Relative Intelligence · Developed International Equity
How iShares MSCI EAFE ETF (EFA) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on EFA alone. It places EFA (iShares MSCI EAFE ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where EFA stands in the market, and of the alternatives worth a closer look.
Period covered: EFA's full trading record, from August 2001 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- What you're buyingEFA charges 0.32% a year; VEA (Vanguard FTSE Developed Markets ETF) tracks the same thing for 0.03%. A correlation of 0.99 with VEA over 5 years: effectively the same bet as the larger fund. Better options ↓
- Right nowOver the past 6 months, EFA rose 1.4% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its similar funds split over the past 6 months: QUAL (iShares MSCI USA Quality Factor ETF) rose 9.7%, while EFG (iShares MSCI EAFE Growth ETF) fell 1.1%. Consistency ↓
- Fund or market?EFA rose 1.1% over the past 3 months, in line with the developed international equity ETF VEA (Vanguard FTSE Developed Markets ETF), which rose 1.0%. The S&P 500 rose 3.9%.
- Long termEFA turned $10,000 into $23,900 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashEFA has tended to fall harder than the S&P 500 in crashes, about 1.2 times the index's decline. Crash tests ↓
- DiversificationEFA is some diversification, but not a hedge: a correlation of 0.79 with the S&P 500 over 5 years and 0.79 with the total US market, more closely than 60% of ETFs with at least $100 million in assets. When the S&P 500 had a down month, EFA usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and HFXI (NYLI FTSE International Equity Currency Neutral ETF) earned more than EFA with less volatility over the past 5 years. DBEF returned 13.1% a year at 13.8% volatility, against 8.6% a year at 16.6%.
- Nearby categories and themes
- LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) earned more than EFA with less volatility over the past 5 years: 17.0% a year at 11.1% volatility, against 8.6% a year at 16.6%.
- Whole market
- 96 of the 3,633 stocks and funds worth at least $500 million earned more than EFA with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VIG (Vanguard Dividend Appreciation ETF) and SCHD (Schwab U.S. Dividend Equity ETF).
How much would $10,000 in EFA have grown?
This chart tracks a hypothetical $10,000 investment in EFA over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of EFA over the same span and EFA's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 19 years rather than EFA's full 25 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in EFA at the end of September 2007 would have grown to $22,507 by September 2026, less than the $70,725 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of EFA, and VTI finished highest, at $69,591.
Choose a period
From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,295 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of EFA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$70,725+607% total · +10.8% a year
- VTI$69,591+596% total · +10.8% a year
- DXJ$58,311+483% total · +9.7% a year
- PXF$26,756+168% total · +5.3% a year
- IDHQ$25,416+154% total · +5.0% a year
- SPDW$25,003+150% total · +4.9% a year
- EFA$22,507+125% total · +4.4% a year
- EFV$21,863+119% total · +4.2% a year
- EFG$21,619+116% total · +4.1% a year
- DWM$20,873+109% total · +3.9% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,452 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of EFA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- EFV$19,482+94.8% total · +14.3% a year
- FNDF$19,446+94.5% total · +14.2% a year
- DBEF$19,021+90.2% total · +13.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- VTI$18,064+80.6% total · +12.6% a year
- HFXI$17,922+79.2% total · +12.4% a year
- QUAL$17,879+78.8% total · +12.3% a year
- IDHQ$16,245+62.5% total · +10.2% a year
- SPDW$16,223+62.2% total · +10.2% a year
- EFA$15,590+55.9% total · +9.3% a year
EFA at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- EFA's deepest decline since it began trading in 2001 was 61.0%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high.
- Over 24 full calendar years, EFA's best was 2003, when it returned 38.7%, and its worst was 2008, when it lost 41.0%. It lost money in seven of those years.
- EFA is 4.7% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- August 2001
- Expense ratio
- 0.32%per year
- Assets
- $77B
- Category
- International
Returns
- Past 1 year
- +12.5%total return
- Past 3 years
- +71.2%+19.6% a year
- Past 5 years
- +51.0%+8.6% a year
- Past 10 years
- +139%+9.1% a year
- Best calendar year
- +38.7%2003
- Worst calendar year
- −41.0%2008
- Losing years
- 7 of 24full calendar years
Risk
- Volatility
- 16.6%typical yearly swing, 5 years
- Sharpe ratio
- 0.58return per unit of risk, 5 years
- Worst decline ever
- −61.0%Oct 2007 to Mar 2009
- From its all-time high
- −4.7%below the peak
EFA against the whole market
Where EFA ranks among every stock and fund, and what across the market has done better.
How does EFA rank among all ETFs?
This section ranks EFA on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how EFA stacks up against its peers, these rankings show where it stands in the market as a whole.
- EFA lands in the broad middle of the market on every measure here. EFA's worst decline of the past 10 years ranks in the top 32% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | EFA | Rank | Standing |
|---|---|---|---|
| 1-year return | +12.5% | 1,043 of 2,485 | top 42% |
| 3-year return | +71.2% | 759 of 1,949 | top 39% |
| 5-year return | +51.0% | 656 of 1,560 | top 42% |
| 10-year return | +139% | 522 of 958 | bottom 47% |
| Volatility, 5 years | 16.6% | 773 of 1,560 | top 50% |
| Sharpe ratio, 5 years | 0.58 | 757 of 1,560 | top 49% |
| Worst decline, past 10 years | −34.2% | 309 of 951 | top 32% |
What has beaten EFA on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). EFA sits where the dashed lines cross. Anything in the green box above and to the left earned more than EFA with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 96 ETFs worth at least $500 million sit in the green region: each earned more than EFA over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half EFA's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 33% less than EFA's 16.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.58 for EFA.
