BTMKX vs. EFA
BTMKX (iShares MSCI EAFE International Index Fund) and EFA (iShares MSCI EAFE ETF) are both Foreign Large Cap Equities funds from iShares - BTMKX tracks the MSCI EAFE Index while EFA tracks the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, BTMKX returned 9.67%/yr vs 10.10%/yr for EFA. With a 0.98 correlation, they move nearly in lockstep. BTMKX charges 0.05%/yr vs 0.32%/yr for EFA.
Performance
BTMKX vs. EFA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BTMKX having a 10.68% return and EFA slightly lower at 10.63%. Both investments have delivered pretty close results over the past 10 years, with BTMKX having a 9.67% annualized return and EFA not far ahead at 10.10%.
BTMKX
- 1D
- 0.80%
- 1M
- 2.00%
- YTD
- 10.68%
- 6M
- 11.08%
- 1Y
- 25.47%
- 3Y*
- 16.39%
- 5Y*
- 9.52%
- 10Y*
- 9.67%
EFA
- 1D
- 0.16%
- 1M
- 2.17%
- YTD
- 10.63%
- 6M
- 11.01%
- 1Y
- 25.29%
- 3Y*
- 17.43%
- 5Y*
- 9.14%
- 10Y*
- 10.10%
BTMKX vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTMKX iShares MSCI EAFE International Index Fund | 10.68% | 31.70% | 3.70% | 18.37% | -14.04% | 11.30% | 8.07% | 21.96% | -13.38% | 25.17% |
EFA iShares MSCI EAFE ETF | 10.63% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
Correlation
The correlation between BTMKX and EFA is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.98 |
The correlation between BTMKX and EFA has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
BTMKX vs. EFA — Risk / Return Rank
BTMKX
EFA
BTMKX vs. EFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (BTMKX) and iShares MSCI EAFE ETF (EFA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BTMKX | EFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.22 | -0.05 |
| Martin ratioReturn relative to average drawdown | 8.11 | 8.31 | -0.19 |
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Drawdowns
BTMKX vs. EFA - Drawdown Comparison
The maximum BTMKX drawdown since its inception was -33.92%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for BTMKX and EFA.
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Drawdown Indicators
| BTMKX | EFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.92% | -61.04% | +27.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.30% | -11.42% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -13.66% | -14.05% | +0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | -29.53% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -33.92% | -34.19% | +0.27% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -11.91% | +4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.05% | -0.03% |
Volatility
BTMKX vs. EFA - Volatility Comparison
iShares MSCI EAFE International Index Fund (BTMKX) and iShares MSCI EAFE ETF (EFA) have volatilities of 4.99% and 4.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTMKX | EFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 4.87% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 13.15% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.58% | 15.54% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 16.56% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.67% | 17.23% | -0.56% |
BTMKX vs. EFA - Expense Ratio Comparison
BTMKX has a 0.05% expense ratio, which is lower than EFA's 0.32% expense ratio.
Dividends
BTMKX vs. EFA - Dividend Comparison
BTMKX's dividend yield for the trailing twelve months is around 3.38%, more than EFA's 3.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTMKX iShares MSCI EAFE International Index Fund | 3.38% | 3.74% | 3.43% | 3.19% | 2.80% | 3.06% | 1.99% | 3.34% | 4.58% | 2.45% | 2.85% | 2.42% |
EFA iShares MSCI EAFE ETF | 3.22% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
Frequently Asked Questions
With a correlation of 0.99, BTMKX and EFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BTMKX has higher volatility (4.99%) compared to EFA (4.87%). In terms of maximum drawdown, BTMKX dropped -33.92% vs EFA's -61.04%.
EFA currently has the higher Sharpe Ratio (1.64 vs 1.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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