HEFA vs. IBIT
HEFA (iShares Currency Hedged MSCI EAFE ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, HEFA returned 30.94% vs -43.69% for IBIT. Their 0.30 correlation means their historical movements had little consistent relationship. HEFA charges 0.35%/yr vs 0.25%/yr for IBIT.
Performance
HEFA vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, HEFA achieves a 14.45% return, which is significantly higher than IBIT's -27.17% return.
HEFA
- 1D
- 0.40%
- 1M
- 0.61%
- 6M
- 9.27%
- YTD
- 14.45%
- 1Y
- 30.94%
- 3Y*
- 19.80%
- 5Y*
- 14.04%
- 10Y*
- 12.79%
- ALL TIME*
- 10.84%
IBIT
- 1D
- 1.46%
- 1M
- 3.70%
- 6M
- -18.23%
- YTD
- -27.17%
- 1Y
- -43.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.94M | $30.84M | $25.49M | |
| $1.33B | $1.34B | $1.65B |
HEFA vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 14.45% | 24.58% | 12.99% |
IBIT iShares Bitcoin Trust ETF | -27.17% | -6.41% | 89.87% |
Correlation
The correlation between HEFA and IBIT is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.30 |
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Return for Risk
HEFA vs. IBIT — Risk / Return Rank
HEFA
IBIT
HEFA vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and iShares Bitcoin Trust ETF (IBIT). 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.
| HEFA | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.38 | ||
| Sortino ratioReturn per unit of downside risk | +4.73 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.84 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.82 | +4.09 |
| Martin ratioReturn relative to average drawdown | 13.64 | -1.26 | +14.90 |
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Drawdowns
HEFA vs. IBIT - Drawdown Comparison
The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for HEFA and IBIT.
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Drawdown Indicators
| HEFA | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.39% | -53.30% | +20.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.52% | -53.30% | +43.78% |
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 DrawdownCurrent decline from peak | -0.35% | -49.28% | +48.93% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -18.29% | +14.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 34.80% | -32.53% |
Volatility
HEFA vs. IBIT - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.48%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 8.98%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEFA | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 8.98% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.86% | 33.79% | -22.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.02% | 44.48% | -31.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.85% | 49.57% | -35.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.67% | 49.57% | -33.90% |
HEFA vs. IBIT - Expense Ratio Comparison
HEFA has a 0.35% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
HEFA vs. IBIT - Dividend Comparison
HEFA's dividend yield for the trailing twelve months is around 4.01%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 4.01% | 4.40% | 3.09% | 3.02% | 25.14% | 3.06% | 2.10% | 7.56% | 4.58% | 2.55% | 3.17% | 3.54% |
IBIT iShares Bitcoin Trust 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% |
Frequently Asked Questions
HEFA and IBIT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.98%) compared to HEFA (3.48%). In terms of maximum drawdown, HEFA dropped -32.39% vs IBIT's -53.30%.
On 1-year performance, HEFA leads with 30.94% vs -43.69% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, HEFA has been the lower-risk option at 3.48%. 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 30.94% return vs -43.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.35% for HEFA.
HEFA has the higher dividend yield at 4.01%, compared with 0.00% for IBIT.
HEFA is categorized as Foreign Large Cap Equities, while IBIT is Cryptocurrency. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.35% for HEFA and 0.25% for IBIT.
HEFA currently has the higher Sharpe Ratio (2.39 vs -0.99), 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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