CIVIX vs. EFA
CIVIX (Causeway International Value Instl) and EFA (iShares MSCI EAFE ETF) are both Foreign Large Cap Equities funds - CIVIX tracks the MSCI AC World ex USA Value (Net) while EFA tracks the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, CIVIX returned 10.22%/yr vs 9.11%/yr for EFA. Their correlation of 0.87 suggests significant overlap in exposure. CIVIX charges 0.85%/yr vs 0.32%/yr for EFA.
Performance
CIVIX vs. EFA - Performance Comparison
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Returns By Period
In the year-to-date period, CIVIX achieves a 6.21% return, which is significantly lower than EFA's 8.42% return. Over the past 10 years, CIVIX has outperformed EFA with an annualized return of 10.22%, while EFA has yielded a comparatively lower 9.11% annualized return.
CIVIX
- 1D
- 0.65%
- 1M
- 6.71%
- YTD
- 6.21%
- 6M
- 11.22%
- 1Y
- 25.35%
- 3Y*
- 18.44%
- 5Y*
- 11.87%
- 10Y*
- 10.22%
EFA
- 1D
- -0.86%
- 1M
- 3.40%
- YTD
- 8.42%
- 6M
- 10.94%
- 1Y
- 21.06%
- 3Y*
- 16.44%
- 5Y*
- 8.29%
- 10Y*
- 9.11%
CIVIX vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CIVIX Causeway International Value Instl | 6.21% | 39.13% | 3.73% | 27.29% | -6.77% | 9.12% | 5.41% | 20.11% | -18.62% | 27.20% |
EFA iShares MSCI EAFE ETF | 8.42% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
Correlation
The correlation between CIVIX and EFA is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001 | 0.87 |
The correlation between CIVIX and EFA has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
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Return for Risk
CIVIX vs. EFA — Risk / Return Rank
CIVIX
EFA
CIVIX vs. EFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Causeway International Value Instl (CIVIX) 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.
| CIVIX | EFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.85 | -0.29 |
| Martin ratioReturn relative to average drawdown | 5.16 | 6.94 | -1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CIVIX | EFA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 1.41 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.51 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.53 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.31 | +0.10 |
Drawdowns
CIVIX vs. EFA - Drawdown Comparison
The maximum CIVIX drawdown since its inception was -60.93%, roughly equal to the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for CIVIX and EFA.
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Drawdown Indicators
| CIVIX | EFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.93% | -61.04% | +0.11% |
Max Drawdown (1Y)Largest decline over 1 year | -16.19% | -11.42% | -4.77% |
Max Drawdown (3Y)Largest decline over 3 years | -17.30% | -14.05% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -28.51% | -29.53% | +1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -44.87% | -34.19% | -10.68% |
Current DrawdownCurrent decline from peak | -3.33% | -1.46% | -1.87% |
Average DrawdownAverage peak-to-trough decline | -10.99% | -11.93% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.88% | 3.04% | +1.84% |
Volatility
CIVIX vs. EFA - Volatility Comparison
Causeway International Value Instl (CIVIX) has a higher volatility of 5.71% compared to iShares MSCI EAFE ETF (EFA) at 4.98%. This indicates that CIVIX's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CIVIX | EFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 4.98% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.34% | 12.51% | +1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.04% | 15.05% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 16.48% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 17.26% | +2.17% |
CIVIX vs. EFA - Expense Ratio Comparison
CIVIX has a 0.85% expense ratio, which is higher than EFA's 0.32% expense ratio.
Dividends
CIVIX vs. EFA - Dividend Comparison
CIVIX's dividend yield for the trailing twelve months is around 9.15%, more than EFA's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIVIX Causeway International Value Instl | 9.15% | 9.72% | 9.25% | 3.61% | 1.78% | 1.82% | 1.37% | 4.63% | 3.55% | 1.83% | 1.96% | 1.95% |
EFA iShares MSCI EAFE ETF | 3.12% | 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
CIVIX and EFA have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CIVIX has higher volatility (5.71%) compared to EFA (4.98%). In terms of maximum drawdown, CIVIX dropped -60.93% vs EFA's -61.04%.
CIVIX currently has the higher Sharpe Ratio (1.48 vs 1.41), 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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