HEFA vs IEFA: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE ETF

HEFADCboe

iShares Core MSCI EAFE ETF

IEFAACboe

Overlap

85.8%by weight

Expense ratio

IEFA −0.63pt a year

HEFA0.70%IEFA0.07%

Avg volume · 30D

IEFA 15.2×the volume

HEFA581KIEFA8.85M

10Y return · a year

HEFA +2.9pt

HEFA+12.1%IEFA+9.2%

HEFA vs IEFA Performance

Oct 29, 2021 – Oct 30, 2026

+86.9%HEFA+48.4%IEFA

Expense ratio: HEFA 0.70%; IEFA 0.07%, better
Fund size: HEFA $7.54B; IEFA $189B
1Y total return: HEFA +17.9%, better; IEFA +13.3%
Yield (12M): HEFA 4.04%, better; IEFA 3.41%
Holdings: HEFA 677; IEFA 2638
Avg volume (30D): HEFA 581K sh; IEFA 8.85M sh, better
NAV per share: HEFA $46.32; IEFA $96.14
52W range

ETF.net Grade

Pillar letters and Scores for HEFA, IEFA, with each pillar’s weight
Pillar	HEFA	IEFA
Cost30% weight	F0	B68Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C44
Tradability15% weight	B69	A80Higher
Holdings10% weight	B68	A87Higher
Durability5% weight	B58	A85Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. HEFA and IEFA 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 ›

IEFA ranks 4th 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 2AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4AIEFAiShares Core MSCI EAFE ETFScore 76
Rank 4ASCHFSchwab International Equity ETFScore 76
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

IEFAAiShares Core MSCI EAFE 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.

IEFA Developed markets outside the US and Canada, right down to the small caps: roughly 2,600 stocks for 0.07% a year. The category's workhorse, and one of the biggest, most heavily traded funds on the shelf.

Stated mandate

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

IEFA The fund seeks to track an index of large-, mid- and small-capitalization developed-market equities outside the United States and Canada.

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.

IEFA Charges 0.07% a year, against a 0.18% median for its developed-markets index peers.
The index reaches past large and mid caps into small caps, so you hold roughly 2,600 names across Europe, Japan and Australasia, not just the blue-chip layer.ishares.com
Trading since 2012 and now one of the largest and most actively traded funds in its group, which usually means a deep pool of buyers and sellers.
Sticks tightly to its stated mandate: a plain index wrapper on MSCI EAFE IMI, no active tilts hiding under the hood. Among the stronger builds in its peer 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.

IEFA Not the cheapest option: VEA, SPDW and SCHF each run 0.03%. The few extra basis points buy the EAFE index and its small-cap reach.
EAFE stops at developed markets and leaves out Canada, so a full international sleeve needs emerging markets (and Canada) from somewhere else.
Distributions arrive once or twice a year rather than monthly or quarterly.

Full HEFA profile⁠

Full IEFA profile⁠

HEFA vs IEFA Holdings

How HEFA and IEFA differ

Overlap by weight

85.8%

Shared holdings make up 100% of HEFA and 85.9% of IEFA.

Level by level

Holdings654 in both85.8%
Countryby domicile96.5%
Sector11 Sectors97.0%
Asset classEquity100%

Sector

Sector weights in HEFA and IEFA, widest gap first
Sector	More in HEFAMore in IEFA	HEFA	IEFA
Financials	HEFA +1.8 points	25.5%	23.7%
Real Estate	IEFA +1.1 points	1.5%	2.6%
Health Care	HEFA +0.7 points	11.0%	10.3%
Materials	IEFA +0.6 points	5.9%	6.5%
Industrials	IEFA +0.7 points	18.5%	19.2%
Consumer Discretionary	IEFA +0.5 points	8.1%	8.6%
Consumer Staples	HEFA +0.2 points	6.9%	6.7%
Utilities	HEFA +0.3 points	3.9%	3.6%
Energy	Same weight	4.3%	4.3%
Communication	Same weight	3.8%	3.8%
Technology	HEFA +0.1 points	10.7%	10.6%

