HEFA vs VEA: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE ETF

HEFADCboe

Vanguard FTSE Developed Markets ETF

VEAANYSE Arca

Overlap

63.8%by weight

Expense ratio

VEA −0.67pt a year

HEFA0.70%VEA0.03%

Avg volume · 30D

VEA 17.4×the volume

HEFA581KVEA10.1M

10Y return · a year

HEFA +2.3pt

HEFA+12.1%VEA+9.8%

HEFA vs VEA Performance

Oct 29, 2021 – Oct 30, 2026

+86.9%HEFA+55.4%VEA

Expense ratio: HEFA 0.70%; VEA 0.03%, better
Fund size: HEFA $7.54B; VEA $314B
1Y total return: HEFA +17.9%, better; VEA +16.9%
Yield (12M): HEFA 4.04%, better; VEA 2.45%
Holdings: HEFA 677; VEA 3914
Avg volume (30D): HEFA 581K sh; VEA 10.1M sh, better
NAV per share: HEFA $46.32; VEA $69.29
52W range

ETF.net Grade

Pillar letters and Scores for HEFA, VEA, with each pillar’s weight
Pillar	HEFA	VEA
Cost30% weight	F0	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	B68Higher	C43
Tradability15% weight	B69Higher	B58
Holdings10% weight	B68	A84Higher
Durability5% weight	B58	A91Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. HEFA and VEA 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 ›

VEA 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 4AIEFAiShares Core MSCI EAFE 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

VEAAVanguard FTSE 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.

VEA Everything developed outside the US in one line item: roughly 3,900 stocks across Canada, Europe and the Pacific, small caps included. Vanguard has run it since 2007 at three basis points.

Stated mandate

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

VEA Seeks to track the FTSE Developed All Cap ex US Index through an indexing strategy investing substantially all assets in the index’s large-, mid-, and small-cap stocks across Canada, Europe, and the Pacific region.

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.

VEA Charges 0.03% a year against a 0.18% median for its peer group. Low cost is the whole point of index exposure, and this sits at the cheap end of it.
The index reaches down to small caps and keeps Canada in, so you own about 3,900 companies across Canada, Europe and the Pacific, not just the mega-cap layer.vanguard.com
Tracks its FTSE benchmark closely and trades in heavy volume, which keeps the spread to get in or out slim, whether the order is small or institutional.
Live since 2007 and one of the largest international stock funds on the market. Distributions come quarterly.

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.

VEA Developed markets only, and no US stocks. Emerging markets and the home market sit outside the mandate entirely.vanguard.com
The 0.03% fee is matched, not owned: SPDW and SCHF price the same and IDEV is a hair above. The separator here is index construction, not cost.
Plain index exposure, no buffer or downside protection. Foreign markets and the small-cap sleeve can swing hard, and the fund holds the full ride.

Full HEFA profile⁠

Full VEA profile⁠

HEFA vs VEA Holdings

How HEFA and VEA differ

Overlap by weight

63.8%

Shared holdings make up 96.0% of HEFA and 63.8% of VEA.

Level by level

Holdings617 in both63.8%
Countryby domicile77.5%
Sector11 Sectors90.7%
Asset classEquity100%

Sector

Sector weights in HEFA and VEA, widest gap first
Sector	More in HEFAMore in VEA	HEFA	VEA
Technology	VEA +6.2 points	10.7%	16.9%
Health Care	HEFA +3.2 points	11.0%	7.8%
Materials	VEA +1.7 points	5.9%	7.6%
Consumer Staples	HEFA +1.6 points	6.9%	5.3%
Consumer Discretionary	HEFA +1.2 points	8.1%	6.9%
Industrials	HEFA +1.0 points	18.5%	17.5%
Financials	HEFA +1.1 points	25.5%	24.4%
Real Estate	VEA +0.8 points	1.5%	2.3%
Utilities	HEFA +0.8 points	3.9%	3.1%
Energy	VEA +0.6 points	4.3%	4.9%
Communication	HEFA +0.5 points	3.8%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in HEFA and VEA, widest gap first
Country	More in HEFAMore in VEA	HEFA	VEA
Canada	VEA +10.8 points	0.0%	10.8%
South Korea	VEA +9.2 points	0.0%	9.2%
United Kingdom	HEFA +3.9 points	15.0%	11.1%
Switzerland	HEFA +3.3 points	9.9%	6.6%
France	HEFA +2.9 points	9.5%	6.6%
Germany	HEFA +2.8 points	9.0%	6.2%
Japan	HEFA +2.7 points	24.6%	21.9%
Netherlands	HEFA +1.8 points	5.8%	4.0%
Other countries (17)	HEFA +2.6 points	26.2%	23.6%

