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TPE.TO vs. HEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPE.TO vs. HEFA

Last updated Jun 4, 2026

TPE.TO (TD International Equity Index ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - TPE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR), 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, TPE.TO returned 9.84%/yr vs 13.41%/yr for HEFA. A 0.64 correlation means they provide meaningful diversification when combined. TPE.TO charges 0.19%/yr vs 0.35%/yr for HEFA.

Performance

TPE.TO vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity Index ETF (TPE.TO) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TPE.TO is traded in CAD, while HEFA is traded in USD. To make them comparable, the HEFA values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TPE.TO achieves a 9.84% return, which is significantly lower than HEFA's 11.64% return. Over the past 10 years, TPE.TO has underperformed HEFA with an annualized return of 9.84%, while HEFA has yielded a comparatively higher 13.41% annualized return.

TPE.TO

1D
-0.43%
1M
5.26%
YTD
9.84%
6M
10.54%
1Y
23.20%
3Y*
17.84%
5Y*
11.09%
10Y*
9.84%

HEFA

1D
-0.04%
1M
6.74%
YTD
11.64%
6M
12.05%
1Y
27.58%
3Y*
19.69%
5Y*
16.77%
10Y*
13.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPE.TO vs. HEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TPE.TO
TD International Equity Index ETF		9.84%25.30%12.36%15.65%-9.18%10.41%6.19%16.38%-6.63%17.27%
HEFA
iShares Currency Hedged MSCI EAFE ETF		11.64%18.86%23.48%17.68%1.92%18.51%0.37%21.36%-1.64%9.24%

Correlation

The correlation between TPE.TO and HEFA is 0.77, 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

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2016

0.64

The correlation between TPE.TO and HEFA shifts across timeframes, from 0.64 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

TPE.TO vs. HEFA - Sectors Allocation Comparison

Sectors
TPE.TO
HEFA

Financial Services

24.0%
24.3%

Industrials

19.8%
19.3%

Technology

10.4%
11.0%

Healthcare

10.4%
10.1%

Consumer Cyclical

7.8%
7.4%

Consumer Defensive

6.7%
6.8%

Basic Materials

6.1%
6.2%

Communication Services

4.5%
4.4%

Energy

4.2%
3.8%

Utilities

3.9%
3.7%

Real Estate

2.2%
1.8%

Financial Services

TPE.TO
24.0%
HEFA
24.3%

Industrials

TPE.TO
19.8%
HEFA
19.3%

Technology

TPE.TO
10.4%
HEFA
11.0%

Healthcare

TPE.TO
10.4%
HEFA
10.1%

Consumer Cyclical

TPE.TO
7.8%
HEFA
7.4%

Consumer Defensive

TPE.TO
6.7%
HEFA
6.8%

Basic Materials

TPE.TO
6.1%
HEFA
6.2%

Communication Services

TPE.TO
4.5%
HEFA
4.4%

Energy

TPE.TO
4.2%
HEFA
3.8%

Utilities

TPE.TO
3.9%
HEFA
3.7%

Real Estate

TPE.TO
2.2%
HEFA
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD International Equity Index ETF

iShares Currency Hedged MSCI EAFE ETF

Often compared with TPE.TO:
TPE.TO vs. VIU.TOTPE.TO vs. XEF.TOTPE.TO vs. TPU.TOTPE.TO vs. ZEA.TOTPE.TO vs. VIDY.TOTPE.TO vs. GSIDTPE.TO vs. AVDV
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEWJHEFA vs. HEZU

Return for Risk

TPE.TO vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TPE.TO
TPE.TO Risk / Return Rank: 4545
Overall Rank
TPE.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
TPE.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
TPE.TO Omega Ratio Rank: 4646
Omega Ratio Rank
TPE.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
TPE.TO Martin Ratio Rank: 4848
Martin Ratio Rank
HEFA
HEFA Risk / Return Rank: 6060
Overall Rank
HEFA Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 6060
Sortino Ratio Rank
HEFA Omega Ratio Rank: 6262
Omega Ratio Rank
HEFA Calmar Ratio Rank: 5454
Calmar Ratio Rank
HEFA Martin Ratio Rank: 6262
Martin Ratio Rank
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.

TPE.TO vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity Index ETF (TPE.TO) 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.

TPE.TOHEFADifference
Sharpe ratioReturn per unit of total volatility
1.57
2.13

-0.57

Sortino ratioReturn per unit of downside risk
2.27
2.94

-0.68

Omega ratioGain probability vs. loss probability

1.29

1.39

-0.10

Calmar ratioReturn relative to maximum drawdown

2.06

3.01

-0.95

Martin ratioReturn relative to average drawdown

7.95

12.54

-4.59

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPE.TO vs. HEFA - Sharpe Ratio Comparison

The current TPE.TO Sharpe Ratio is 1.57, which is comparable to the HEFA Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TPE.TO 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.

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Sharpe Ratios by Period

TPE.TOHEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

2.13

-0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

1.33

-0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.92

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.85

-0.20

Drawdowns

TPE.TO vs. HEFA - Drawdown Comparison

The maximum TPE.TO drawdown since its inception was -27.42%, roughly equal to the maximum HEFA drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for TPE.TO and HEFA.

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Drawdown Indicators

TPE.TOHEFADifference

Max Drawdown

Largest peak-to-trough decline

-27.42%

-28.48%

+1.06%

Max Drawdown (1Y)

Largest decline over 1 year

-11.33%

-9.22%

-2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-14.41%

-15.07%

+0.66%

Max Drawdown (5Y)

Largest decline over 5 years

-24.81%

-15.07%

-9.74%

Max Drawdown (10Y)

Largest decline over 10 years

-27.42%

-28.48%

+1.06%

Current Drawdown

Current decline from peak

-3.37%

-0.04%

-3.33%

Average Drawdown

Average peak-to-trough decline

-4.42%

-3.90%

-0.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.20%

+0.73%

Volatility

TPE.TO vs. HEFA - Volatility Comparison

TD International Equity Index ETF (TPE.TO) has a higher volatility of 6.99% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.92%. This indicates that TPE.TO's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TPE.TOHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.99%

3.92%

+3.07%

Volatility (6M)

Calculated over the trailing 6-month period

12.56%

10.35%

+2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

14.90%

12.99%

+1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.05%

12.65%

+1.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.90%

14.65%

+0.25%

TPE.TO vs. HEFA - Expense Ratio Comparison

TPE.TO has a 0.19% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

TPE.TO vs. HEFA - Dividend Comparison

TPE.TO's dividend yield for the trailing twelve months is around 2.13%, less than HEFA's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
HEFA
iShares Currency Hedged MSCI EAFE ETF		3.99%4.40%3.09%3.02%25.14%3.06%2.10%7.56%4.58%2.55%3.17%3.54%
TPE.TO
TD International Equity Index ETF		2.13%2.30%2.37%2.66%2.89%2.41%2.42%2.60%2.94%2.35%2.21%0.00%

Frequently Asked Questions

TPE.TO and HEFA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TPE.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TPE.TO is cheaper with a 0.19% expense ratio, compared with 0.35% for HEFA.

TPE.TO is categorized as International Equity, while HEFA is Foreign Large Cap Equities. TPE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR), while HEFA tracks MSCI EAFE 100% Hedged to USD Index. They also come from different issuers: TD and iShares. Their fees differ too: 0.19% for TPE.TO and 0.35% for HEFA.

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