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IGV vs. HEI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGV vs. HEI

Last updated Jun 13, 2026

IGV (iShares Expanded Tech-Software Sector ETF) is Technology Equities fund tracking the S&P North American Expanded Technology Software Index, while HEI (HEICO Corporation) is a stock. Over the past 10 years, IGV returned 15.87%/yr vs 25.98%/yr for HEI. At a 0.44 correlation, their price movements are largely independent.

Performance

IGV vs. HEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Expanded Tech-Software Sector ETF (IGV) and HEICO Corporation (HEI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGV achieves a -14.18% return, which is significantly lower than HEI's 2.52% return. Over the past 10 years, IGV has underperformed HEI with an annualized return of 15.87%, while HEI has yielded a comparatively higher 25.98% annualized return.

IGV

1D
-0.24%
1M
2.37%
YTD
-14.18%
6M
-16.00%
1Y
-15.27%
3Y*
10.04%
5Y*
3.91%
10Y*
15.87%

HEI

1D
-2.24%
1M
13.64%
YTD
2.52%
6M
6.84%
1Y
9.12%
3Y*
26.36%
5Y*
18.39%
10Y*
25.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGV vs. HEI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGV
iShares Expanded Tech-Software Sector ETF		-14.18%5.56%23.41%58.56%-35.65%12.30%52.86%34.33%12.44%42.16%
HEI
HEICO Corporation		2.52%36.22%33.05%16.56%6.67%9.06%16.16%47.54%28.51%53.04%

Correlation

The correlation between IGV and HEI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.30

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

0.39

Correlation (10Y)
Calculated over the trailing 10-year period

0.40

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2001

0.44

Over the past year, the correlation between IGV and HEI has dropped to 0.17 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

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iShares Expanded Tech-Software Sector ETF

HEICO Corporation

Often compared with IGV:
IGV vs. QQQIGV vs. XSWIGV vs. SOXXIGV vs. VGTIGV vs. XLKIGV vs. SMHXIGV vs. VOO
Often compared with HEI:
HEI vs. TDGHEI vs. HEI-AHEI vs. CWHEI vs. AXONHEI vs. HIIHEI vs. KLACHEI vs. LDOS

Return for Risk

IGV vs. HEI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGV
IGV Risk / Return Rank: 55
Overall Rank
IGV Sharpe Ratio Rank: 55
Sharpe Ratio Rank
IGV Sortino Ratio Rank: 55
Sortino Ratio Rank
IGV Omega Ratio Rank: 55
Omega Ratio Rank
IGV Calmar Ratio Rank: 66
Calmar Ratio Rank
IGV Martin Ratio Rank: 66
Martin Ratio Rank
HEI
HEI Risk / Return Rank: 5050
Overall Rank
HEI Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
HEI Sortino Ratio Rank: 4848
Sortino Ratio Rank
HEI Omega Ratio Rank: 4848
Omega Ratio Rank
HEI Calmar Ratio Rank: 5151
Calmar Ratio Rank
HEI Martin Ratio Rank: 5252
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.

IGV vs. HEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Expanded Tech-Software Sector ETF (IGV) and HEICO Corporation (HEI). 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.

IGVHEIDifference
Sharpe ratioReturn per unit of total volatility
-0.55
0.27

-0.82

Sortino ratioReturn per unit of downside risk
-0.61
0.65

-1.26

Omega ratioGain probability vs. loss probability

0.93

1.08

-0.16

Calmar ratioReturn relative to maximum drawdown

-0.42

0.34

-0.76

Martin ratioReturn relative to average drawdown

-0.87

0.82

-1.69

IGV vs. HEI - Sharpe Ratio Comparison

The current IGV Sharpe Ratio is -0.55, which is lower than the HEI Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of IGV and HEI, 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

IGV vs. HEI - Drawdown Comparison

The maximum IGV drawdown since its inception was -63.45%, smaller than the maximum HEI drawdown of -75.50%. Use the drawdown chart below to compare losses from any high point for IGV and HEI.

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Drawdown Indicators

IGVHEIDifference

Max Drawdown

Largest peak-to-trough decline

-63.45%

-75.50%

+12.05%

Max Drawdown (1Y)

Largest decline over 1 year

-36.61%

-27.11%

-9.50%

Max Drawdown (3Y)

Largest decline over 3 years

-36.61%

-27.11%

-9.50%

Max Drawdown (5Y)

Largest decline over 5 years

-45.85%

-27.11%

-18.74%

Max Drawdown (10Y)

Largest decline over 10 years

-45.85%

-57.73%

+11.88%

Current Drawdown

Current decline from peak

-23.00%

-7.38%

-15.62%

Average Drawdown

Average peak-to-trough decline

-14.45%

-19.95%

+5.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.55%

11.18%

+6.37%

Volatility

IGV vs. HEI - Volatility Comparison

The current volatility for iShares Expanded Tech-Software Sector ETF (IGV) is 12.57%, while HEICO Corporation (HEI) has a volatility of 14.84%. This indicates that IGV experiences smaller price fluctuations and is considered to be less risky than HEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGVHEIDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.57%

14.84%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

24.80%

27.73%

-2.93%

Volatility (1Y)

Calculated over the trailing 1-year period

28.06%

33.32%

-5.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.92%

27.71%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.39%

30.65%

-4.26%

Dividends

IGV vs. HEI - Dividend Comparison

IGV has not paid dividends to shareholders, while HEI's dividend yield for the trailing twelve months is around 0.07%.

PositionTTM20252024202320222021202020192018201720162015
HEI
HEICO Corporation		0.07%0.07%0.09%0.11%0.12%0.12%0.12%0.12%0.14%0.08%0.22%0.28%
IGV
iShares Expanded Tech-Software Sector ETF		0.00%0.00%0.00%0.01%0.01%0.00%0.35%0.02%0.16%0.09%0.82%0.22%

Frequently Asked Questions

IGV and HEI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEI has higher volatility (14.84%) compared to IGV (12.57%). In terms of maximum drawdown, IGV dropped -63.45% vs HEI's -75.50%.

HEI currently has the higher Sharpe Ratio (0.27 vs -0.55), 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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