Outside the US: HEFA 99% developed, 1% emerging. VEA 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

HEFA14.4%
VEA13.6%

Securities held

HEFA661
VEA3,890

Asset class

HEFA: Equity
VEA: Equity

Holdings

Only in HEFA44
In both617
Only in VEA3,273

Only in HEFA

44 securities, 4.3% of HEFA by weight

Eur/Usd0.65%
Spotify Technology0.41%
Nordea Bank0.25%
Basf N0.25%
Teva Pharmaceutical Industries0.23%
Ferrari0.22%
Jpy/Usd0.16%
Nebius NV Class A0.14%
Adidas N AG0.14%
Stmicroelectronics0.14%
Sea Ads Representing Ltd Class A0.13%
Ferrovial NV0.12%
Aercap Holdings0.12%
Aib Group PLC0.12%
Coca Cola Europacific Partners PLC0.11%
Bt Group PLC0.08%
Kerry Group PLC0.08%
Edp Energias De Portugal0.08%
Henkel & Kgaa Pref AG0.06%
Vonovia SE0.06%
Check Point Software Technologies0.06%
Banco Comercial Portugues SA0.05%
Stellantis0.04%
Galp Energia Sgps SA Class B0.04%
Jardine Matheson Holdings0.04%
Upm-Kymmene Corp0.04%
Yangzijiang Shipbuilding (Holdings0.04%
Hongkong Land Holdings Ltd0.04%
Sartorius Pref AG0.04%
Millicom International Cellular0.03%
Grab Holdings Class A0.03%
International Airlines Group0.03%
Dkk/Usd0.03%
Hkt Trust and Hkt Units0.03%
Dr Ing Hc F Porsche Prf AG0.03%
Jeronimo Martins SA0.03%
Ils/Usd0.02%
Futu Holdings Adr0.02%
Edp Renewables SA0.02%
Porsche Automobil Holding Pref0.02%
Davide Campari Milano NV0.02%
Sgd/Usd<0.01%
Hkd/Usd<0.01%
Nzd/Usd<0.01%

Only in VEA

3,273 securities, 36.0% of VEA by weight

Samsung Electronics Co Ltd2.81%
SK hynix Inc2.30%
SLBBH11421.07%
Royal Bank of Canada0.85%
Toronto-Dominion Bank/The0.60%
Shopify Inc0.56%
Bank of Montreal0.37%
Samsung Electronics-Pref0.35%
Bank of Nova Scotia/The0.35%
Enbridge Inc0.32%
Canadian Imperial Bank of Commerce0.31%
Canadian Natural Resources Ltd0.30%
Agnico Eagle Mines Ltd0.29%
Suncor Energy Inc0.25%
Brookfield Corp0.24%
Canadian Pacific Kansas City Ltd0.23%
Air Liquide SA0.23%
SK Square Co Ltd0.23%
Manulife Financial Corp0.22%
Barrick Mining Corp0.21%
L'Oreal SA0.20%
Canadian National Railway Co0.20%
Nordea Bank Abp0.20%
Samsung Electro-Mechanics Co Ltd0.19%
Wheaton Precious Metals Corp0.19%
TC Energy Corp0.19%
National Bank of Canada0.17%
Basf SE0.16%
Teva Pharmaceutical Industries Ltd0.14%
Ferrari NV0.14%
Franco-Nevada Corp0.14%
Celestica Inc0.14%
Sun Life Financial Inc0.13%
KB Financial Group Inc0.13%
Cenovus Energy Inc0.13%
Alimentation Couche-Tard Inc0.13%
Constellation Software Inc/Canada0.12%
Waste Connections Inc0.12%
Cameco Corp0.12%
Dollarama Inc0.11%
Hyundai Motor Co0.11%
Nutrien Ltd0.10%
STMicroelectronics NV0.10%
Power Corp of Canada0.10%
Lenovo Group Ltd0.10%
Shinhan Financial Group Co Ltd0.10%
Fairfax Financial Holdings Ltd0.10%
Teck Resources Ltd0.10%
Intact Financial Corp0.09%
Engie SA0.09%

Weight gaps

The 100 widest of 617 Holdings in both funds.

