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HIGH.L vs. EFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HIGH.L vs. EFA

Last updated Jun 5, 2026

HIGH.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - HIGH.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 5 years, HIGH.L returned 2.71%/yr vs 9.47%/yr for EFA. A 0.52 correlation means they provide meaningful diversification when combined. HIGH.L charges 0.50%/yr vs 0.32%/yr for EFA.

Performance

HIGH.L vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HIGH.L is traded in EUR, while EFA is traded in USD. To make them comparable, the EFA values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HIGH.L achieves a 1.03% return, which is significantly lower than EFA's 10.53% return.

HIGH.L

1D
0.13%
1M
0.90%
YTD
1.03%
6M
1.37%
1Y
3.20%
3Y*
6.34%
5Y*
2.71%
10Y*
—

EFA

1D
0.66%
1M
3.54%
YTD
10.53%
6M
11.82%
1Y
19.44%
3Y*
13.86%
5Y*
9.47%
10Y*
8.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HIGH.L vs. EFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HIGH.L
iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)		1.03%4.81%5.78%11.51%-9.32%2.82%1.10%9.76%-3.46%0.37%
EFA
iShares MSCI EAFE ETF		10.53%15.94%10.32%14.81%-9.08%19.78%-1.27%24.80%-9.78%3.13%

Correlation

The correlation between HIGH.L and EFA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 26, 2017

0.52

The correlation between HIGH.L and EFA has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

HIGH.L vs. EFA - Sectors Allocation Comparison

Sectors
HIGH.L
EFA

Financial Services

100.0%
24.6%

Basic Materials

-

5.9%

Communication Services

-

4.5%

Consumer Cyclical

-

7.6%

Consumer Defensive

-

6.7%

Energy

-

4.0%

Healthcare

-

10.6%

Industrials

-

19.9%

Real Estate

-

1.9%

Technology

-

10.4%

Utilities

-

4.0%

Financial Services

HIGH.L
100.0%
EFA
24.6%

Basic Materials

HIGH.L

-

EFA
5.9%

Communication Services

HIGH.L

-

EFA
4.5%

Consumer Cyclical

HIGH.L

-

EFA
7.6%

Consumer Defensive

HIGH.L

-

EFA
6.7%

Energy

HIGH.L

-

EFA
4.0%

Healthcare

HIGH.L

-

EFA
10.6%

Industrials

HIGH.L

-

EFA
19.9%

Real Estate

HIGH.L

-

EFA
1.9%

Technology

HIGH.L

-

EFA
10.4%

Utilities

HIGH.L

-

EFA
4.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)

iShares MSCI EAFE ETF

Often compared with HIGH.L:
HIGH.L vs. SGOVHIGH.L vs. ARCCHIGH.L vs. EUNW.DEHIGH.L vs. SPYIHIGH.L vs. JEPQHIGH.L vs. SPYHIGH.L vs. IEAA.L
Often compared with EFA:
EFA vs. IEFAEFA vs. VEAEFA vs. EFGEFA vs. XEF.TOEFA vs. EFAVEFA vs. IEUREFA vs. EFO

Return for Risk

HIGH.L vs. EFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HIGH.L
HIGH.L Risk / Return Rank: 2727
Overall Rank
HIGH.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
HIGH.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
HIGH.L Omega Ratio Rank: 2727
Omega Ratio Rank
HIGH.L Calmar Ratio Rank: 2424
Calmar Ratio Rank
HIGH.L Martin Ratio Rank: 3232
Martin Ratio Rank
EFA
EFA Risk / Return Rank: 4242
Overall Rank
EFA Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EFA Sortino Ratio Rank: 4242
Sortino Ratio Rank
EFA Omega Ratio Rank: 4141
Omega Ratio Rank
EFA Calmar Ratio Rank: 4040
Calmar Ratio Rank
EFA Martin Ratio Rank: 4444
Martin Ratio Rank
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.

HIGH.L vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) and iShares MSCI EAFE ETF (EFA). 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.

HIGH.LEFADifference
Sharpe ratioReturn per unit of total volatility
0.92
1.48

-0.56

Sortino ratioReturn per unit of downside risk
1.47
2.10

-0.63

Omega ratioGain probability vs. loss probability

1.18

1.28

-0.10

Calmar ratioReturn relative to maximum drawdown

1.11

2.03

-0.93

Martin ratioReturn relative to average drawdown

4.65

8.12

-3.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIGH.L vs. EFA - Sharpe Ratio Comparison

The current HIGH.L Sharpe Ratio is 0.92, which is lower than the EFA Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of HIGH.L and EFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HIGH.LEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

1.48

-0.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.68

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.56

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.29

+0.08

Drawdowns

HIGH.L vs. EFA - Drawdown Comparison

The maximum HIGH.L drawdown since its inception was -25.42%, smaller than the maximum EFA drawdown of -55.58%. Use the drawdown chart below to compare losses from any high point for HIGH.L and EFA.

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Drawdown Indicators

HIGH.LEFADifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-55.58%

+30.16%

Max Drawdown (1Y)

Largest decline over 1 year

-2.88%

-9.60%

+6.72%

Max Drawdown (3Y)

Largest decline over 3 years

-3.70%

-15.70%

+12.00%

Max Drawdown (5Y)

Largest decline over 5 years

-14.64%

-17.18%

+2.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.89%

—

Current Drawdown

Current decline from peak

-0.14%

-0.03%

-0.11%

Average Drawdown

Average peak-to-trough decline

-2.72%

-11.02%

+8.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

2.40%

-1.71%

Volatility

HIGH.L vs. EFA - Volatility Comparison

The current volatility for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) is 1.09%, while iShares MSCI EAFE ETF (EFA) has a volatility of 3.97%. This indicates that HIGH.L experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HIGH.LEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

1.09%

3.97%

-2.88%

Volatility (6M)

Calculated over the trailing 6-month period

2.91%

10.82%

-7.91%

Volatility (1Y)

Calculated over the trailing 1-year period

3.46%

13.18%

-9.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.32%

13.98%

-8.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.15%

15.99%

-8.84%

HIGH.L vs. EFA - Expense Ratio Comparison

HIGH.L has a 0.50% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

HIGH.L vs. EFA - Dividend Comparison

HIGH.L has not paid dividends to shareholders, while EFA's dividend yield for the trailing twelve months is around 3.09%.

PositionTTM20252024202320222021202020192018201720162015
EFA
iShares MSCI EAFE ETF		3.09%3.38%3.24%2.98%2.69%3.33%2.13%3.10%3.39%2.57%3.07%2.76%
HIGH.L
iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HIGH.L and EFA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EFA is cheaper with a 0.32% expense ratio, compared with 0.50% for HIGH.L.

HIGH.L is categorized as European High Yield Bonds, while EFA is Foreign Large Cap Equities. HIGH.L tracks Bloomberg Pan Euro HY Euro TR EUR, while EFA tracks MSCI EAFE Index (Net). Their fees differ too: 0.50% for HIGH.L and 0.32% for EFA.

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