HEFA vs. BUFI

Last updated Jun 4, 2026

HEFA (iShares Currency Hedged MSCI EAFE ETF) and BUFI (AB International Buffer ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while BUFI is a Defined Outcome fund actively managed by AllianceBernstein. HEFA is passively managed, while BUFI is actively managed. Over the past year, HEFA returned 25.95% vs 12.80% for BUFI. Their correlation of 0.85 suggests significant overlap in exposure. HEFA charges 0.35%/yr vs 0.69%/yr for BUFI.

Performance

HEFA vs. BUFI - Performance Comparison

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

Returns By Period

In the year-to-date period, HEFA achieves a 10.24% return, which is significantly higher than BUFI's 4.92% return.

HEFA

• 1D: -0.45%
• 1M: 4.65%
• YTD: 10.24%
• 6M: 12.49%
• 1Y: 25.95%
• 3Y*: 18.32%
• 5Y*: 13.52%
• 10Y*: 12.60%

BUFI

• 1D: -0.31%
• 1M: 1.83%
• YTD: 4.92%
• 6M: 6.32%
• 1Y: 12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFA vs. BUFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEFA iShares Currency Hedged MSCI EAFE ETF	10.24%	24.58%	-1.09%
BUFI AB International Buffer ETF	4.92%	16.50%	-1.31%

Correlation

The correlation between HEFA and BUFI is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.85

The correlation between HEFA and BUFI has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

HEFA vs. BUFI — Risk / Return Rank

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

HEFA

HEFA Risk / Return Rank: 60
HEFA Sharpe Ratio Rank: 60
HEFA Sortino Ratio Rank: 60
HEFA Omega Ratio Rank: 62
HEFA Calmar Ratio Rank: 54
HEFA Martin Ratio Rank: 62

BUFI

BUFI Risk / Return Rank: 47
BUFI Sharpe Ratio Rank: 44
BUFI Sortino Ratio Rank: 46
BUFI Omega Ratio Rank: 47
BUFI Calmar Ratio Rank: 46
BUFI Martin Ratio Rank: 53

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. BUFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and AB International Buffer ETF (BUFI). 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	BUFI	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.53	+0.54
Sortino ratio Return per unit of downside risk	2.90	2.25	+0.65
Omega ratio Gain probability vs. loss probability	1.38	1.30	+0.09
Calmar ratio Return relative to maximum drawdown	2.74	2.26	+0.48
Martin ratio Return relative to average drawdown	11.43	8.98	+2.45
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. BUFI - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.07, which is higher than the BUFI Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HEFA and BUFI, 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	BUFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.53	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.50	-0.83

Drawdowns

HEFA vs. BUFI - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, which is greater than BUFI's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for HEFA and BUFI.

Drawdown Indicators

	HEFA	BUFI	Difference
Max Drawdown Largest peak-to-trough decline	-32.39%	-7.43%	-24.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.52%	-5.69%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-14.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.39%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.32%	-0.13%
Average Drawdown Average peak-to-trough decline	-4.17%	-0.86%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.43%	+0.85%

Volatility

HEFA vs. BUFI - Volatility Comparison

iShares Currency Hedged MSCI EAFE ETF (HEFA) has a higher volatility of 4.05% compared to AB International Buffer ETF (BUFI) at 2.20%. This indicates that HEFA's price experiences larger fluctuations and is considered to be riskier than BUFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEFA	BUFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	2.20%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	7.05%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	8.43%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	9.15%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	9.15%	+6.71%

HEFA vs. BUFI - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is lower than BUFI's 0.69% expense ratio.

Dividends

HEFA vs. BUFI - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 3.99%, while BUFI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFI AB International Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEFA iShares Currency Hedged MSCI EAFE ETF	3.99%	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 BUFI in my portfolio?

HEFA and BUFI have a correlation of 0.86, 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 BUFI?

HEFA has higher volatility (4.05%) compared to BUFI (2.20%). In terms of maximum drawdown, HEFA dropped -32.39% vs BUFI's -7.43%.

Which ETF is better, HEFA or BUFI?

On 1-year performance, HEFA leads with 25.95% vs 12.80% for BUFI. On fees, HEFA is cheaper at 0.35% per year. On volatility, BUFI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEFA or BUFI?

Over the 1-year period, HEFA has performed better with a 25.95% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEFA or BUFI?

HEFA is cheaper with a 0.35% expense ratio, compared with 0.69% for BUFI.

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

HEFA has the higher dividend yield at 3.99%, compared with 0.00% for BUFI.

What is the main difference between HEFA and BUFI?

HEFA is categorized as Foreign Large Cap Equities, while BUFI is Defined Outcome. They also come from different issuers: iShares and AllianceBernstein. Their fees differ too: 0.35% for HEFA and 0.69% for BUFI.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.07 vs 1.53), 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.