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EEMV vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMV vs. EFAV

Last updated Aug 2, 2026
Documentation

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - EEMV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, EEMV returned 5.71%/yr vs 6.38%/yr for EFAV. Their 0.69 correlation means they have sometimes moved together and sometimes differently. EEMV charges 0.25%/yr vs 0.20%/yr for EFAV.

Performance

EEMV vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEMV achieves a 12.46% return, which is significantly higher than EFAV's 9.79% return. Over the past 10 years, EEMV has underperformed EFAV with an annualized return of 5.71%, while EFAV has yielded a comparatively higher 6.38% annualized return.

EEMV

1D
-0.38%
1M
-2.94%
6M
7.78%
YTD
12.46%
1Y
18.06%
3Y*
11.41%
5Y*
5.62%
10Y*
5.71%
ALL TIME*
5.22%

EFAV

1D
-1.09%
1M
4.40%
6M
6.21%
YTD
9.79%
1Y
16.01%
3Y*
14.35%
5Y*
6.86%
10Y*
6.38%
ALL TIME*
7.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EEMV

iShares MSCI Emerging Markets Min Vol Factor ETF
$16.28M$14.89M$17.73M

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$54.17M$49.40M$45.31M

EEMV vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		12.46%13.45%7.98%7.75%-13.94%5.05%6.90%7.83%-5.81%27.28%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.79%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between EEMV and EFAV is 0.45, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.45

Correlation (3Y)
Balances recent behavior with more history.

0.55

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.63

Correlation (10Y)
Provides a long-term view across more market conditions.

0.66

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.69

Over the past year, the correlation between EEMV and EFAV has dropped to 0.45 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

EEMV vs. EFAV - Sectors Allocation Comparison

Sectors
EEMV
EFAV

Technology

37.4%
4.4%

Financial Services

18.3%
19.7%

Communication Services

10.0%
9.1%

Consumer Cyclical

6.7%
5.1%

Industrials

5.8%
15.7%

Healthcare

5.5%
12.2%

Consumer Defensive

5.4%
12.6%

Utilities

4.2%
9.0%

Energy

3.5%
7.7%

Basic Materials

2.6%
1.6%

Real Estate

0.6%
2.9%

Technology

EEMV
37.4%
EFAV
4.4%

Financial Services

EEMV
18.3%
EFAV
19.7%

Communication Services

EEMV
10.0%
EFAV
9.1%

Consumer Cyclical

EEMV
6.7%
EFAV
5.1%

Industrials

EEMV
5.8%
EFAV
15.7%

Healthcare

EEMV
5.5%
EFAV
12.2%

Consumer Defensive

EEMV
5.4%
EFAV
12.6%

Utilities

EEMV
4.2%
EFAV
9.0%

Energy

EEMV
3.5%
EFAV
7.7%

Basic Materials

EEMV
2.6%
EFAV
1.6%

Real Estate

EEMV
0.6%
EFAV
2.9%

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets Min Vol Factor ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with EEMV:
EEMV vs. EEMEEMV vs. IEMGEEMV vs. SPYEEMV vs. MCHIEEMV vs. USMVEEMV vs. SPEMEEMV vs. VTI
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLVEFAV vs. FID

Return for Risk

EEMV vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EEMV
EEMV Risk / Return Rank: 4848
Overall Rank
EEMV Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EEMV Sortino Ratio Rank: 4343
Sortino Ratio Rank
EEMV Omega Ratio Rank: 4949
Omega Ratio Rank
EEMV Calmar Ratio Rank: 5353
Calmar Ratio Rank
EEMV Martin Ratio Rank: 4949
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6969
Overall Rank
EFAV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 7373
Sortino Ratio Rank
EFAV Omega Ratio Rank: 7373
Omega Ratio Rank
EFAV Calmar Ratio Rank: 7575
Calmar Ratio Rank
EFAV Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EEMV vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and iShares MSCI EAFE Min Vol Factor 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.

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.

EEMVEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.10
1.64

-0.55

Sortino ratioReturn per unit of downside risk
1.57
2.35

-0.78

Omega ratioGain probability vs. loss probability

1.22

1.30

-0.08

Calmar ratioReturn relative to maximum drawdown

1.90

2.62

-0.72

Martin ratioReturn relative to average drawdown

5.72

6.10

-0.39

EEMV vs. EFAV - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.10, which is lower than the EFAV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EEMV 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.

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Drawdowns

EEMV vs. EFAV - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for EEMV and EFAV.

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Drawdown Indicators

EEMVEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-31.56%

-27.56%

-4.00%

Max Drawdown (1Y)

Largest decline over 1 year

-9.50%

-6.66%

-2.84%

Max Drawdown (3Y)

Largest decline over 3 years

-12.47%

-8.65%

-3.82%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-27.46%

+5.56%

Max Drawdown (10Y)

Largest decline over 10 years

-31.56%

-27.56%

-4.00%

Current Drawdown

Current decline from peak

-7.20%

-1.09%

-6.11%

Average Drawdown

Average peak-to-trough decline

-7.94%

-4.76%

-3.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

2.86%

+0.30%

Volatility

EEMV vs. EFAV - Volatility Comparison

iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) has a higher volatility of 6.49% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.28%. This indicates that EEMV's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMVEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

3.28%

+3.21%

Volatility (6M)

Calculated over the trailing 6-month period

15.49%

8.85%

+6.64%

Volatility (1Y)

Calculated over the trailing 1-year period

16.51%

10.67%

+5.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.61%

11.88%

+0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.06%

13.03%

+1.03%

EEMV vs. EFAV - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is higher than EFAV's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EEMV vs. EFAV - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 2.27%, less than EFAV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		2.27%2.65%3.50%2.75%1.93%2.14%2.45%2.63%2.46%2.34%2.79%2.55%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.07%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

EEMV and EFAV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMV has higher volatility (6.49%) compared to EFAV (3.28%). In terms of maximum drawdown, EEMV dropped -31.56% vs EFAV's -27.56%.

On 10-year performance, EFAV leads with 6.38% vs 5.71% for EEMV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFAV has performed better with a 6.38% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.25% for EEMV.

EFAV has the higher dividend yield at 3.07%, compared with 2.27% for EEMV.

EEMV is categorized as Emerging Markets Equities, while EFAV is Foreign Large Cap Equities. EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.25% for EEMV and 0.20% for EFAV.

EFAV currently has the higher Sharpe Ratio (1.64 vs 1.10), 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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