HEFA vs. KSCOX
HEFA (iShares Currency Hedged MSCI EAFE ETF) and KSCOX (Kinetics Small Cap Opportunities Fund) are both funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, HEFA returned 13.27%/yr vs 19.39%/yr for KSCOX. At a 0.48 correlation, their price movements are largely independent. HEFA charges 0.35%/yr vs 1.64%/yr for KSCOX.
Performance
HEFA vs. KSCOX - Performance Comparison
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Returns By Period
In the year-to-date period, HEFA achieves a 11.36% return, which is significantly lower than KSCOX's 16.92% return. Over the past 10 years, HEFA has underperformed KSCOX with an annualized return of 13.27%, while KSCOX has yielded a comparatively higher 19.39% annualized return.
HEFA
- 1D
- 0.33%
- 1M
- 3.88%
- YTD
- 11.36%
- 6M
- 12.73%
- 1Y
- 28.01%
- 3Y*
- 18.32%
- 5Y*
- 13.57%
- 10Y*
- 13.27%
KSCOX
- 1D
- -0.30%
- 1M
- -1.82%
- YTD
- 16.92%
- 6M
- 17.67%
- 1Y
- 3.51%
- 3Y*
- 25.95%
- 5Y*
- 13.81%
- 10Y*
- 19.39%
HEFA vs. KSCOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 11.36% | 24.58% | 13.71% | 20.33% | -4.86% | 19.59% | 2.09% | 27.63% | -9.33% | 16.67% |
KSCOX Kinetics Small Cap Opportunities Fund | 16.92% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
Correlation
The correlation between HEFA and KSCOX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014 | 0.48 |
The correlation between HEFA and KSCOX shifts across timeframes, from 0.30 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEFA vs. KSCOX — Risk / Return Rank
HEFA
KSCOX
HEFA vs. KSCOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and Kinetics Small Cap Opportunities Fund (KSCOX). 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 | KSCOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.05 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 0.21 | +2.60 |
| Martin ratioReturn relative to average drawdown | 11.78 | 0.47 | +11.31 |
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Drawdowns
HEFA vs. KSCOX - Drawdown Comparison
The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for HEFA and KSCOX.
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Drawdown Indicators
| HEFA | KSCOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.39% | -70.09% | +37.70% |
Max Drawdown (1Y)Largest decline over 1 year | -9.52% | -18.95% | +9.43% |
Max Drawdown (3Y)Largest decline over 3 years | -14.28% | -33.10% | +18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -14.79% | -33.10% | +18.31% |
Max Drawdown (10Y)Largest decline over 10 years | -32.39% | -47.09% | +14.70% |
Current DrawdownCurrent decline from peak | 0.00% | -19.79% | +19.79% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -14.89% | +10.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 8.65% | -6.37% |
Volatility
HEFA vs. KSCOX - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 4.55%, while Kinetics Small Cap Opportunities Fund (KSCOX) has a volatility of 7.96%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEFA | KSCOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 7.96% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.68% | 22.22% | -11.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 26.51% | -13.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.85% | 27.95% | -14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.86% | 26.18% | -10.32% |
HEFA vs. KSCOX - Expense Ratio Comparison
HEFA has a 0.35% expense ratio, which is lower than KSCOX's 1.64% expense ratio.
Dividends
HEFA vs. KSCOX - Dividend Comparison
HEFA's dividend yield for the trailing twelve months is around 3.95%, more than KSCOX's 0.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 3.95% | 4.40% | 3.09% | 3.02% | 25.14% | 3.06% | 2.10% | 7.56% | 4.58% | 2.55% | 3.17% | 3.54% |
KSCOX Kinetics Small Cap Opportunities Fund | 0.15% | 0.18% | 3.58% | 6.71% | 0.00% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEFA and KSCOX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSCOX has higher volatility (7.96%) compared to HEFA (4.55%). In terms of maximum drawdown, HEFA dropped -32.39% vs KSCOX's -70.09%.
HEFA currently has the higher Sharpe Ratio (2.05 vs 0.15), 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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