LRGF vs. HEFA

Last updated Jul 26, 2026

LRGF (iShares MSCI USA Multifactor ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - LRGF is a Large Cap Blend Equities fund tracking the MSCI USA Diversified Multi-Factor, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, LRGF returned 13.48%/yr vs 12.70%/yr for HEFA. Their 0.76 correlation means they have sometimes moved together and sometimes differently. LRGF charges 0.20%/yr vs 0.35%/yr for HEFA.

Performance

LRGF vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Multifactor ETF (LRGF) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LRGF achieves a 8.94% return, which is significantly lower than HEFA's 13.57% return. Over the past 10 years, LRGF has outperformed HEFA with an annualized return of 13.48%, while HEFA has yielded a comparatively lower 12.70% annualized return.

LRGF

• 1D: 0.09%
• 1M: 1.20%
• 6M: 8.82%
• YTD: 8.94%
• 1Y: 15.34%
• 3Y*: 19.41%
• 5Y*: 13.20%
• 10Y*: 13.48%
• ALL TIME*: 12.23%

HEFA

• 1D: 0.51%
• 1M: 0.73%
• 6M: 10.08%
• YTD: 13.57%
• 1Y: 26.09%
• 3Y*: 18.91%
• 5Y*: 13.96%
• 10Y*: 12.70%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEFA iShares Currency Hedged MSCI EAFE ETF	$39.23M	$30.73M	$26.09M
LRGF iShares MSCI USA Multifactor ETF	$11.35M	$13.93M	$11.55M

LRGF vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LRGF iShares MSCI USA Multifactor ETF	8.94%	16.48%	26.59%	25.85%	-14.77%	25.01%	11.11%	26.11%	-9.66%	21.13%
HEFA iShares Currency Hedged MSCI EAFE ETF	13.57%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between LRGF and HEFA is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015	0.76

The correlation between LRGF and HEFA has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

LRGF vs. HEFA - Sectors Allocation Comparison

Sectors	LRGF	HEFA
Technology	37.3%	12.0%
Financial Services	11.7%	25.9%
Consumer Cyclical	10.5%	7.2%
Communication Services	10.0%	3.5%
Healthcare	9.4%	10.4%
Industrials	8.3%	18.9%
Consumer Defensive	4.9%	6.8%
Energy	3.1%	3.7%
Utilities	2.0%	3.7%
Basic Materials	1.8%	5.9%
Real Estate	1.1%	1.7%

Return for Risk

LRGF vs. HEFA — Risk / Return Rank

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

LRGF

LRGF Risk / Return Rank: 52
LRGF Sharpe Ratio Rank: 52
LRGF Sortino Ratio Rank: 51
LRGF Omega Ratio Rank: 50
LRGF Calmar Ratio Rank: 51
LRGF Martin Ratio Rank: 59

HEFA

HEFA Risk / Return Rank: 83
HEFA Sharpe Ratio Rank: 86
HEFA Sortino Ratio Rank: 86
HEFA Omega Ratio Rank: 86
HEFA Calmar Ratio Rank: 76
HEFA Martin Ratio Rank: 83

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.

LRGF vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Multifactor ETF (LRGF) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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.

	LRGF	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.03	-0.78
Sortino ratio: Return per unit of downside risk	1.77	2.81	-1.04
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio: Return relative to maximum drawdown	1.78	2.77	-1.00
Martin ratio: Return relative to average drawdown	6.95	11.52	-4.57

LRGF vs. HEFA - Sharpe Ratio Comparison

The current LRGF Sharpe Ratio is 1.25, which is lower than the HEFA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of LRGF and HEFA, 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

LRGF vs. HEFA - Drawdown Comparison

The maximum LRGF drawdown since its inception was -36.03%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for LRGF and HEFA.

Drawdown Indicators

	LRGF	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-36.03%	-32.39%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-9.52%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-14.28%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.62%	-14.79%	-6.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.03%	-32.39%	-3.64%
Current Drawdown Current decline from peak	-2.11%	-1.12%	-0.99%
Average Drawdown Average peak-to-trough decline	-4.51%	-4.13%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.29%	-0.01%

Volatility

LRGF vs. HEFA - Volatility Comparison

The current volatility for iShares MSCI USA Multifactor ETF (LRGF) is 2.90%, while iShares Currency Hedged MSCI EAFE ETF (HEFA) has a volatility of 3.21%. This indicates that LRGF experiences smaller price fluctuations and is considered to be less risky than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LRGF	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	3.21%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	10.72%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	13.05%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	13.82%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	15.66%	+2.62%

LRGF vs. HEFA - Expense Ratio Comparison

LRGF has a 0.20% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

LRGF vs. HEFA - Dividend Comparison

LRGF's dividend yield for the trailing twelve months is around 1.09%, less than HEFA's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEFA iShares Currency Hedged MSCI EAFE ETF	4.04%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%
LRGF iShares MSCI USA Multifactor ETF	1.09%	1.16%	1.23%	1.49%	1.78%	1.05%	1.35%	1.76%	3.27%	1.68%	1.56%	0.83%

Frequently Asked Questions

Can I hold both LRGF and HEFA in my portfolio?

LRGF and HEFA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LRGF or HEFA?

HEFA has higher volatility (3.21%) compared to LRGF (2.90%). In terms of maximum drawdown, LRGF dropped -36.03% vs HEFA's -32.39%.

Which ETF is better, LRGF or HEFA?

On 10-year performance, LRGF leads with 13.48% vs 12.70% for HEFA. On fees, LRGF is cheaper at 0.20% per year. On volatility, LRGF has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LRGF or HEFA?

Over the 10-year period, LRGF has performed better with a 13.48% return vs 12.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LRGF or HEFA?

LRGF is cheaper with a 0.20% expense ratio, compared with 0.35% for HEFA.

Which ETF pays a higher dividend yield, LRGF or HEFA?

HEFA has the higher dividend yield at 4.04%, compared with 1.09% for LRGF.

What is the main difference between LRGF and HEFA?

LRGF is categorized as Large Cap Blend Equities, while HEFA is Foreign Large Cap Equities. LRGF tracks MSCI USA Diversified Multi-Factor, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. Their fees differ too: 0.20% for LRGF and 0.35% for HEFA.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.25), 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.