Country, concentration and asset class

Country by domicile

Country weights in HEFA and IEFA, widest gap first
Country	More in HEFAMore in IEFA	HEFA	IEFA
Japan	IEFA +2.0 points	24.6%	26.6%
France	HEFA +0.8 points	9.5%	8.7%
Switzerland	HEFA +0.7 points	9.9%	9.2%
Germany	HEFA +0.6 points	9.0%	8.4%
Australia	IEFA +0.6 points	6.8%	7.4%
Netherlands	HEFA +0.6 points	5.8%	5.2%
Other countries (10)	IEFA +0.2 points	34.4%	34.6%

Outside the US: HEFA 99% developed, 1% emerging. IEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

HEFA14.4%
IEFA12.4%

Securities held

HEFA661
IEFA2,621

Asset class

HEFA: Equity
IEFA: Equity

Holdings

Only in HEFA7
In both654
Only in IEFA1,967

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 IEFA

1,967 securities, 14.1% of IEFA by weight

Baycurrent Inc0.04%
Bluescope Steel0.04%
Imi PLC0.04%
Weir PLC0.04%
Psp Swiss Property AG0.03%
Mebuki Financial Group Inc0.03%
Storebrand0.03%
Frontline PLC0.03%
Shizuoka Financial Group Inc0.03%
Food & Life Companies0.03%
Hiscox Ltd0.03%
Dcc Energy PLC0.03%
Subsea0.03%
Gaztransport & Technigaz SA0.03%
Orica0.03%
Als0.03%
St Jamess Place PLC0.03%
Ramsay Health Care0.03%
Accelleron N AG0.03%
Nippon Express Holdings0.03%
Fukuoka Financial Group0.03%
Stockland Stapled Units Ltd0.03%
Rohm0.03%
Al Sydbank0.03%
Icg PLC0.03%
Isetan Mitsukoshi Holdings0.03%
Spie SA0.03%
Lottomatica Group0.03%
Sandfire Resources0.03%
Ringkjobing Landbobank0.03%
SCOUT24 N0.03%
Games Workshop Group PLC0.03%
Misumi Group0.03%
Sojitz Corp0.03%
Nice0.03%
Niterra0.03%
Nkt0.03%
Charter Hall Group Stapled Units0.03%
Thyssenkrupp AG0.03%
Shimadzu0.03%
Technology One0.03%
Imcd NV0.03%
Cochlear0.03%
Taiyo Yuden Ltd0.03%
Ackermans & Van Haaren NV0.03%
Meiji Holdings Ltd0.03%
Brother Industries0.03%
Ngk0.03%
Ampol0.03%
Saipem0.03%

Weight gaps

The 100 widest of 654 Holdings in both funds.

