Relative Intelligence · Developed International Equity
How iShares Core MSCI EAFE ETF (IEFA) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IEFA alone. It places IEFA (iShares Core 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 IEFA stands in the market, and of the alternatives worth a closer look.
Period covered: IEFA's full trading record, from October 2012 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 buyingA correlation of 0.99 with VEA (Vanguard FTSE Developed Markets ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowOver the past 6 months, IEFA rose 1.3% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. On the flip side, IEFA sits 4.6% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?IEFA rose 1.2% over the past 3 months, 2.7 points behind the S&P 500, which rose 3.9%.
- Long termIEFA turned $10,000 into $24,000 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashIEFA has tended to fall harder than the S&P 500 in crashes, about 1.2 times the index's decline. Crash tests ↓
- DiversificationIEFA 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 61% of ETFs with at least $100 million in assets. IEFA fell in 17 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Popular alternatives
- HEFA (iShares Currency Hedged MSCI EAFE ETF) and DWM (WisdomTree International Equity Fund) earned more than IEFA with less volatility over the past 5 years. HEFA returned 13.3% a year at 13.8% volatility, against 8.3% a year at 16.6%.
- Nearby categories and themes
- LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) earned more than IEFA with less volatility over the past 5 years: 17.0% a year at 11.1% volatility, against 8.3% a year at 16.6%.
- Whole market
- 110 of the 3,633 stocks and funds worth at least $500 million earned more than IEFA 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 IEFA have grown?
This chart tracks a hypothetical $10,000 investment in IEFA over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IEFA over the same span and IEFA'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: IEFA began trading on October 24, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 13 years of IEFA's record, starting at the end of September 2013.
- $10,000 invested in IEFA at the end of September 2013 would have grown to $24,620 by September 2026, less than the $56,474 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of IEFA, and VTI finished highest, at $53,009.
Choose a period
From the end of September 2013 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,384 of the 2,311 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEFA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$56,474+465% total · +14.2% a year
- VTI$53,009+430% total · +13.7% a year
- VPL$27,223+172% total · +8.0% a year
- SCHF$26,063+161% total · +7.6% a year
- SPDW$25,974+160% total · +7.6% a year
- VEU$24,955+150% total · +7.3% a year
- IXUS$24,623+146% total · +7.2% a year
- IEFA$24,620+146% total · +7.2% a year
- EFV$24,336+143% total · +7.1% a year
- IEMG$23,329+133% total · +6.7% 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. 1,490 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEFA; 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
- HEFA$19,098+91.0% total · +13.8% 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
- DWM$16,798+68.0% total · +10.9% a year
- AVDE$16,780+67.8% total · +10.9% a year
- VPL$16,611+66.1% total · +10.7% a year
- DFAI$16,363+63.6% total · +10.4% a year
- SPDW$16,223+62.2% total · +10.2% a year
- IEFA$15,365+53.6% total · +9.0% a year
IEFA 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.
Note: IEFA began trading on October 24, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.
- IEFA's deepest decline since it began trading in 2012 was 34.8%, from January 2018 to March 2020. It took eight months from the low to climb back to its old high.
- Over 13 full calendar years, IEFA's best was 2025, when it returned 32.1%, and its worst was 2022, when it lost 15.3%. It lost money in three of those years.
- IEFA is 4.6% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- October 2012
- Expense ratio
- 0.07%per year
- Assets
- $190B
- Category
- International
Returns
- Past 1 year
- +12.8%total return
- Past 3 years
- +72.4%+19.9% a year
- Past 5 years
- +49.0%+8.3% a year
- Past 10 years
- +140%+9.2% a year
- Best calendar year
- +32.1%2025
- Worst calendar year
- −15.3%2022
- Losing years
- 3 of 13full calendar years
Risk
- Volatility
- 16.6%typical yearly swing, 5 years
- Sharpe ratio
- 0.56return per unit of risk, 5 years
- Worst decline ever
- −34.8%Jan 2018 to Mar 2020
- From its all-time high
- −4.6%below the peak
IEFA against the whole market
Where IEFA ranks among every stock and fund, and what across the market has done better.
How does IEFA rank among all ETFs?
