HEFA vs. BKIE

Last updated Jun 5, 2026

HEFA (iShares Currency Hedged MSCI EAFE ETF) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - HEFA tracks the MSCI EAFE 100% Hedged to USD Index while BKIE tracks the Morningstar Developed Markets ex-US Large Cap Index. Both are passively managed. Over the past 5 years, HEFA returned 13.65%/yr vs 9.22%/yr for BKIE. Their correlation of 0.88 suggests significant overlap in exposure. HEFA charges 0.35%/yr vs 0.04%/yr for BKIE.

Performance

HEFA vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFA achieves a 10.86% return, which is significantly higher than BKIE's 9.30% return.

HEFA

• 1D: 0.56%
• 1M: 3.64%
• YTD: 10.86%
• 6M: 12.68%
• 1Y: 26.56%
• 3Y*: 18.80%
• 5Y*: 13.65%
• 10Y*: 12.58%

BKIE

• 1D: 0.78%
• 1M: 2.61%
• YTD: 9.30%
• 6M: 11.55%
• 1Y: 23.04%
• 3Y*: 17.90%
• 5Y*: 9.22%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEFA vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HEFA iShares Currency Hedged MSCI EAFE ETF	10.86%	24.58%	13.71%	20.33%	-4.86%	19.59%	23.65%
BKIE BNY Mellon International Equity ETF	9.30%	32.08%	4.63%	18.25%	-13.60%	13.75%	34.17%

Correlation

The correlation between HEFA and BKIE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.88

The correlation between HEFA and BKIE has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

HEFA vs. BKIE - Sectors Allocation Comparison

Sectors	HEFA	BKIE
Financial Services	24.3%	25.8%
Industrials	19.3%	18.6%
Technology	11.0%	10.1%
Healthcare	10.1%	9.1%
Consumer Cyclical	7.4%	7.3%
Consumer Defensive	6.8%	6.2%
Basic Materials	6.2%	7.2%
Communication Services	4.4%	4.2%
Energy	3.8%	5.9%
Utilities	3.7%	3.7%
Real Estate	1.8%	2.0%

Return for Risk

HEFA vs. BKIE — Risk / Return Rank

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

HEFA

HEFA Risk / Return Rank: 64
HEFA Sharpe Ratio Rank: 65
HEFA Sortino Ratio Rank: 65
HEFA Omega Ratio Rank: 66
HEFA Calmar Ratio Rank: 57
HEFA Martin Ratio Rank: 65

BKIE

BKIE Risk / Return Rank: 45
BKIE Sharpe Ratio Rank: 46
BKIE Sortino Ratio Rank: 46
BKIE Omega Ratio Rank: 45
BKIE Calmar Ratio Rank: 41
BKIE Martin Ratio Rank: 48

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.

HEFA vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and BNY Mellon International Equity ETF (BKIE). 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.

	HEFA	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.59	+0.53
Sortino ratio: Return per unit of downside risk	2.96	2.26	+0.69
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	2.80	2.03	+0.77
Martin ratio: Return relative to average drawdown	11.70	7.83	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEFA vs. BKIE - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.12, which is higher than the BKIE Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HEFA and BKIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEFA	BKIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.59	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.57	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.92	-0.26

Drawdowns

HEFA vs. BKIE - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, which is greater than BKIE's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for HEFA and BKIE.

Drawdown Indicators

	HEFA	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-32.39%	-28.19%	-4.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.52%	-11.41%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.28%	-13.19%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.79%	-28.19%	+13.40%
Max Drawdown (10Y) Largest decline over 10 years	-32.39%	—	—
Current Drawdown Current decline from peak	0.00%	-0.56%	+0.56%
Average Drawdown Average peak-to-trough decline	-4.17%	-4.98%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.95%	-0.67%

Volatility

HEFA vs. BKIE - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.83%, while BNY Mellon International Equity ETF (BKIE) has a volatility of 4.31%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEFA	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	4.31%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	12.19%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	14.58%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	16.12%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	16.33%	-0.47%

HEFA vs. BKIE - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is higher than BKIE's 0.04% expense ratio.

Dividends

HEFA vs. BKIE - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 3.97%, more than BKIE's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKIE BNY Mellon International Equity ETF	3.24%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
HEFA iShares Currency Hedged MSCI EAFE ETF	3.97%	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 HEFA and BKIE in my portfolio?

HEFA and BKIE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEFA or BKIE?

BKIE has higher volatility (4.31%) compared to HEFA (3.83%). In terms of maximum drawdown, HEFA dropped -32.39% vs BKIE's -28.19%.

Which ETF is better, HEFA or BKIE?

On 5-year performance, HEFA leads with 13.65% vs 9.22% for BKIE. On fees, BKIE is cheaper at 0.04% per year. On volatility, HEFA has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEFA or BKIE?

Over the 5-year period, HEFA has performed better with a 13.65% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEFA or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.35% for HEFA.

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

HEFA has the higher dividend yield at 3.97%, compared with 3.24% for BKIE.

What is the main difference between HEFA and BKIE?

HEFA tracks MSCI EAFE 100% Hedged to USD Index, while BKIE tracks Morningstar Developed Markets ex-US Large Cap Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.35% for HEFA and 0.04% for BKIE.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.12 vs 1.59), 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.