Holding weights in HEFA and IEFA, widest gap first
Holding	More in HEFAMore in IEFA	HEFA	IEFA
Asml Holding	HEFA +0.40 points	2.85%	2.45%
Roche Ps Par AG	HEFA +0.22 points	1.60%	1.38%
ShellSHEL.L	HEFA +0.21 points	1.46%	1.25%
Hsbc Holdings PLCHSBA.L	HEFA +0.20 points	1.37%	1.17%
Novartis AG	HEFA +0.20 points	1.39%	1.19%
Astrazeneca PLCAZN.L	HEFA +0.19 points	1.32%	1.13%
Nestle SA	HEFA +0.18 points	1.24%	1.06%
Sap	HEFA +0.15 points	1.11%	0.96%
Mitsubishi Ufj Financial Group	HEFA +0.15 points	1.09%	0.94%
Siemens N AG	HEFA +0.14 points	1.00%	0.86%
Bhp Group Ltd	HEFA +0.13 points	0.96%	0.83%
Commonwealth Bank of Australia	HEFA +0.13 points	0.92%	0.79%
Allianz	HEFA +0.13 points	0.87%	0.74%
Toyota Motor	HEFA +0.12 points	0.86%	0.74%
Totalenergies	HEFA +0.12 points	0.86%	0.74%
Banco Santander	HEFA +0.11 points	0.75%	0.64%
Recruit Holdings Ltd	HEFA +0.10 points	0.75%	0.65%
Advantest	HEFA +0.11 points	0.76%	0.65%
Iberdrola	HEFA +0.10 points	0.72%	0.62%
Sumitomo Mitsui Financial Group	HEFA +0.10 points	0.70%	0.60%
Sony Group	HEFA +0.10 points	0.68%	0.58%
Schneider Electric	HEFA +0.10 points	0.68%	0.58%
Ubs Group AG	HEFA +0.09 points	0.69%	0.60%
Hitachi	HEFA +0.10 points	0.67%	0.57%
Unilever PLCULVR.L	HEFA +0.10 points	0.66%	0.56%
Rolls-Royce Holdings PLCRR.L	HEFA +0.09 points	0.64%	0.55%
Bp PLCBP.L	HEFA +0.09 points	0.62%	0.53%
Tokyo Electron	HEFA +0.09 points	0.63%	0.54%
Abb Ltd	HEFA +0.09 points	0.62%	0.53%
Banco Bilbao Vizcaya Argentaria	HEFA +0.09 points	0.61%	0.52%
Airbus Group	HEFA +0.09 points	0.59%	0.51%
Novo Nordisk Class B	HEFA +0.09 points	0.60%	0.51%
Loreal SA	HEFA +0.08 points	0.54%	0.46%
Dbs Group Holdings Ltd	HEFA +0.08 points	0.55%	0.47%
Lair Liquide Societe Anonyme Pour	HEFA +0.08 points	0.59%	0.51%
British American TobaccoBATS.L	HEFA +0.07 points	0.57%	0.50%
Mizuho Financial Group	HEFA +0.07 points	0.53%	0.46%
Unicredit	HEFA +0.08 points	0.52%	0.44%
Zurich Insurance Group AG	HEFA +0.07 points	0.52%	0.45%
Siemens Energy N AG	HEFA +0.07 points	0.51%	0.44%
Lvmh	HEFA +0.07 points	0.50%	0.43%
Safran SA	HEFA +0.08 points	0.50%	0.42%
Compagnie Financiere Richemont SA	HEFA +0.07 points	0.50%	0.43%
Softbank Group Corp	HEFA +0.07 points	0.49%	0.42%
Sanofi SA	HEFA +0.06 points	0.45%	0.39%
GlaxosmithklineGSK.L	HEFA +0.07 points	0.47%	0.40%
Deutsche Telekom N AG	HEFA +0.06 points	0.46%	0.40%
Aia Group	HEFA +0.07 points	0.47%	0.40%
Tokio Marine Holdings	HEFA +0.06 points	0.46%	0.40%
Bnp Paribas SA	HEFA +0.06 points	0.44%	0.38%
Kioxia Holdings	HEFA +0.07 points	0.46%	0.39%
Intesa Sanpaolo	HEFA +0.06 points	0.43%	0.37%
Ing Groep	HEFA +0.06 points	0.42%	0.36%
Mitsubishi	HEFA +0.07 points	0.44%	0.37%
Keyence	HEFA +0.07 points	0.44%	0.37%
Rio TintoRIO.L	HEFA +0.06 points	0.41%	0.35%
National Australia Bank	HEFA +0.06 points	0.42%	0.36%
Westpac Banking Corporation	HEFA +0.05 points	0.41%	0.36%
Fast Retailing	HEFA +0.06 points	0.41%	0.35%
Spotify TechnologySPOT	HEFA +0.06 points	0.41%	0.35%
National Grid PLCNG.L	HEFA +0.06 points	0.39%	0.33%
Anz Group Holdings Ltd	HEFA +0.05 points	0.40%	0.35%
Bae Systems PLCBA.L	HEFA +0.06 points	0.38%	0.32%
Itochu	HEFA +0.05 points	0.38%	0.33%
Hong Kong Exchanges and Clearing	HEFA +0.05 points	0.24%	0.19%
Enel	HEFA +0.05 points	0.37%	0.32%
Muenchener Rueckversicherungs-Gese	HEFA +0.05 points	0.37%	0.32%
Barclays PLCBARC.L	HEFA +0.05 points	0.35%	0.30%
Oversea-Chinese Banking	HEFA +0.05 points	0.35%	0.30%
Lloyds Banking Group PLCLLOY.L	HEFA +0.05 points	0.34%	0.29%
Investor Class B	HEFA +0.05 points	0.35%	0.30%
Mitsui	HEFA +0.05 points	0.35%	0.30%
Relx PLCREL.L	HEFA +0.05 points	0.33%	0.28%
Infineon Technologies AG	HEFA +0.04 points	0.34%	0.30%
Anheuser-Busch Inbev SA	HEFA +0.05 points	0.34%	0.29%
Takeda Pharmaceutical	HEFA +0.05 points	0.32%	0.27%
Industria De Diseno Textil SA	HEFA +0.05 points	0.32%	0.27%
Csl	HEFA +0.05 points	0.32%	0.27%
Mitsubishi Heavy Industries	HEFA +0.04 points	0.32%	0.28%
Axa SA	HEFA +0.05 points	0.35%	0.30%
Glencore PLCGLEN.L	HEFA +0.04 points	0.30%	0.26%
Murata Manufacturing	HEFA +0.04 points	0.30%	0.26%
Deutsche Boerse AG	HEFA +0.04 points	0.30%	0.26%
Macquarie Group Ltd Def	HEFA +0.04 points	0.30%	0.26%
Natwest Group PLCNWG.L	HEFA +0.04 points	0.29%	0.25%
Shin Etsu Chemical	HEFA +0.04 points	0.29%	0.25%
Swiss Re AG	HEFA +0.04 points	0.26%	0.22%
Dhl AG	HEFA +0.04 points	0.28%	0.24%
Wesfarmers	HEFA +0.04 points	0.29%	0.25%
Compass Group PLCCPG.L	HEFA +0.04 points	0.27%	0.23%
Nintendo	HEFA +0.04 points	0.27%	0.23%
Argenx	HEFA +0.03 points	0.26%	0.23%
Nordea Bank	HEFA +0.04 points	0.25%	0.21%
Lonza Group AG	HEFA +0.04 points	0.26%	0.22%
London Stock Exchange Group PLCLSEG.L	HEFA +0.03 points	0.26%	0.23%
Basf N	HEFA +0.04 points	0.25%	0.21%
Deutsche Bank AG	HEFA +0.04 points	0.27%	0.23%
Bayer AG	HEFA +0.04 points	0.26%	0.22%
Mitsubishi Electric	HEFA +0.04 points	0.26%	0.22%
Essilorluxottica SA	HEFA +0.04 points	0.28%	0.24%