This section ranks IEFA 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 IEFA stacks up against its peers, these rankings show where it stands in the market as a whole.
- IEFA lands in the broad middle of the market on every measure here. IEFA's worst decline of the past 10 years ranks in the top 35% 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 | IEFA | Rank | Standing |
|---|---|---|---|
| 1-year return | +12.8% | 1,028 of 2,485 | top 41% |
| 3-year return | +72.4% | 733 of 1,949 | top 38% |
| 5-year return | +49.0% | 696 of 1,560 | top 45% |
| 10-year return | +140% | 511 of 958 | bottom 48% |
| Volatility, 5 years | 16.6% | 778 of 1,560 | top 50% |
| Sharpe ratio, 5 years | 0.56 | 791 of 1,560 | bottom 50% |
| Worst decline, past 10 years | −34.8% | 335 of 951 | top 35% |
What has beaten IEFA 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). IEFA sits where the dashed lines cross. Anything in the green box above and to the left earned more than IEFA 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.
- 110 ETFs worth at least $500 million sit in the green region: each earned more than IEFA over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half IEFA's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 33% less than IEFA's 16.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.56 for IEFA.
- Among IEFA's popular alternatives, HEFA and DWM are in the region. HEFA earned 13.3% a year against 8.3% a year for IEFA, at 13.8% volatility, 17% less than IEFA'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 IEFA; faint dots are 51 more of the 110 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 IEFA?
Investments that beat IEFA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among IEFA's popular alternatives, HEFA and DWM earned more than IEFA with less volatility over the past 5 years. HEFA returned 13.3% a year at 13.8% volatility, against 8.3% a year at 16.6%.
- VEA tracks the same thing for 0.03% a year against IEFA's 0.07%, and has kept pace over the past decade: about $40 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, LVHI (international equity) earned more than IEFA with less volatility over the past 5 years: 17.0% a year at 11.1% volatility, against 8.3% a year at 16.6%.
How this works
The table below lists investments that beat IEFA 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 IEFA'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 IEFA 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 IEFA'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× IEFA's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than IEFA'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 IEFA?lower diversifies more | Expenseper year | |||
| IEFAiShares Core MSCI EAFE ETF · this page | +8.3% | 16.6% | 0.56 | −34.8% | +140% | 1.00 | 0.07% | ||
 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 IEFA. 13 of 24 passed at least one test. | |||||||||
HEFAiShares Currency Hedged MSCI EAFE ETF · Developed International Equity | Higher return, lower volatilityHigher return in most periods | +13.3% | 13.8% | 0.97 | −32.4% | +210% | 0.89 | 0.70% | |
 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% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, similar volatilityHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.79 | 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% | |
DWMWisdomTree International Equity Fund · International | Higher return, lower volatility | +10.3% | 15.4% | 0.72 | −37.8% | +120% | 0.98 | 0.48% | |
DFAXDimensional World ex U.S. Core Equity 2 ETF · International Equity | Higher return in most periods | +9.8% | 16.1% | 0.66 | −28.1% | — | 0.97 | 0.28% | |
| 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 IEFA's specific themes. 20 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% | |
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% | — | 0.93 | 0.36% | |
BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.88 | 0.19% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.52 | 0.48% | |
 VGKVanguard FTSE Europe ETF · International Equity | Same exposure, lower expense ratio | +8.4% | 17.9% | 0.54 | −37.2% | +150% | 0.98 | 0.06% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 410 of 3,565 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% | |
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Higher 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% | |
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% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.35 | — | |
PPHVanEck Pharmaceutical ETF · Healthcare | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.67 | 0.36% | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return in most periodsSmaller losses in recent crashes | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.23 | — | |
AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.92 | 0.19% | |
What these numbers mean for IEFA
- Annual return
- IEFA returned 8.3% 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 $14,900. 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
- IEFA'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, IEFA'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
- IEFA's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so IEFA 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
- IEFA's worst fall from a peak to a low over the past 10 years was 34.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.8% fall takes a 53.4% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, IEFA'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 IEFA instead: the lower it is, the more that option would diversify a IEFA holding. Guide: Correlation and diversification →
Show all 110 stocks and funds worth at least $500 million that earned more than IEFA with less volatility
