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HEFA vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEFA vs. HDV

Last updated Jul 26, 2026
Documentation

HEFA (iShares Currency Hedged MSCI EAFE ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, HEFA returned 12.70%/yr vs 9.50%/yr for HDV. Their 0.59 correlation means they have sometimes moved together and sometimes differently. HEFA charges 0.35%/yr vs 0.08%/yr for HDV.

Performance

HEFA vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and iShares Core High Dividend ETF (HDV). 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 lower than HDV's 20.12% return. Over the past 10 years, HEFA has outperformed HDV with an annualized return of 12.70%, while HDV has yielded a comparatively lower 9.50% annualized 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%

HDV

1D
1.23%
1M
4.76%
6M
13.60%
YTD
20.12%
1Y
24.04%
3Y*
15.34%
5Y*
12.15%
10Y*
9.50%
ALL TIME*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

HDV

iShares Core High Dividend ETF
$163.75M$142.23M$95.79M

HEFA

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

HEFA vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEFA
iShares Currency Hedged MSCI EAFE ETF		13.57%24.58%13.71%20.33%-4.86%19.59%2.09%27.63%-9.33%16.67%
HDV
iShares Core High Dividend ETF		20.12%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between HEFA and HDV is 0.15, which is low. Their historical price movements had little consistent relationship.

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

0.15

Correlation (3Y)
Balances recent behavior with more history.

0.34

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.48

Correlation (10Y)
Provides a long-term view across more market conditions.

0.57

Correlation (All Time)
Calculated using the full available price history since Feb 14, 2014

0.59

Over the past year, the correlation between HEFA and HDV has dropped to 0.15 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

HEFA vs. HDV - Sectors Allocation Comparison

Sectors
HEFA
HDV

Financial Services

25.9%
4.7%

Industrials

18.9%
2.8%

Technology

12.0%
0.9%

Healthcare

10.4%
23.9%

Consumer Cyclical

7.2%
9.3%

Consumer Defensive

6.8%
24.3%

Basic Materials

5.9%
0.8%

Energy

3.7%
19.8%

Utilities

3.7%
8.2%

Communication Services

3.5%
5.2%

Real Estate

1.7%

-

Financial Services

HEFA
25.9%
HDV
4.7%

Industrials

HEFA
18.9%
HDV
2.8%

Technology

HEFA
12.0%
HDV
0.9%

Healthcare

HEFA
10.4%
HDV
23.9%

Consumer Cyclical

HEFA
7.2%
HDV
9.3%

Consumer Defensive

HEFA
6.8%
HDV
24.3%

Basic Materials

HEFA
5.9%
HDV
0.8%

Energy

HEFA
3.7%
HDV
19.8%

Utilities

HEFA
3.7%
HDV
8.2%

Communication Services

HEFA
3.5%
HDV
5.2%

Real Estate

HEFA
1.7%
HDV

-

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

iShares Core High Dividend ETF

Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. HSCZHEFA vs. IDMOHEFA vs. HEWJHEFA vs. HEZU
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

HEFA vs. HDV — 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
HDV
HDV Risk / Return Rank: 9090
Overall Rank
HDV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 8888
Omega Ratio Rank
HDV Calmar Ratio Rank: 9393
Calmar Ratio Rank
HDV Martin Ratio Rank: 8787
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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and iShares Core High Dividend ETF (HDV). 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.

HEFAHDVDifference
Sharpe ratioReturn per unit of total volatility
2.03
2.24

-0.22

Sortino ratioReturn per unit of downside risk
2.81
3.39

-0.58

Omega ratioGain probability vs. loss probability

1.37

1.39

-0.02

Calmar ratioReturn relative to maximum drawdown

2.77

4.65

-1.88

Martin ratioReturn relative to average drawdown

11.52

12.72

-1.19

HEFA vs. HDV - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.03, which is comparable to the HDV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of HEFA and HDV, 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. HDV - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for HEFA and HDV.

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Drawdown Indicators

HEFAHDVDifference

Max Drawdown

Largest peak-to-trough decline

-32.39%

-37.04%

+4.65%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-5.18%

-4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-10.49%

-3.79%

Max Drawdown (5Y)

Largest decline over 5 years

-14.79%

-15.42%

+0.63%

Max Drawdown (10Y)

Largest decline over 10 years

-32.39%

-37.04%

+4.65%

Current Drawdown

Current decline from peak

-1.12%

0.00%

-1.12%

Average Drawdown

Average peak-to-trough decline

-4.13%

-3.07%

-1.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

1.89%

+0.40%

Volatility

HEFA vs. HDV - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.21%, while iShares Core High Dividend ETF (HDV) has a volatility of 4.88%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEFAHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

4.88%

-1.67%

Volatility (6M)

Calculated over the trailing 6-month period

10.72%

8.55%

+2.17%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

10.74%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

12.93%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

15.77%

-0.11%

HEFA vs. HDV - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

HEFA vs. HDV - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 4.04%, more than HDV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		3.07%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
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 HDV have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (4.88%) compared to HEFA (3.21%). In terms of maximum drawdown, HEFA dropped -32.39% vs HDV's -37.04%.

On 10-year performance, HEFA leads with 12.70% vs 9.50% for HDV. On fees, HDV is cheaper at 0.08% 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 10-year period, HEFA has performed better with a 12.70% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.35% for HEFA.

HEFA has the higher dividend yield at 4.04%, compared with 3.07% for HDV.

HEFA is categorized as Foreign Large Cap Equities, while HDV is Dividend. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while HDV tracks Morningstar Dividend Yield Focus Index. Their fees differ too: 0.35% for HEFA and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.24 vs 2.03), 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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