HEFA vs SPDW: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE ETF

HEFADCboe

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

32.8%by weight

Expense ratio

SPDW −0.67pt a year

HEFA0.70%SPDW0.03%

Avg volume · 30D

SPDW 4.8×the volume

HEFA581KSPDW2.8M

10Y return · a year

HEFA +2.3pt

HEFA+12.1%SPDW+9.8%

HEFA vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+86.9%HEFA+54.5%SPDW

Expense ratio: HEFA 0.70%; SPDW 0.03%, better
Fund size: HEFA $7.54B; SPDW $41.4B
1Y total return: HEFA +17.9%, better; SPDW +17.0%
Yield (12M): HEFA 4.04%, better; SPDW 3.07%
Holdings: HEFA 677; SPDW 2444
Avg volume (30D): HEFA 581K sh; SPDW 2.8M sh, better
NAV per share: HEFA $46.32; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for HEFA, SPDW, with each pillar’s weight
Pillar	HEFA	SPDW
Cost30% weight	F0	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C43
Tradability15% weight	B69Higher	B66
Holdings10% weight	B68	A87Higher
Durability5% weight	B58	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. HEFA and SPDW 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 ›

SPDW ranks 2nd 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 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

SPDWAState Street SPDR Portfolio Developed World ex-US 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.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

Stated mandate

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

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

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.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

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.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full HEFA profile⁠

Full SPDW profile⁠

HEFA vs SPDW Holdings

How HEFA and SPDW differ

Overlap by weight

32.8%

Shared holdings make up 45.9% of HEFA and 32.9% of SPDW.

Level by level

Holdings305 in both32.8%
Countryby domicile77.0%
Sector11 Sectors92.9%
Asset classEquity100%

Sector

Sector weights in HEFA and SPDW, widest gap first
Sector	More in HEFAMore in SPDW	HEFA	SPDW
Technology	SPDW +4.1 points	10.7%	14.8%
Health Care	HEFA +2.5 points	11.0%	8.5%
Financials	HEFA +1.6 points	25.5%	23.9%
Materials	SPDW +1.2 points	5.9%	7.1%
Consumer Staples	HEFA +1.1 points	6.9%	5.8%
Energy	SPDW +1.2 points	4.3%	5.5%
Industrials	HEFA +0.8 points	18.5%	17.7%
Real Estate	SPDW +0.7 points	1.5%	2.2%
Utilities	HEFA +0.6 points	3.9%	3.3%
Communication	HEFA +0.4 points	3.8%	3.4%
Consumer Discretionary	HEFA +0.1 points	8.1%	8.0%

Country, concentration and asset class

Country by domicile

Country weights in HEFA and SPDW, widest gap first
Country	More in HEFAMore in SPDW	HEFA	SPDW
Canada	SPDW +11.0 points	0.0%	11.0%
South Korea	SPDW +8.2 points	0.0%	8.2%
United Kingdom	HEFA +4.3 points	15.0%	10.7%
France	HEFA +3.5 points	9.5%	6.0%
Germany	HEFA +2.8 points	9.0%	6.2%
Switzerland	HEFA +2.7 points	9.9%	7.2%
Japan	HEFA +2.3 points	24.6%	22.3%
Netherlands	HEFA +1.7 points	5.8%	4.1%
Other countries (22)	HEFA +1.9 points	26.2%	24.3%

Outside the US: HEFA 99% developed, 1% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