- Among EFA's popular alternatives, HEFA, DBEF and HFXI are in the region. HEFA earned 13.3% a year against 8.6% a year for EFA, at 13.8% volatility, 17% less than EFA's 16.6%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to EFA; faint dots are 43 more of the 96 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than EFA?
Investments that beat EFA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among EFA's popular alternatives, DBEF and HFXI earned more than EFA with less volatility over the past 5 years. DBEF returned 13.1% a year at 13.8% volatility, against 8.6% a year at 16.6%.
- VEA tracks the same thing for 0.03% a year against EFA's 0.32%, and has kept pace over the past decade: about $290 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, LVHI (international equity) earned more than EFA with less volatility over the past 5 years: 17.0% a year at 11.1% volatility, against 8.6% a year at 16.6%.
How this works
The table below lists investments that beat EFA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks EFA's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than EFA follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than EFA's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× EFA's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than EFA's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with EFA?lower diversifies more | Expenseper year | |||
| EFAiShares MSCI EAFE ETF · this page | +8.6% | 16.6% | 0.58 | −34.2% | +139% | 1.00 | 0.32% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.79 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against EFA. 20 of 27 passed at least one test. | |||||||||
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.90 | 0.35% | |
HFXINYLI FTSE International Equity Currency Neutral ETF · International | Higher return, lower volatilityHigher return in most periods | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.96 | 0.19% | |
 SPDWState Street SPDR Portfolio Developed World ex-US ETF · Developed International Equity | Higher return in most periodsSame exposure, lower expense ratio | +9.1% | 16.8% | 0.61 | −35.0% | +153% | 0.99 | 0.03% | |
EFViShares MSCI EAFE Value ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.94 | 0.31% | |
FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.96 | 0.25% | |
AVDVAvantis International Small Cap Value ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.92 | 0.36% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Developed International Equity and International Equity and the categories next to it (Emerging Markets Equity), plus EFA's specific themes. 23 of 45 passed at least one test. | |||||||||
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.80 | 0.40% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.53 | 0.48% | |
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Higher return in most periods | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.76 | 0.25% | |
BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Higher return in most periods | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.88 | 0.19% | |
 VGKVanguard FTSE Europe ETF · International Equity | Same exposure, lower expense ratio | +8.4% | 17.9% | 0.54 | −37.2% | +150% | 0.99 | 0.06% | |
IDMOInvesco S&P International Developed Momentum ETF · International Equity | Higher return, similar volatility | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.92 | 0.25% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 395 of 3,562 passed at least one test. | |||||||||
FTLSFirst Trust Long/Short Equity ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.72 | 0.95% | |
PTNQPacer Trendpilot 100 ETF · Technology | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.47 | 0.65% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.36 | — | |
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.49 | 0.60% | |
QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.77 | 0.60% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.79 | 0.15% | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return in most periodsSmaller losses in recent crashes | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.24 | — | |
INTFiShares International Equity Factor ETF · International | Higher return in most periodsSame exposure, lower expense ratio | +10.6% | 16.2% | 0.71 | −40.4% | +145% | 0.99 | 0.16% | |
What these numbers mean for EFA
- Annual return
- EFA returned 8.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- EFA's volatility over the past 5 years was 16.6%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EFA's return lands within 16.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- EFA's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so EFA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- EFA's worst fall from a peak to a low over the past 10 years was 34.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.2% fall takes a 52.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, EFA's monthly returns had a correlation of 0.79 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against EFA instead: the lower it is, the more that option would diversify a EFA holding. Guide: Correlation and diversification →
Show all 96 stocks and funds worth at least $500 million that earned more than EFA with less volatility
Out of 3,633 tested over 5 years. The strongest 49 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with EFA | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.72 | 0.95% |
| 2 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.47 | 0.65% |
| 3 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.77 | 0.60% |
| 4 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.84 | 0.31% |
| 5 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.83 | 0.03% |
| 6 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.80 | 0.40% |
| 7 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.84 | 0.04% |
| 8 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.75 | 0.06% |
| 9 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.81 | 0.56% |
| 10 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.70 | 0.08% |
| 11 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.83 | 0.39% |
| 12 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.76 | 0.79% |
| 13 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.84 | 0.15% |
| 14 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.77 | 0.85% |
| 15 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.70 | 0.43% |
| 16 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.81 | 0.12% |
| 17 | VYMIVanguard International High Dividend Yield ETF · International Equity | Same or nearby category | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.94 | 0.07% |
| 18 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.81 | 0.60% |
| 19 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.84 | 0.20% |
| 20 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Popular alternative | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.90 | 0.35% |
| 21 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.87 | 0.30% |
| 22 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.91 | 0.09% |
| 23 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.80 | 0.10% |
| 24 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.82 | 0.05% |
| 25 | QDFNorthern Trust Quality Dividend ETF · Dividend & Income | Whole market | +11.5% | 15.6% | 0.78 | −36.7% | +215% | 0.83 | 0.40% |
| 26 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.70 | 0.38% |
| 27 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.96 | 0.29% |
| 28 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.89 | 0.55% |
| 29 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.79 | 0.15% |
| 30 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Popular alternative | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.96 | 0.19% |
| 31 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.72 | 0.27% |
| 32 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.34 | 0.85% |
| 33 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.85 | 0.19% |
| 34 | DOLWisdomTree True Developed International Fund · International | Whole market | +12.5% | 15.6% | 0.84 | −36.0% | +140% | 0.98 | 0.48% |
| 35 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.83 | 0.19% |
| 36 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.82 | 0.15% |
| 37 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.95 | 0.50% |
| 38 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.89 | 0.50% |
| 39 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.80 | 0.07% |
| 40 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.67 | 0.75% |
| 41 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.16 | 0.98% |
| 42 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.76 | 0.77% |
| 43 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.77 | 0.56% |
| 44 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.60 | 0.95% |
| 45 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.89 | 0.50% |
| 46 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Same or nearby category | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.82 | 0.63% |
| 47 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.71 | 0.50% |
| 48 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.70 | 0.55% |
| 49 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.22 | 0.90% |
EFA against its popular alternatives
The investments people most often weigh against EFA, compared period by period and year by year.
