Multi-fidelity optimization, which complements an expensive high-fidelity function with cheaper low-fidelity functions, has been successfully applied in many fields of structural optimization. In the present work, an exemplary cross-die deep-drawing optimization problem is investigated to compare different objective functions and to assess the performance of a multi-fidelity efficient global optimization technique. To that end, hierarchical kriging is combined with an infill criterion called variable-fidelity expected improvement. Findings depend significantly on the choice of objective function, highlighting the importance of careful consideration when defining an objective function. We show that one function based on the share of bad elements in a forming limit diagram is not well suited to optimize the example problem. In contrast, two other definitions of objective functions, the average sheet thickness reduction and an averaged limit violation in the forming limit diagram, confirm the potential of a multi-fidelity approach. They significantly reduce computational cost at comparable result quality or even improve result quality compared to a single-fidelity optimization.