HEFA vs IDEV: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE ETF

HEFADCboe

iShares Core MSCI International Developed Markets ETF

IDEVANYSE Arca

Overlap

75.2%by weight

Expense ratio

IDEV −0.66pt a year

HEFA0.70%IDEV0.04%

Avg volume · 30D

IDEV 3.2×the volume

HEFA581KIDEV1.88M

5Y return · a year

HEFA +4.7pt

HEFA+13.3%IDEV+8.6%

HEFA vs IDEV Performance

Oct 29, 2021 – Oct 30, 2026

+86.9%HEFA+51.0%IDEV

Expense ratio: HEFA 0.70%; IDEV 0.04%, better
Fund size: HEFA $7.54B; IDEV $33.8B
1Y total return: HEFA +17.9%, better; IDEV +14.3%
Yield (12M): HEFA 4.04%, better; IDEV 3.22%
Holdings: HEFA 677; IDEV 2330
Avg volume (30D): HEFA 581K sh; IDEV 1.88M sh, better
NAV per share: HEFA $46.32; IDEV $89.09
52W range

ETF.net Grade

Pillar letters and Scores for HEFA, IDEV, with each pillar’s weight
Pillar	HEFA	IDEV
Cost30% weight	F0	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C44
Tradability15% weight	B69	A70Higher
Holdings10% weight	B68	A93Higher
Durability5% weight	B58	B60Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. HEFA and IDEV are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

IDEV ranks 1st and HEFA 19th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 81
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 80
Rank 19DDBEFXtrackers MSCI EAFE Hedged Equity ETFScore 40
Rank 19DHEFAiShares Currency Hedged MSCI EAFE ETFScore 40

Our read on each fund

ETF.net Research

HEFADiShares Currency Hedged MSCI EAFE ETF

IDEVAiShares Core MSCI International Developed Markets ETF

In short

HEFA Developed-market stocks from Europe, Japan and Australia with the currency swings stripped out. iShares' long-running hedged EAFE fund owns the same companies as the standard index, then neutralizes most of the yen, euro and pound moves.

IDEV One ticker for the developed world outside America, top to bottom: roughly 2,300 large, mid and small caps for four basis points. iShares built this as a Core building block and priced it like one.

Stated mandate

HEFA The fund seeks to track an index of international equities in developed markets while reducing the effect of currency fluctuations.

IDEV The fund seeks to track an index of large-, mid-, and small-cap equities from developed markets outside the United States.

Why people hold it

HEFA One job, stated plainly: MSCI EAFE developed-market equities with currency exposure hedged to the dollar, so results lean on the companies rather than the yen, euro and pound.
A multi-billion-dollar fund that trades actively, making it one of the more established vehicles for hedged developed international exposure.
Running since 2014 under the iShares banner, tracking a published benchmark (MSCI EAFE 100% Hedged to USD) you can check the fund against.
Distributions arrive on a quarterly cadence.

IDEV Charges 0.04% a year while the typical developed-markets core fund charges 0.18%. That is roughly a fifth of the usual freight.
Goes all-cap, not just blue chips: roughly 2,300 large, mid and small companies from developed markets outside the US, so the small end is not left on the cutting room floor.ishares.com
A plain index wrapper on the MSCI World ex USA IMI Index. No tilts, no manager discretion, and it has run that same mandate since 2017.
Multi-billion-dollar fund that trades actively, and one of the stronger implementations in a crowded developed-markets core group.

Worth knowing

HEFA The hedge is not free: the expense ratio sits well above the roughly 0.18% median for this peer group and far above the 0.03% charged by VEA, SPDW and SCHF.
Hedging cuts both ways. When the dollar weakens, unhedged developed-market funds pick up that currency move and this one is designed to sit it out.
Measured against the plain, cheap trackers in its cohort, it lands in the lower tier overall, mostly on price.

IDEV VEA, SPDW and SCHF each run a basis point cheaper. Pennies on most balances, but IDEV is not the absolute cost floor of the group.
Distributions come annually or semiannually rather than monthly, so cash arrives in lumps.
Every holding is priced in a foreign currency, so moves in the dollar show up in your returns alongside the stocks themselves.

Full HEFA profile⁠

Full IDEV profile⁠

HEFA vs IDEV Holdings

How HEFA and IDEV differ

Overlap by weight

75.2%

Shared holdings make up 100% of HEFA and 75.2% of IDEV.