Holding weights in HEFA and VEA, widest gap first
Holding	More in HEFAMore in VEA	HEFA	VEA
Asml Holding	HEFA +0.71 points	2.85%	2.14%
Roche Ps Par AG	HEFA +0.70 points	1.60%	0.90%
ShellSHEL.L	HEFA +0.60 points	1.46%	0.86%
Astrazeneca PLCAZN.L	HEFA +0.57 points	1.32%	0.75%
Novartis AG	HEFA +0.57 points	1.39%	0.82%
Nestle SA	HEFA +0.52 points	1.24%	0.72%
Sap	HEFA +0.48 points	1.11%	0.63%
Lair Liquide Societe Anonyme Pour	HEFA +0.47 points	0.59%	0.12%
Loreal SA	HEFA +0.44 points	0.54%	0.10%
Commonwealth Bank of Australia	HEFA +0.38 points	0.92%	0.54%
Totalenergies	HEFA +0.33 points	0.86%	0.53%
Hsbc Holdings PLCHSBA.L	HEFA +0.32 points	1.37%	1.05%
Allianz	HEFA +0.32 points	0.87%	0.55%
Recruit Holdings Ltd	HEFA +0.31 points	0.75%	0.44%
Mitsubishi Ufj Financial Group	HEFA +0.31 points	1.09%	0.78%
Siemens N AG	HEFA +0.30 points	1.00%	0.70%
Bhp Group Ltd	HEFA +0.29 points	0.96%	0.67%
Toyota Motor	HEFA +0.26 points	0.86%	0.60%
Unilever PLCULVR.L	HEFA +0.27 points	0.66%	0.39%
Bp PLCBP.L	HEFA +0.26 points	0.62%	0.36%
Advantest	HEFA +0.26 points	0.76%	0.50%
Sony Group	HEFA +0.25 points	0.68%	0.43%
Iberdrola	HEFA +0.24 points	0.72%	0.48%
Ubs Group AG	HEFA +0.23 points	0.69%	0.46%
British American TobaccoBATS.L	HEFA +0.23 points	0.57%	0.34%
Novo Nordisk Class B	HEFA +0.23 points	0.60%	0.37%
Zurich Insurance Group AG	HEFA +0.21 points	0.52%	0.31%
Airbus Group	HEFA +0.21 points	0.59%	0.39%
Sumitomo Mitsui Financial Group	HEFA +0.21 points	0.70%	0.49%
Hitachi	HEFA +0.20 points	0.67%	0.47%
Sanofi SA	HEFA +0.18 points	0.45%	0.27%
Dbs Group Holdings Ltd	HEFA +0.17 points	0.55%	0.38%
GlaxosmithklineGSK.L	HEFA +0.17 points	0.47%	0.30%
Aia Group	HEFA +0.17 points	0.47%	0.30%
Tokio Marine Holdings	HEFA +0.17 points	0.46%	0.29%
Abb Ltd	HEFA +0.17 points	0.62%	0.45%
National Australia Bank	HEFA +0.16 points	0.42%	0.26%
Engie SA	HEFA +0.17 points	0.22%	0.05%
Lvmh	HEFA +0.16 points	0.50%	0.34%
Westpac Banking Corporation	HEFA +0.15 points	0.41%	0.26%
Anz Group Holdings Ltd	HEFA +0.15 points	0.40%	0.25%
Fast Retailing	HEFA +0.16 points	0.41%	0.25%
National Grid PLCNG.L	HEFA +0.15 points	0.39%	0.23%
Muenchener Rueckversicherungs-Gese	HEFA +0.15 points	0.37%	0.22%
Compagnie Financiere Richemont SA	HEFA +0.15 points	0.50%	0.35%
Relx PLCREL.L	HEFA +0.15 points	0.33%	0.18%
Deutsche Telekom N AG	HEFA +0.15 points	0.46%	0.31%
Bae Systems PLCBA.L	HEFA +0.14 points	0.38%	0.23%
Rolls-Royce Holdings PLCRR.L	HEFA +0.14 points	0.64%	0.50%
Mitsubishi	HEFA +0.14 points	0.44%	0.30%
Keyence	HEFA +0.14 points	0.44%	0.30%
Enel	HEFA +0.14 points	0.37%	0.23%
Siemens Energy N AG	HEFA +0.13 points	0.51%	0.38%
Takeda Pharmaceutical	HEFA +0.14 points	0.32%	0.18%
Banco Santander	HEFA +0.13 points	0.75%	0.62%
Essilorluxottica SA	HEFA +0.13 points	0.28%	0.15%
Schneider Electric	HEFA +0.13 points	0.68%	0.55%
Mizuho Financial Group	HEFA +0.13 points	0.53%	0.40%
Csl	HEFA +0.13 points	0.32%	0.19%
Banco Bilbao Vizcaya Argentaria	HEFA +0.12 points	0.61%	0.49%
Investor Class B	HEFA +0.12 points	0.35%	0.23%
Deutsche Boerse AG	HEFA +0.12 points	0.30%	0.18%
Anheuser-Busch Inbev SA	HEFA +0.12 points	0.34%	0.22%
Bnp Paribas SA	HEFA +0.12 points	0.44%	0.32%
Macquarie Group Ltd Def	HEFA +0.12 points	0.30%	0.18%
Tokyo Electron	HEFA +0.12 points	0.63%	0.51%
Compass Group PLCCPG.L	HEFA +0.11 points	0.27%	0.16%
Givaudan SA	HEFA +0.11 points	0.21%	0.10%
Mitsui	HEFA +0.11 points	0.35%	0.24%
Itochu	HEFA +0.11 points	0.38%	0.27%
Industria De Diseno Textil SA	HEFA +0.11 points	0.32%	0.21%
Ing Groep	HEFA +0.10 points	0.42%	0.32%
Lonza Group AG	HEFA +0.11 points	0.26%	0.15%
London Stock Exchange Group PLCLSEG.L	HEFA +0.10 points	0.26%	0.16%
Swiss Re AG	HEFA +0.11 points	0.26%	0.15%
Nintendo	HEFA +0.11 points	0.27%	0.16%
Unicredit	HEFA +0.11 points	0.52%	0.41%
Rio TintoRIO.L	HEFA +0.11 points	0.41%	0.30%
Axa SA	HEFA +0.11 points	0.35%	0.24%
Hoya	HEFA +0.10 points	0.26%	0.16%
Eni	HEFA +0.10 points	0.26%	0.16%
Wesfarmers	HEFA +0.10 points	0.29%	0.18%
Rheinmetall AG	HEFA +0.10 points	0.25%	0.15%
Oversea-Chinese Banking	HEFA +0.10 points	0.35%	0.25%
Barclays PLCBARC.L	HEFA +0.10 points	0.35%	0.25%
Dhl AG	HEFA +0.10 points	0.28%	0.18%
Diageo PLCDGE.L	HEFA +0.09 points	0.24%	0.15%
Genmab	HEFA +0.09 points	0.16%	0.07%
Tesco PLCTSCO.L	HEFA +0.09 points	0.21%	0.12%
Bayer AG	HEFA +0.10 points	0.26%	0.16%
Safran SA	HEFA +0.10 points	0.50%	0.40%
Ucb SA	HEFA +0.09 points	0.18%	0.09%
E.on N	HEFA +0.09 points	0.22%	0.13%
Galderma Group N AG	HEFA +0.09 points	0.20%	0.11%
Sandoz Group AG	HEFA +0.08 points	0.19%	0.11%
Japan Tobacco	HEFA +0.09 points	0.24%	0.15%
Danone SA	HEFA +0.09 points	0.21%	0.13%
Lloyds Banking Group PLCLLOY.L	HEFA +0.08 points	0.34%	0.26%
Kddi	HEFA +0.08 points	0.24%	0.16%
Vinci SA	HEFA +0.09 points	0.27%	0.18%

