REFA vs. IDHQ
REFA (Columbia Research Enhanced International Equity ETF) and IDHQ (Invesco S&P International Developed High Quality ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while IDHQ tracks the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. REFA charges 0.32%/yr vs 0.29%/yr for IDHQ.
Performance
REFA vs. IDHQ - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 10.09% return, which is significantly lower than IDHQ's 24.14% return.
REFA
- 1D
- -0.38%
- 1M
- -0.31%
- 6M
- 6.14%
- YTD
- 10.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IDHQ
- 1D
- -0.25%
- 1M
- 1.40%
- 6M
- 17.71%
- YTD
- 24.14%
- 1Y
- 35.93%
- 3Y*
- 18.62%
- 5Y*
- 9.52%
- 10Y*
- 10.56%
REFA vs. IDHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 10.09% | 0.33% |
IDHQ Invesco S&P International Developed High Quality ETF | 24.14% | 0.91% |
Correlation
The correlation between REFA and IDHQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.90 |
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Return for Risk
REFA vs. IDHQ — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IDHQ
REFA vs. IDHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and Invesco S&P International Developed High Quality ETF (IDHQ). 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.
| REFA | IDHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.32 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.69 | — |
| Martin ratioReturn relative to average drawdown | — | 10.55 | — |
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Drawdowns
REFA vs. IDHQ - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum IDHQ drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for REFA and IDHQ.
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Drawdown Indicators
| REFA | IDHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -73.84% | +62.61% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.44% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.07% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.54% | — |
Current DrawdownCurrent decline from peak | -1.98% | -2.44% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -21.07% | +18.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.41% | — |
Volatility
REFA vs. IDHQ - Volatility Comparison
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Volatility by Period
| REFA | IDHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.73% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 18.90% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.32% | 20.74% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.32% | 17.83% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 17.96% | +0.36% |
REFA vs. IDHQ - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is higher than IDHQ's 0.29% expense ratio.
Dividends
REFA vs. IDHQ - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than IDHQ's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDHQ Invesco S&P International Developed High Quality ETF | 2.04% | 2.46% | 2.41% | 2.52% | 3.33% | 2.10% | 1.60% | 2.10% | 2.67% | 1.68% | 2.36% | 1.71% |
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, REFA and IDHQ 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.
On fees, IDHQ is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IDHQ is cheaper with a 0.29% expense ratio, compared with 0.32% for REFA.
IDHQ has the higher dividend yield at 2.04%, compared with 0.03% for REFA.
REFA tracks Beta Advantage Research Enhanced International Equity Index, while IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. They also come from different issuers: Columbia Threadneedle and Invesco. Their fees differ too: 0.32% for REFA and 0.29% for IDHQ.
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