HEFA14.4%
SPDW12.6%

Securities held

HEFA661
SPDW2,416

Asset class

HEFA: Equity
SPDW: Equity

Holdings

Only in HEFA356
In both305
Only in SPDW2,111

Only in HEFA

356 securities, 54.3% of HEFA by weight

Asml Holding2.85%
Shell1.46%
Hsbc Holdings PLC1.37%
Astrazeneca PLC1.32%
Sap1.11%
Siemens N AG1.00%
Allianz0.87%
Totalenergies0.86%
Banco Santander0.75%
Iberdrola0.72%
Schneider Electric0.68%
Unilever PLC0.66%
Eur/Usd0.65%
Rolls-Royce Holdings PLC0.64%
Bp PLC0.62%
Banco Bilbao Vizcaya Argentaria0.61%
Novo Nordisk Class B0.60%
Airbus Group0.59%
Lair Liquide Societe Anonyme Pour0.59%
British American Tobacco0.57%
Loreal SA0.54%
Unicredit0.52%
Siemens Energy N AG0.51%
Lvmh0.50%
Safran SA0.50%
Glaxosmithkline0.47%
Deutsche Telekom N AG0.46%
Sanofi SA0.45%
Bnp Paribas SA0.44%
Intesa Sanpaolo0.43%
Ing Groep0.42%
Rio Tinto0.41%
National Grid PLC0.39%
Bae Systems PLC0.38%
Muenchener Rueckversicherungs-Gese0.37%
Enel0.37%
Barclays PLC0.35%
Investor Class B0.35%
Axa SA0.35%
Infineon Technologies AG0.34%
Lloyds Banking Group PLC0.34%
Anheuser-Busch Inbev SA0.34%
Relx PLC0.33%
Industria De Diseno Textil SA0.32%
Glencore PLC0.30%
Deutsche Boerse AG0.30%
Natwest Group PLC0.29%
Dhl AG0.28%
Essilorluxottica SA0.28%
Deutsche Bank AG0.27%

Only in SPDW

2,111 securities, 67.0% of SPDW by weight

Samsung Electr Gdr Reg’s2.39%
Sk Hynix Inc2.01%
Asml Holding NV1.96%
Shell PLC0.95%
Hsbc Holdings PLC0.89%
Royal Bank of Canada0.87%
Astrazeneca PLC0.82%
Banco Santander SA0.81%
Sap SE0.72%
Siemens AG Reg0.68%
Toronto Dominion Bank0.64%
Shopify Inc Class A0.62%
Totalenergies SE0.60%
Allianz SE Reg0.56%
Iberdrola SA0.47%
Schneider Electric SE0.47%
Rolls Royce Holdings PLC0.46%
Unilever PLC0.43%
Banco Bilbao Vizcaya Argenta0.43%
Bp PLC0.43%
Airbus SE0.41%
Unicredit Spa0.41%
Air Liquide SA0.38%
Bank of Montreal0.38%
British American Tobacco PLC0.38%
Novo Nordisk A/S B0.37%
Bank of Nova Scotia0.37%
Canadian Natural Resources0.34%
Can Imperial Bk of Commerce0.33%
Enbridge Inc0.33%
Samsung Electronics Pref0.33%
Lvmh Moet Hennessy Louis Vui0.33%
Siemens Energy AG0.33%
Intesa Sanpaolo0.33%
L Oreal0.33%
Safran SA0.32%
Bnp Paribas0.30%
Deutsche Telekom AG Reg0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Agnico Eagle Mines Ltd0.28%
Suncor Energy Inc0.28%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%
Brookfield Corp0.26%
Bae Systems PLC0.26%
National Grid PLC0.25%
Canadian Pacific Kansas City0.25%
Axa SA0.25%
Muenchener Rueckver AG Reg0.25%

Weight gaps

The 100 widest of 305 Holdings in both funds.