How do EFA's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at EFA, which divides the map into what did better or worse on each measure.
- Nine of the 25 popular alternatives, led by FNDF, EFV and HEFA, were both more rewarding and calmer than EFA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, EFA returned 8.6% a year, less than the S&P 500's 12.7%, with lower volatility (16.6% against 17.1%).
Green points earned more than EFA with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| AVDV Avantis International Small Cap Value ETF | +13.9% | 17.4% |
| PXF Invesco RAFI Developed Markets ex-U.S. ETF | +13.7% | 16.6% |
| FNDF Schwab Fundamental International Large Company Index ETF | +13.6% | 16.3% |
| EFV iShares MSCI EAFE Value ETF | +13.6% | 15.9% |
| HEFA iShares Currency Hedged MSCI EAFE ETF | +13.3% | 13.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| QUAL iShares MSCI USA Quality Factor ETF | +11.4% | 17.3% |
| HFXI NYLI FTSE International Equity Currency Neutral ETF | +11.4% | 15.3% |
| DWM WisdomTree International Equity Fund | +10.3% | 15.4% |
| AVDE Avantis International Equity ETF | +10.1% | 16.4% |
| IDHQ Invesco S&P International Developed Quality ETF | +10.0% | 17.9% |
| DFAI Dimensional - International Core Equity Market ETF | +9.7% | 16.0% |
| SCHF Schwab International Equity ETF | +9.5% | 16.8% |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | +9.1% | 16.8% |
| JPIN JPMorgan Diversified Return International Equity ETF | +8.7% | 14.7% |
| IDEV iShares Core MSCI International Developed Markets ETF | +8.7% | 16.4% |
| EFA This pageiShares MSCI EAFE ETF | +8.6% | 16.6% |
| DFAE Dimensional - Emerging Core Equity Market ETF | +8.3% | 18.8% |
| IEFA iShares Core MSCI EAFE ETF | +8.3% | 16.6% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| IQLT iShares MSCI Intl Quality Factor ETF | +7.8% | 16.5% |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | +7.6% | 11.9% |
| VWO Vanguard FTSE Emerging Markets ETF | +5.2% | 17.5% |
| SCZ iShares MSCI EAFE Small-Cap ETF | +4.9% | 16.8% |
| EFG iShares MSCI EAFE Growth ETF | +3.5% | 18.5% |
| BNDX Vanguard Total International Bond ETF | +0.2% | 4.9% |
Has EFA consistently beaten its popular alternatives?
This section compares EFA with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than EFA helps separate lasting outperformance from a single strong stretch.
- 13 of the 28 popular alternatives, led by VTI, QUAL and HEFA, outperformed EFA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTI, QUAL and HEFA outperformed EFA in every long-term period and in all but one short-term period, the most consistent record in the group.
- HEFA, DBEF and HFXI earned more for the risk they took than EFA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than EFA over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| EFA iShares MSCI EAFE ETF (this page) | — | −2.3% | +1.1% | +1.4% | +8.6% | +12.5% | +71.2% | +51.0% | +139% | 16.6% | 0.58 | −34.2% | 0.32% | $77B | — |
| VTI QualifiedVanguard Morningstar Total Stock Market ETF | 5/5 short3/3 longAll-weather | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 66% |
| QUAL QualifiediShares MSCI USA Quality Factor ETF | 5/5 short3/3 longAll-weather | +1.2% | +4.3% | +9.7% | +14.0% | +16.4% | +76.9% | +71.5% | +293% | 17.3% | 0.71 | −34.1% | 0.15% | $48B | 66% |
| HEFA QualifiediShares Currency Hedged MSCI EAFE ETF | 5/5 short3/3 longAll-weather | −1.1% | +1.8% | +5.2% | +12.6% | +17.8% | +75.2% | +86.4% | +210% | 13.8% | 0.97 | −32.4% | 0.70% | $7.5B | 98% |
| IDHQ QualifiedInvesco S&P International Developed Quality ETF | 5/5 short3/3 longAll-weather | +0.2% | +3.8% | +14.2% | +25.7% | +29.6% | +86.9% | +61.1% | +183% | 17.9% | 0.63 | −33.6% | 0.29% | $1.1B | — |
| DBEF QualifiedXtrackers MSCI EAFE Hedged Equity ETF | 4/5 short3/3 longAll-weather | −1.0% | +1.5% | +5.3% | +12.8% | +17.7% | +74.6% | +85.0% | +206% | 13.8% | 0.96 | −32.5% | 0.35% | $9.3B | 98% |
| FNDF QualifiedSchwab Fundamental International Large Company Index ETF | 4/5 short3/3 longAll-weather | −2.1% | +3.1% | +4.9% | +18.4% | +27.2% | +95.8% | +89.2% | +194% | 16.3% | 0.87 | −40.2% | 0.25% | $26B | 81% |
