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HEFA vs. FID
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEFA vs. FID

Last updated Jun 24, 2026

HEFA (iShares Currency Hedged MSCI EAFE ETF) and FID (First Trust S&P International Dividend Aristocrats ETF) are both Foreign Large Cap Equities funds - HEFA tracks the MSCI EAFE 100% Hedged to USD Index while FID tracks the S&P International Dividend Aristocrats Index. Both are passively managed. Over the past 5 years, HEFA returned 13.74%/yr vs 7.59%/yr for FID. A 0.66 correlation means they provide meaningful diversification when combined. HEFA charges 0.35%/yr vs 0.60%/yr for FID.

Performance

HEFA vs. FID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and First Trust S&P International Dividend Aristocrats ETF (FID). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEFA achieves a 12.09% return, which is significantly higher than FID's 5.57% return.

HEFA

1D
-1.61%
1M
2.31%
YTD
12.09%
6M
12.33%
1Y
29.40%
3Y*
19.37%
5Y*
13.74%
10Y*
13.44%

FID

1D
-0.85%
1M
-2.23%
YTD
5.57%
6M
5.46%
1Y
18.04%
3Y*
17.19%
5Y*
7.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEFA vs. FID - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HEFA
iShares Currency Hedged MSCI EAFE ETF		12.09%24.58%13.71%20.33%-4.86%19.59%2.09%27.63%-11.41%
FID
First Trust S&P International Dividend Aristocrats ETF		5.57%32.07%5.42%9.92%-9.69%12.90%-7.56%20.82%-7.38%

Correlation

The correlation between HEFA and FID is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.66

Correlation (All Time)
Calculated using the full available price history since Aug 29, 2018

0.66

The correlation between HEFA and FID has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

HEFA vs. FID - Sectors Allocation Comparison

Sectors
HEFA
FID

Financial Services

24.3%
20.4%

Industrials

18.0%
13.6%

Technology

12.5%
6.3%

Healthcare

9.5%
3.4%

Consumer Cyclical

7.1%
3.8%

Consumer Defensive

6.5%
3.7%

Basic Materials

6.0%
4.4%

Communication Services

4.3%
11.3%

Utilities

3.4%
16.3%

Energy

3.3%
7.9%

Real Estate

1.4%
9.1%

Financial Services

HEFA
24.3%
FID
20.4%

Industrials

HEFA
18.0%
FID
13.6%

Technology

HEFA
12.5%
FID
6.3%

Healthcare

HEFA
9.5%
FID
3.4%

Consumer Cyclical

HEFA
7.1%
FID
3.8%

Consumer Defensive

HEFA
6.5%
FID
3.7%

Basic Materials

HEFA
6.0%
FID
4.4%

Communication Services

HEFA
4.3%
FID
11.3%

Utilities

HEFA
3.4%
FID
16.3%

Energy

HEFA
3.3%
FID
7.9%

Real Estate

HEFA
1.4%
FID
9.1%

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI EAFE ETF

First Trust S&P International Dividend Aristocrats ETF

Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEZUHEFA vs. HEWJ
Often compared with FID:
FID vs. IGROFID vs. EFAVFID vs. KNGFID vs. VIGFID vs. VIGIFID vs. FDFIXFID vs. BRK-B

Return for Risk

HEFA vs. FID — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEFA
HEFA Risk / Return Rank: 7272
Overall Rank
HEFA Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 7474
Sortino Ratio Rank
HEFA Omega Ratio Rank: 7575
Omega Ratio Rank
HEFA Calmar Ratio Rank: 6565
Calmar Ratio Rank
HEFA Martin Ratio Rank: 7373
Martin Ratio Rank
FID
FID Risk / Return Rank: 5050
Overall Rank
FID Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FID Sortino Ratio Rank: 5454
Sortino Ratio Rank
FID Omega Ratio Rank: 5252
Omega Ratio Rank
FID Calmar Ratio Rank: 4242
Calmar Ratio Rank
FID Martin Ratio Rank: 4444
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.

HEFA vs. FID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and First Trust S&P International Dividend Aristocrats ETF (FID). 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.

HEFAFIDDifference
Sharpe ratioReturn per unit of total volatility
2.25
1.76

+0.50

Sortino ratioReturn per unit of downside risk
3.13
2.48

+0.65

Omega ratioGain probability vs. loss probability

1.42

1.31

+0.11

Calmar ratioReturn relative to maximum drawdown

3.10

2.03

+1.07

Martin ratioReturn relative to average drawdown

12.99

6.97

+6.01

HEFA vs. FID - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.25, which is comparable to the FID Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of HEFA and FID, 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

HEFA vs. FID - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum FID drawdown of -39.79%. Use the drawdown chart below to compare losses from any high point for HEFA and FID.

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Drawdown Indicators

HEFAFIDDifference

Max Drawdown

Largest peak-to-trough decline

-32.39%

-39.79%

+7.40%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-8.93%

-0.59%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-10.97%

-3.31%

Max Drawdown (5Y)

Largest decline over 5 years

-14.79%

-29.13%

+14.34%

Max Drawdown (10Y)

Largest decline over 10 years

-32.39%

—

—

Current Drawdown

Current decline from peak

-1.61%

-3.84%

+2.23%

Average Drawdown

Average peak-to-trough decline

-4.15%

-8.43%

+4.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

2.59%

-0.32%

Volatility

HEFA vs. FID - Volatility Comparison

iShares Currency Hedged MSCI EAFE ETF (HEFA) has a higher volatility of 4.50% compared to First Trust S&P International Dividend Aristocrats ETF (FID) at 3.41%. This indicates that HEFA's price experiences larger fluctuations and is considered to be riskier than FID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEFAFIDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

3.41%

+1.09%

Volatility (6M)

Calculated over the trailing 6-month period

10.80%

8.58%

+2.22%

Volatility (1Y)

Calculated over the trailing 1-year period

13.11%

10.33%

+2.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.86%

17.05%

-3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.71%

18.92%

-3.21%

HEFA vs. FID - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is lower than FID's 0.60% expense ratio.

Dividends

HEFA vs. FID - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 3.92%, less than FID's 4.14% yield.

PositionTTM20252024202320222021202020192018201720162015
FID
First Trust S&P International Dividend Aristocrats ETF		4.14%4.30%4.31%4.19%4.22%3.76%3.91%3.70%1.74%0.00%0.00%0.00%
HEFA
iShares Currency Hedged MSCI EAFE ETF		3.92%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 FID have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEFA has higher volatility (4.50%) compared to FID (3.41%). In terms of maximum drawdown, HEFA dropped -32.39% vs FID's -39.79%.

On 5-year performance, HEFA leads with 13.74% vs 7.59% for FID. On fees, HEFA is cheaper at 0.35% per year. On volatility, FID has been the lower-risk option at 3.41%. 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 13.74% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEFA is cheaper with a 0.35% expense ratio, compared with 0.60% for FID.

FID has the higher dividend yield at 4.14%, compared with 3.92% for HEFA.

HEFA tracks MSCI EAFE 100% Hedged to USD Index, while FID tracks S&P International Dividend Aristocrats Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.35% for HEFA and 0.60% for FID.

HEFA currently has the higher Sharpe Ratio (2.25 vs 1.76), 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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