All HEFA holdings⁠All 3,873 VEA 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 VEA Cost

Overpaying HEFA vs VEA

$12,968

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

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

Amount$10,000

Years30 years

Cost over time

HEFA 0.70%
VEA 0.03%
Overpaying

Year by year

Year	HEFA	VEA	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%VEA, cheaper

VEA0.03%HEFA0.70%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

VEA cheapest of 20 funds

HEFA 20th cheapest of 20 funds

HEFA vs VEA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HEFA 4.04%, better; VEA 2.45%
Payout (12M): HEFA $1.87; VEA $1.70
Last payment: HEFA $0.69; VEA $0.18
Ex-dividend: HEFA Jul 2, 2026; VEA Sep 18, 2026
Paid on: HEFA Jul 8, 2026; VEA Sep 22, 2026
Frequency: HEFA Twice a year; VEA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HEFATwice a year · 23 paymentsAll HEFA payments⁠

VEAQuarterly · 39 paymentsAll VEA payments⁠

HEFA vs VEA Risk

Fall from peak · 5 years

HEFA
VEA

Risk facts

VolatilityStd dev, 3 years: HEFA 8.4%, betterVEA 12.9%
Return per unit of riskSharpe ratio, 3 years: HEFA 1.73, betterVEA 1.25
Worst fallMax drawdown, 5 years: HEFA −14.8%, betterVEA −29.4%
Market sensitivityBeta, 5 years: HEFA 0.51VEA 0.97; Market = 1

HEFA and VEA in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEFAVEA
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026HEFAVEA
Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VEA
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026VEA
Head-to-Head
VXUS already holds the stocks in VEA
Oct 19, 2026VEA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026VEA

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HEFA vs VEA

In short

Stated mandate

Why people hold it