EFAD vs. EFA

Last updated Jun 23, 2026

EFAD (ProShares MSCI EAFE Dividend Growers ETF) and EFA (iShares MSCI EAFE ETF) are both Foreign Large Cap Equities funds - EFAD tracks the MSCI EAFE Dividend Masters Index while EFA tracks the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, EFAD returned 4.75%/yr vs 10.10%/yr for EFA. Their correlation of 0.89 suggests significant overlap in exposure. EFAD charges 0.50%/yr vs 0.32%/yr for EFA.

Performance

EFAD vs. EFA - Performance Comparison

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

Returns By Period

In the year-to-date period, EFAD achieves a 2.50% return, which is significantly lower than EFA's 10.63% return. Over the past 10 years, EFAD has underperformed EFA with an annualized return of 4.75%, while EFA has yielded a comparatively higher 10.10% annualized return.

EFAD

• 1D: -0.44%
• 1M: 0.37%
• YTD: 2.50%
• 6M: 2.81%
• 1Y: 4.54%
• 3Y*: 7.65%
• 5Y*: 0.97%
• 10Y*: 4.75%

EFA

• 1D: 0.16%
• 1M: 2.17%
• YTD: 10.63%
• 6M: 11.01%
• 1Y: 25.29%
• 3Y*: 17.43%
• 5Y*: 9.14%
• 10Y*: 10.10%

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

EFAD vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFAD ProShares MSCI EAFE Dividend Growers ETF	2.50%	15.87%	-1.88%	11.91%	-21.34%	8.41%	8.75%	24.66%	-11.71%	22.14%
EFA iShares MSCI EAFE ETF	10.63%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between EFAD and EFA 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	0.91
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 21, 2014	0.89

The correlation between EFAD and EFA has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

EFAD vs. EFA - Sectors Allocation Comparison

Sectors	EFAD	EFA
Healthcare	18.1%	10.1%
Technology	17.2%	12.3%
Industrials	15.3%	18.4%
Financial Services	13.7%	24.4%
Consumer Defensive	9.8%	6.9%
Basic Materials	8.8%	6.2%
Utilities	7.8%	3.7%
Communication Services	6.2%	4.5%
Real Estate	3.2%	1.6%
Energy	1.3%	3.7%
Consumer Cyclical	-	7.4%

Return for Risk

EFAD vs. EFA — Risk / Return Rank

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

EFAD

EFAD Risk / Return Rank: 13
EFAD Sharpe Ratio Rank: 13
EFAD Sortino Ratio Rank: 12
EFAD Omega Ratio Rank: 12
EFAD Calmar Ratio Rank: 13
EFAD Martin Ratio Rank: 15

EFA

EFA Risk / Return Rank: 48
EFA Sharpe Ratio Rank: 49
EFA Sortino Ratio Rank: 49
EFA Omega Ratio Rank: 48
EFA Calmar Ratio Rank: 46
EFA Martin Ratio Rank: 50

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.

EFAD vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI EAFE Dividend Growers ETF (EFAD) and iShares MSCI EAFE ETF (EFA). 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.

	EFAD	EFA	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.64	-1.30
Sortino ratio: Return per unit of downside risk	0.56	2.34	-1.77
Omega ratio: Gain probability vs. loss probability	1.07	1.30	-0.23
Calmar ratio: Return relative to maximum drawdown	0.45	2.22	-1.78
Martin ratio: Return relative to average drawdown	1.46	8.31	-6.85

EFAD vs. EFA - Sharpe Ratio Comparison

The current EFAD Sharpe Ratio is 0.34, which is lower than the EFA Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EFAD and EFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFAD vs. EFA - Drawdown Comparison

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

Drawdown Indicators

	EFAD	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-61.04%	+25.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-11.42%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.35%	-14.05%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-35.74%	-29.53%	-6.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.74%	-34.19%	-1.55%
Current Drawdown Current decline from peak	-3.21%	0.00%	-3.21%
Average Drawdown Average peak-to-trough decline	-10.37%	-11.91%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.05%	+0.07%

Volatility

EFAD vs. EFA - Volatility Comparison

The current volatility for ProShares MSCI EAFE Dividend Growers ETF (EFAD) is 3.86%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.87%. This indicates that EFAD experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAD	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	4.87%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	13.15%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.52%	15.54%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	16.56%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	17.23%	-1.61%

EFAD vs. EFA - Expense Ratio Comparison

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

Dividends

EFAD vs. EFA - Dividend Comparison

EFAD's dividend yield for the trailing twelve months is around 2.81%, less than EFA's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.22%	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	2.81%	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 EFAD and EFA in my portfolio?

EFAD and EFA have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFAD or EFA?

EFA has higher volatility (4.87%) compared to EFAD (3.86%). In terms of maximum drawdown, EFAD dropped -35.74% vs EFA's -61.04%.

Which ETF is better, EFAD or EFA?

On 10-year performance, EFA leads with 10.10% vs 4.75% for EFAD. On fees, EFA is cheaper at 0.32% per year. On volatility, EFAD has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFAD or EFA?

Over the 10-year period, EFA has performed better with a 10.10% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFAD or EFA?

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

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

EFA has the higher dividend yield at 3.22%, compared with 2.81% for EFAD.

What is the main difference between EFAD and EFA?

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

Which has better risk-adjusted returns?

EFA currently has the higher Sharpe Ratio (1.64 vs 0.34), 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.