Out of 3,633 tested over 5 years. The strongest 56 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 IEFA | 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 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.49 | 0.60% |
| 3 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.47 | 0.65% |
| 4 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.97 | 0.09% |
| 5 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.78 | 0.60% |
| 6 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.67 | 0.36% |
| 7 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.84 | 0.31% |
| 8 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.83 | 0.03% |
| 9 | 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% |
| 10 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.84 | 0.04% |
| 11 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.75 | 0.06% |
| 12 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Whole market | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.83 | 0.05% |
| 13 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.81 | 0.56% |
| 14 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.70 | 0.08% |
| 15 | 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% |
| 16 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.76 | 0.79% |
| 17 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.84 | 0.15% |
| 18 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.78 | 0.85% |
| 19 | 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% |
| 20 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.81 | 0.12% |
| 21 | 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% |
| 22 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.81 | 0.60% |
| 23 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.84 | 0.20% |
| 24 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.89 | 0.35% |
| 25 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.87 | 0.30% |
| 26 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.91 | 0.09% |
| 27 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.81 | 0.10% |
| 28 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.83 | 0.05% |
| 29 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.96 | 0.19% |
| 30 | QDFNorthern Trust Quality Dividend ETF · Dividend & Income | Whole market | +11.5% | 15.6% | 0.78 | −36.7% | +215% | 0.83 | 0.40% |
| 31 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.70 | 0.38% |
| 32 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.97 | 0.29% |
| 33 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.90 | 0.55% |
| 34 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.80 | 0.15% |
| 35 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.72 | 0.27% |
| 36 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.33 | 0.85% |
| 37 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.85 | 0.19% |
| 38 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.83 | 0.19% |
| 39 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.82 | 0.15% |
| 40 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.94 | 0.50% |
| 41 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.89 | 0.50% |
| 42 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.83 | 0.48% |
| 43 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.80 | 0.07% |
| 44 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.86 | 0.50% |
| 45 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.67 | 0.75% |
| 46 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.17 | 0.98% |
| 47 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.76 | 0.77% |
| 48 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.77 | 0.56% |
| 49 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.60 | 0.95% |
| 50 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.89 | 0.50% |
| 51 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.95 | 0.40% |
| 52 | 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% |
| 53 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.71 | 0.50% |
| 54 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.70 | 0.55% |
| 55 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.22 | 0.90% |
| 56 | CMDYiShares Bloomberg Roll Select Commodity Strategy ETF · Commodities | Whole market | +9.5% | 15.7% | 0.66 | −31.2% | — | 0.26 | 0.29% |
IEFA against its popular alternatives
The investments people most often weigh against IEFA, compared period by period and year by year.
How do IEFA'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 IEFA, which divides the map into what did better or worse on each measure.
- Ten of the 20 popular alternatives, led by EFV, HEFA and DWM, were both more rewarding and calmer than IEFA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, IEFA returned 8.3% a year, less than the S&P 500's 12.7%, with lower volatility (16.6% against 17.1%).
Green points earned more than IEFA 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 |
|---|---|---|
| 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% |
| DWM WisdomTree International Equity Fund | +10.3% | 15.4% |
| AVDE Avantis International Equity ETF | +10.1% | 16.4% |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | +9.8% | 16.1% |
| DFAI Dimensional - International Core Equity Market ETF | +9.7% | 16.0% |
| SCHF Schwab International Equity ETF | +9.5% | 16.8% |
| VPL Vanguard FTSE Pacific ETF | +9.5% | 18.6% |
| 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 iShares MSCI EAFE ETF | +8.6% | 16.6% |
| VEU Vanguard FTSE All-World ex-US ETF | +8.6% | 16.4% |
| IEFA This pageiShares Core MSCI EAFE ETF | +8.3% | 16.6% |
| IEUR iShares Core MSCI Europe ETF | +8.2% | 17.8% |
| IXUS iShares Core MSCI Total International Stock ETF | +8.2% | 16.6% |
| IEMG iShares Core MSCI Emerging Markets ETF | +6.8% | 19.4% |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | +5.0% | 16.7% |
| EFG iShares MSCI EAFE Growth ETF | +3.5% | 18.5% |
| BNDX Vanguard Total International Bond ETF | +0.2% | 4.9% |
Has IEFA consistently beaten its popular alternatives?