All HEFA holdings⁠All 2,625 IEFA 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 IEFA Cost

Overpaying HEFA vs IEFA

$12,126

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

HEFA 0.70%
$13,606
IEFA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

HEFA 0.70%
IEFA 0.07%
Overpaying

Year by year

Year	HEFA	IEFA	Overpaying
10	$1,250	$128	$1,122
20	$4,760	$503	$4,257
30	$13,606	$1,480	$12,126

Expense ratio

0.70%HEFA
0.07%IEFA, cheaper

IEFA0.07%HEFA0.70%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IEFA 7th cheapest of 20 funds

HEFA 20th cheapest of 20 funds

HEFA vs IEFA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HEFA 4.04%, better; IEFA 3.41%
Payout (12M): HEFA $1.87; IEFA $3.29
Last payment: HEFA $0.69; IEFA $1.58
Ex-dividend: HEFA Jul 2, 2026; IEFA Jun 15, 2026
Paid on: HEFA Jul 8, 2026; IEFA Jun 18, 2026
Frequency: HEFA Twice a year; IEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HEFATwice a year · 23 paymentsAll HEFA payments⁠

IEFATwice a year · 20 paymentsAll IEFA payments⁠

HEFA vs IEFA Risk

Fall from peak · 5 years

HEFA
IEFA

Risk facts

VolatilityStd dev, 3 years: HEFA 8.4%, betterIEFA 11.9%
Return per unit of riskSharpe ratio, 3 years: HEFA 1.73, betterIEFA 1.20
Worst fallMax drawdown, 5 years: HEFA −14.8%, betterIEFA −30.0%
Market sensitivityBeta, 5 years: HEFA 0.51IEFA 0.89; Market = 1

HEFA and IEFA in the news

All news⁠

Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026IEFA
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026IEFA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IEFA
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEFA
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026IEFA
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026IEFA

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HEFA vs IEFA

In short

Stated mandate

Why people hold it