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EFA vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFA vs. IJR

Last updated Aug 2, 2026
Documentation

EFA (iShares MSCI EAFE ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net), while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, EFA returned 9.47%/yr vs 10.86%/yr for IJR. Their 0.72 correlation means they have sometimes moved together and sometimes differently. EFA charges 0.32%/yr vs 0.06%/yr for IJR.

Performance

EFA vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE ETF (EFA) and iShares Core S&P Small-Cap ETF (IJR). 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 lower than IJR's 21.59% return. Over the past 10 years, EFA has underperformed IJR with an annualized return of 9.47%, while IJR has yielded a comparatively higher 10.86% annualized return.

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%

IJR

1D
-0.03%
1M
-0.70%
6M
15.04%
YTD
21.59%
1Y
35.87%
3Y*
13.39%
5Y*
7.39%
10Y*
10.86%
ALL TIME*
10.14%
*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

IJR

iShares Core S&P Small-Cap ETF
$499.82M$465.35M$539.29M

EFA vs. IJR - 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%
IJR
iShares Core S&P Small-Cap ETF		21.59%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between EFA and IJR is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.68

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

0.68

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

0.71

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

0.70

Correlation (All Time)
Calculated using the full available price history since Aug 17, 2001

0.72

The correlation between EFA and IJR has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

EFA vs. IJR - Sectors Allocation Comparison

Sectors
EFA
IJR

Financial Services

26.4%
17.0%

Industrials

18.9%
15.6%

Technology

11.7%
15.5%

Healthcare

10.4%
12.4%

Consumer Cyclical

7.0%
13.2%

Consumer Defensive

6.6%
4.2%

Basic Materials

5.9%
4.7%

Energy

3.7%
4.9%

Utilities

3.6%
1.8%

Communication Services

3.4%
3.2%

Real Estate

1.7%
7.6%

Financial Services

EFA
26.4%
IJR
17.0%

Industrials

EFA
18.9%
IJR
15.6%

Technology

EFA
11.7%
IJR
15.5%

Healthcare

EFA
10.4%
IJR
12.4%

Consumer Cyclical

EFA
7.0%
IJR
13.2%

Consumer Defensive

EFA
6.6%
IJR
4.2%

Basic Materials

EFA
5.9%
IJR
4.7%

Energy

EFA
3.7%
IJR
4.9%

Utilities

EFA
3.6%
IJR
1.8%

Communication Services

EFA
3.4%
IJR
3.2%

Real Estate

EFA
1.7%
IJR
7.6%

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 S&P Small-Cap ETF

Often compared with EFA:
EFA vs. IEFAEFA vs. VEAEFA vs. EFGEFA vs. XEF.TOEFA vs. EFAVEFA vs. EFOEFA vs. IEUR
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR

Return for Risk

EFA vs. IJR — 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
IJR
IJR Risk / Return Rank: 8686
Overall Rank
IJR Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 8686
Sortino Ratio Rank
IJR Omega Ratio Rank: 8181
Omega Ratio Rank
IJR Calmar Ratio Rank: 9191
Calmar Ratio Rank
IJR Martin Ratio Rank: 8888
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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and iShares Core S&P Small-Cap ETF (IJR). 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.

EFAIJRDifference
Sharpe ratioReturn per unit of total volatility
1.58
1.95

-0.37

Sortino ratioReturn per unit of downside risk
2.26
2.87

-0.61

Omega ratioGain probability vs. loss probability

1.28

1.34

-0.06

Calmar ratioReturn relative to maximum drawdown

2.18

3.89

-1.71

Martin ratioReturn relative to average drawdown

8.23

13.29

-5.06

EFA vs. IJR - Sharpe Ratio Comparison

The current EFA Sharpe Ratio is 1.58, which is comparable to the IJR Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EFA and IJR, 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. IJR - Drawdown Comparison

The maximum EFA drawdown since its inception was -61.04%, roughly equal to the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for EFA and IJR.

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Drawdown Indicators

EFAIJRDifference

Max Drawdown

Largest peak-to-trough decline

-61.04%

-58.15%

-2.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-8.68%

-2.74%

Max Drawdown (3Y)

Largest decline over 3 years

-14.05%

-28.02%

+13.97%

Max Drawdown (5Y)

Largest decline over 5 years

-29.53%

-28.02%

-1.51%

Max Drawdown (10Y)

Largest decline over 10 years

-34.19%

-44.36%

+10.17%

Current Drawdown

Current decline from peak

-0.62%

-1.92%

+1.30%

Average Drawdown

Average peak-to-trough decline

-11.86%

-9.23%

-2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.54%

+0.48%

Volatility

EFA vs. IJR - Volatility Comparison

iShares MSCI EAFE ETF (EFA) has a higher volatility of 4.69% compared to iShares Core S&P Small-Cap ETF (IJR) at 3.40%. This indicates that EFA's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFAIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

3.40%

+1.29%

Volatility (6M)

Calculated over the trailing 6-month period

13.71%

11.62%

+2.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.79%

17.33%

-1.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

21.25%

-4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

22.85%

-5.85%

EFA vs. IJR - Expense Ratio Comparison

EFA has a 0.32% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

EFA vs. IJR - Dividend Comparison

EFA's dividend yield for the trailing twelve months is around 3.19%, more than IJR's 1.13% 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%
IJR
iShares Core S&P Small-Cap ETF		1.13%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%

Frequently Asked Questions

EFA and IJR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFA has higher volatility (4.69%) compared to IJR (3.40%). In terms of maximum drawdown, EFA dropped -61.04% vs IJR's -58.15%.

On 10-year performance, IJR leads with 10.86% vs 9.47% for EFA. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJR has performed better with a 10.86% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.32% for EFA.

EFA has the higher dividend yield at 3.19%, compared with 1.13% for IJR.

EFA is categorized as Foreign Large Cap Equities, while IJR is Small Cap Blend Equities. EFA tracks MSCI EAFE Index (Net), while IJR tracks S&P SmallCap 600 Index. Their fees differ too: 0.32% for EFA and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (1.95 vs 1.58), 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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