| PXF QualifiedInvesco RAFI Developed Markets ex-U.S. ETF | 4/5 short3/3 longAll-weather | −2.4% | +2.8% | +4.6% | +17.8% | +26.9% | +101% | +90.0% | +193% | 16.6% | 0.86 | −41.6% | 0.43% | $2.9B | 88% |
| EFV QualifiediShares MSCI EAFE Value ETF | 4/5 short3/3 longAll-weather | −2.7% | +1.7% | +3.9% | +12.8% | +21.4% | +92.4% | +89.0% | +157% | 15.9% | 0.88 | −43.2% | 0.31% | $31B | 77% |
| HFXI QualifiedNYLI FTSE International Equity Currency Neutral ETF | 3/5 short3/3 long | −4.0% | −0.4% | +1.9% | +12.0% | +17.8% | +78.1% | +71.5% | +180% | 15.3% | 0.79 | −32.4% | 0.19% | $2.3B | 94% |
| SPDW QualifiedState Street SPDR Portfolio Developed World ex-US ETF | 3/5 short3/3 long | −3.6% | +1.0% | +1.9% | +11.8% | +17.0% | +81.6% | +54.9% | +153% | 16.8% | 0.61 | −35.0% | 0.03% | $41B | 93% |
| AVDV QualifiedAvantis International Small Cap Value ETF | 4/5 short2/3 long | −3.6% | +5.8% | +2.3% | +15.6% | +24.2% | +118% | +91.4% | — | 17.4% | 0.84 | −43.0% | 0.36% | $20B | 67% |
| DFAI QualifiedDimensional - International Core Equity Market ETF | 4/5 short2/3 long | −1.7% | +1.9% | +1.7% | +10.1% | +15.8% | +78.5% | +59.0% | — | 16.0% | 0.66 | −27.4% | 0.18% | $18B | 94% |
| AVDE QualifiedAvantis International Equity ETF | 3/5 short2/3 long | −2.6% | +1.9% | +0.9% | +10.2% | +16.4% | +83.7% | +61.8% | — | 16.4% | 0.67 | −37.0% | 0.23% | $19B | 90% |
| SCHF InternationalSchwab International Equity ETF | 2/5 short3/3 long | −3.8% | +0.7% | +1.7% | +11.7% | +17.3% | +80.9% | +57.7% | +155% | 16.8% | 0.63 | −34.9% | 0.03% | $68B | 86% |
| VEA InternationalVanguard FTSE Developed Markets ETF | 2/5 short3/3 long | −3.5% | +1.0% | +1.4% | +11.5% | +17.0% | +81.0% | +55.9% | +153% | 16.9% | 0.61 | −35.8% | 0.03% | $314B | 92% |
| IQLT InternationaliShares MSCI Intl Quality Factor ETF | 5/5 short1/3 long | −0.4% | +2.7% | +3.1% | +11.3% | +14.7% | +65.9% | +45.4% | +155% | 16.5% | 0.54 | −32.2% | 0.30% | $14B | 96% |
| JPIN InternationalJPMorgan Diversified Return International Equity ETF | 4/5 short1/3 long | −1.5% | +2.5% | +1.4% | +10.8% | +15.6% | +74.6% | +52.0% | +113% | 14.7% | 0.65 | −36.7% | 0.37% | $386M | 73% |
| DFIC InternationalDimensional - International Core Equity 2 ETF | 3/5 short1/3 long | −1.9% | +2.2% | +1.5% | +10.6% | +17.1% | +82.4% | — | — | — | — | −24.4% | 0.22% | $15B | 89% |
| VXUS InternationalVanguard Total International Stock ETF | 2/5 short1/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 84% |
| DFAE InternationalDimensional - Emerging Core Equity Market ETF | 2/5 short1/3 long | −7.1% | +1.2% | +1.0% | +13.9% | +18.1% | +83.5% | +49.3% | — | 18.8% | 0.52 | −32.2% | 0.29% | $9.6B | 68% |
| IDEV InternationaliShares Core MSCI International Developed Markets ETF | 2/5 short1/3 long | −2.0% | +1.5% | +1.5% | +9.2% | +13.8% | +75.7% | +51.5% | — | 16.4% | 0.59 | −34.8% | 0.04% | $33B | 94% |
| DWM InternationalWisdomTree International Equity Fund | 1/5 short1/3 long | −1.7% | +1.0% | +0.7% | +7.9% | +12.1% | +72.7% | +63.5% | +120% | 15.4% | 0.72 | −37.8% | 0.48% | $649M | 91% |
| EFAV InternationaliShares MSCI EAFE Min Vol Factor ETF | 5/5 short0/3 long | +2.0% | +5.1% | +4.0% | +12.0% | +15.0% | +64.8% | +44.4% | +97.7% | 11.9% | 0.68 | −27.6% | 0.20% | $5.4B | 77% |
| SCZ InternationaliShares MSCI EAFE Small-Cap ETF | 1/5 short0/3 long | −2.7% | +1.7% | +0.2% | +8.3% | +12.3% | +72.8% | +27.1% | +114% | 16.8% | 0.37 | −41.1% | 0.40% | $13B | 79% |
| EFG InternationaliShares MSCI EAFE Growth ETF | 1/5 short0/3 long | −1.8% | +0.4% | −1.1% | +4.5% | +4.1% | +51.3% | +18.5% | +111% | 18.5% | 0.28 | −35.8% | 0.34% | $15B | 76% |
| BNDX BondsVanguard Total International Bond ETF | 1/5 short0/3 long | 0.0% | −1.0% | −1.2% | −0.7% | −1.4% | +13.4% | +0.8% | +15.0% | 4.9% | 0.06 | −16.2% | 0.07% | $122B | — |
| IEFA InternationaliShares Core MSCI EAFE ETF | 0/5 short0/3 long | −2.4% | +1.2% | +1.3% | +8.8% | +12.8% | +72.4% | +49.0% | +140% | 16.6% | 0.56 | −34.8% | 0.07% | $190B | 96% |
| VWO InternationalVanguard FTSE Emerging Markets ETF | 0/5 short0/3 long | −4.7% | +0.7% | −0.8% | +6.4% | +8.3% | +67.2% | +29.1% | +102% | 17.5% | 0.38 | −36.4% | 0.06% | $165B | 67% |
How did EFA do year by year?
