IQSI vs. HFXI

Last updated Jun 23, 2026

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

Performance

IQSI vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam ESG International Equity ETF (IQSI) 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, IQSI achieves a 11.05% return, which is significantly lower than HFXI's 20.17% return.

IQSI

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

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%

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

IQSI vs. HFXI - Yearly Performance Comparison

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

Correlation

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

IQSI vs. HFXI - Sectors Allocation Comparison

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

Return for Risk

IQSI vs. HFXI — Risk / Return Rank

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

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

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

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.

IQSI vs. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam ESG International Equity ETF (IQSI) 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.

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

IQSI vs. HFXI - Sharpe Ratio Comparison

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

IQSI vs. HFXI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

IQSI vs. HFXI - Volatility Comparison

The current volatility for IQ Candriam ESG International Equity ETF (IQSI) is 4.78%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 6.27%. This indicates that IQSI 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

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

IQSI vs. HFXI - Expense Ratio Comparison

IQSI has a 0.15% 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

IQSI vs. HFXI - Dividend Comparison

IQSI's dividend yield for the trailing twelve months is around 2.69%, less than HFXI's 3.22% 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 IQSI and HFXI in my portfolio?

With a correlation of 0.93, IQSI and HFXI 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, IQSI or HFXI?

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

Which ETF is better, IQSI or HFXI?

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, IQSI or HFXI?

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, IQSI or HFXI?

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

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

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

What is the main difference between IQSI and HFXI?

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

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.