HEFA vs. IBIT

Last updated Jul 15, 2026

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 28.16% vs -46.35% for IBIT. At a 0.30 correlation, their price movements are largely independent. HEFA charges 0.35%/yr vs 0.25%/yr for IBIT.

Performance

HEFA vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, HEFA achieves a 13.41% return, which is significantly higher than IBIT's -26.32% return.

HEFA

• 1D: 0.26%
• 1M: 1.83%
• 6M: 9.23%
• YTD: 13.41%
• 1Y: 28.16%
• 3Y*: 19.43%
• 5Y*: 14.14%
• 10Y*: 12.77%

IBIT

• 1D: 3.86%
• 1M: 1.50%
• 6M: -31.72%
• YTD: -26.32%
• 1Y: -46.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFA vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEFA iShares Currency Hedged MSCI EAFE ETF	13.41%	24.58%	12.99%
IBIT iShares Bitcoin Trust ETF	-26.32%	-6.41%	89.87%

Correlation

The correlation between HEFA and IBIT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.30

Return for Risk

HEFA vs. IBIT — Risk / Return Rank

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

HEFA

HEFA Risk / Return Rank: 82
HEFA Sharpe Ratio Rank: 85
HEFA Sortino Ratio Rank: 84
HEFA Omega Ratio Rank: 85
HEFA Calmar Ratio Rank: 73
HEFA Martin Ratio Rank: 81

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

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. 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 ratio: Return per unit of total volatility	2.16	-1.05	+3.20
Sortino ratio: Return per unit of downside risk	3.00	-1.58	+4.58
Omega ratio: Gain probability vs. loss probability	1.40	0.83	+0.58
Calmar ratio: Return relative to maximum drawdown	2.97	-0.87	+3.84
Martin ratio: Return relative to average drawdown	12.38	-1.41	+13.79

HEFA vs. IBIT - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.16, which is higher than the IBIT Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of HEFA and IBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	HEFA	IBIT	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.26%	-48.69%	+47.43%
Average Drawdown Average peak-to-trough decline	-4.14%	-17.61%	+13.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	32.86%	-30.58%

Volatility

HEFA vs. IBIT - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.16%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 11.82%. 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.

Volatility by Period

	HEFA	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	11.82%	-8.66%
Volatility (6M) Calculated over the trailing 6-month period	10.81%	35.03%	-24.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	44.48%	-31.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	49.99%	-36.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	49.99%	-34.33%

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 4.05%, 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	4.05%	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

Can I hold both HEFA and IBIT in my portfolio?

HEFA and IBIT have a correlation of 0.38, 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 IBIT?

IBIT has higher volatility (11.82%) compared to HEFA (3.16%). In terms of maximum drawdown, HEFA dropped -32.39% vs IBIT's -53.30%.

Which ETF is better, HEFA or IBIT?

On 1-year performance, HEFA leads with 28.16% vs -46.35% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, HEFA has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEFA or IBIT?

Over the 1-year period, HEFA has performed better with a 28.16% return vs -46.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEFA or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.35% for HEFA.

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

HEFA has the higher dividend yield at 4.05%, compared with 0.00% for IBIT.

What is the main difference between HEFA and 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.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.16 vs -1.05), 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.