HEFA vs. BBRE
HEFA (iShares Currency Hedged MSCI EAFE ETF) and BBRE (JPMorgan BetaBuilders MSCI US REIT ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while BBRE is a REIT fund tracking the MSCI US REIT Index. Both are passively managed. Over the past 5 years, HEFA returned 13.96%/yr vs 5.60%/yr for BBRE. Their 0.49 correlation means their historical movements had little consistent relationship. HEFA charges 0.35%/yr vs 0.11%/yr for BBRE.
Performance
HEFA vs. BBRE - Performance Comparison
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Returns By Period
In the year-to-date period, HEFA achieves a 13.57% return, which is significantly lower than BBRE's 23.40% return.
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%
BBRE
- 1D
- 2.14%
- 1M
- 4.84%
- 6M
- 20.78%
- YTD
- 23.40%
- 1Y
- 24.14%
- 3Y*
- 12.24%
- 5Y*
- 5.60%
- 10Y*
- —
- ALL TIME*
- 8.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.35M | $4.29M | $4.76M | |
| $39.23M | $30.73M | $26.09M |
HEFA vs. BBRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 13.57% | 24.58% | 13.71% | 20.33% | -4.86% | 19.59% | 2.09% | 27.63% | -11.19% |
BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 23.40% | 2.09% | 8.24% | 13.85% | -24.68% | 42.99% | -7.55% | 26.06% | -2.41% |
Correlation
The correlation between HEFA and BBRE is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2018 | 0.49 |
The correlation between HEFA and BBRE shifts across timeframes, from 0.31 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HEFA vs. BBRE — Risk / Return Rank
HEFA
BBRE
HEFA vs. BBRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). 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.
| HEFA | BBRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.99 | -0.22 |
| Martin ratioReturn relative to average drawdown | 11.52 | 9.58 | +1.94 |
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Drawdowns
HEFA vs. BBRE - Drawdown Comparison
The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum BBRE drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for HEFA and BBRE.
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Drawdown Indicators
| HEFA | BBRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.39% | -43.61% | +11.22% |
Max Drawdown (1Y)Largest decline over 1 year | -9.52% | -8.07% | -1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -14.28% | -18.92% | +4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -14.79% | -31.15% | +16.36% |
Max Drawdown (10Y)Largest decline over 10 years | -32.39% | — | — |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -10.35% | +6.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.51% | -0.22% |
Volatility
HEFA vs. BBRE - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.21%, while JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) has a volatility of 4.86%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than BBRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEFA | BBRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 4.86% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 10.88% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 14.29% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.82% | 18.81% | -4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.66% | 22.49% | -6.83% |
HEFA vs. BBRE - Expense Ratio Comparison
HEFA has a 0.35% expense ratio, which is higher than BBRE's 0.11% expense ratio.
Dividends
HEFA vs. BBRE - Dividend Comparison
HEFA's dividend yield for the trailing twelve months is around 4.04%, more than BBRE's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 2.51% | 3.24% | 3.19% | 3.68% | 2.62% | 1.70% | 3.17% | 2.19% | 1.96% | 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
HEFA and BBRE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBRE has higher volatility (4.86%) compared to HEFA (3.21%). In terms of maximum drawdown, HEFA dropped -32.39% vs BBRE's -43.61%.
On 5-year performance, HEFA leads with 13.96% vs 5.60% for BBRE. On fees, BBRE is cheaper at 0.11% 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.
Over the 5-year period, HEFA has performed better with a 13.96% return vs 5.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBRE is cheaper with a 0.11% expense ratio, compared with 0.35% for HEFA.
HEFA has the higher dividend yield at 4.04%, compared with 2.51% for BBRE.
HEFA is categorized as Foreign Large Cap Equities, while BBRE is REIT. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while BBRE tracks MSCI US REIT Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.35% for HEFA and 0.11% for BBRE.
HEFA currently has the higher Sharpe Ratio (2.03 vs 1.69), 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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