ILCV vs. HFXI

Last updated Jul 21, 2026

ILCV (iShares Morningstar Value ETF) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both exchange-traded funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index, while HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index. Both are passively managed. Over the past 10 years, ILCV returned 11.48%/yr vs 11.03%/yr for HFXI. A 0.73 correlation means they provide meaningful diversification when combined. ILCV charges 0.04%/yr vs 0.20%/yr for HFXI.

Performance

ILCV vs. HFXI - Performance Comparison

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

Returns By Period

In the year-to-date period, ILCV achieves a 10.57% return, which is significantly lower than HFXI's 13.95% return. Both investments have delivered pretty close results over the past 10 years, with ILCV having a 11.48% annualized return and HFXI not far behind at 11.03%.

ILCV

• 1D: -0.36%
• 1M: 2.42%
• 6M: 8.38%
• YTD: 10.57%
• 1Y: 25.05%
• 3Y*: 17.20%
• 5Y*: 12.21%
• 10Y*: 11.48%
• ALL TIME*: 8.66%

HFXI

• 1D: -0.49%
• 1M: -5.10%
• 6M: 8.59%
• YTD: 13.95%
• 1Y: 29.40%
• 3Y*: 18.31%
• 5Y*: 11.89%
• 10Y*: 11.03%
• ALL TIME*: 9.15%

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

ILCV vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCV iShares Morningstar Value ETF	10.57%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%
HFXI IQ 50 Percent Hedged FTSE International ETF	13.95%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Correlation

The correlation between ILCV and HFXI is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 22, 2015	0.73

The correlation between ILCV and HFXI shifts across timeframes, from 0.65 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

ILCV vs. HFXI - Sectors Allocation Comparison

Sectors	ILCV	HFXI
Technology	22.6%	17.9%
Financial Services	18.3%	21.9%
Healthcare	12.6%	9.0%
Communication Services	9.9%	3.5%
Consumer Cyclical	9.6%	7.9%
Consumer Defensive	7.3%	6.0%
Industrials	6.8%	19.2%
Energy	5.5%	3.2%
Utilities	3.4%	3.2%
Basic Materials	2.1%	6.0%
Real Estate	1.9%	2.3%

Return for Risk

ILCV vs. HFXI — Risk / Return Rank

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

ILCV

ILCV Risk / Return Rank: 91
ILCV Sharpe Ratio Rank: 92
ILCV Sortino Ratio Rank: 92
ILCV Omega Ratio Rank: 91
ILCV Calmar Ratio Rank: 88
ILCV Martin Ratio Rank: 91

HFXI

HFXI Risk / Return Rank: 75
HFXI Sharpe Ratio Rank: 76
HFXI Sortino Ratio Rank: 73
HFXI Omega Ratio Rank: 77
HFXI Calmar Ratio Rank: 73
HFXI Martin Ratio Rank: 75

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.

ILCV vs. HFXI - Risk-Adjusted Trends Comparison

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

	ILCV	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.81	+0.71
Sortino ratio: Return per unit of downside risk	3.56	2.49	+1.08
Omega ratio: Gain probability vs. loss probability	1.46	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	3.84	2.72	+1.12
Martin ratio: Return relative to average drawdown	15.71	10.22	+5.49

ILCV vs. HFXI - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.52, which is higher than the HFXI Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ILCV and HFXI, 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

ILCV vs. HFXI - Drawdown Comparison

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

Drawdown Indicators

	ILCV	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-32.42%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-10.84%	+4.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-13.52%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-22.35%	+3.77%
Max Drawdown (10Y) Largest decline over 10 years	-35.53%	-32.42%	-3.11%
Current Drawdown Current decline from peak	-1.01%	-5.17%	+4.16%
Average Drawdown Average peak-to-trough decline	-9.27%	-5.42%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	2.88%	-1.28%

Volatility

ILCV vs. HFXI - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.36%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 5.93%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILCV	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	5.93%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	14.58%	-7.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.00%	16.37%	-6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	15.16%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.57%	+0.06%

ILCV vs. HFXI - Expense Ratio Comparison

ILCV has a 0.04% expense ratio, which is lower than HFXI's 0.20% 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

ILCV vs. HFXI - Dividend Comparison

ILCV's dividend yield for the trailing twelve months is around 1.58%, less than HFXI's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.40%	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	1.58%	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 ILCV and HFXI in my portfolio?

ILCV and HFXI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCV or HFXI?

HFXI has higher volatility (5.93%) compared to ILCV (2.36%). In terms of maximum drawdown, ILCV dropped -58.63% vs HFXI's -32.42%.

Which ETF is better, ILCV or HFXI?

On 10-year performance, ILCV leads with 11.48% vs 11.03% for HFXI. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCV or HFXI?

Over the 10-year period, ILCV has performed better with a 11.48% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCV or HFXI?

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

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

HFXI has the higher dividend yield at 3.40%, compared with 1.58% for ILCV.

What is the main difference between ILCV and HFXI?

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

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.52 vs 1.81), 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.