iShares Currency Hedged MSCI EAFE ETF (HEFA) Performance
HEFA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.7% since Dec 31, 2025
- 1 year
- +17.4% total return
- 5 years
- +13.2% a year
- 10 years
- +12.0% a year
- Since first price
- +10.3% a year since 2014
HEFA trailing returns vs SPY, QQQ, AGG
| Period | HEFA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.7% | −1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.3% | −0.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.0% | +4.4% | +7.8% | +8.4% | −1.5% |
| YTD | +12.7% | +11.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +17.4% | +12.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.6%+20.6%/yr | +58.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +86.1%+13.2%/yr | +30.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +209.2%+12.0%/yr | +82.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionFeb 14, 2014 | +247.2%+10.3%/yr | +87.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HEFA vs SPY
From Feb 14, 2014: HEFA grew to $34,719, SPY to $51,101.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HEFA returns by calendar year
9 of 11 full years positive. Best 2019 (+24.8%), worst 2018 (−9.3%). 2026 is year to date.
HEFA annual returns table
| Year | HEFA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +12.7% | −9.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +24.6% | −14.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +13.7% | −9.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +20.3% | −6.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −4.9% | −14.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +19.6% | −5.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +2.1% | −32.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +24.8% | −6.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −9.3% | −15.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +16.7% | −2.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +6.4% | −13.9% | +12.0% | +7.1% | +2.4% |
| 2015 | +4.3% | −16.0% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HEFA largest drawdowns
Now 4.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 12, 2020 | −32.4% | Mar 16, 2020 | Dec 29, 2020 | 33 days | 11 months |
| May 27, 2015 | −23.1% | Feb 11, 2016 | Mar 1, 2017 | 9 months | 1.8 years |
| Jan 23, 2018 | −15.5% | Dec 24, 2018 | Apr 12, 2019 | 11 months | 1.2 years |
| Jan 4, 2022 | −14.8% | Sep 30, 2022 | Jan 23, 2023 | 9 months | 1.1 years |
| Feb 18, 2025 | −14.3% | Apr 8, 2025 | May 12, 2025 | 49 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HEFA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +19.6% | +14.0% | +12.2% | +10.3% |
| Volatility (annualized) | 8.7% | 11.0% | 11.9% | 11.9% |
| Sharpe ratio | 1.62 | 0.93 | 0.84 | 0.74 |
| Sortino ratio | 3.04 | 1.61 | 1.31 | 1.13 |
| Best month | +5.4% | +7.7% | +12.3% | +12.3% |
| Worst month | −5.6% | −5.8% | −13.2% | −13.2% |
| Best 12 months | +29.4% | +29.4% | +39.3% | +39.3% |
| Worst 12 months | +7.3% | −9.4% | −11.5% | −13.3% |
| Positive months | 75% | 67% | 68% | 67% |
| Beta vs S&P 500 | 0.46 | 0.57 | 0.64 | — |
| Correlation with S&P 500 | 0.66 | 0.81 | 0.83 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HEFA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 141 | −13.3% | +11.6% | +39.3% | 81% |
| 3-year (a year) | 117 | −0.2% | +9.7% | +20.3% | 99% |
| 5-year (a year) | 93 | +1.0% | +9.7% | +16.7% | 100% |
| 10-year (a year) | 33 | +8.1% | +9.1% | +12.8% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
HEFA performance overview
iShares Currency Hedged MSCI EAFE ETF (HEFA) returned +17.4% over the past year and +12.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +10.3% a year, turning $10,000 into about $34,719. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −32.4%, from Feb 12, 2020 to Mar 16, 2020, and it took 9 months to get back to the old high. HEFA finished 9 of its 11 full calendar years with a gain; the best year was 2019 (+24.8%) and the worst 2018 (−9.3%). Volatility has been 11.9% a year.
Related: HEFA chart, HEFA holdings, HEFA dividends. See the HEFA overview for the latest quote and fund facts.
HEFA performance FAQ
What is the HEFA return over the past year?
HEFA returned +17.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 12.4%.
What is the average annual return of HEFA?
HEFA has returned +13.2% a year over 5 years, +12.0% a year over 10 years, +10.3% a year since February 14, 2014 (total return, distributions reinvested).
How much would $10,000 invested in HEFA be worth?
$10,000 invested in HEFA at its first recorded close on February 14, 2014 would be worth about $34,719 on October 23, 2026 with distributions reinvested.
What was the worst year for HEFA?
The worst calendar year was 2018, with a total return of −9.3%. The best was 2019 at +24.8%.
What is the biggest drawdown of HEFA?
The largest peak-to-trough decline was −32.4% between February 12, 2020 and March 16, 2020. It recovered to the old high on December 29, 2020, 9 months after the bottom.
How volatile is HEFA?
Over the past 3 years HEFA had an annualized volatility of 8.7% and a Sharpe ratio of 1.62 (excess return over 1–3 month T-bills per unit of risk).