EFAA vs. MAIIX

Last updated Jun 4, 2026

EFAA (Invesco MSCI EAFE Income Advantage ETF) and MAIIX (iShares MSCI EAFE International Index Fund) are both funds - EFAA is a Derivative Income fund actively managed by Invesco, while MAIIX is a Foreign Large Cap Equities fund managed by BlackRock. Over the past year, EFAA returned 18.26% vs 22.42% for MAIIX. Their correlation of 0.95 suggests significant overlap in exposure. EFAA charges 0.39%/yr vs 0.09%/yr for MAIIX.

Performance

EFAA vs. MAIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI EAFE Income Advantage ETF (EFAA) and iShares MSCI EAFE International Index Fund (MAIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFAA achieves a 5.70% return, which is significantly lower than MAIIX's 9.66% return.

EFAA

• 1D: -0.42%
• 1M: 2.87%
• YTD: 5.70%
• 6M: 8.09%
• 1Y: 18.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAIIX

• 1D: 0.38%
• 1M: 4.17%
• YTD: 9.66%
• 6M: 12.02%
• 1Y: 22.42%
• 3Y*: 17.16%
• 5Y*: 8.87%
• 10Y*: 9.36%

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

EFAA vs. MAIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFAA Invesco MSCI EAFE Income Advantage ETF	5.70%	25.80%	-3.30%
MAIIX iShares MSCI EAFE International Index Fund	9.66%	31.62%	-4.92%

Correlation

The correlation between EFAA and MAIIX is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.95

The correlation between EFAA and MAIIX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

EFAA vs. MAIIX — Risk / Return Rank

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

EFAA

EFAA Risk / Return Rank: 41
EFAA Sharpe Ratio Rank: 43
EFAA Sortino Ratio Rank: 43
EFAA Omega Ratio Rank: 43
EFAA Calmar Ratio Rank: 36
EFAA Martin Ratio Rank: 42

MAIIX

MAIIX Risk / Return Rank: 26
MAIIX Sharpe Ratio Rank: 25
MAIIX Sortino Ratio Rank: 24
MAIIX Omega Ratio Rank: 25
MAIIX Calmar Ratio Rank: 26
MAIIX Martin Ratio Rank: 31

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.

EFAA vs. MAIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI EAFE Income Advantage ETF (EFAA) and iShares MSCI EAFE International Index Fund (MAIIX). 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.

	EFAA	MAIIX	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.43	+0.11
Sortino ratio Return per unit of downside risk	2.17	2.06	+0.11
Omega ratio Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio Return relative to maximum drawdown	1.81	1.91	-0.10
Martin ratio Return relative to average drawdown	7.00	7.14	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFAA vs. MAIIX - Sharpe Ratio Comparison

The current EFAA Sharpe Ratio is 1.54, which is comparable to the MAIIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EFAA and MAIIX, 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

	EFAA	MAIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.43	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.31	+0.80

Drawdowns

EFAA vs. MAIIX - Drawdown Comparison

The maximum EFAA drawdown since its inception was -11.97%, smaller than the maximum MAIIX drawdown of -61.05%. Use the drawdown chart below to compare losses from any high point for EFAA and MAIIX.

Drawdown Indicators

	EFAA	MAIIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.97%	-61.05%	+49.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-11.31%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.01%	—
Current Drawdown Current decline from peak	-1.22%	-0.38%	-0.84%
Average Drawdown Average peak-to-trough decline	-2.04%	-15.34%	+13.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.02%	-0.41%

Volatility

EFAA vs. MAIIX - Volatility Comparison

The current volatility for Invesco MSCI EAFE Income Advantage ETF (EFAA) is 3.54%, while iShares MSCI EAFE International Index Fund (MAIIX) has a volatility of 4.72%. This indicates that EFAA experiences smaller price fluctuations and is considered to be less risky than MAIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAA	MAIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.72%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	12.26%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	15.11%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	16.14%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	16.65%	-3.69%

EFAA vs. MAIIX - Expense Ratio Comparison

EFAA has a 0.39% expense ratio, which is higher than MAIIX's 0.09% expense ratio.

Dividends

EFAA vs. MAIIX - Dividend Comparison

EFAA's dividend yield for the trailing twelve months is around 8.13%, more than MAIIX's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAA Invesco MSCI EAFE Income Advantage ETF	8.13%	7.94%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MAIIX iShares MSCI EAFE International Index Fund	3.38%	3.71%	3.38%	3.16%	2.76%	3.00%	1.94%	3.29%	4.53%	2.42%	2.81%	2.40%

Frequently Asked Questions

Can I hold both EFAA and MAIIX in my portfolio?

With a correlation of 0.93, EFAA and MAIIX 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, EFAA or MAIIX?

MAIIX has higher volatility (4.72%) compared to EFAA (3.54%). In terms of maximum drawdown, EFAA dropped -11.97% vs MAIIX's -61.05%.

Which has better risk-adjusted returns?

EFAA currently has the higher Sharpe Ratio (1.54 vs 1.43), 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.