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EFA vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFA vs. IEFA

Last updated Jun 24, 2026

EFA (iShares MSCI EAFE ETF) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds from iShares - EFA tracks the MSCI EAFE Index (Net) while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, EFA returned 9.87%/yr vs 9.96%/yr for IEFA. With a 0.99 correlation, they move nearly in lockstep. EFA charges 0.32%/yr vs 0.07%/yr for IEFA.

Performance

EFA vs. IEFA - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EFA having a 8.38% return and IEFA slightly higher at 8.47%. Both investments have delivered pretty close results over the past 10 years, with EFA having a 9.87% annualized return and IEFA not far ahead at 9.96%.

EFA

1D
-2.03%
1M
0.10%
YTD
8.38%
6M
8.09%
1Y
21.83%
3Y*
16.63%
5Y*
8.49%
10Y*
9.87%

IEFA

1D
-1.97%
1M
-0.19%
YTD
8.47%
6M
8.11%
1Y
22.09%
3Y*
16.84%
5Y*
8.24%
10Y*
9.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFA vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFA
iShares MSCI EAFE ETF		8.38%31.55%3.49%18.36%-14.39%11.45%7.60%22.04%-13.82%25.07%
IEFA
iShares Core MSCI EAFE ETF		8.47%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between EFA and IEFA is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.99

The correlation between EFA and IEFA has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

EFA vs. IEFA - Sectors Allocation Comparison

Sectors
EFA
IEFA

Financial Services

24.4%
22.6%

Industrials

18.4%
20.1%

Technology

12.3%
11.6%

Healthcare

10.1%
9.7%

Consumer Cyclical

7.4%
8.3%

Consumer Defensive

6.9%
6.2%

Basic Materials

6.2%
6.8%

Communication Services

4.5%
4.7%

Energy

3.7%
3.6%

Utilities

3.7%
3.5%

Real Estate

1.6%
2.9%

Financial Services

EFA
24.4%
IEFA
22.6%

Industrials

EFA
18.4%
IEFA
20.1%

Technology

EFA
12.3%
IEFA
11.6%

Healthcare

EFA
10.1%
IEFA
9.7%

Consumer Cyclical

EFA
7.4%
IEFA
8.3%

Consumer Defensive

EFA
6.9%
IEFA
6.2%

Basic Materials

EFA
6.2%
IEFA
6.8%

Communication Services

EFA
4.5%
IEFA
4.7%

Energy

EFA
3.7%
IEFA
3.6%

Utilities

EFA
3.7%
IEFA
3.5%

Real Estate

EFA
1.6%
IEFA
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI EAFE ETF

iShares Core MSCI EAFE ETF

Often compared with EFA:
EFA vs. VEAEFA vs. EFGEFA vs. XEF.TOEFA vs. EFAVEFA vs. EFOEFA vs. IEUREFA vs. QEFA
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUSIEFA vs. IDEV

Return for Risk

EFA vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFA
EFA Risk / Return Rank: 4242
Overall Rank
EFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EFA Sortino Ratio Rank: 4141
Sortino Ratio Rank
EFA Omega Ratio Rank: 4141
Omega Ratio Rank
EFA Calmar Ratio Rank: 4040
Calmar Ratio Rank
EFA Martin Ratio Rank: 4545
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4242
Overall Rank
IEFA Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4242
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4242
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4040
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4646
Martin Ratio Rank
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. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and iShares Core MSCI EAFE ETF (IEFA). 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.

EFAIEFADifference
Sharpe ratioReturn per unit of total volatility
1.40
1.43

-0.03

Sortino ratioReturn per unit of downside risk
2.02
2.06

-0.04

Omega ratioGain probability vs. loss probability

1.26

1.26

-0.01

Calmar ratioReturn relative to maximum drawdown

1.92

1.93

-0.01

Martin ratioReturn relative to average drawdown

7.16

7.34

-0.17

EFA vs. IEFA - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.40, which is comparable to the IEFA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EFA and IEFA, 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

EFA vs. IEFA - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for EFA and IEFA.

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Drawdown Indicators

EFAIEFADifference

Max Drawdown

Largest peak-to-trough decline

-61.04%

-34.78%

-26.26%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-11.50%

+0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-14.05%

-13.76%

-0.29%

Max Drawdown (5Y)

Largest decline over 5 years

-29.53%

-30.41%

+0.88%

Max Drawdown (10Y)

Largest decline over 10 years

-34.19%

-34.78%

+0.59%

Current Drawdown

Current decline from peak

-2.03%

-1.97%

-0.06%

Average Drawdown

Average peak-to-trough decline

-11.91%

-6.67%

-5.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

3.02%

+0.03%

Volatility

EFA vs. IEFA - Volatility Comparison

iShares MSCI EAFE ETF (EFA) and iShares Core MSCI EAFE ETF (IEFA) have volatilities of 5.30% and 5.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFAIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

5.26%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

13.31%

13.22%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

15.55%

+0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.58%

16.61%

-0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.03%

17.07%

-0.04%

EFA vs. IEFA - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

EFA vs. IEFA - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.28%, less than IEFA's 3.44% yield.

PositionTTM20252024202320222021202020192018201720162015
EFA
iShares MSCI EAFE ETF		3.28%3.38%3.24%2.98%2.69%3.33%2.13%3.10%3.39%2.57%3.07%2.76%
IEFA
iShares Core MSCI EAFE ETF		3.44%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

With a correlation of 1.00, EFA and IEFA 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.

EFA has higher volatility (5.30%) compared to IEFA (5.26%). In terms of maximum drawdown, EFA dropped -61.04% vs IEFA's -34.78%.

On 10-year performance, IEFA leads with 9.96% vs 9.87% for EFA. On fees, IEFA is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.96% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.32% for EFA.

IEFA has the higher dividend yield at 3.44%, compared with 3.28% for EFA.

EFA tracks MSCI EAFE Index (Net), while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.32% for EFA and 0.07% for IEFA.

IEFA currently has the higher Sharpe Ratio (1.43 vs 1.40), 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.

Portfolio Optimizer

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