EFA vs. EFAD

Last updated Jun 4, 2026

EFA (iShares MSCI EAFE ETF) and EFAD (ProShares MSCI EAFE Dividend Growers ETF) are both Foreign Large Cap Equities funds - EFA tracks the MSCI EAFE Index (Net) while EFAD tracks the MSCI EAFE Dividend Masters Index. Both are passively managed. Over the past 10 years, EFA returned 9.11%/yr vs 4.08%/yr for EFAD. Their correlation of 0.90 suggests significant overlap in exposure. EFA charges 0.32%/yr vs 0.50%/yr for EFAD.

Performance

EFA vs. EFAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE ETF (EFA) and ProShares MSCI EAFE Dividend Growers ETF (EFAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFA achieves a 8.42% return, which is significantly higher than EFAD's 1.98% return. Over the past 10 years, EFA has outperformed EFAD with an annualized return of 9.11%, while EFAD has yielded a comparatively lower 4.08% annualized return.

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%

EFAD

• 1D: -0.94%
• 1M: 1.01%
• YTD: 1.98%
• 6M: 2.48%
• 1Y: 2.83%
• 3Y*: 6.48%
• 5Y*: 0.93%
• 10Y*: 4.08%

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

EFA vs. EFAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EFAD ProShares MSCI EAFE Dividend Growers ETF	1.98%	15.87%	-1.88%	11.91%	-21.34%	8.41%	8.75%	24.66%	-11.71%	22.14%

Correlation

The correlation between EFA and EFAD is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 22, 2014	0.90

The correlation between EFA and EFAD has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

EFA vs. EFAD - Sectors Allocation Comparison

Sectors	EFA	EFAD
Financial Services	24.6%	13.9%
Industrials	19.9%	15.6%
Healthcare	10.6%	18.1%
Technology	10.4%	15.5%
Consumer Cyclical	7.6%	-
Consumer Defensive	6.7%	9.8%
Basic Materials	5.9%	8.7%
Communication Services	4.5%	6.4%
Energy	4.0%	1.3%
Utilities	4.0%	8.4%
Real Estate	1.9%	3.6%

Return for Risk

EFA vs. EFAD — Risk / Return Rank

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

EFA

EFA Risk / Return Rank: 39
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 39
EFA Omega Ratio Rank: 38
EFA Calmar Ratio Rank: 37
EFA Martin Ratio Rank: 42

EFAD

EFAD Risk / Return Rank: 12
EFAD Sharpe Ratio Rank: 11
EFAD Sortino Ratio Rank: 11
EFAD Omega Ratio Rank: 11
EFAD Calmar Ratio Rank: 12
EFAD Martin Ratio Rank: 13

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. EFAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and ProShares MSCI EAFE Dividend Growers ETF (EFAD). 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	EFAD	Difference
Sharpe ratio Return per unit of total volatility	1.41	0.21	+1.19
Sortino ratio Return per unit of downside risk	2.04	0.39	+1.65
Omega ratio Gain probability vs. loss probability	1.26	1.05	+0.21
Calmar ratio Return relative to maximum drawdown	1.85	0.28	+1.57
Martin ratio Return relative to average drawdown	6.94	0.92	+6.02
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. EFAD - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.41, which is higher than the EFAD Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EFA and EFAD, 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	EFAD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	0.21	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.06	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.26	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.18	+0.13

Drawdowns

EFA vs. EFAD - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, which is greater than EFAD's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for EFA and EFAD.

Drawdown Indicators

	EFA	EFAD	Difference
Max Drawdown Largest peak-to-trough decline	-61.04%	-35.74%	-25.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-10.18%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-13.35%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-35.74%	+6.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.19%	-35.74%	+1.55%
Current Drawdown Current decline from peak	-1.46%	-3.70%	+2.24%
Average Drawdown Average peak-to-trough decline	-11.93%	-10.32%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.09%	-0.05%

Volatility

EFA vs. EFAD - Volatility Comparison

iShares MSCI EAFE ETF (EFA) has a higher volatility of 4.98% compared to ProShares MSCI EAFE Dividend Growers ETF (EFAD) at 3.94%. This indicates that EFA's price experiences larger fluctuations and is considered to be riskier than EFAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFA	EFAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	3.94%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	10.67%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	13.27%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	14.39%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	15.67%	+1.59%

EFA vs. EFAD - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is lower than EFAD's 0.50% expense ratio.

Dividends

EFA vs. EFAD - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.12%, more than EFAD's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EFAD ProShares MSCI EAFE Dividend Growers ETF	2.82%	2.83%	2.64%	2.29%	1.76%	2.98%	1.49%	2.05%	2.37%	2.42%	2.88%	1.94%

Frequently Asked Questions

Can I hold both EFA and EFAD in my portfolio?

With a correlation of 0.90, EFA and EFAD 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 EFAD?

EFA has higher volatility (4.98%) compared to EFAD (3.94%). In terms of maximum drawdown, EFA dropped -61.04% vs EFAD's -35.74%.

Which ETF is better, EFA or EFAD?

On 10-year performance, EFA leads with 9.11% vs 4.08% for EFAD. On fees, EFA is cheaper at 0.32% per year. On volatility, EFAD has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFA or EFAD?

Over the 10-year period, EFA has performed better with a 9.11% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFA or EFAD?

EFA is cheaper with a 0.32% expense ratio, compared with 0.50% for EFAD.

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

EFA has the higher dividend yield at 3.12%, compared with 2.82% for EFAD.

What is the main difference between EFA and EFAD?

EFA tracks MSCI EAFE Index (Net), while EFAD tracks MSCI EAFE Dividend Masters Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.32% for EFA and 0.50% for EFAD.

Which has better risk-adjusted returns?

EFA currently has the higher Sharpe Ratio (1.41 vs 0.21), 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.