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

XFH.TO vs. HEFA

Last updated Jun 4, 2026

XFH.TO (iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - XFH.TO is a Global Equities fund tracking the Morningstar DM xNA GR CAD, 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, XFH.TO returned 10.13%/yr vs 13.41%/yr for HEFA. A 0.69 correlation means they provide meaningful diversification when combined. XFH.TO charges 0.22%/yr vs 0.35%/yr for HEFA.

Performance

XFH.TO vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.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

XFH.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, XFH.TO achieves a 9.22% return, which is significantly lower than HEFA's 11.64% return. Over the past 10 years, XFH.TO has underperformed HEFA with an annualized return of 10.13%, while HEFA has yielded a comparatively higher 13.41% annualized return.

XFH.TO

1D
-0.46%
1M
4.38%
YTD
9.22%
6M
11.32%
1Y
22.60%
3Y*
16.07%
5Y*
10.16%
10Y*
10.13%

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)

XFH.TO vs. HEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XFH.TO
iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)		9.22%21.68%11.68%18.28%-6.60%12.13%0.84%23.05%-10.97%17.50%
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 XFH.TO and HEFA is 0.81, 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

0.81

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

0.81

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

0.77

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

0.75

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2015

0.69

The correlation between XFH.TO and HEFA shifts across timeframes, from 0.69 (all time) to 0.81 (1 year), reflecting how their relationship changes across market environments.

XFH.TO vs. HEFA - Sectors Allocation Comparison

Sectors
XFH.TO
HEFA

Financial Services

22.9%
24.3%

Industrials

20.5%
19.3%

Technology

10.2%
11.0%

Healthcare

9.8%
10.1%

Consumer Cyclical

8.2%
7.4%

Basic Materials

6.6%
6.2%

Consumer Defensive

6.4%
6.8%

Communication Services

4.5%
4.4%

Energy

4.0%
3.8%

Utilities

3.8%
3.7%

Real Estate

3.1%
1.8%

Financial Services

XFH.TO
22.9%
HEFA
24.3%

Industrials

XFH.TO
20.5%
HEFA
19.3%

Technology

XFH.TO
10.2%
HEFA
11.0%

Healthcare

XFH.TO
9.8%
HEFA
10.1%

Consumer Cyclical

XFH.TO
8.2%
HEFA
7.4%

Basic Materials

XFH.TO
6.6%
HEFA
6.2%

Consumer Defensive

XFH.TO
6.4%
HEFA
6.8%

Communication Services

XFH.TO
4.5%
HEFA
4.4%

Energy

XFH.TO
4.0%
HEFA
3.8%

Utilities

XFH.TO
3.8%
HEFA
3.7%

Real Estate

XFH.TO
3.1%
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.

iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)

iShares Currency Hedged MSCI EAFE ETF

Often compared with XFH.TO:
XFH.TO vs. XEF.TOXFH.TO vs. XIN.TOXFH.TO vs. XLCXFH.TO vs. VIU.TOXFH.TO vs. VEQT.TOXFH.TO vs. QQC.TOXFH.TO vs. VOO
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEWJHEFA vs. HEZU

Return for Risk

XFH.TO vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XFH.TO
XFH.TO Risk / Return Rank: 5454
Overall Rank
XFH.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
XFH.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
XFH.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XFH.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XFH.TO Martin Ratio Rank: 5555
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.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.

XFH.TOHEFADifference
Sharpe ratioReturn per unit of total volatility
1.89
2.13

-0.24

Sortino ratioReturn per unit of downside risk
2.71
2.94

-0.24

Omega ratioGain probability vs. loss probability

1.36

1.39

-0.03

Calmar ratioReturn relative to maximum drawdown

2.36

3.01

-0.65

Martin ratioReturn relative to average drawdown

9.71

12.54

-2.83

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

XFH.TO vs. HEFA - Sharpe Ratio Comparison

The current XFH.TO Sharpe Ratio is 1.89, which is comparable to the HEFA Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of XFH.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

XFH.TOHEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

2.13

-0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.33

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.92

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.85

-0.34

Drawdowns

XFH.TO vs. HEFA - Drawdown Comparison

The maximum XFH.TO drawdown since its inception was -33.85%, which is greater than HEFA's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for XFH.TO and HEFA.

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Drawdown Indicators

XFH.TOHEFADifference

Max Drawdown

Largest peak-to-trough decline

-33.85%

-28.48%

-5.37%

Max Drawdown (1Y)

Largest decline over 1 year

-9.63%

-9.22%

-0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-14.14%

-15.07%

+0.93%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-15.07%

-5.52%

Max Drawdown (10Y)

Largest decline over 10 years

-33.85%

-28.48%

-5.37%

Current Drawdown

Current decline from peak

-1.29%

-0.04%

-1.25%

Average Drawdown

Average peak-to-trough decline

-5.61%

-3.90%

-1.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

2.20%

+0.13%

Volatility

XFH.TO vs. HEFA - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) (XFH.TO) and iShares Currency Hedged MSCI EAFE ETF (HEFA) have volatilities of 4.08% and 3.92%, 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.

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Volatility by Period

XFH.TOHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.08%

3.92%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

10.35%

-0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

12.00%

12.99%

-0.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.03%

12.65%

+1.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

14.65%

+1.51%

XFH.TO vs. HEFA - Expense Ratio Comparison

XFH.TO has a 0.22% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

XFH.TO vs. HEFA - Dividend Comparison

XFH.TO's dividend yield for the trailing twelve months is around 1.98%, 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%
XFH.TO
iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)		1.98%2.16%2.47%2.91%2.91%2.29%1.73%2.43%2.66%2.11%2.03%2.45%

Frequently Asked Questions

XFH.TO and HEFA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XFH.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XFH.TO is cheaper with a 0.22% expense ratio, compared with 0.35% for HEFA.

XFH.TO is categorized as Global Equities, while HEFA is Foreign Large Cap Equities. XFH.TO tracks Morningstar DM xNA GR CAD, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. Their fees differ too: 0.22% for XFH.TO and 0.35% for HEFA.

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