Holding weights in HEFA and SPDW, widest gap first
Holding	More in HEFAMore in SPDW	HEFA	SPDW
Roche Ps Par AG	HEFA +0.57 points	1.60%	1.03%
Novartis AG	HEFA +0.50 points	1.39%	0.89%
Nestle SA	HEFA +0.46 points	1.24%	0.78%
Bhp Group Ltd	HEFA +0.34 points	0.96%	0.62%
Commonwealth Bank of Australia	HEFA +0.33 points	0.92%	0.59%
Mitsubishi Ufj Financial Group	HEFA +0.29 points	1.09%	0.80%
Ubs Group AG	HEFA +0.23 points	0.69%	0.46%
Hitachi	HEFA +0.23 points	0.67%	0.44%
Recruit Holdings Ltd	HEFA +0.22 points	0.75%	0.53%
Sumitomo Mitsui Financial Group	HEFA +0.22 points	0.70%	0.48%
Advantest	HEFA +0.21 points	0.76%	0.55%
Sony Group	HEFA +0.20 points	0.68%	0.48%
Abb Ltd	HEFA +0.19 points	0.62%	0.43%
Dbs Group Holdings Ltd	HEFA +0.19 points	0.55%	0.36%
Compagnie Financiere Richemont SA	HEFA +0.18 points	0.50%	0.32%
Zurich Insurance Group AG	HEFA +0.18 points	0.52%	0.34%
Tokyo Electron	HEFA +0.17 points	0.63%	0.46%
Mizuho Financial Group	HEFA +0.16 points	0.53%	0.37%
Aia Group	HEFA +0.16 points	0.47%	0.31%
Keyence	HEFA +0.16 points	0.44%	0.28%
National Australia Bank	HEFA +0.15 points	0.42%	0.27%
Toyota Motor	HEFA +0.15 points	0.86%	0.71%
Westpac Banking Corporation	HEFA +0.14 points	0.41%	0.27%
Spotify TechnologySPOT	HEFA +0.15 points	0.41%	0.26%
Anz Group Holdings Ltd	HEFA +0.14 points	0.40%	0.26%
Kioxia Holdings	HEFA +0.14 points	0.46%	0.32%
Tokio Marine Holdings	HEFA +0.14 points	0.46%	0.32%
Softbank Group Corp	HEFA +0.13 points	0.49%	0.36%
Takeda Pharmaceutical	HEFA +0.12 points	0.32%	0.20%
Csl	HEFA +0.12 points	0.32%	0.20%
Fast Retailing	HEFA +0.11 points	0.41%	0.30%
Macquarie Group Ltd Def	HEFA +0.11 points	0.30%	0.19%
Wesfarmers	HEFA +0.11 points	0.29%	0.18%
Mitsubishi Heavy Industries	HEFA +0.10 points	0.32%	0.22%
Swiss Re AG	HEFA +0.10 points	0.26%	0.16%
Lonza Group AG	HEFA +0.10 points	0.26%	0.16%
Givaudan SA	HEFA +0.09 points	0.21%	0.12%
Kddi	HEFA +0.09 points	0.24%	0.15%
Teva Pharmaceutical IndustriesTEVA	HEFA +0.09 points	0.23%	0.14%
Nintendo	HEFA +0.08 points	0.27%	0.19%
Oversea-Chinese Banking	HEFA +0.08 points	0.35%	0.27%
Woodside Energy Group Ltd	HEFA +0.08 points	0.21%	0.13%
Softbank	HEFA +0.08 points	0.20%	0.12%
Galderma Group N AG	HEFA +0.07 points	0.20%	0.13%
Panasonic Holdings	HEFA +0.07 points	0.24%	0.17%
Holcim Ltd AG	HEFA +0.07 points	0.20%	0.13%
Japan Tobacco	HEFA +0.07 points	0.24%	0.17%
Itochu	HEFA +0.07 points	0.38%	0.31%
Hong Kong Exchanges and Clearing	HEFA +0.07 points	0.24%	0.17%
Hoya	HEFA +0.07 points	0.26%	0.19%
Mitsubishi Electric	HEFA +0.06 points	0.26%	0.20%
Dsv	HEFA +0.07 points	0.19%	0.12%
Woolworths Group	HEFA +0.06 points	0.16%	0.10%
Ntt	HEFA +0.05 points	0.15%	0.10%
Goodman Group Units	HEFA +0.06 points	0.18%	0.12%
Rio Tinto	HEFA +0.06 points	0.18%	0.12%
Alcon AG	HEFA +0.06 points	0.17%	0.11%
Shin Etsu Chemical	HEFA +0.06 points	0.29%	0.23%
Mitsubishi	HEFA +0.06 points	0.44%	0.38%
Honda Motor	HEFA +0.05 points	0.19%	0.14%
Sandoz Group AG	HEFA +0.05 points	0.19%	0.14%
Japan Post Bank Ltd	HEFA +0.05 points	0.16%	0.11%
Mitsui	HEFA +0.05 points	0.35%	0.30%
Genmab	HEFA +0.05 points	0.16%	0.11%
Transurban Group Stapled Units	HEFA +0.05 points	0.14%	0.09%
Nec	HEFA +0.05 points	0.18%	0.13%
Marubeni	HEFA +0.04 points	0.20%	0.16%
Techtronic Industries	HEFA +0.04 points	0.11%	0.07%
United Overseas Bank	HEFA +0.04 points	0.18%	0.14%
Orix	HEFA +0.05 points	0.19%	0.14%
Chugai Pharmaceutical Ltd	HEFA +0.05 points	0.14%	0.09%
Sika AG	HEFA +0.04 points	0.15%	0.11%
Ajinomoto	HEFA +0.04 points	0.13%	0.09%
Ck Hutchison Holdings	HEFA +0.05 points	0.11%	0.06%
Boc Hong Kong Holdings Ltd	HEFA +0.04 points	0.11%	0.07%
Qbe Insurance Group	HEFA +0.04 points	0.13%	0.09%
Nomura Holdings	HEFA +0.04 points	0.13%	0.09%
MS&AD Insurance Group Holdings	HEFA +0.05 points	0.19%	0.14%
Murata Manufacturing	HEFA +0.04 points	0.30%	0.26%
Mitsui Fudosan	HEFA +0.04 points	0.12%	0.08%
Fujikura	HEFA +0.04 points	0.17%	0.13%
Daiichi Sankyo Ltd	HEFA +0.04 points	0.14%	0.10%
Sea Ads Representing Ltd Class ASE	HEFA +0.04 points	0.13%	0.09%
Resona Holdings	HEFA +0.04 points	0.14%	0.10%
Daikin Industries Ltd	HEFA +0.03 points	0.15%	0.12%
Vestas Wind Systems	HEFA +0.04 points	0.13%	0.09%
Fujitsu	HEFA +0.04 points	0.18%	0.14%
Oriental Land	HEFA +0.04 points	0.11%	0.07%
Sumitomo Electric Industries	HEFA +0.04 points	0.15%	0.11%
Swisscom AG	HEFA +0.04 points	0.10%	0.06%
Renesas Electronics Corp	HEFA +0.04 points	0.15%	0.11%
Bridgestone	HEFA +0.04 points	0.13%	0.09%
Inpex	HEFA +0.04 points	0.11%	0.07%
Smc (Japan) Corp	HEFA +0.03 points	0.10%	0.07%
Fanuc Corp	HEFA +0.04 points	0.16%	0.12%
Santos	HEFA +0.04 points	0.10%	0.06%
Disco Corp	HEFA +0.04 points	0.13%	0.09%
Roche Holding AG	HEFA +0.03 points	0.07%	0.04%
Brambles	HEFA +0.03 points	0.09%	0.06%
Toyota Tsusho	HEFA +0.04 points	0.13%	0.09%