This table shows each investment's total return in every full calendar year since 2002, along with where EFA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with EFA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Among its popular alternatives, AVDE came out ahead of EFA most often, in five of the six years both traded.
- EFA finished ahead of the S&P 500 in ten of its 24 full calendar years.
- Ranked against its popular alternatives each year, EFA finished in the top quarter in one of 20 years and in the bottom quarter in one. In 2025, it ranked 16 of 27.
Newest year first. Green marks a year in which the fund came out ahead of EFA; gray means the two finished within a fraction of a point. The rank row places EFA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of EFA | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EFA This pageiShares MSCI EAFE ETF | — | +31.6% | +3.5% | +18.4% | −14.4% | +11.5% | +7.6% | +22.0% | −13.8% | +25.1% | +1.4% | −1.0% | −6.2% | +21.4% | +18.8% | −12.2% | +8.2% | +27.0% | −41.0% | +10.0% | +25.8% | +13.3% | +19.0% | +38.7% | −15.4% |
| Rank among alternatives | Top quarter in 1 of 20 | 16 of 27 | 19 of 27 | 10 of 27 | 12 of 26 | 13 of 26 | 14 of 24 | 13 of 22 | 12 of 22 | 10 of 21 | 16 of 21 | 11 of 19 | 13 of 17 | 8 of 14 | 7 of 13 | 3 of 11 | 8 of 11 | 9 of 10 | 4 of 10 | 4 of 6 | 3 of 5 | — | — | — | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 of 24 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% |
| VTI Vanguard Morningstar Total Stock Market ETF | 14 of 24 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% | +5.3% | +15.7% | +6.3% | +12.8% | +30.7% | −20.5% |
| QUAL iShares MSCI USA Quality Factor ETF | 9 of 12 | +12.7% | +22.3% | +30.9% | −20.5% | +26.9% | +17.0% | +33.9% | −5.7% | +22.3% | +9.2% | +5.4% | +11.7% | — | — | — | — | — | — | — | — | — | — | — | — |
| HEFA iShares Currency Hedged MSCI EAFE ETF | 8 of 11 | +23.3% | +13.7% | +20.3% | −4.8% | +19.6% | +2.1% | +24.9% | −9.4% | +16.7% | +6.4% | +4.4% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| IDHQ Invesco S&P International Developed Quality ETF | 8 of 18 | +27.5% | +1.3% | +18.8% | −20.2% | +11.4% | +16.1% | +29.5% | −13.4% | +28.1% | −2.4% | +7.5% | −2.3% | +16.6% | +21.4% | −15.8% | +13.2% | +40.2% | −49.9% | — | — | — | — | — | — |
| FNDF Schwab Fundamental International Large Company Index ETF | 5 of 12 | +40.9% | +2.3% | +20.2% | −7.8% | +14.9% | +3.6% | +18.4% | −14.2% | +24.0% | +7.9% | −5.2% | −6.5% | — | — | — | — | — | — | — | — | — | — | — | — |
| PXF Invesco RAFI Developed Markets ex-U.S. ETF | 7 of 18 | +42.5% | +4.6% | +18.5% | −9.1% | +15.9% | +2.6% | +17.5% | −14.8% | +24.6% | +7.2% | −5.7% | −6.9% | +23.9% | +16.8% | −16.7% | +6.9% | +36.0% | −42.4% | — | — | — | — | — | — |
| EFV iShares MSCI EAFE Value ETF | 6 of 20 | +42.2% | +5.3% | +18.9% | −5.2% | +11.1% | −3.0% | +15.8% | −14.7% | +21.2% | +5.1% | −5.9% | −6.8% | +21.9% | +18.8% | −12.4% | +4.5% | +28.4% | −41.7% | +4.3% | +30.3% | — | — | — | — |
| HFXI NYLI FTSE International Equity Currency Neutral ETF | 7 of 10 | +30.1% | +7.5% | +19.6% | −10.7% | +14.0% | +6.8% | +23.6% | −12.7% | +22.8% | +3.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 7 of 18 | +34.7% | +3.6% | +17.8% | −16.0% | +11.4% | +9.9% | +22.5% | −14.2% | +25.9% | +3.0% | −1.8% | −5.3% | +18.9% | +19.1% | −13.5% | +11.1% | +28.5% | −40.8% | — | — | — | — | — | — |
| AVDV Avantis International Small Cap Value ETF | 4 of 6 | +49.4% | +8.7% | +16.8% | −11.5% | +15.8% | +5.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 4 of 5 | +34.1% | +4.7% | +17.5% | −12.9% | +13.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AVDE Avantis International Equity ETF | 5 of 6 | +38.0% | +4.9% | +17.2% | −13.7% | +13.6% | +8.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 6 of 16 | +34.6% | +3.3% | +18.3% | −14.8% | +11.4% | +9.5% | +22.2% | −14.2% | +26.1% | +3.0% | −2.6% | −5.6% | +18.9% | +18.8% | −12.6% | +9.3% | — | — | — | — | — | — | — | — |
