HEFA vs. IFLO

Last updated Jun 26, 2026

HEFA (iShares Currency Hedged MSCI EAFE ETF) and IFLO (VictoryShares International Free Cash Flow ETF) are both Foreign Large Cap Equities funds. Over the past year, HEFA returned 30.25% vs 32.28% for IFLO. A 0.75 correlation means they provide meaningful diversification when combined. HEFA charges 0.35%/yr vs 0.56%/yr for IFLO.

Performance

HEFA vs. IFLO - Performance Comparison

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

Returns By Period

In the year-to-date period, HEFA achieves a 12.74% return, which is significantly lower than IFLO's 16.93% return.

HEFA

• 1D: 0.60%
• 1M: 1.90%
• YTD: 12.74%
• 6M: 12.69%
• 1Y: 30.25%
• 3Y*: 19.62%
• 5Y*: 13.80%
• 10Y*: 13.63%

IFLO

• 1D: 0.43%
• 1M: -1.62%
• YTD: 16.93%
• 6M: 16.46%
• 1Y: 32.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFA vs. IFLO - Yearly Performance Comparison

	2026 (YTD)	2025
HEFA iShares Currency Hedged MSCI EAFE ETF	12.74%	15.53%
IFLO VictoryShares International Free Cash Flow ETF	16.93%	13.12%

Correlation

The correlation between HEFA and IFLO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.75

HEFA vs. IFLO - Sectors Allocation Comparison

Sectors	HEFA	IFLO
Financial Services	24.3%	1.1%
Industrials	18.0%	18.1%
Technology	12.5%	21.5%
Healthcare	9.5%	11.7%
Consumer Cyclical	7.1%	13.8%
Consumer Defensive	6.5%	2.8%
Basic Materials	6.0%	11.3%
Communication Services	4.3%	6.7%
Utilities	3.4%	1.0%
Energy	3.3%	12.1%
Real Estate	1.4%	0.0%

Return for Risk

HEFA vs. IFLO — Risk / Return Rank

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

HEFA

HEFA Risk / Return Rank: 80
HEFA Sharpe Ratio Rank: 84
HEFA Sortino Ratio Rank: 83
HEFA Omega Ratio Rank: 84
HEFA Calmar Ratio Rank: 73
HEFA Martin Ratio Rank: 79

IFLO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and VictoryShares International Free Cash Flow ETF (IFLO). 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	IFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	—	—
Sortino ratio: Return per unit of downside risk	3.22	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	3.19	—	—
Martin ratio: Return relative to average drawdown	13.35	—	—

Drawdowns

HEFA vs. IFLO - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, which is greater than IFLO's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for HEFA and IFLO.

Drawdown Indicators

	HEFA	IFLO	Difference
Max Drawdown Largest peak-to-trough decline	-32.39%	-6.44%	-25.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.52%	-6.44%	-3.08%
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	-1.04%	-3.37%	+2.33%
Average Drawdown Average peak-to-trough decline	-4.15%	-1.25%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	HEFA	IFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	14.75%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	14.75%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.70%	14.75%	+0.95%

HEFA vs. IFLO - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is lower than IFLO's 0.56% expense ratio.

Dividends

HEFA vs. IFLO - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 3.90%, more than IFLO's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEFA iShares Currency Hedged MSCI EAFE ETF	3.90%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%
IFLO VictoryShares International Free Cash Flow ETF	1.51%	0.73%	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 IFLO in my portfolio?

HEFA and IFLO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFA or IFLO?

On 1-year performance, IFLO leads with 32.28% vs 30.25% for HEFA. On fees, HEFA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEFA or IFLO?

Over the 1-year period, IFLO has performed better with a 32.28% return vs 30.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEFA or IFLO?

HEFA is cheaper with a 0.35% expense ratio, compared with 0.56% for IFLO.

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

HEFA has the higher dividend yield at 3.90%, compared with 1.51% for IFLO.

What is the main difference between HEFA and IFLO?

They also come from different issuers: iShares and VictoryShares. Their fees differ too: 0.35% for HEFA and 0.56% for IFLO.