This section compares IEFA 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 IEFA helps separate lasting outperformance from a single strong stretch.
- Eight of the 26 popular alternatives, led by VTI, HEFA and EFV, outperformed IEFA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTI, HEFA and EFV outperformed IEFA in every long-term period and in all but one short-term period, the most consistent record in the group.
- HEFA, DFAI and DFAX earned more for the risk they took than IEFA (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 IEFA 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 | ||
| IEFA iShares Core MSCI EAFE ETF (this page) | — | −2.4% | +1.2% | +1.3% | +8.8% | +12.8% | +72.4% | +49.0% | +140% | 16.6% | 0.56 | −34.8% | 0.07% | $190B | — |
| 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 | 67% |
| 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 | 96% |
| 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 | 75% |
| 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 | 94% |
| VPL QualifiedVanguard FTSE Pacific ETF | 4/5 short2/3 long | −6.6% | +2.0% | +3.6% | +20.0% | +24.0% | +87.4% | +57.3% | +141% | 18.6% | 0.58 | −33.9% | 0.07% | $14B | 81% |
| 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 | 93% |
| 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 | 89% |
| DFAX QualifiedDimensional World ex U.S. Core Equity 2 ETF | 3/5 short2/3 long | −3.6% | +2.3% | +1.1% | +12.0% | +17.9% | +82.8% | +59.3% | — | 16.1% | 0.66 | −28.1% | 0.28% | $12B | 85% |
| 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 | 93% |
| VEU InternationalVanguard FTSE All-World ex-US ETF | 2/5 short2/3 long | −3.8% | +1.0% | +1.4% | +10.5% | +15.1% | +78.3% | +50.7% | +143% | 16.4% | 0.58 | −35.0% | 0.04% | $96B | 89% |
| IDEV InternationaliShares Core MSCI International Developed Markets ETF | 1/5 short2/3 long | −2.0% | +1.5% | +1.5% | +9.2% | +13.8% | +75.7% | +51.5% | — | 16.4% | 0.59 | −34.8% | 0.04% | $33B | 95% |
| 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 | 75% |
| 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 | 91% |
| IXUS InternationaliShares Core MSCI Total International Stock ETF | 2/5 short1/3 long | −3.8% | +1.1% | +1.2% | +10.6% | +14.8% | +78.3% | +48.4% | +140% | 16.6% | 0.56 | −36.2% | 0.07% | $58B | 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 | 86% |
| IEMG InternationaliShares Core MSCI Emerging Markets ETF | 2/5 short1/3 long | −7.6% | +0.2% | +0.6% | +13.0% | +17.0% | +83.4% | +39.0% | +122% | 19.4% | 0.44 | −38.7% | 0.09% | $151B | 68% |
| 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% |
| IEUR InternationaliShares Core MSCI Europe ETF | 0/5 short1/3 long | −2.3% | −0.4% | −0.3% | +5.4% | +10.4% | +69.8% | +48.6% | +147% | 17.8% | 0.54 | −37.0% | 0.10% | $9.4B | 92% |
| EFA InternationaliShares MSCI EAFE ETF | 0/5 short1/3 long | −2.3% | +1.1% | +1.4% | +8.6% | +12.5% | +71.2% | +51.0% | +139% | 16.6% | 0.58 | −34.2% | 0.32% | $77B | 96% |
| BBIN InternationalJPMorgan BetaBuilders International Equity ETF | 0/5 short1/3 long | −2.2% | +1.3% | +1.3% | +8.4% | +12.9% | +71.6% | +52.5% | — | 16.7% | 0.59 | −33.4% | 0.07% | $6.5B | 96% |
| 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 | 77% |
| VSS InternationalVanguard FTSE All-World ex-US Small-Cap ETF | 1/5 short0/3 long | −4.2% | +2.2% | −3.6% | +6.0% | +10.0% | +65.4% | +27.5% | +105% | 16.7% | 0.38 | −43.5% | 0.06% | $14B | 81% |
| 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 | — |
| JIRE InternationalJPMorgan International Research Enhanced Equity ETF | 1/5 short0/3 long | −1.8% | +0.9% | +1.4% | +8.2% | +12.6% | +69.6% | — | — | — | — | −16.1% | 0.29% | $11B | 93% |
| GSID InternationalGoldman Sachs MarketBeta International Equity ETF | 0/5 short0/3 long | −2.2% | +1.3% | +1.7% | +9.0% | +12.8% | +71.5% | +50.0% | — | 16.4% | 0.58 | −29.9% | 0.25% | $971M | 95% |
How did IEFA do year by year?
