MGIAX vs. HEFA

Last updated Jun 3, 2026

MGIAX (MFS International Intrinsic Value Fund) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, MGIAX returned 9.98%/yr vs 12.65%/yr for HEFA. A 0.75 correlation means they provide meaningful diversification when combined. MGIAX charges 0.96%/yr vs 0.35%/yr for HEFA.

Performance

MGIAX vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Intrinsic Value Fund (MGIAX) 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, MGIAX achieves a 6.47% return, which is significantly lower than HEFA's 10.74% return. Over the past 10 years, MGIAX has underperformed HEFA with an annualized return of 9.98%, while HEFA has yielded a comparatively higher 12.65% annualized return.

MGIAX

• 1D: -0.32%
• 1M: 1.95%
• YTD: 6.47%
• 6M: 8.70%
• 1Y: 19.33%
• 3Y*: 17.10%
• 5Y*: 7.64%
• 10Y*: 9.98%

HEFA

• 1D: 0.66%
• 1M: 4.11%
• YTD: 10.74%
• 6M: 13.13%
• 1Y: 26.32%
• 3Y*: 18.49%
• 5Y*: 13.71%
• 10Y*: 12.65%

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

MGIAX vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGIAX MFS International Intrinsic Value Fund	6.47%	32.75%	7.07%	17.76%	-23.24%	10.25%	20.16%	25.57%	-9.22%	26.82%
HEFA iShares Currency Hedged MSCI EAFE ETF	10.74%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between MGIAX and HEFA is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014	0.75

The correlation between MGIAX and HEFA has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

MGIAX vs. HEFA — Risk / Return Rank

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

MGIAX

MGIAX Risk / Return Rank: 24
MGIAX Sharpe Ratio Rank: 27
MGIAX Sortino Ratio Rank: 26
MGIAX Omega Ratio Rank: 26
MGIAX Calmar Ratio Rank: 20
MGIAX Martin Ratio Rank: 23

HEFA

HEFA Risk / Return Rank: 62
HEFA Sharpe Ratio Rank: 62
HEFA Sortino Ratio Rank: 62
HEFA Omega Ratio Rank: 64
HEFA Calmar Ratio Rank: 56
HEFA Martin Ratio Rank: 64

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.

MGIAX vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Intrinsic Value Fund (MGIAX) 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.

	MGIAX	HEFA	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.10	-0.58
Sortino ratio Return per unit of downside risk	2.18	2.94	-0.76
Omega ratio Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio Return relative to maximum drawdown	1.68	2.83	-1.14
Martin ratio Return relative to average drawdown	6.07	11.83	-5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGIAX vs. HEFA - Sharpe Ratio Comparison

The current MGIAX Sharpe Ratio is 1.52, which is comparable to the HEFA Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of MGIAX 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.

Sharpe Ratios by Period

	MGIAX	HEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.10	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	1.00	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.80	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.67	-0.12

Drawdowns

MGIAX vs. HEFA - Drawdown Comparison

The maximum MGIAX drawdown since its inception was -51.94%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for MGIAX and HEFA.

Drawdown Indicators

	MGIAX	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-51.94%	-32.39%	-19.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-9.52%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-13.57%	-14.28%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-37.13%	-14.79%	-22.34%
Max Drawdown (10Y) Largest decline over 10 years	-37.13%	-32.39%	-4.74%
Current Drawdown Current decline from peak	-2.99%	0.00%	-2.99%
Average Drawdown Average peak-to-trough decline	-8.63%	-4.17%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	2.28%	+1.17%

Volatility

MGIAX vs. HEFA - Volatility Comparison

MFS International Intrinsic Value Fund (MGIAX) and iShares Currency Hedged MSCI EAFE ETF (HEFA) have volatilities of 4.05% and 4.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGIAX	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.17%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	10.13%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.88%	12.59%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	13.76%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	15.86%	-0.21%

MGIAX vs. HEFA - Expense Ratio Comparison

MGIAX has a 0.96% expense ratio, which is higher than HEFA's 0.35% expense ratio.

Dividends

MGIAX vs. HEFA - Dividend Comparison

MGIAX's dividend yield for the trailing twelve months is around 7.78%, more than HEFA's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEFA iShares Currency Hedged MSCI EAFE ETF	3.97%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%
MGIAX MFS International Intrinsic Value Fund	7.78%	8.28%	12.79%	11.81%	14.57%	7.59%	5.30%	3.89%	4.41%	2.48%	1.62%	3.10%

Frequently Asked Questions

Can I hold both MGIAX and HEFA in my portfolio?

MGIAX and HEFA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGIAX or HEFA?

HEFA has higher volatility (4.17%) compared to MGIAX (4.05%). In terms of maximum drawdown, MGIAX dropped -51.94% vs HEFA's -32.39%.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.10 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.