HEFA vs. ITOT

Last updated Jul 26, 2026

HEFA (iShares Currency Hedged MSCI EAFE ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while ITOT is a Large Cap Blend Equities fund tracking the S&P Total Market Index. Both are passively managed. Over the past 10 years, HEFA returned 12.70%/yr vs 14.42%/yr for ITOT. Their 0.78 correlation means they have sometimes moved together and sometimes differently. HEFA charges 0.35%/yr vs 0.03%/yr for ITOT.

Performance

HEFA vs. ITOT - 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 S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFA achieves a 13.57% return, which is significantly higher than ITOT's 9.48% return. Over the past 10 years, HEFA has underperformed ITOT with an annualized return of 12.70%, while ITOT has yielded a comparatively higher 14.42% 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%

ITOT

• 1D: 0.07%
• 1M: 0.48%
• 6M: 7.83%
• YTD: 9.48%
• 1Y: 17.56%
• 3Y*: 18.70%
• 5Y*: 11.47%
• 10Y*: 14.42%
• ALL TIME*: 10.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEFA iShares Currency Hedged MSCI EAFE ETF	$39.23M	$30.73M	$26.09M
ITOT iShares Core S&P Total U.S. Stock Market ETF	$228.53M	$259.55M	$322.53M

HEFA vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ITOT iShares Core S&P Total U.S. Stock Market ETF	9.48%	17.00%	23.80%	26.12%	-19.47%	25.68%	20.71%	30.67%	-5.33%	21.37%

Correlation

The correlation between HEFA and ITOT is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014	0.78

The correlation between HEFA and ITOT has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

HEFA vs. ITOT - Sectors Allocation Comparison

Sectors	HEFA	ITOT
Financial Services	25.9%	11.9%
Industrials	18.9%	9.9%
Technology	12.0%	36.4%
Healthcare	10.4%	9.5%
Consumer Cyclical	7.2%	9.5%
Consumer Defensive	6.8%	4.3%
Basic Materials	5.9%	1.9%
Energy	3.7%	3.1%
Utilities	3.7%	2.2%
Communication Services	3.5%	9.1%
Real Estate	1.7%	2.3%

Return for Risk

HEFA vs. ITOT — Risk / Return Rank

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

HEFA

HEFA Risk / Return Rank: 83
HEFA Sharpe Ratio Rank: 86
HEFA Sortino Ratio Rank: 86
HEFA Omega Ratio Rank: 86
HEFA Calmar Ratio Rank: 76
HEFA Martin Ratio Rank: 83

ITOT

ITOT Risk / Return Rank: 61
ITOT Sharpe Ratio Rank: 60
ITOT Sortino Ratio Rank: 58
ITOT Omega Ratio Rank: 58
ITOT Calmar Ratio Rank: 58
ITOT Martin Ratio Rank: 71

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. ITOT - 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 S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.40	+0.63
Sortino ratio: Return per unit of downside risk	2.81	1.97	+0.84
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	2.77	2.04	+0.74
Martin ratio: Return relative to average drawdown	11.52	8.79	+2.73

HEFA vs. ITOT - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.03, which is higher than the ITOT Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of HEFA and ITOT, 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. ITOT - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for HEFA and ITOT.

Drawdown Indicators

	HEFA	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-32.39%	-55.20%	+22.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.52%	-8.90%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.28%	-19.44%	+5.16%
Max Drawdown (5Y) Largest decline over 5 years	-14.79%	-25.36%	+10.57%
Max Drawdown (10Y) Largest decline over 10 years	-32.39%	-35.00%	+2.61%
Current Drawdown Current decline from peak	-1.12%	-2.31%	+1.19%
Average Drawdown Average peak-to-trough decline	-4.13%	-6.94%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.06%	+0.23%

Volatility

HEFA vs. ITOT - Volatility Comparison

iShares Currency Hedged MSCI EAFE ETF (HEFA) and iShares Core S&P Total U.S. Stock Market ETF (ITOT) have volatilities of 3.21% and 3.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEFA	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.06%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	10.02%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	12.94%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	17.44%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	18.25%	-2.59%

HEFA vs. ITOT - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

HEFA vs. ITOT - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 4.04%, more than ITOT's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ITOT iShares Core S&P Total U.S. Stock Market ETF	1.02%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both HEFA and ITOT in my portfolio?

HEFA and ITOT 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 is riskier, HEFA or ITOT?

HEFA has higher volatility (3.21%) compared to ITOT (3.06%). In terms of maximum drawdown, HEFA dropped -32.39% vs ITOT's -55.20%.

Which ETF is better, HEFA or ITOT?

On 10-year performance, ITOT leads with 14.42% vs 12.70% for HEFA. On fees, ITOT is cheaper at 0.03% per year. On volatility, ITOT has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEFA or ITOT?

Over the 10-year period, ITOT has performed better with a 14.42% return vs 12.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEFA or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.35% for HEFA.

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

HEFA has the higher dividend yield at 4.04%, compared with 1.02% for ITOT.

What is the main difference between HEFA and ITOT?

HEFA is categorized as Foreign Large Cap Equities, while ITOT is Large Cap Blend Equities. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while ITOT tracks S&P Total Market Index. Their fees differ too: 0.35% for HEFA and 0.03% for ITOT.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.40), 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.