| IQLT iShares MSCI Intl Quality Factor ETF | 4 of 10 | +25.4% | +1.5% | +18.7% | −15.2% | +12.9% | +12.4% | +28.2% | −10.7% | +24.1% | −0.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| JPIN JPMorgan Diversified Return International Equity ETF | 3 of 11 | +33.3% | +2.7% | +17.4% | −14.1% | +6.8% | +4.9% | +16.1% | −13.1% | +25.3% | +0.9% | +2.6% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DFIC Dimensional - International Core Equity 2 ETF | 2 of 3 | +37.0% | +4.1% | +17.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VXUS Vanguard Total International Stock ETF | 5 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — | — | — | — | — |
| DFAE Dimensional - Emerging Core Equity Market ETF | 1 of 5 | +31.4% | +7.6% | +12.6% | −17.5% | +3.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 5 of 8 | +32.6% | +4.5% | +17.3% | −15.0% | +13.0% | +8.3% | +23.2% | −14.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DWM WisdomTree International Equity Fund | 7 of 19 | +34.8% | +4.2% | +16.6% | −9.0% | +10.8% | −2.3% | +19.0% | −13.5% | +21.6% | +3.1% | −2.9% | −5.0% | +21.6% | +18.0% | −10.0% | +5.1% | +27.2% | −41.8% | +13.9% | — | — | — | — | — |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 4 of 14 | +26.0% | +5.3% | +12.5% | −15.1% | +7.2% | −0.1% | +16.7% | −5.8% | +22.3% | −2.0% | +7.7% | +3.7% | +15.7% | +11.2% | — | — | — | — | — | — | — | — | — | — |
| SCZ iShares MSCI EAFE Small-Cap ETF | 9 of 18 | +32.1% | +1.5% | +13.0% | −21.3% | +10.1% | +11.7% | +24.7% | −17.6% | +32.7% | +2.6% | +9.1% | −6.0% | +28.6% | +21.3% | −15.1% | +21.5% | +43.0% | −48.5% | — | — | — | — | — | — |
| EFG iShares MSCI EAFE Growth ETF | 7 of 20 | +20.7% | +1.5% | +17.5% | −23.1% | +11.0% | +17.8% | +27.5% | −12.9% | +28.8% | −3.1% | +3.7% | −5.9% | +21.6% | +18.3% | −12.9% | +13.1% | +24.2% | −40.2% | +15.0% | +21.8% | — | — | — | — |
| BNDX Vanguard Total International Bond ETF | 5 of 12 | +2.9% | +3.6% | +8.8% | −12.8% | −2.3% | +4.6% | +7.8% | +2.8% | +2.4% | +4.6% | +1.2% | +8.8% | — | — | — | — | — | — | — | — | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 4 of 13 | +32.1% | +3.3% | +17.9% | −15.3% | +11.6% | +8.2% | +22.6% | −14.1% | +26.6% | +1.6% | +0.7% | −6.3% | +22.5% | — | — | — | — | — | — | — | — | — | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 9 of 20 | +25.6% | +10.6% | +9.3% | −18.0% | +1.3% | +15.2% | +20.8% | −14.8% | +31.5% | +12.2% | −15.8% | 0.0% | −4.9% | +19.2% | −18.8% | +19.5% | +76.3% | −52.5% | +37.3% | +29.3% | — | — | — | — |
Risk and diversification
How EFA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were EFA's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents EFA's five deepest drawdowns since it began trading in 2001, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all five of EFA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: EFA fell 23.1% from July 2014 to February 2016, while the S&P 500 slipped only 4.9%.
- The slowest recovery came after EFA fell 61.0% from October 2007 to March 2009; it did not regain that peak until June 2014, five years later.
Green means EFA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | EFA fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −61.0% | −54.7% | Oct 2007 | Mar 2009 | 17 months | Jun 2014 | 5.3 years |
| Late-2018 sell-off | −34.2% | −18.8% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| Dot-com bust | −31.4% | −30.3% | Aug 2001 | Mar 2003 | 19 months | Oct 2003 | 7 months |
| 2022 bear market | −29.5% | −18.0% | Sep 2021 | Sep 2022 | 12 months | Feb 2024 | 17 months |
| 2015 China and oil sell-off | −23.1% | −4.9% | Jul 2014 | Feb 2016 | 19 months | May 2017 | 15 months |
How did EFA do in stock market crashes?
This section measures how far EFA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: EFA began trading on August 17, 2001, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, EFAV held up best, falling less than EFA in all six crashes they both traded through.
