EFAV vs. FDLO

Last updated Jul 21, 2026

EFAV (iShares MSCI EAFE Min Vol Factor ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both exchange-traded funds - EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index, while FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index. Both are passively managed. Over the past 5 years, EFAV returned 6.57%/yr vs 9.21%/yr for FDLO. A 0.67 correlation means they provide meaningful diversification when combined. EFAV charges 0.20%/yr vs 0.15%/yr for FDLO.

Performance

EFAV vs. FDLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Min Vol Factor ETF (EFAV) and Fidelity Low Volatility Factor ETF (FDLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFAV achieves a 7.06% return, which is significantly higher than FDLO's 5.53% return.

EFAV

• 1D: -0.47%
• 1M: 3.71%
• 6M: 5.68%
• YTD: 7.06%
• 1Y: 13.00%
• 3Y*: 13.16%
• 5Y*: 6.57%
• 10Y*: 6.24%
• ALL TIME*: 7.11%

FDLO

• 1D: -0.26%
• 1M: 2.39%
• 6M: 3.93%
• YTD: 5.53%
• 1Y: 12.36%
• 3Y*: 12.82%
• 5Y*: 9.21%
• 10Y*: —
• ALL TIME*: 12.79%

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

EFAV vs. FDLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFAV iShares MSCI EAFE Min Vol Factor ETF	7.06%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%
FDLO Fidelity Low Volatility Factor ETF	5.53%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%

Correlation

The correlation between EFAV and FDLO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.67

The correlation between EFAV and FDLO shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

EFAV vs. FDLO - Sectors Allocation Comparison

Sectors	EFAV	FDLO
Financial Services	19.9%	13.1%
Industrials	15.5%	8.7%
Consumer Defensive	12.2%	4.7%
Healthcare	11.8%	10.6%
Communication Services	8.9%	10.1%
Utilities	8.8%	2.4%
Energy	8.1%	3.1%
Consumer Cyclical	5.0%	10.0%
Technology	4.5%	33.2%
Real Estate	2.9%	2.3%
Basic Materials	1.6%	1.8%

Return for Risk

EFAV vs. FDLO — Risk / Return Rank

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

EFAV

EFAV Risk / Return Rank: 45
EFAV Sharpe Ratio Rank: 46
EFAV Sortino Ratio Rank: 46
EFAV Omega Ratio Rank: 45
EFAV Calmar Ratio Rank: 51
EFAV Martin Ratio Rank: 39

FDLO

FDLO Risk / Return Rank: 52
FDLO Sharpe Ratio Rank: 54
FDLO Sortino Ratio Rank: 53
FDLO Omega Ratio Rank: 51
FDLO Calmar Ratio Rank: 45
FDLO Martin Ratio Rank: 55

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.

EFAV vs. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Min Vol Factor ETF (EFAV) and Fidelity Low Volatility Factor ETF (FDLO). 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.

	EFAV	FDLO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.39	-0.16
Sortino ratio: Return per unit of downside risk	1.78	1.97	-0.19
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.96	1.74	+0.22
Martin ratio: Return relative to average drawdown	4.55	7.06	-2.51

EFAV vs. FDLO - Sharpe Ratio Comparison

The current EFAV Sharpe Ratio is 1.23, which is comparable to the FDLO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EFAV and FDLO, 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

EFAV vs. FDLO - Drawdown Comparison

The maximum EFAV drawdown since its inception was -27.56%, smaller than the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for EFAV and FDLO.

Drawdown Indicators

	EFAV	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-34.35%	+6.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-7.13%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-13.68%	+4.93%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-19.23%	-8.23%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	—	—
Current Drawdown Current decline from peak	-2.67%	-0.80%	-1.87%
Average Drawdown Average peak-to-trough decline	-4.77%	-3.35%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.76%	+1.10%

Volatility

EFAV vs. FDLO - Volatility Comparison

The current volatility for iShares MSCI EAFE Min Vol Factor ETF (EFAV) is 2.68%, while Fidelity Low Volatility Factor ETF (FDLO) has a volatility of 2.91%. This indicates that EFAV experiences smaller price fluctuations and is considered to be less risky than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAV	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.91%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	6.98%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	8.97%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.84%	13.09%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	15.45%	-2.43%

EFAV vs. FDLO - Expense Ratio Comparison

EFAV has a 0.20% expense ratio, which is higher than FDLO's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EFAV vs. FDLO - Dividend Comparison

EFAV's dividend yield for the trailing twelve months is around 3.15%, more than FDLO's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares MSCI EAFE Min Vol Factor ETF	3.15%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
FDLO Fidelity Low Volatility Factor ETF	1.41%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%

Frequently Asked Questions

Can I hold both EFAV and FDLO in my portfolio?

EFAV and FDLO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFAV or FDLO?

FDLO has higher volatility (2.91%) compared to EFAV (2.68%). In terms of maximum drawdown, EFAV dropped -27.56% vs FDLO's -34.35%.

Which ETF is better, EFAV or FDLO?

On 5-year performance, FDLO leads with 9.21% vs 6.57% for EFAV. On fees, FDLO is cheaper at 0.15% per year. On volatility, EFAV has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFAV or FDLO?

Over the 5-year period, FDLO has performed better with a 9.21% return vs 6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFAV or FDLO?

FDLO is cheaper with a 0.15% expense ratio, compared with 0.20% for EFAV.

Which ETF pays a higher dividend yield, EFAV or FDLO?

EFAV has the higher dividend yield at 3.15%, compared with 1.41% for FDLO.

What is the main difference between EFAV and FDLO?

EFAV is categorized as Foreign Large Cap Equities, while FDLO is Volatility Hedged Equity. EFAV tracks MSCI EAFE Minimum Volatility (USD) Index, while FDLO tracks Fidelity U.S. Low Volatility Factor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.20% for EFAV and 0.15% for FDLO.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.39 vs 1.23), 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.