iShares Currency Hedged MSCI Eurozone ETF (HEZU) Performance
HEZU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.6% since Dec 31, 2025
- 1 year
- +12.2% total return
- 5 years
- +11.6% a year
- 10 years
- +11.5% a year
- Since first price
- +10.2% a year since 2014
HEZU trailing returns vs SPY, QQQ, AGG
| Period | HEZU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.1% | −3.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.4% | −2.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.9% | +3.1% | +7.8% | +8.4% | −1.5% |
| YTD | +9.6% | +7.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.2% | +9.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +73.9%+20.3%/yr | +60.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +73.2%+11.6%/yr | +26.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +196.6%+11.5%/yr | +86.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionAug 22, 2014 | +227.6%+10.2%/yr | +93.1% | — | — | — |
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: HEZU vs SPY
From Aug 22, 2014: HEZU grew to $32,755, SPY to $46,777.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HEZU returns by calendar year
9 of 11 full years positive. Best 2019 (+29.5%), worst 2018 (−10.2%). 2026 is year to date.
HEZU annual returns table
| Year | HEZU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.6% | −11.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +25.9% | −14.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.6% | −9.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +23.0% | −10.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.5% | −22.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +23.5% | −6.4% | +28.7% | +27.4% | −1.8% |
| 2020 | +0.5% | −38.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +29.5% | −7.7% | +31.2% | +39.0% | +8.5% |
| 2018 | −10.2% | −17.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +14.3% | −5.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +6.7% | −14.9% | +12.0% | +7.1% | +2.4% |
| 2015 | +7.6% | −18.3% | +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.
HEZU largest drawdowns
Now 7.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −38.8% | Mar 16, 2020 | Jan 8, 2021 | 26 days | 11 months |
| Apr 10, 2015 | −26.2% | Feb 11, 2016 | Mar 28, 2017 | 10 months | 2.0 years |
| Nov 17, 2021 | −22.8% | Sep 30, 2022 | Feb 14, 2023 | 10 months | 1.2 years |
| Jan 22, 2018 | −17.4% | Dec 24, 2018 | Apr 17, 2019 | 11 months | 1.2 years |
| Mar 19, 2025 | −14.8% | Apr 8, 2025 | May 12, 2025 | 20 days | 54 days |
| Sep 5, 2014 | −12.5% | Oct 16, 2014 | Dec 3, 2014 | 41 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.
HEZU risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +19.6% | +13.0% | +12.0% | +10.6% |
| Volatility (annualized) | 11.1% | 14.9% | 15.7% | 15.8% |
| Sharpe ratio | 1.29 | 0.66 | 0.66 | 0.60 |
| Sortino ratio | 2.43 | 1.10 | 1.04 | 0.93 |
| Best month | +8.5% | +11.1% | +17.3% | +17.3% |
| Worst month | −6.5% | −8.7% | −18.4% | −18.4% |
| Best 12 months | +26.1% | +29.2% | +48.5% | +48.5% |
| Worst 12 months | +8.9% | −16.6% | −16.6% | −16.6% |
| Positive months | 72% | 63% | 61% | 61% |
| Beta vs S&P 500 | 0.58 | 0.75 | 0.82 | — |
| Correlation with S&P 500 | 0.65 | 0.79 | 0.80 | — |
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.
HEZU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 135 | −16.6% | +12.4% | +48.5% | 76% |
| 3-year (a year) | 111 | −2.9% | +9.7% | +23.3% | 96% |
| 5-year (a year) | 87 | −0.9% | +10.1% | +17.5% | 99% |
| 10-year (a year) | 27 | +7.9% | +9.7% | +12.9% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
HEZU performance overview
iShares Currency Hedged MSCI Eurozone ETF (HEZU) returned +12.2% over the past year and +11.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +10.2% a year, turning $10,000 into about $32,755. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −38.8%, from Feb 19, 2020 to Mar 16, 2020, and it took 10 months to get back to the old high. HEZU finished 9 of its 11 full calendar years with a gain; the best year was 2019 (+29.5%) and the worst 2018 (−10.2%). Volatility has been 15.8% a year.
Related: HEZU chart, HEZU holdings, HEZU dividends. See the HEZU overview for the latest quote and fund facts.
HEZU performance FAQ
What is the HEZU return over the past year?
HEZU returned +12.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 9.2%.
What is the average annual return of HEZU?
HEZU has returned +11.6% a year over 5 years, +11.5% a year over 10 years, +10.2% a year since August 22, 2014 (total return, distributions reinvested).
How much would $10,000 invested in HEZU be worth?
$10,000 invested in HEZU at its first recorded close on August 22, 2014 would be worth about $32,755 on October 23, 2026 with distributions reinvested.
What was the worst year for HEZU?
The worst calendar year was 2018, with a total return of −10.2%. The best was 2019 at +29.5%.
What is the biggest drawdown of HEZU?
The largest peak-to-trough decline was −38.8% between February 19, 2020 and March 16, 2020. It recovered to the old high on January 8, 2021, 10 months after the bottom.
How volatile is HEZU?
Over the past 3 years HEZU had an annualized volatility of 11.1% and a Sharpe ratio of 1.29 (excess return over 1–3 month T-bills per unit of risk).