- EFA fell less than the S&P 500 in five of the nine crashes it has traded through. The clearest case was the late-2018 sell-off, when EFA fell 16.3% and the S&P 500 fell 19.3%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than EFA.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EFA This pageiShares MSCI EAFE ETF | — | −2.5% | −28.7% | −32.6% | −16.3% | −5.9% | −20.7% | −22.7% | −0.2% | −61.0% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VTI Vanguard Morningstar Total Stock Market ETF | 4 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| QUAL iShares MSCI USA Quality Factor ETF | 2 of 6 | −3.3% | −27.5% | −34.1% | −20.5% | −6.1% | −11.2% | — | — | — | — |
| HEFA iShares Currency Hedged MSCI EAFE ETF | 3 of 6 | −4.4% | −14.8% | −32.1% | −15.0% | −4.8% | −22.2% | — | — | — | — |
| IDHQ Invesco S&P International Developed Quality ETF | 5 of 9 | −1.6% | −32.5% | −29.9% | −15.5% | −5.1% | −16.0% | −27.7% | 0.0% | −73.9% | — |
| FNDF Schwab Fundamental International Large Company Index ETF | 1 of 6 | −3.0% | −25.5% | −35.7% | −16.8% | −5.7% | −21.6% | — | — | — | — |
| PXF Invesco RAFI Developed Markets ex-U.S. ETF | 1 of 9 | −3.5% | −26.8% | −36.4% | −16.6% | −5.6% | −22.7% | −25.3% | −4.8% | −64.8% | — |
| EFV iShares MSCI EAFE Value ETF | 1 of 9 | −3.6% | −25.8% | −36.3% | −15.9% | −5.7% | −25.0% | −23.3% | −0.5% | −63.9% | — |
| HFXI NYLI FTSE International Equity Currency Neutral ETF | 3 of 6 | −3.3% | −22.2% | −31.6% | −16.0% | −5.2% | −20.8% | — | — | — | — |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 1 of 9 | −2.5% | −29.0% | −33.7% | −16.5% | −5.8% | −20.6% | −23.0% | 0.0% | −60.0% | — |
| AVDV Avantis International Small Cap Value ETF | 1 of 3 | −3.3% | −27.7% | −40.1% | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 1 of 2 | −2.7% | −27.1% | — | — | — | — | — | — | — | — |
| AVDE Avantis International Equity ETF | 0 of 3 | −3.0% | −28.4% | −35.7% | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 1 of 8 | −2.4% | −28.4% | −33.5% | −16.4% | −5.8% | −20.1% | −23.5% | −0.5% | — | — |
| IQLT iShares MSCI Intl Quality Factor ETF | 3 of 6 | −1.7% | −29.0% | −31.6% | −16.0% | −5.8% | −17.3% | — | — | — | — |
| JPIN JPMorgan Diversified Return International Equity ETF | 4 of 6 | −1.5% | −27.7% | −33.3% | −15.4% | −6.1% | −14.1% | — | — | — | — |
| DFIC Dimensional - International Core Equity 2 ETF | 0 of 1 | −2.9% | — | — | — | — | — | — | — | — | — |
| VXUS Vanguard Total International Stock ETF | 2 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| DFAE Dimensional - Emerging Core Equity Market ETF | 1 of 2 | −2.7% | −28.0% | — | — | — | — | — | — | — | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 0 of 5 | −2.5% | −28.4% | −33.9% | −17.2% | −5.5% | — | — | — | — | — |
| DWM WisdomTree International Equity Fund | 3 of 9 | −2.4% | −25.6% | −34.2% | −15.8% | −5.6% | −19.6% | −22.2% | 0.0% | −62.1% | — |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 6 of 6 | −0.7% | −25.4% | −27.2% | −10.2% | −5.1% | −11.1% | — | — | — | — |
| SCZ iShares MSCI EAFE Small-Cap ETF | 1 of 8 | −2.9% | −33.6% | −37.3% | −20.5% | −6.1% | −15.3% | −22.3% | −2.0% | — | — |
| EFG iShares MSCI EAFE Growth ETF | 4 of 9 | −1.3% | −34.2% | −29.0% | −17.1% | −5.9% | −17.0% | −23.7% | −0.1% | −58.4% | — |
| BNDX Vanguard Total International Bond ETF | 6 of 6 | 0.0% | −13.7% | −5.9% | −0.8% | −0.2% | −1.1% | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 1 of 6 | −2.5% | −29.2% | −33.2% | −17.1% | −5.8% | −19.9% | — | — | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 3 of 9 | −2.7% | −27.9% | −30.6% | −11.3% | −6.8% | −23.8% | −27.9% | 0.0% | −67.7% | — |
How closely does EFA move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares EFA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 12 of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than EFA's 0.83, led by HEFA, VTI and QUAL.
- HEFA took just 62% of the S&P 500's losses, against 92% for EFA, while still keeping 71% of its gains.