Level by level

Holdings654 in both75.2%
Countryby domicile86.8%
Sector11 Sectors94.7%
Asset classEquity100%

Sector

Sector weights in HEFA and IDEV, widest gap first
Sector	More in HEFAMore in IDEV	HEFA	IDEV
Materials	IDEV +2.1 points	5.9%	8.0%
Health Care	HEFA +1.9 points	11.0%	9.1%
Energy	IDEV +1.5 points	4.3%	5.8%
Industrials	HEFA +0.9 points	18.5%	17.6%
Real Estate	IDEV +0.8 points	1.5%	2.3%
Consumer Discretionary	HEFA +0.9 points	8.1%	7.2%
Consumer Staples	HEFA +0.8 points	6.9%	6.1%
Technology	IDEV +0.8 points	10.7%	11.5%
Financials	HEFA +0.4 points	25.5%	25.1%
Utilities	HEFA +0.4 points	3.9%	3.5%
Communication	Same weight	3.8%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in HEFA and IDEV, widest gap first
Country	More in HEFAMore in IDEV	HEFA	IDEV
Canada	IDEV +13.0 points	0.0%	13.0%
United Kingdom	HEFA +2.1 points	15.0%	12.9%
France	HEFA +1.9 points	9.5%	7.6%
Switzerland	HEFA +1.8 points	9.9%	8.1%
Germany	HEFA +1.7 points	9.0%	7.3%
Netherlands	HEFA +1.2 points	5.8%	4.6%
Japan	HEFA +1.2 points	24.6%	23.4%
Finland	HEFA +1.2 points	1.2%	0.0%
Other countries (9)	HEFA +2.2 points	25.1%	22.9%

Outside the US: HEFA 99% developed, 1% emerging. IDEV 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

HEFA14.4%
IDEV11.1%

Securities held

HEFA661
IDEV2,311

Asset class

HEFA: Equity
IDEV: Equity

Holdings

Only in HEFA7
In both654
Only in IDEV1,657

Only in HEFA

7 securities, 0.9% of HEFA by weight

Eur/Usd0.65%
Jpy/Usd0.16%
Dkk/Usd0.03%
Ils/Usd0.02%
Sgd/Usd<0.01%
Hkd/Usd<0.01%
Nzd/Usd<0.01%

Only in IDEV

1,657 securities, 24.6% of IDEV by weight

Royal Bank of Canada0.98%
Toronto Dominion0.72%
Shopify Subordinate Voting Class A0.67%
Bank of Montreal0.41%
Canadian Natural Resources Ltd0.41%
Bank of Nova Scotia0.40%
Enbridge0.37%
Canadian Imperial Bank of Commerce0.37%
Suncor Energy Inc0.33%
Agnico Eagle Mines0.29%
Canadian Pacific Kansas City0.28%
Brookfield Class A0.27%
Manulife Financial0.26%
Tc Energy0.23%
Canadian National Railway0.22%
Barrick Mining0.22%
National Bank of Canada0.21%
Wheaton Precious Metals0.18%
Constellation Software0.17%
Cenovus Energy0.16%
Sun Life Financial Inc0.15%
Franco Nevada0.15%
Dollarama0.14%
Alimentation Couche Tard Inc0.14%
Power Corporation of Canada0.13%
Fairfax Financial Holdings Sub Vot0.12%
Cameco0.12%
Nutrien Ltd0.11%
Celestica0.11%
Intact Financial Corp0.11%
Loblaw Companies Ltd0.10%
Fortis0.10%
Pembina Pipeline0.10%
Teck Resources Subordinate Voting0.10%
Kinross Gold0.08%
Restaurants Brands International0.08%
Imperial Oil Ltd0.07%
Bombardier Class B0.07%
Whitecap Resources Inc0.06%
Great West Lifeco Inc0.06%
Wsp Global Inc0.06%
Thomson Reuters Corp0.06%
Tourmaline Oil Corp0.06%
Brookfield Asset Management Voting0.06%
Pan American Silver0.06%
Magna International0.06%
Rb Global0.06%
First Quantum Minerals0.06%
Cgi Inc Class A0.05%
Gfl Environmental Subordinate Voti0.05%

Weight gaps

The 100 widest of 654 Holdings in both funds.