This table shows each investment's total return in every full calendar year since 2013, along with where IEFA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IEFA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: IEFA began trading on October 24, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.
- Among its popular alternatives, DFAI came out ahead of IEFA most often, in four of the five years both traded.
- IEFA finished ahead of the S&P 500 in three of its 13 full calendar years.
- Ranked against its popular alternatives each year, IEFA finished in the top quarter in one of 13 years and in the bottom quarter in one. In 2025, it ranked 16 of 22.
Newest year first. Green marks a year in which the fund came out ahead of IEFA; gray means the two finished within a fraction of a point. The rank row places IEFA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of IEFA | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IEFA This pageiShares Core MSCI EAFE ETF | — | +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% |
| Rank among alternatives | Top quarter in 1 of 13 | 16 of 22 | 17 of 22 | 7 of 22 | 13 of 21 | 8 of 20 | 12 of 19 | 6 of 18 | 9 of 18 | 8 of 17 | 13 of 17 | 6 of 17 | 13 of 14 | 2 of 13 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 13 | +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% |
| VTI Vanguard Morningstar Total Stock Market ETF | 9 of 13 | +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% |
| 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% | — | — |
| EFV iShares MSCI EAFE Value ETF | 5 of 13 | +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% |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 4 of 13 | +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% |
| VPL Vanguard FTSE Pacific ETF | 5 of 13 | +32.7% | +1.7% | +15.6% | −15.2% | +1.1% | +16.6% | +18.2% | −14.4% | +28.8% | +5.3% | +2.1% | −4.8% | +17.9% |
| 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 | 4 of 6 | +38.0% | +4.9% | +17.2% | −13.7% | +13.6% | +8.3% | — | — | — | — | — | — | — |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | 3 of 4 | +35.4% | +4.8% | +16.6% | −14.5% | — | — | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 4 of 13 | +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% |
| VEU Vanguard FTSE All-World ex-US ETF | 4 of 13 | +32.4% | +5.6% | +15.9% | −15.6% | +8.3% | +11.1% | +21.8% | −14.2% | +27.4% | +4.9% | −4.8% | −4.5% | +14.1% |
| IDEV iShares Core MSCI International Developed Markets ETF | 2 of 8 | +32.6% | +4.5% | +17.3% | −15.0% | +13.0% | +8.3% | +23.2% | −14.1% | — | — | — | — | — |
| JPIN JPMorgan Diversified Return International Equity ETF | 4 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% | — | — | — | — | — | — | — | — | — | — |
| IXUS iShares Core MSCI Total International Stock ETF | 5 of 13 | +32.4% | +5.2% | +15.8% | −16.5% | +8.9% | +10.8% | +21.7% | −14.4% | +28.1% | +4.7% | −4.7% | −5.0% | +13.7% |
| IEMG iShares Core MSCI Emerging Markets ETF | 5 of 13 | +32.5% | +6.5% | +11.5% | −20.0% | −0.6% | +17.8% | +17.8% | −14.9% | +37.4% | +10.3% | −14.3% | −3.4% | −2.8% |
| DWM WisdomTree International Equity Fund | 6 of 13 | +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% |
| IEUR iShares Core MSCI Europe ETF | 4 of 11 | +35.7% | +1.4% | +19.7% | −15.9% | +16.7% | +5.3% | +25.0% | −14.9% | +26.7% | −0.6% | −0.9% | — | — |
| EFA iShares MSCI EAFE ETF | 1 of 13 | +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% |
| EFG iShares MSCI EAFE Growth ETF | 5 of 13 | +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% |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 5 of 13 | +29.6% | +2.9% | +15.6% | −21.5% | +13.1% | +11.8% | +21.4% | −18.5% | +30.6% | +4.2% | 0.0% | −5.1% | +16.6% |
| BNDX Vanguard Total International Bond ETF | 4 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% | — |
Risk and diversification
How IEFA 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 IEFA's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents IEFA's five deepest drawdowns since it began trading in 2012, 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.
