EFA vs. BKIE

Last updated Jun 3, 2026

EFA (iShares MSCI EAFE ETF) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - EFA tracks the MSCI EAFE Index (Net) while BKIE tracks the Morningstar Developed Markets ex-US Large Cap Index. Both are passively managed. Over the past 5 years, EFA returned 8.66%/yr vs 9.43%/yr for BKIE. With a 0.99 correlation, they move nearly in lockstep. EFA charges 0.32%/yr vs 0.04%/yr for BKIE.

Performance

EFA vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE ETF (EFA) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EFA having a 9.36% return and BKIE slightly higher at 9.43%.

EFA

• 1D: 0.56%
• 1M: 2.86%
• YTD: 9.36%
• 6M: 12.50%
• 1Y: 21.18%
• 3Y*: 16.77%
• 5Y*: 8.66%
• 10Y*: 9.21%

BKIE

• 1D: 0.65%
• 1M: 2.70%
• YTD: 9.43%
• 6M: 12.83%
• 1Y: 22.97%
• 3Y*: 17.74%
• 5Y*: 9.43%
• 10Y*: —

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

EFA vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EFA iShares MSCI EAFE ETF	9.36%	31.55%	3.49%	18.36%	-14.39%	11.45%	35.33%
BKIE BNY Mellon International Equity ETF	9.43%	32.08%	4.63%	18.25%	-13.60%	13.75%	34.17%

Correlation

The correlation between EFA and BKIE is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.99

The correlation between EFA and BKIE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

EFA vs. BKIE - Sectors Allocation Comparison

Sectors	EFA	BKIE
Financial Services	24.6%	25.8%
Industrials	19.9%	18.6%
Healthcare	10.6%	9.1%
Technology	10.4%	10.1%
Consumer Cyclical	7.6%	7.3%
Consumer Defensive	6.7%	6.2%
Basic Materials	5.9%	7.2%
Communication Services	4.5%	4.2%
Energy	4.0%	5.9%
Utilities	4.0%	3.7%
Real Estate	1.9%	2.0%

Return for Risk

EFA vs. BKIE — Risk / Return Rank

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

EFA

EFA Risk / Return Rank: 41
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 40
EFA Omega Ratio Rank: 40
EFA Calmar Ratio Rank: 39
EFA Martin Ratio Rank: 45

BKIE

BKIE Risk / Return Rank: 45
BKIE Sharpe Ratio Rank: 45
BKIE Sortino Ratio Rank: 45
BKIE Omega Ratio Rank: 44
BKIE Calmar Ratio Rank: 42
BKIE Martin Ratio Rank: 49

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.

EFA vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and BNY Mellon International Equity ETF (BKIE). 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.

	EFA	BKIE	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.59	-0.17
Sortino ratio Return per unit of downside risk	2.05	2.26	-0.21
Omega ratio Gain probability vs. loss probability	1.26	1.28	-0.03
Calmar ratio Return relative to maximum drawdown	1.97	2.12	-0.15
Martin ratio Return relative to average drawdown	7.39	8.19	-0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFA vs. BKIE - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.42, which is comparable to the BKIE Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of EFA and BKIE, 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

	EFA	BKIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.59	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.59	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.93	-0.61

Drawdowns

EFA vs. BKIE - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, which is greater than BKIE's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for EFA and BKIE.

Drawdown Indicators

	EFA	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-61.04%	-28.19%	-32.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-11.41%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-13.19%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-28.19%	-1.34%
Max Drawdown (10Y) Largest decline over 10 years	-34.19%	—	—
Current Drawdown Current decline from peak	-0.61%	-0.45%	-0.16%
Average Drawdown Average peak-to-trough decline	-11.94%	-4.98%	-6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.95%	+0.09%

Volatility

EFA vs. BKIE - Volatility Comparison

iShares MSCI EAFE ETF (EFA) has a higher volatility of 5.12% compared to BNY Mellon International Equity ETF (BKIE) at 4.53%. This indicates that EFA's price experiences larger fluctuations and is considered to be riskier than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFA	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.53%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	12.14%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	14.57%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	16.12%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	16.34%	+0.92%

EFA vs. BKIE - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is higher than BKIE's 0.04% expense ratio.

Dividends

EFA vs. BKIE - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.09%, less than BKIE's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKIE BNY Mellon International Equity ETF	3.24%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
EFA iShares MSCI EAFE ETF	3.09%	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

Can I hold both EFA and BKIE in my portfolio?

With a correlation of 0.98, EFA and BKIE 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, EFA or BKIE?

EFA has higher volatility (5.12%) compared to BKIE (4.53%). In terms of maximum drawdown, EFA dropped -61.04% vs BKIE's -28.19%.

Which ETF is better, EFA or BKIE?

On 5-year performance, BKIE leads with 9.43% vs 8.66% for EFA. On fees, BKIE is cheaper at 0.04% per year. On volatility, BKIE has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFA or BKIE?

Over the 5-year period, BKIE has performed better with a 9.43% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFA or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.32% for EFA.

Which ETF pays a higher dividend yield, EFA or BKIE?

BKIE has the higher dividend yield at 3.24%, compared with 3.09% for EFA.

What is the main difference between EFA and BKIE?

EFA tracks MSCI EAFE Index (Net), while BKIE tracks Morningstar Developed Markets ex-US Large Cap Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.32% for EFA and 0.04% for BKIE.

Which has better risk-adjusted returns?

BKIE currently has the higher Sharpe Ratio (1.59 vs 1.42), 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.