HFXI vs. IQSI

Last updated Jun 23, 2026

HFXI (IQ 50 Percent Hedged FTSE International ETF) and IQSI (IQ Candriam ESG International Equity ETF) are both Foreign Large Cap Equities funds from New York Life - HFXI tracks the FTSE Developed ex North America 50% Hedged to USD Index while IQSI tracks the IQ Candriam ESG International Equity Index. Both are passively managed. Over the past 5 years, HFXI returned 12.98%/yr vs 8.43%/yr for IQSI. Their correlation of 0.92 suggests significant overlap in exposure. HFXI charges 0.20%/yr vs 0.15%/yr for IQSI.

Performance

HFXI vs. IQSI - Performance Comparison

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

Returns By Period

In the year-to-date period, HFXI achieves a 20.17% return, which is significantly higher than IQSI's 11.05% return.

HFXI

• 1D: 0.08%
• 1M: 5.03%
• YTD: 20.17%
• 6M: 20.99%
• 1Y: 40.27%
• 3Y*: 21.76%
• 5Y*: 12.98%
• 10Y*: 12.35%

IQSI

• 1D: 0.10%
• 1M: 2.68%
• YTD: 11.05%
• 6M: 11.58%
• 1Y: 23.61%
• 3Y*: 16.15%
• 5Y*: 8.43%
• 10Y*: —

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

HFXI vs. IQSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HFXI IQ 50 Percent Hedged FTSE International ETF	20.17%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	-0.39%
IQSI IQ Candriam ESG International Equity ETF	11.05%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.38%

Correlation

The correlation between HFXI and IQSI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019	0.92

The correlation between HFXI and IQSI has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

HFXI vs. IQSI - Sectors Allocation Comparison

Sectors	HFXI	IQSI
Financial Services	22.8%	21.3%
Industrials	20.1%	17.1%
Technology	14.6%	17.1%
Healthcare	9.5%	13.0%
Consumer Cyclical	7.7%	7.6%
Consumer Defensive	6.3%	6.7%
Basic Materials	5.9%	5.7%
Energy	3.6%	0.9%
Utilities	3.6%	3.8%
Communication Services	3.5%	4.6%
Real Estate	2.5%	2.4%

Return for Risk

HFXI vs. IQSI — Risk / Return Rank

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

HFXI

HFXI Risk / Return Rank: 81
HFXI Sharpe Ratio Rank: 84
HFXI Sortino Ratio Rank: 83
HFXI Omega Ratio Rank: 84
HFXI Calmar Ratio Rank: 75
HFXI Martin Ratio Rank: 78

IQSI

IQSI Risk / Return Rank: 44
IQSI Sharpe Ratio Rank: 45
IQSI Sortino Ratio Rank: 44
IQSI Omega Ratio Rank: 43
IQSI Calmar Ratio Rank: 41
IQSI Martin Ratio Rank: 45

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. IQSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ 50 Percent Hedged FTSE International ETF (HFXI) and IQ Candriam ESG International Equity ETF (IQSI). 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.

	HFXI	IQSI	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.52	+1.06
Sortino ratio: Return per unit of downside risk	3.52	2.18	+1.34
Omega ratio: Gain probability vs. loss probability	1.49	1.27	+0.21
Calmar ratio: Return relative to maximum drawdown	3.73	1.98	+1.76
Martin ratio: Return relative to average drawdown	14.66	7.24	+7.42

HFXI vs. IQSI - Sharpe Ratio Comparison

The current HFXI Sharpe Ratio is 2.59, which is higher than the IQSI Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of HFXI and IQSI, 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

HFXI vs. IQSI - Drawdown Comparison

The maximum HFXI drawdown since its inception was -32.42%, roughly equal to the maximum IQSI drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for HFXI and IQSI.

Drawdown Indicators

	HFXI	IQSI	Difference
Max Drawdown Largest peak-to-trough decline	-32.42%	-31.90%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.84%	-12.00%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-14.02%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.35%	-29.86%	+7.51%
Max Drawdown (10Y) Largest decline over 10 years	-32.42%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.44%	-6.46%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.27%	-0.52%

Volatility

HFXI vs. IQSI - Volatility Comparison

IQ 50 Percent Hedged FTSE International ETF (HFXI) has a higher volatility of 6.27% compared to IQ Candriam ESG International Equity ETF (IQSI) at 4.78%. This indicates that HFXI's price experiences larger fluctuations and is considered to be riskier than IQSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFXI	IQSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.27%	4.78%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	13.17%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	15.58%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	16.39%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	19.00%	-2.35%

HFXI vs. IQSI - Expense Ratio Comparison

HFXI has a 0.20% expense ratio, which is higher than IQSI's 0.15% 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. IQSI - Dividend Comparison

HFXI's dividend yield for the trailing twelve months is around 3.22%, more than IQSI's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.22%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
IQSI IQ Candriam ESG International Equity ETF	2.69%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFXI and IQSI in my portfolio?

With a correlation of 0.93, HFXI and IQSI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HFXI or IQSI?

HFXI has higher volatility (6.27%) compared to IQSI (4.78%). In terms of maximum drawdown, HFXI dropped -32.42% vs IQSI's -31.90%.

Which ETF is better, HFXI or IQSI?

On 5-year performance, HFXI leads with 12.98% vs 8.43% for IQSI. On fees, IQSI is cheaper at 0.15% per year. On volatility, IQSI has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFXI or IQSI?

Over the 5-year period, HFXI has performed better with a 12.98% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFXI or IQSI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.20% for HFXI.

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

HFXI has the higher dividend yield at 3.22%, compared with 2.69% for IQSI.

What is the main difference between HFXI and IQSI?

HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index, while IQSI tracks IQ Candriam ESG International Equity Index. Their fees differ too: 0.20% for HFXI and 0.15% for IQSI.

Which has better risk-adjusted returns?

HFXI currently has the higher Sharpe Ratio (2.59 vs 1.52), 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.