Note: IEFA began trading on October 24, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of IEFA's worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 18 months, after IEFA fell 30.4% from September 2021 to September 2022.
Green means IEFA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | IEFA fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Late-2018 sell-off | −34.8% | −18.8% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| 2022 bear market | −30.4% | −18.3% | Sep 2021 | Sep 2022 | 12 months | Mar 2024 | 18 months |
| 2015 China and oil sell-off | −22.1% | −12.5% | May 2015 | Feb 2016 | 9 months | Apr 2017 | 14 months |
| No named crash | −14.4% | +1.8% | Jul 2014 | Jan 2015 | 6 months | May 2015 | 4 months |
| No named crash | −13.8% | −12.2% | Mar 2025 | Apr 2025 | 1 month | Apr 2025 | Under a month |
How did IEFA do in stock market crashes?
This section measures how far IEFA, 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: IEFA began trading on October 24, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- IEFA fell less than the S&P 500 in four of the six crashes it has traded through. The clearest case was the late-2018 sell-off, when IEFA fell 17.1% and the S&P 500 fell 19.3%.
- Among its popular alternatives, BNDX held up best, falling less than IEFA in all six crashes they both traded through.
- IEFA began trading after the 2008 financial crisis, but eight of its popular alternatives lived through it. The mildest fall among them was VTI's 55.5%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than IEFA.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IEFA This pageiShares Core MSCI EAFE ETF | — | −2.5% | −29.2% | −33.2% | −17.1% | −5.8% | −19.9% | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 6 | −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 | 2 of 6 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| HEFA iShares Currency Hedged MSCI EAFE ETF | 4 of 6 | −4.4% | −14.8% | −32.1% | −15.0% | −4.8% | −22.2% | — | — | — | — |
| EFV iShares MSCI EAFE Value ETF | 2 of 6 | −3.6% | −25.8% | −36.3% | −15.9% | −5.7% | −25.0% | −23.3% | −0.5% | −63.9% | — |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 1 of 6 | −2.5% | −29.0% | −33.7% | −16.5% | −5.8% | −20.6% | −23.0% | 0.0% | −60.0% | — |
| VPL Vanguard FTSE Pacific ETF | 4 of 6 | −2.2% | −26.6% | −28.5% | −16.3% | −6.5% | −18.4% | −18.3% | −0.2% | −55.5% | — |
| DFAI Dimensional - International Core Equity Market ETF | 1 of 2 | −2.7% | −27.1% | — | — | — | — | — | — | — | — |
| AVDE Avantis International Equity ETF | 1 of 3 | −3.0% | −28.4% | −35.7% | — | — | — | — | — | — | — |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | 1 of 2 | −2.7% | −27.9% | — | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 2 of 6 | −2.4% | −28.4% | −33.5% | −16.4% | −5.8% | −20.1% | −23.5% | −0.5% | — | — |
| VEU Vanguard FTSE All-World ex-US ETF | 2 of 6 | −2.5% | −28.3% | −32.8% | −14.9% | −6.2% | −20.7% | −24.6% | 0.0% | −61.5% | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 1 of 5 | −2.5% | −28.4% | −33.9% | −17.2% | −5.5% | — | — | — | — | — |
| 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% | — | — | — | — | — | — | — | — | — |