- Over the past 10 years, EFA captured 76% of the S&P 500's gains in rising months and 92% of its losses in falling months, with a beta of 0.81. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than EFA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| EFA This pageiShares MSCI EAFE ETF | 76% | 92% | 0.83 | 0.81 |
| HEFA iShares Currency Hedged MSCI EAFE ETF | 71% | 62% | 1.14 | 0.65 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| QUAL iShares MSCI USA Quality Factor ETF | 98% | 102% | 0.96 | 1.00 |
| HFXI NYLI FTSE International Equity Currency Neutral ETF | 76% | 79% | 0.96 | 0.75 |
| FNDF Schwab Fundamental International Large Company Index ETF | 81% | 87% | 0.93 | 0.80 |
| PXF Invesco RAFI Developed Markets ex-U.S. ETF | 83% | 90% | 0.92 | 0.83 |
| EFV iShares MSCI EAFE Value ETF | 75% | 84% | 0.89 | 0.76 |
| IDHQ Invesco S&P International Developed Quality ETF | 82% | 94% | 0.87 | 0.85 |
| SCHF Schwab International Equity ETF | 79% | 93% | 0.86 | 0.84 |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 80% | 95% | 0.84 | 0.86 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| VWO Vanguard FTSE Emerging Markets ETF | 63% | 75% | 0.84 | 0.69 |
| IQLT iShares MSCI Intl Quality Factor ETF | 79% | 95% | 0.83 | 0.82 |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 52% | 62% | 0.83 | 0.52 |
| BNDX Vanguard Total International Bond ETF | 11% | 13% | 0.83 | 0.14 |
| DWM WisdomTree International Equity Fund | 70% | 85% | 0.82 | 0.74 |
| IEFA iShares Core MSCI EAFE ETF | 77% | 94% | 0.82 | 0.82 |
| JPIN JPMorgan Diversified Return International Equity ETF | 69% | 87% | 0.79 | 0.74 |
| SCZ iShares MSCI EAFE Small-Cap ETF | 81% | 107% | 0.75 | 0.91 |
| EFG iShares MSCI EAFE Growth ETF | 78% | 104% | 0.75 | 0.87 |
What diversifies EFA?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with EFA's. Because such investments tend not to fall at the same time, pairing EFA with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in EFA into DBMF would have cut the portfolio's volatility by 24% over the past 5 years and raised its annual return (+9.3% for EFA alone, +9.9% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of EFA over the past 5 years, with correlations of 0.44 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the seven calendar years in which EFA lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which EFA lost money. The last two columns show a portfolio that is 80% EFA and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 2002 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EFA iShares MSCI EAFE ETF (this page) | 1.00 | +51.0% | 0.58 | −14.4% | −13.8% | −1.0% | −6.2% | −12.2% | −41.0% | −15.4% | 15.6% | +9.3% |
| GLD CommoditiesSPDR Gold Shares | 0.44 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | −2.2% | +9.6% | +4.9% | — | 14.3% | +11.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.31 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | −8.7% | +2.8% | −39.0% | −14.8% | 14.9% | +12.5% |
| AMLP EnergyAlerian MLP ETF | 0.38 | +111% | 0.89 | +25.5% | −12.6% | −25.7% | +4.8% | +10.2% | — | — | 14.3% | +11.3% |
| PTLC Broad MarketPacer Trendpilot US Large Cap ETF | 0.49 | +57.4% | 0.83 | −8.6% | +1.5% | — | — | — | — | — | 13.7% | +9.7% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.34 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | — | 11.8% | +9.9% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.22 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | +2.6% | −10.7% | −19.1% | — | 13.1% | +9.8% |
| USO CommoditiesUnited States Oil Fund, LP | -0.09 | +176% | 0.73 | +29.0% | −19.6% | −46.0% | −42.4% | −2.3% | −56.3% | — | 14.0% | +13.2% |
| PTNQ TechnologyPacer Trendpilot 100 ETF | 0.47 | +58.8% | 0.73 | −16.0% | +8.5% | — | — | — | — | — | 14.0% | +9.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 2002 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EFA iShares MSCI EAFE ETF (this page) | 1.00 | +51.0% | 0.58 | −14.4% | −13.8% | −1.0% | −6.2% | −12.2% | −41.0% | −15.4% | 15.6% | +9.3% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.32 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +23.0% | +8.1% | −39.6% | −8.3% | 15.0% | +15.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.24 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | +12.9% | −24.4% | −20.5% | −65.1% | 19.0% | +27.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.37 | +1,636% | 1.46 | +17.0% | +0.8% | +67.7% | −10.4% | −17.0% | −15.2% | −9.4% | 17.8% | +23.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.18 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +29.3% | +11.8% | −40.4% | −27.2% | 14.2% | +14.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.26 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | +0.4% | — | — | — | 15.5% | +17.1% |
Common questions
What was EFA's worst drawdown?
EFA's deepest decline since it began trading in 2001 was 61.0%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high.
What were EFA's best and worst years?
Over 24 full calendar years, EFA's best year was 2003, when it returned 38.7%. Its worst was 2008, with a return of -41.0%.
Is there a better investment than EFA?
Among EFA's popular alternatives, DBEF and HFXI earned more than EFA with less volatility over the past 5 years. DBEF returned 13.1% a year at 13.8% volatility, against 8.6% a year at 16.6%. VEA tracks the same thing for 0.03% a year against EFA's 0.32%, and has kept pace over the past decade: about $290 less in fees on $10,000 over 10 years.
Is EFA more volatile than the S&P 500?
No. EFA's volatility over the past 5 years was 16.6%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EFA's return lands within 16.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is EFA's Sharpe ratio?
EFA's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so EFA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is EFA with the S&P 500?
Over the past 5 years, EFA's monthly returns had a correlation of 0.79 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against EFA instead: the lower it is, the more that option would diversify a EFA holding.
What are the best alternatives to EFA?
Of the 28 popular alternatives we compared, 13 outperformed EFA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VTI, QUAL and HEFA.
Did EFA outperform the S&P 500?
EFA finished ahead of the S&P 500 (SPY) in ten of 24 full calendar years. In 2025, it returned +31.5%, against +17.7% for the index.
How did EFA do in stock market crashes?
EFA fell less than the S&P 500 (SPY) in five of the nine major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when EFA fell 16.3% and the S&P 500 fell 19.3%.
What diversifies EFA?
These had a low correlation with EFA over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.44), XLE (correlation 0.31) and AMLP (correlation 0.38); among large stocks, CAH (correlation 0.32), CLS (correlation 0.24) and FIX (correlation 0.37). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than EFA's. Returns within 0.5 points or 3% of EFA's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to EFA
VTIVanguard Morningstar Total Stock Market ETF
QUALiShares MSCI USA Quality Factor ETF- SPDWState Street SPDR Portfolio Developed World ex-US ETF
SCHFSchwab International Equity ETF
VEAVanguard FTSE Developed Markets ETF
VXUSVanguard Total International Stock ETF
BNDXVanguard Total International Bond ETF
IEFAiShares Core MSCI EAFE ETF
VWOVanguard FTSE Emerging Markets ETF
NVDA
AAPL