year, the correlation between HDV and IEFA has dropped to 0.20 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

HDV vs. IEFA - Sectors Allocation Comparison

Sectors
HDV
IEFA

Consumer Defensive

24.3%
6.5%

Healthcare

23.9%
10.0%

Energy

19.8%
3.7%

Consumer Cyclical

9.3%
7.3%

Utilities

8.2%
3.5%

Communication Services

5.2%
3.4%

Financial Services

4.7%
25.5%

Industrials

2.8%
19.3%

Technology

0.9%
12.1%

Basic Materials

0.8%
6.2%

Real Estate

-

2.2%

Consumer Defensive

HDV
24.3%
IEFA
6.5%

Healthcare

HDV
23.9%
IEFA
10.0%

Energy

HDV
19.8%
IEFA
3.7%

Consumer Cyclical

HDV
9.3%
IEFA
7.3%

Utilities

HDV
8.2%
IEFA
3.5%

Communication Services

HDV
5.2%
IEFA
3.4%

Financial Services

HDV
4.7%
IEFA
25.5%

Industrials

HDV
2.8%
IEFA
19.3%

Technology

HDV
0.9%
IEFA
12.1%

Basic Materials

HDV
0.8%
IEFA
6.2%

Real Estate

HDV

-

IEFA
2.2%

Compare stocks, funds, or ETFs

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

iShares Core High Dividend ETF

iShares Core MSCI EAFE ETF

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

HDV vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDV
HDV Risk / Return Rank: 9090
Overall Rank
HDV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 8888
Omega Ratio Rank
HDV Calmar Ratio Rank: 9393
Calmar Ratio Rank
HDV Martin Ratio Rank: 8787
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4747
Overall Rank
IEFA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4646
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4343
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5151
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.

HDV vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and iShares Core MSCI EAFE ETF (IEFA). 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.

HDVIEFADifference
Sharpe ratioReturn per unit of total volatility
2.24
1.14

+1.11

Sortino ratioReturn per unit of downside risk
3.39
1.67

+1.72

Omega ratioGain probability vs. loss probability

1.39

1.21

+0.18

Calmar ratioReturn relative to maximum drawdown

4.65

1.54

+3.12

Martin ratioReturn relative to average drawdown

12.72

5.85

+6.87

HDV vs. IEFA - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.24, which is higher than the IEFA Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of HDV and IEFA, 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

HDV vs. IEFA - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for HDV and IEFA.

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Drawdown Indicators

HDVIEFADifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-34.78%

-2.26%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-11.50%

+6.32%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-13.76%

+3.27%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-30.41%

+14.99%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-34.78%

-2.26%

Current Drawdown

Current decline from peak

0.00%

-2.00%

+2.00%

Average Drawdown

Average peak-to-trough decline

-3.07%

-6.63%

+3.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

3.02%

-1.13%

Volatility

HDV vs. IEFA - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 4.88% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.00%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.88%

4.00%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

8.55%

13.48%

-4.93%

Volatility (1Y)

Calculated over the trailing 1-year period

10.74%

15.55%

-4.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.93%

16.59%

-3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.77%

17.02%

-1.25%

HDV vs. IEFA - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is higher than IEFA's 0.07% 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

HDV vs. IEFA - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.07%, less than IEFA's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		3.07%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
IEFA
iShares Core MSCI EAFE ETF		3.41%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

HDV and IEFA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (4.88%) compared to IEFA (4.00%). In terms of maximum drawdown, HDV dropped -37.04% vs IEFA's -34.78%.

On 10-year performance, HDV leads with 9.50% vs 9.38% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HDV has performed better with a 9.50% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.08% for HDV.

IEFA has the higher dividend yield at 3.41%, compared with 3.07% for HDV.

HDV is categorized as Dividend, while IEFA is Foreign Large Cap Equities. HDV tracks Morningstar Dividend Yield Focus Index, while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.08% for HDV and 0.07% for IEFA.

HDV currently has the higher Sharpe Ratio (2.24 vs 1.14), 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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