| IXUS iShares Core MSCI Total International Stock ETF | 1 of 6 | −2.5% | −28.9% | −33.7% | −15.4% | −6.0% | −19.9% | — | — | — | — |
| IEMG iShares Core MSCI Emerging Markets ETF | 2 of 6 | −2.6% | −30.4% | −31.7% | −12.0% | −6.7% | −21.6% | — | — | — | — |
| DWM WisdomTree International Equity Fund | 2 of 6 | −2.4% | −25.6% | −34.2% | −15.8% | −5.6% | −19.6% | −22.2% | 0.0% | −62.1% | — |
| IEUR iShares Core MSCI Europe ETF | 0 of 6 | −2.5% | −32.3% | −36.2% | −17.3% | −5.6% | −20.6% | — | — | — | — |
| EFA iShares MSCI EAFE ETF | 2 of 6 | −2.5% | −28.7% | −32.6% | −16.3% | −5.9% | −20.7% | −22.7% | −0.2% | −61.0% | — |
| EFG iShares MSCI EAFE Growth ETF | 3 of 6 | −1.3% | −34.2% | −29.0% | −17.1% | −5.9% | −17.0% | −23.7% | −0.1% | −58.4% | — |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 1 of 6 | −3.0% | −31.7% | −38.2% | −18.4% | −5.8% | −16.5% | −26.8% | −1.5% | — | — |
| BNDX Vanguard Total International Bond ETF | 6 of 6 | 0.0% | −13.7% | −5.9% | −0.8% | −0.2% | −1.1% | — | — | — | — |
How closely does IEFA 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 IEFA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 11 of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IEFA's 0.82, led by HEFA, VTI and EFV.
- HEFA took just 62% of the S&P 500's losses, against 94% for IEFA, while still keeping 71% of its gains.
- Over the past 10 years, IEFA captured 77% of the S&P 500's gains in rising months and 94% of its losses in falling months, with a beta of 0.82. 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 IEFA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| IEFA This pageiShares Core MSCI EAFE ETF | 77% | 94% | 0.82 | 0.82 |
| 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 |
| EFV iShares MSCI EAFE Value ETF | 75% | 84% | 0.89 | 0.76 |
| VPL Vanguard FTSE Pacific ETF | 75% | 85% | 0.88 | 0.79 |
| SCHF Schwab International Equity ETF | 79% | 93% | 0.86 | 0.84 |
| IEMG iShares Core MSCI Emerging Markets ETF | 71% | 83% | 0.86 | 0.77 |
| VEU Vanguard FTSE All-World ex-US ETF | 76% | 89% | 0.85 | 0.80 |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | 80% | 95% | 0.84 | 0.86 |
| IXUS iShares Core MSCI Total International Stock ETF | 76% | 91% | 0.84 | 0.81 |
| EFA iShares MSCI EAFE ETF | 76% | 92% | 0.83 | 0.81 |
| BNDX Vanguard Total International Bond ETF | 11% | 13% | 0.83 | 0.14 |
| DWM WisdomTree International Equity Fund | 70% | 85% | 0.82 | 0.74 |
| IEUR iShares Core MSCI Europe ETF | 83% | 103% | 0.80 | 0.89 |
| JPIN JPMorgan Diversified Return International Equity ETF | 69% | 87% | 0.79 | 0.74 |
| EFG iShares MSCI EAFE Growth ETF | 78% | 104% | 0.75 | 0.87 |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 80% | 107% | 0.74 | 0.94 |
What diversifies IEFA?
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 IEFA's. Because such investments tend not to fall at the same time, pairing IEFA with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in IEFA into DBMF would have cut the portfolio's volatility by 24% over the past 5 years and raised its annual return (+9.0% for IEFA alone, +9.7% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of IEFA over the past 5 years, with correlations of 0.44 or lower, and each still earned a positive 5-year return.
