HFXI vs. ILCV

Last updated Jun 9, 2026

HFXI (IQ 50 Percent Hedged FTSE International ETF) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index, while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, HFXI returned 11.43%/yr vs 11.58%/yr for ILCV. A 0.74 correlation means they provide meaningful diversification when combined. HFXI charges 0.20%/yr vs 0.04%/yr for ILCV.

Performance

HFXI vs. ILCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ 50 Percent Hedged FTSE International ETF (HFXI) and iShares Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFXI achieves a 14.20% return, which is significantly higher than ILCV's 7.35% return. Both investments have delivered pretty close results over the past 10 years, with HFXI having a 11.43% annualized return and ILCV not far ahead at 11.58%.

HFXI

• 1D: 0.98%
• 1M: -0.03%
• YTD: 14.20%
• 6M: 17.07%
• 1Y: 30.93%
• 3Y*: 19.41%
• 5Y*: 11.57%
• 10Y*: 11.43%

ILCV

• 1D: -0.06%
• 1M: 1.03%
• YTD: 7.35%
• 6M: 7.96%
• 1Y: 25.66%
• 3Y*: 18.09%
• 5Y*: 11.47%
• 10Y*: 11.58%

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

HFXI vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFXI IQ 50 Percent Hedged FTSE International ETF	14.20%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%
ILCV iShares Morningstar Value ETF	7.35%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between HFXI and ILCV is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 23, 2015	0.74

The correlation between HFXI and ILCV has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

HFXI vs. ILCV - Sectors Allocation Comparison

Sectors	HFXI	ILCV
Financial Services	22.8%	16.5%
Industrials	20.1%	8.8%
Technology	14.6%	23.8%
Healthcare	9.5%	11.5%
Consumer Cyclical	7.7%	9.5%
Consumer Defensive	6.3%	7.6%
Basic Materials	5.9%	2.4%
Energy	3.6%	6.0%
Utilities	3.6%	3.5%
Communication Services	3.5%	8.0%
Real Estate	2.5%	2.0%

Return for Risk

HFXI vs. ILCV — Risk / Return Rank

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

HFXI

HFXI Risk / Return Rank: 68
HFXI Sharpe Ratio Rank: 70
HFXI Sortino Ratio Rank: 69
HFXI Omega Ratio Rank: 72
HFXI Calmar Ratio Rank: 64
HFXI Martin Ratio Rank: 68

ILCV

ILCV Risk / Return Rank: 86
ILCV Sharpe Ratio Rank: 87
ILCV Sortino Ratio Rank: 88
ILCV Omega Ratio Rank: 86
ILCV Calmar Ratio Rank: 82
ILCV Martin Ratio Rank: 85

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.

HFXI vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ 50 Percent Hedged FTSE International ETF (HFXI) and iShares Morningstar Value ETF (ILCV). 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.

	HFXI	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.61	-0.56
Sortino ratio: Return per unit of downside risk	2.81	3.67	-0.86
Omega ratio: Gain probability vs. loss probability	1.38	1.47	-0.09
Calmar ratio: Return relative to maximum drawdown	2.87	3.93	-1.07
Martin ratio: Return relative to average drawdown	11.31	16.24	-4.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFXI vs. ILCV - Sharpe Ratio Comparison

The current HFXI Sharpe Ratio is 2.05, which is comparable to the ILCV Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of HFXI and ILCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HFXI	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.61	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.81	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.70	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.46	+0.09

Drawdowns

HFXI vs. ILCV - Drawdown Comparison

The maximum HFXI drawdown since its inception was -32.42%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for HFXI and ILCV.

Drawdown Indicators

	HFXI	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-32.42%	-58.63%	+26.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.84%	-6.55%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-14.95%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-22.35%	-18.58%	-3.77%
Max Drawdown (10Y) Largest decline over 10 years	-32.42%	-35.53%	+3.11%
Current Drawdown Current decline from peak	-2.94%	-1.33%	-1.61%
Average Drawdown Average peak-to-trough decline	-5.45%	-9.32%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	1.58%	+1.16%

Volatility

HFXI vs. ILCV - Volatility Comparison

IQ 50 Percent Hedged FTSE International ETF (HFXI) has a higher volatility of 5.75% compared to iShares Morningstar Value ETF (ILCV) at 2.33%. This indicates that HFXI's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFXI	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	2.33%	+3.42%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	7.12%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	9.90%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	14.23%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	16.67%	0.00%

HFXI vs. ILCV - Expense Ratio Comparison

HFXI has a 0.20% expense ratio, which is higher than ILCV's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HFXI vs. ILCV - Dividend Comparison

HFXI's dividend yield for the trailing twelve months is around 3.94%, more than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.94%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both HFXI and ILCV in my portfolio?

HFXI and ILCV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFXI or ILCV?

HFXI has higher volatility (5.75%) compared to ILCV (2.33%). In terms of maximum drawdown, HFXI dropped -32.42% vs ILCV's -58.63%.

Which ETF is better, HFXI or ILCV?

On 10-year performance, ILCV leads with 11.58% vs 11.43% for HFXI. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFXI or ILCV?

Over the 10-year period, ILCV has performed better with a 11.58% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFXI or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.20% for HFXI.

Which ETF pays a higher dividend yield, HFXI or ILCV?

HFXI has the higher dividend yield at 3.94%, compared with 1.63% for ILCV.

What is the main difference between HFXI and ILCV?

HFXI is categorized as Foreign Large Cap Equities, while ILCV is Large Cap Value Equities. HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.20% for HFXI and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.61 vs 2.05), 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.