All HEFA holdings⁠All 2,436 SPDW 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 SPDW Cost

Overpaying HEFA vs SPDW

$12,968

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

HEFA 0.70%
$13,606
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

HEFA 0.70%
SPDW 0.03%
Overpaying

Year by year

Year	HEFA	SPDW	Overpaying
10	$1,250	$55	$1,195
20	$4,760	$216	$4,544
30	$13,606	$638	$12,968

Expense ratio

0.70%HEFA
0.03%SPDW, cheaper

SPDW0.03%HEFA0.70%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

HEFA 20th cheapest of 20 funds

HEFA vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HEFA 4.04%, better; SPDW 3.07%
Payout (12M): HEFA $1.87; SPDW $1.52
Last payment: HEFA $0.69; SPDW $0.72
Ex-dividend: HEFA Jul 2, 2026; SPDW Jun 22, 2026
Paid on: HEFA Jul 8, 2026; SPDW Jun 26, 2026
Frequency: HEFA Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HEFATwice a year · 23 paymentsAll HEFA payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

HEFA vs SPDW Risk

Fall from peak · 5 years

HEFA
SPDW

Risk facts

VolatilityStd dev, 3 years: HEFA 8.4%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: HEFA 1.73, betterSPDW 1.27
Worst fallMax drawdown, 5 years: HEFA −14.8%, betterSPDW −29.9%
Market sensitivityBeta, 5 years: HEFA 0.51SPDW 1.03; Market = 1

HEFA and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW
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 SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How HEFA and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HEFA

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%

Unhedged Japan rose 2.5% on the yen; Europe funds slipped

How HEFA and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HEFA

Only in SPDW

Weight gaps