- MCK made money in two of the three calendar years in which IEFA 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 IEFA lost money. The last two columns show a portfolio that is 80% IEFA and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2014 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| IEFA iShares Core MSCI EAFE ETF (this page) | 1.00 | +49.0% | 0.56 | −15.3% | −14.1% | −6.3% | 15.7% | +9.0% |
| GLD CommoditiesSPDR Gold Shares | 0.44 | +126% | 0.96 | −0.8% | −1.9% | −2.2% | 14.4% | +11.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.31 | +177% | 0.93 | +64.4% | −18.2% | −8.7% | 15.0% | +12.2% |
| AMLP EnergyAlerian MLP ETF | 0.38 | +111% | 0.89 | +25.5% | −12.6% | +4.8% | 14.4% | +11.1% |
| PTLC Broad MarketPacer Trendpilot US Large Cap ETF | 0.49 | +57.4% | 0.83 | −8.6% | +1.5% | — | 13.8% | +9.4% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.33 | +59.7% | 0.82 | +21.6% | — | — | 12.0% | +9.7% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.22 | +66.4% | 0.81 | +2.5% | −8.7% | +2.6% | 13.3% | +9.6% |
| USO CommoditiesUnited States Oil Fund, LP | -0.09 | +176% | 0.73 | +29.0% | −19.6% | −42.4% | 14.1% | +13.0% |
| PTNQ TechnologyPacer Trendpilot 100 ETF | 0.47 | +58.8% | 0.73 | −16.0% | +8.5% | — | 14.1% | +9.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2014 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| IEFA iShares Core MSCI EAFE ETF (this page) | 1.00 | +49.0% | 0.56 | −15.3% | −14.1% | −6.3% | 15.7% | +9.0% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.31 | +479% | 1.55 | +54.1% | −24.5% | +23.0% | 15.1% | +14.8% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.25 | +3,143% | 1.47 | +1.3% | −16.3% | +12.9% | 19.2% | +27.3% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.38 | +1,636% | 1.46 | +17.0% | +0.8% | −10.4% | 18.0% | +23.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.17 | +413% | 1.44 | +51.8% | −28.4% | +29.3% | 14.3% | +14.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.26 | +690% | 1.41 | +86.6% | −8.2% | +0.4% | 15.6% | +16.9% |
Common questions
What was IEFA's worst drawdown?
IEFA's deepest decline since it began trading in 2012 was 34.8%, from January 2018 to March 2020. It took eight months from the low to climb back to its old high. Because IEFA launched in October 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.
What were IEFA's best and worst years?
Over 13 full calendar years, IEFA's best year was 2025, when it returned 32.1%. Its worst was 2022, with a return of -15.3%.
Is there a better investment than IEFA?
Among IEFA's popular alternatives, HEFA and DWM earned more than IEFA with less volatility over the past 5 years. HEFA returned 13.3% a year at 13.8% volatility, against 8.3% a year at 16.6%. VEA tracks the same thing for 0.03% a year against IEFA's 0.07%, and has kept pace over the past decade: about $40 less in fees on $10,000 over 10 years.
Is IEFA more volatile than the S&P 500?
No. IEFA'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, IEFA'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 IEFA's Sharpe ratio?
IEFA's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so IEFA 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 IEFA with the S&P 500?
Over the past 5 years, IEFA'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 IEFA instead: the lower it is, the more that option would diversify a IEFA holding.
What are the best alternatives to IEFA?
Of the 26 popular alternatives we compared, eight outperformed IEFA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VTI, HEFA and EFV.
Did IEFA outperform the S&P 500?
IEFA finished ahead of the S&P 500 (SPY) in three of 13 full calendar years. In 2025, it returned +32.1%, against +17.7% for the index.
How did IEFA do in stock market crashes?
IEFA fell less than the S&P 500 (SPY) in four of the six major crashes it has traded through, and further in two. The clearest case was the late-2018 sell-off, when IEFA fell 17.1% and the S&P 500 fell 19.3%.
What diversifies IEFA?
These had a low correlation with IEFA 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 0.31), CLS (correlation 0.25) and FIX (correlation 0.38). 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 IEFA's. Returns within 0.5 points or 3% of IEFA'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 IEFA
- VTIVanguard Morningstar Total Stock Market ETF
- SPDWState Street SPDR Portfolio Developed World ex-US ETF
SCHFSchwab International Equity ETF
VEAVanguard FTSE Developed Markets ETF
VEUVanguard FTSE All-World ex-US ETF
IXUSiShares Core MSCI Total International Stock ETF
VXUSVanguard Total International Stock ETF
IEMGiShares Core MSCI Emerging Markets ETF
EFAiShares MSCI EAFE ETF
BNDXVanguard Total International Bond ETF
NVDA