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HEFA vs. GPIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEFA vs. GPIX

Last updated Jul 26, 2026
Documentation

HEFA (iShares Currency Hedged MSCI EAFE ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. HEFA is passively managed, while GPIX is actively managed. Over the past year, HEFA returned 26.09% vs 17.54% for GPIX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. HEFA charges 0.35%/yr vs 0.29%/yr for GPIX.

Performance

HEFA vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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 13.57% return, which is significantly higher than GPIX's 9.04% 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%

GPIX

1D
0.09%
1M
1.01%
6M
7.83%
YTD
9.04%
1Y
17.54%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
22.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

GPIX

Goldman Sachs S&P 500 Premium Income ETF
$50.34M$51.86M$49.74M

HEFA

iShares Currency Hedged MSCI EAFE ETF
$39.23M$30.73M$26.09M

HEFA vs. GPIX - Yearly Performance Comparison

2026 (YTD)202520242023
HEFA
iShares Currency Hedged MSCI EAFE ETF		13.57%24.58%13.71%9.35%
GPIX
Goldman Sachs S&P 500 Premium Income ETF		9.04%16.25%21.77%13.04%

Correlation

The correlation between HEFA and GPIX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2023

0.72

The correlation between HEFA and GPIX has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

HEFA vs. GPIX - Sectors Allocation Comparison

Sectors
HEFA
GPIX

Financial Services

25.9%
11.9%

Industrials

18.9%
8.4%

Technology

12.0%
38.5%

Healthcare

10.4%
8.9%

Consumer Cyclical

7.2%
9.5%

Consumer Defensive

6.8%
4.7%

Basic Materials

5.9%
1.7%

Energy

3.7%
3.0%

Utilities

3.7%
2.2%

Communication Services

3.5%
9.5%

Real Estate

1.7%
1.8%

Financial Services

HEFA
25.9%
GPIX
11.9%

Industrials

HEFA
18.9%
GPIX
8.4%

Technology

HEFA
12.0%
GPIX
38.5%

Healthcare

HEFA
10.4%
GPIX
8.9%

Consumer Cyclical

HEFA
7.2%
GPIX
9.5%

Consumer Defensive

HEFA
6.8%
GPIX
4.7%

Basic Materials

HEFA
5.9%
GPIX
1.7%

Energy

HEFA
3.7%
GPIX
3.0%

Utilities

HEFA
3.7%
GPIX
2.2%

Communication Services

HEFA
3.5%
GPIX
9.5%

Real Estate

HEFA
1.7%
GPIX
1.8%

Compare stocks, funds, or ETFs

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

iShares Currency Hedged MSCI EAFE ETF

Goldman Sachs S&P 500 Premium Income ETF

Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. HSCZHEFA vs. IDMOHEFA vs. HEWJHEFA vs. HEZU
Often compared with GPIX:
GPIX vs. GPIQGPIX vs. SPYIGPIX vs. JEPIGPIX vs. VOOGPIX vs. SPYGPIX vs. JEPQGPIX vs. BALI

Return for Risk

HEFA vs. GPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEFA
HEFA Risk / Return Rank: 8383
Overall Rank
HEFA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEFA Omega Ratio Rank: 8686
Omega Ratio Rank
HEFA Calmar Ratio Rank: 7676
Calmar Ratio Rank
HEFA Martin Ratio Rank: 8383
Martin Ratio Rank
GPIX
GPIX Risk / Return Rank: 7373
Overall Rank
GPIX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
GPIX Sortino Ratio Rank: 7171
Sortino Ratio Rank
GPIX Omega Ratio Rank: 7373
Omega Ratio Rank
GPIX Calmar Ratio Rank: 6767
Calmar Ratio Rank
GPIX Martin Ratio Rank: 8282
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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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.

HEFAGPIXDifference
Sharpe ratioReturn per unit of total volatility
2.03
1.64

+0.39

Sortino ratioReturn per unit of downside risk
2.81
2.30

+0.51

Omega ratioGain probability vs. loss probability

1.37

1.30

+0.07

Calmar ratioReturn relative to maximum drawdown

2.77

2.33

+0.44

Martin ratioReturn relative to average drawdown

11.52

11.09

+0.43

HEFA vs. GPIX - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.03, which is comparable to the GPIX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of HEFA and GPIX, 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. GPIX - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for HEFA and GPIX.

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Drawdown Indicators

HEFAGPIXDifference

Max Drawdown

Largest peak-to-trough decline

-32.39%

-17.50%

-14.89%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-7.71%

-1.81%

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

-1.12%

-1.65%

+0.53%

Average Drawdown

Average peak-to-trough decline

-4.13%

-1.46%

-2.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

1.62%

+0.67%

Volatility

HEFA vs. GPIX - Volatility Comparison

iShares Currency Hedged MSCI EAFE ETF (HEFA) has a higher volatility of 3.21% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 2.63%. This indicates that HEFA's price experiences larger fluctuations and is considered to be riskier than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEFAGPIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

2.63%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

10.72%

8.74%

+1.98%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

10.98%

+2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

13.75%

+0.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

13.75%

+1.91%

HEFA vs. GPIX - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

HEFA vs. GPIX - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 4.04%, less than GPIX's 8.19% yield.

PositionTTM20252024202320222021202020192018201720162015
GPIX
Goldman Sachs S&P 500 Premium Income ETF		8.19%8.01%7.45%1.40%0.00%0.00%0.00%0.00%0.00%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 GPIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEFA has higher volatility (3.21%) compared to GPIX (2.63%). In terms of maximum drawdown, HEFA dropped -32.39% vs GPIX's -17.50%.

On 1-year performance, HEFA leads with 26.09% vs 17.54% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, HEFA has performed better with a 26.09% return vs 17.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GPIX is cheaper with a 0.29% expense ratio, compared with 0.35% for HEFA.

GPIX has the higher dividend yield at 8.19%, compared with 4.04% for HEFA.

HEFA is categorized as Foreign Large Cap Equities, while GPIX is Derivative Income. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.35% for HEFA and 0.29% for GPIX.

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.64), 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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