Holding weights in HEFA and IDEV, widest gap first
Holding	More in HEFAMore in IDEV	HEFA	IDEV
Asml Holding	HEFA +0.71 points	2.85%	2.14%
Roche Ps Par AG	HEFA +0.40 points	1.60%	1.20%
ShellSHEL.L	HEFA +0.37 points	1.46%	1.09%
Novartis AG	HEFA +0.35 points	1.39%	1.04%
Hsbc Holdings PLCHSBA.L	HEFA +0.35 points	1.37%	1.02%
Astrazeneca PLCAZN.L	HEFA +0.33 points	1.32%	0.99%
Nestle SA	HEFA +0.32 points	1.24%	0.92%
Sap	HEFA +0.27 points	1.11%	0.84%
Mitsubishi Ufj Financial Group	HEFA +0.27 points	1.09%	0.82%
Siemens N AG	HEFA +0.25 points	1.00%	0.75%
Bhp Group Ltd	HEFA +0.24 points	0.96%	0.72%
Commonwealth Bank of Australia	HEFA +0.23 points	0.92%	0.69%
Allianz	HEFA +0.22 points	0.87%	0.65%
Toyota Motor	HEFA +0.22 points	0.86%	0.64%
Totalenergies	HEFA +0.21 points	0.86%	0.65%
Advantest	HEFA +0.20 points	0.76%	0.56%
Recruit Holdings Ltd	HEFA +0.19 points	0.75%	0.56%
Banco Santander	HEFA +0.18 points	0.75%	0.57%
Iberdrola	HEFA +0.18 points	0.72%	0.54%
Sumitomo Mitsui Financial Group	HEFA +0.18 points	0.70%	0.52%
Sony Group	HEFA +0.17 points	0.68%	0.51%
Schneider Electric	HEFA +0.17 points	0.68%	0.51%
Ubs Group AG	HEFA +0.17 points	0.69%	0.52%
Hitachi	HEFA +0.17 points	0.67%	0.50%
Unilever PLCULVR.L	HEFA +0.17 points	0.66%	0.49%
Rolls-Royce Holdings PLCRR.L	HEFA +0.16 points	0.64%	0.48%
Tokyo Electron	HEFA +0.16 points	0.63%	0.47%
Banco Bilbao Vizcaya Argentaria	HEFA +0.15 points	0.61%	0.46%
Bp PLCBP.L	HEFA +0.16 points	0.62%	0.46%
Abb Ltd	HEFA +0.15 points	0.62%	0.47%
Airbus Group	HEFA +0.16 points	0.59%	0.44%
Novo Nordisk Class B	HEFA +0.15 points	0.60%	0.45%
Lair Liquide Societe Anonyme Pour	HEFA +0.15 points	0.59%	0.44%
British American TobaccoBATS.L	HEFA +0.14 points	0.57%	0.43%
Loreal SA	HEFA +0.13 points	0.54%	0.41%
Dbs Group Holdings Ltd	HEFA +0.14 points	0.55%	0.41%
Zurich Insurance Group AG	HEFA +0.13 points	0.52%	0.39%
Unicredit	HEFA +0.13 points	0.52%	0.39%
Lvmh	HEFA +0.13 points	0.50%	0.37%
Siemens Energy N AG	HEFA +0.13 points	0.51%	0.38%
Compagnie Financiere Richemont SA	HEFA +0.12 points	0.50%	0.38%
Mizuho Financial Group	HEFA +0.12 points	0.53%	0.41%
Safran SA	HEFA +0.13 points	0.50%	0.37%
Softbank Group Corp	HEFA +0.12 points	0.49%	0.37%
GlaxosmithklineGSK.L	HEFA +0.12 points	0.47%	0.35%
Sanofi SA	HEFA +0.11 points	0.45%	0.34%
Aia Group	HEFA +0.12 points	0.47%	0.35%
Kioxia Holdings	HEFA +0.12 points	0.46%	0.34%
Deutsche Telekom N AG	HEFA +0.11 points	0.46%	0.35%
Bnp Paribas SA	HEFA +0.11 points	0.44%	0.33%
Tokio Marine Holdings	HEFA +0.11 points	0.46%	0.35%
Intesa Sanpaolo	HEFA +0.11 points	0.43%	0.32%
National Australia Bank	HEFA +0.10 points	0.42%	0.32%
Mitsubishi	HEFA +0.11 points	0.44%	0.33%
Keyence	HEFA +0.11 points	0.44%	0.33%
Westpac Banking Corporation	HEFA +0.10 points	0.41%	0.31%
Hong Kong Exchanges and Clearing	HEFA +0.10 points	0.24%	0.14%
Ing Groep	HEFA +0.10 points	0.42%	0.32%
Anz Group Holdings Ltd	HEFA +0.10 points	0.40%	0.30%
Rio TintoRIO.L	HEFA +0.10 points	0.41%	0.31%
Spotify TechnologySPOT	HEFA +0.10 points	0.41%	0.31%
National Grid PLCNG.L	HEFA +0.10 points	0.39%	0.29%
Bae Systems PLCBA.L	HEFA +0.10 points	0.38%	0.28%
Fast Retailing	HEFA +0.10 points	0.41%	0.31%
Barclays PLCBARC.L	HEFA +0.09 points	0.35%	0.26%
Enel	HEFA +0.09 points	0.37%	0.28%
Lloyds Banking Group PLCLLOY.L	HEFA +0.09 points	0.34%	0.25%
Itochu	HEFA +0.09 points	0.38%	0.29%
Oversea-Chinese Banking	HEFA +0.09 points	0.35%	0.26%
Muenchener Rueckversicherungs-Gese	HEFA +0.08 points	0.37%	0.29%
Anheuser-Busch Inbev SA	HEFA +0.09 points	0.34%	0.25%
Investor Class B	HEFA +0.08 points	0.35%	0.27%
Axa SA	HEFA +0.09 points	0.35%	0.26%
Infineon Technologies AG	HEFA +0.08 points	0.34%	0.26%
Relx PLCREL.L	HEFA +0.08 points	0.33%	0.25%
Mitsui	HEFA +0.08 points	0.35%	0.27%
Industria De Diseno Textil SA	HEFA +0.08 points	0.32%	0.24%
Csl	HEFA +0.08 points	0.32%	0.24%
Takeda Pharmaceutical	HEFA +0.08 points	0.32%	0.24%
Mitsubishi Heavy Industries	HEFA +0.07 points	0.32%	0.25%
Swiss Re AG	HEFA +0.08 points	0.26%	0.18%
Macquarie Group Ltd Def	HEFA +0.07 points	0.30%	0.23%
Glencore PLCGLEN.L	HEFA +0.07 points	0.30%	0.23%
Deutsche Boerse AG	HEFA +0.07 points	0.30%	0.23%
Murata Manufacturing	HEFA +0.07 points	0.30%	0.23%
Natwest Group PLCNWG.L	HEFA +0.07 points	0.29%	0.22%
Wesfarmers	HEFA +0.08 points	0.29%	0.21%
Shin Etsu Chemical	HEFA +0.07 points	0.29%	0.22%
Nintendo	HEFA +0.07 points	0.27%	0.20%
Dhl AG	HEFA +0.07 points	0.28%	0.21%
London Stock Exchange Group PLCLSEG.L	HEFA +0.06 points	0.26%	0.20%
Essilorluxottica SA	HEFA +0.07 points	0.28%	0.21%
Basf N	HEFA +0.07 points	0.25%	0.18%
Lonza Group AG	HEFA +0.07 points	0.26%	0.19%
Compass Group PLCCPG.L	HEFA +0.07 points	0.27%	0.20%
Bayer AG	HEFA +0.06 points	0.26%	0.20%
Argenx	HEFA +0.06 points	0.26%	0.20%
Deutsche Bank AG	HEFA +0.06 points	0.27%	0.21%
Mitsubishi Electric	HEFA +0.06 points	0.26%	0.20%
Rheinmetall AG	HEFA +0.06 points	0.25%	0.19%

