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IEFA vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. HDV

Last updated Jul 26, 2026
Documentation

IEFA (iShares Core MSCI EAFE ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, IEFA returned 9.38%/yr vs 9.50%/yr for HDV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. IEFA charges 0.07%/yr vs 0.08%/yr for HDV.

Performance

IEFA vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEFA achieves a 9.45% return, which is significantly lower than HDV's 20.12% return. Both investments have delivered pretty close results over the past 10 years, with IEFA having a 9.38% annualized return and HDV not far ahead at 9.50%.

IEFA

1D
0.61%
1M
0.32%
6M
4.92%
YTD
9.45%
1Y
17.75%
3Y*
15.52%
5Y*
8.55%
10Y*
9.38%
ALL TIME*
8.38%

HDV

1D
1.23%
1M
4.76%
6M
13.60%
YTD
20.12%
1Y
24.04%
3Y*
15.34%
5Y*
12.15%
10Y*
9.50%
ALL TIME*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HDV

iShares Core High Dividend ETF
$163.75M$142.23M$95.79M

IEFA

iShares Core MSCI EAFE ETF
$895.79M$960.37M$950.39M

IEFA vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		9.45%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
HDV
iShares Core High Dividend ETF		20.12%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between IEFA and HDV is 0.20, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.20

Correlation (3Y)
Balances recent behavior with more history.

0.38

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.50

Correlation (10Y)
Provides a long-term view across more market conditions.

0.59

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.64

Over the past year, the correlation between IEFA and HDV has dropped to 0.20 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

IEFA vs. HDV - Sectors Allocation Comparison

Sectors
IEFA
HDV

Financial Services

25.5%
4.7%

Industrials

19.3%
2.8%

Technology

12.1%
0.9%

Healthcare

10.0%
23.9%

Consumer Cyclical

7.3%
9.3%

Consumer Defensive

6.5%
24.3%

Basic Materials

6.2%
0.8%

Energy

3.7%
19.8%

Utilities

3.5%
8.2%

Communication Services

3.4%
5.2%

Real Estate

2.2%

-

Financial Services

IEFA
25.5%
HDV
4.7%

Industrials

IEFA
19.3%
HDV
2.8%

Technology

IEFA
12.1%
HDV
0.9%

Healthcare

IEFA
10.0%
HDV
23.9%

Consumer Cyclical

IEFA
7.3%
HDV
9.3%

Consumer Defensive

IEFA
6.5%
HDV
24.3%

Basic Materials

IEFA
6.2%
HDV
0.8%

Energy

IEFA
3.7%
HDV
19.8%

Utilities

IEFA
3.5%
HDV
8.2%

Communication Services

IEFA
3.4%
HDV
5.2%

Real Estate

IEFA
2.2%
HDV

-

Compare stocks, funds, or ETFs

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

iShares Core MSCI EAFE ETF

iShares Core High Dividend ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

IEFA vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4747
Overall Rank
IEFA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4646
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4343
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5151
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 9090
Overall Rank
HDV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 8888
Omega Ratio Rank
HDV Calmar Ratio Rank: 9393
Calmar Ratio Rank
HDV Martin Ratio Rank: 8787
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.

IEFA vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and iShares Core High Dividend ETF (HDV). 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.

IEFAHDVDifference
Sharpe ratioReturn per unit of total volatility
1.14
2.24

-1.11

Sortino ratioReturn per unit of downside risk
1.67
3.39

-1.72

Omega ratioGain probability vs. loss probability

1.21

1.39

-0.18

Calmar ratioReturn relative to maximum drawdown

1.54

4.65

-3.12

Martin ratioReturn relative to average drawdown

5.85

12.72

-6.87

IEFA vs. HDV - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.14, which is lower than the HDV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of IEFA and HDV, 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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Drawdowns

IEFA vs. HDV - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for IEFA and HDV.

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Drawdown Indicators

IEFAHDVDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-37.04%

+2.26%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-5.18%

-6.32%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-10.49%

-3.27%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-15.42%

-14.99%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-37.04%

+2.26%

Current Drawdown

Current decline from peak

-2.00%

0.00%

-2.00%

Average Drawdown

Average peak-to-trough decline

-6.63%

-3.07%

-3.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

1.89%

+1.13%

Volatility

IEFA vs. HDV - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 4.00%, while iShares Core High Dividend ETF (HDV) has a volatility of 4.88%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

4.88%

-0.88%

Volatility (6M)

Calculated over the trailing 6-month period

13.48%

8.55%

+4.93%

Volatility (1Y)

Calculated over the trailing 1-year period

15.55%

10.74%

+4.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

12.93%

+3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

15.77%

+1.25%

IEFA vs. HDV - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than HDV's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEFA vs. HDV - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.41%, more than HDV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		3.07%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
IEFA
iShares Core MSCI EAFE ETF		3.41%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

IEFA and HDV have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (4.88%) compared to IEFA (4.00%). In terms of maximum drawdown, IEFA dropped -34.78% vs HDV's -37.04%.

On 10-year performance, HDV leads with 9.50% vs 9.38% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HDV has performed better with a 9.50% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.08% for HDV.

IEFA has the higher dividend yield at 3.41%, compared with 3.07% for HDV.

IEFA is categorized as Foreign Large Cap Equities, while HDV is Dividend. IEFA tracks MSCI EAFE IMI Index (Net), while HDV tracks Morningstar Dividend Yield Focus Index. Their fees differ too: 0.07% for IEFA and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.24 vs 1.14), 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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