DWX vs. EFAV

Last updated Jun 3, 2026

DWX (SPDR S&P International Dividend ETF) and EFAV (iShares Edge MSCI Min Vol EAFE ETF) are both Foreign Large Cap Equities funds - DWX tracks the S&P International Dividend Opportunities Index while EFAV tracks the MSCI EAFE Minimum Volatility Index. Both are passively managed. Over the past 10 years, DWX returned 7.32%/yr vs 6.00%/yr for EFAV. Their correlation of 0.85 suggests significant overlap in exposure. DWX charges 0.45%/yr vs 0.20%/yr for EFAV.

Performance

DWX vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) and iShares Edge MSCI Min Vol EAFE ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWX achieves a 6.54% return, which is significantly higher than EFAV's 4.53% return. Over the past 10 years, DWX has outperformed EFAV with an annualized return of 7.32%, while EFAV has yielded a comparatively lower 6.00% annualized return.

DWX

• 1D: -0.01%
• 1M: -0.12%
• YTD: 6.54%
• 6M: 9.07%
• 1Y: 15.35%
• 3Y*: 15.08%
• 5Y*: 7.37%
• 10Y*: 7.32%

EFAV

• 1D: 0.10%
• 1M: -1.48%
• YTD: 4.53%
• 6M: 6.20%
• 1Y: 9.18%
• 3Y*: 13.13%
• 5Y*: 6.49%
• 10Y*: 6.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DWX vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	6.54%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
EFAV iShares Edge MSCI Min Vol EAFE ETF	4.53%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%

Correlation

The correlation between DWX and EFAV is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.85

The correlation between DWX and EFAV has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

DWX vs. EFAV - Sectors Allocation Comparison

Sectors	DWX	EFAV
Financial Services	16.4%	19.9%
Communication Services	12.8%	9.7%
Consumer Defensive	12.6%	11.5%
Utilities	11.3%	9.1%
Real Estate	10.5%	2.9%
Energy	10.4%	8.2%
Industrials	10.2%	15.1%
Consumer Cyclical	6.2%	5.2%
Healthcare	4.5%	12.4%
Technology	2.8%	4.5%
Basic Materials	2.3%	1.6%

Return for Risk

DWX vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DWX

DWX Risk / Return Rank: 39
DWX Sharpe Ratio Rank: 40
DWX Sortino Ratio Rank: 38
DWX Omega Ratio Rank: 40
DWX Calmar Ratio Rank: 38
DWX Martin Ratio Rank: 39

EFAV

EFAV Risk / Return Rank: 27
EFAV Sharpe Ratio Rank: 25
EFAV Sortino Ratio Rank: 24
EFAV Omega Ratio Rank: 24
EFAV Calmar Ratio Rank: 32
EFAV Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DWX vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and iShares Edge MSCI Min Vol EAFE ETF (EFAV). 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.

	DWX	EFAV	Difference
Sharpe ratio Return per unit of total volatility	1.43	0.89	+0.54
Sortino ratio Return per unit of downside risk	2.01	1.30	+0.71
Omega ratio Gain probability vs. loss probability	1.26	1.16	+0.10
Calmar ratio Return relative to maximum drawdown	1.90	1.59	+0.30
Martin ratio Return relative to average drawdown	6.21	4.53	+1.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWX vs. EFAV - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.43, which is higher than the EFAV Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of DWX and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DWX	EFAV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.89	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.55	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.46	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.54	-0.42

Drawdowns

DWX vs. EFAV - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for DWX and EFAV.

Drawdown Indicators

	DWX	EFAV	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-27.56%	-39.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-6.46%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-8.75%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-27.46%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-27.56%	-8.49%
Current Drawdown Current decline from peak	-3.85%	-4.96%	+1.11%
Average Drawdown Average peak-to-trough decline	-14.13%	-4.77%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.27%	+0.35%

Volatility

DWX vs. EFAV - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 3.08%, while iShares Edge MSCI Min Vol EAFE ETF (EFAV) has a volatility of 3.27%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.27%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	8.15%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	10.37%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	11.79%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	13.21%	+1.88%

DWX vs. EFAV - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

DWX vs. EFAV - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, more than EFAV's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.19%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.06%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%

Frequently Asked Questions

Can I hold both DWX and EFAV in my portfolio?

With a correlation of 0.91, DWX and EFAV 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.

Which is riskier, DWX or EFAV?

EFAV has higher volatility (3.27%) compared to DWX (3.08%). In terms of maximum drawdown, DWX dropped -66.86% vs EFAV's -27.56%.

Which ETF is better, DWX or EFAV?

On 10-year performance, DWX leads with 7.32% vs 6.00% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, DWX has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or EFAV?

Over the 10-year period, DWX has performed better with a 7.32% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or EFAV?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.45% for DWX.

Which ETF pays a higher dividend yield, DWX or EFAV?

DWX has the higher dividend yield at 4.19%, compared with 3.06% for EFAV.

What is the main difference between DWX and EFAV?

DWX tracks S&P International Dividend Opportunities Index, while EFAV tracks MSCI EAFE Minimum Volatility Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.45% for DWX and 0.20% for EFAV.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.43 vs 0.89), 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.