All HEFA holdings⁠All 2,313 IDEV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HEFA vs IDEV Cost

Overpaying HEFA vs IDEV

$12,757

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HEFA 0.70%
$13,606
IDEV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

HEFA 0.70%
IDEV 0.04%
Overpaying

Year by year

Year	HEFA	IDEV	Overpaying
10	$1,250	$73	$1,177
20	$4,760	$288	$4,472
30	$13,606	$849	$12,757

Expense ratio

0.70%HEFA
0.04%IDEV, cheaper

IDEV0.04%HEFA0.70%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IDEV 4th cheapest of 20 funds

HEFA 20th cheapest of 20 funds

HEFA vs IDEV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HEFA 4.04%, better; IDEV 3.22%
Payout (12M): HEFA $1.87; IDEV $2.87
Last payment: HEFA $0.69; IDEV $1.34
Ex-dividend: HEFA Jul 2, 2026; IDEV Jun 15, 2026
Paid on: HEFA Jul 8, 2026; IDEV Jun 18, 2026
Frequency: HEFA Twice a year; IDEV Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HEFATwice a year · 23 paymentsAll HEFA payments⁠

IDEVTwice a year · 20 paymentsAll IDEV payments⁠

HEFA vs IDEV Risk

Fall from peak · 5 years

HEFA
IDEV

Risk facts

VolatilityStd dev, 3 years: HEFA 8.4%, betterIDEV 11.8%
Return per unit of riskSharpe ratio, 3 years: HEFA 1.73, betterIDEV 1.26
Worst fallMax drawdown, 5 years: HEFA −14.8%, betterIDEV −29.1%
Market sensitivityBeta, 5 years: HEFA 0.51IDEV 0.80; Market = 1

HEFA and IDEV in the news

All news⁠

Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026IDEV
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IDEV
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEFA
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026HEFA

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HEFA vs IDEV

In short

Stated mandate

Why people hold it