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EFA vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFA vs. IEUR

Last updated Aug 2, 2026
Documentation

EFA (iShares MSCI EAFE ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net), while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EFA returned 9.47%/yr vs 9.92%/yr for IEUR. Their 0.96 correlation means they have historically moved very closely together. EFA charges 0.32%/yr vs 0.09%/yr for IEUR.

Performance

EFA vs. IEUR - Performance Comparison

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

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Returns By Period

In the year-to-date period, EFA achieves a 11.69% return, which is significantly higher than IEUR's 10.27% return. Both investments have delivered pretty close results over the past 10 years, with EFA having a 9.47% annualized return and IEUR not far ahead at 9.92%.

EFA

1D
-0.62%
1M
1.16%
6M
6.46%
YTD
11.69%
1Y
25.09%
3Y*
16.41%
5Y*
9.23%
10Y*
9.47%
ALL TIME*
6.58%

IEUR

1D
-0.49%
1M
1.08%
6M
5.44%
YTD
10.27%
1Y
23.45%
3Y*
16.38%
5Y*
9.10%
10Y*
9.92%
ALL TIME*
6.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EFA

iShares MSCI EAFE ETF
$1.24B$1.12B$1.39B

IEUR

iShares Core MSCI Europe ETF
$76.19M$57.15M$73.12M

EFA vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFA
iShares MSCI EAFE ETF		11.69%31.55%3.49%18.36%-14.39%11.45%7.60%22.04%-13.82%25.07%
IEUR
iShares Core MSCI Europe ETF		10.27%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between EFA and IEUR is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

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

0.96

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

0.97

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

0.97

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

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.96

The correlation between EFA and IEUR has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

EFA vs. IEUR - Sectors Allocation Comparison

Sectors
EFA
IEUR

Financial Services

26.4%
24.0%

Industrials

18.9%
19.2%

Technology

11.7%
9.1%

Healthcare

10.4%
12.7%

Consumer Cyclical

7.0%
6.7%

Consumer Defensive

6.6%
8.2%

Basic Materials

5.9%
5.6%

Energy

3.7%
4.9%

Utilities

3.6%
4.3%

Communication Services

3.4%
3.3%

Real Estate

1.7%
1.5%

Financial Services

EFA
26.4%
IEUR
24.0%

Industrials

EFA
18.9%
IEUR
19.2%

Technology

EFA
11.7%
IEUR
9.1%

Healthcare

EFA
10.4%
IEUR
12.7%

Consumer Cyclical

EFA
7.0%
IEUR
6.7%

Consumer Defensive

EFA
6.6%
IEUR
8.2%

Basic Materials

EFA
5.9%
IEUR
5.6%

Energy

EFA
3.7%
IEUR
4.9%

Utilities

EFA
3.6%
IEUR
4.3%

Communication Services

EFA
3.4%
IEUR
3.3%

Real Estate

EFA
1.7%
IEUR
1.5%

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 Europe ETF

Often compared with EFA:
EFA vs. IEFAEFA vs. VEAEFA vs. EFGEFA vs. XEF.TOEFA vs. EFAVEFA vs. EFOEFA vs. QEFA
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EWG

Return for Risk

EFA vs. IEUR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EFA
EFA Risk / Return Rank: 6868
Overall Rank
EFA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFA Sortino Ratio Rank: 7070
Sortino Ratio Rank
EFA Omega Ratio Rank: 6868
Omega Ratio Rank
EFA Calmar Ratio Rank: 6363
Calmar Ratio Rank
EFA Martin Ratio Rank: 6868
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 6161
Overall Rank
IEUR Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 6565
Sortino Ratio Rank
IEUR Omega Ratio Rank: 6161
Omega Ratio Rank
IEUR Calmar Ratio Rank: 5454
Calmar Ratio Rank
IEUR Martin Ratio Rank: 6363
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.

EFA vs. IEUR - Risk-Adjusted Trends Comparison

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

EFAIEURDifference
Sharpe ratioReturn per unit of total volatility
1.58
1.47

+0.11

Sortino ratioReturn per unit of downside risk
2.26
2.14

+0.12

Omega ratioGain probability vs. loss probability

1.28

1.26

+0.02

Calmar ratioReturn relative to maximum drawdown

2.18

1.92

+0.25

Martin ratioReturn relative to average drawdown

8.23

7.40

+0.83

EFA vs. IEUR - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.58, which is comparable to the IEUR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EFA and IEUR, 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. IEUR - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EFA and IEUR.

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Drawdown Indicators

EFAIEURDifference

Max Drawdown

Largest peak-to-trough decline

-61.04%

-36.96%

-24.08%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-12.04%

+0.62%

Max Drawdown (3Y)

Largest decline over 3 years

-14.05%

-14.25%

+0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-29.53%

-32.75%

+3.22%

Max Drawdown (10Y)

Largest decline over 10 years

-34.19%

-36.96%

+2.77%

Current Drawdown

Current decline from peak

-0.62%

-0.49%

-0.13%

Average Drawdown

Average peak-to-trough decline

-11.86%

-8.13%

-3.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.12%

-0.10%

Volatility

EFA vs. IEUR - Volatility Comparison

iShares MSCI EAFE ETF (EFA) has a higher volatility of 4.69% compared to iShares Core MSCI Europe ETF (IEUR) at 4.45%. This indicates that EFA's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFAIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

4.45%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

13.71%

13.71%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

15.79%

15.80%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

17.80%

-1.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

18.23%

-1.23%

EFA vs. IEUR - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EFA vs. IEUR - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.19%, more than IEUR's 3.12% yield.

PositionTTM20252024202320222021202020192018201720162015
EFA
iShares MSCI EAFE ETF		3.19%3.38%3.24%2.98%2.69%3.33%2.13%3.10%3.39%2.57%3.07%2.76%
IEUR
iShares Core MSCI Europe ETF		3.12%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

With a correlation of 0.96, EFA and IEUR 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 (4.69%) compared to IEUR (4.45%). In terms of maximum drawdown, EFA dropped -61.04% vs IEUR's -36.96%.

On 10-year performance, IEUR leads with 9.92% vs 9.47% for EFA. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEUR has performed better with a 9.92% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.32% for EFA.

EFA has the higher dividend yield at 3.19%, compared with 3.12% for IEUR.

EFA is categorized as Foreign Large Cap Equities, while IEUR is Europe Equities. EFA tracks MSCI EAFE Index (Net), while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.32% for EFA and 0.09% for IEUR.

EFA currently has the higher Sharpe Ratio (1.58 vs 1.47), 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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