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EFAX vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFAX vs. EFAV

Last updated Aug 2, 2026
Documentation

EFAX (SPDR MSCI EAFE Fossil Fuel Free ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - EFAX tracks the MSCI EAFE ex Fossil Fuels Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, EFAX returned 8.38%/yr vs 6.86%/yr for EFAV. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.20% expense ratio.

Performance

EFAX vs. EFAV - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with EFAX having a 9.92% return and EFAV slightly lower at 9.79%.

EFAX

1D
-0.65%
1M
0.42%
6M
5.51%
YTD
9.92%
1Y
22.63%
3Y*
15.98%
5Y*
8.38%
10Y*
—
ALL TIME*
9.19%

EFAV

1D
-1.09%
1M
4.40%
6M
6.21%
YTD
9.79%
1Y
16.01%
3Y*
14.35%
5Y*
6.86%
10Y*
6.38%
ALL TIME*
7.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$54.17M$49.40M$45.31M

EFAX

SPDR MSCI EAFE Fossil Fuel Free ETF
$530.63K$1.05M$1.10M

EFAX vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFAX
SPDR MSCI EAFE Fossil Fuel Free ETF		9.92%31.30%4.78%18.02%-16.72%10.50%9.57%23.52%-14.78%23.93%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.79%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between EFAX and EFAV is 0.72, 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.

0.72

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

0.81

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

0.86

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2016

0.83

The correlation between EFAX and EFAV shifts across timeframes, from 0.72 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

EFAX vs. EFAV - Sectors Allocation Comparison

Sectors
EFAX
EFAV

Financial Services

26.6%
19.7%

Industrials

18.9%
15.7%

Technology

13.8%
4.4%

Healthcare

11.2%
12.2%

Consumer Cyclical

8.0%
5.1%

Consumer Defensive

7.3%
12.6%

Communication Services

4.8%
9.1%

Basic Materials

4.6%
1.6%

Utilities

3.1%
9.0%

Real Estate

1.8%
2.9%

Energy

0.1%
7.7%

Financial Services

EFAX
26.6%
EFAV
19.7%

Industrials

EFAX
18.9%
EFAV
15.7%

Technology

EFAX
13.8%
EFAV
4.4%

Healthcare

EFAX
11.2%
EFAV
12.2%

Consumer Cyclical

EFAX
8.0%
EFAV
5.1%

Consumer Defensive

EFAX
7.3%
EFAV
12.6%

Communication Services

EFAX
4.8%
EFAV
9.1%

Basic Materials

EFAX
4.6%
EFAV
1.6%

Utilities

EFAX
3.1%
EFAV
9.0%

Real Estate

EFAX
1.8%
EFAV
2.9%

Energy

EFAX
0.1%
EFAV
7.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI EAFE Fossil Fuel Free ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with EFAX:
EFAX vs. SPYEFAX vs. VSGXEFAX vs. SPYXEFAX vs. VXUSEFAX vs. BBINEFAX vs. VEUEFAX vs. XLE
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

EFAX vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EFAX
EFAX Risk / Return Rank: 5656
Overall Rank
EFAX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EFAX Sortino Ratio Rank: 5858
Sortino Ratio Rank
EFAX Omega Ratio Rank: 5757
Omega Ratio Rank
EFAX Calmar Ratio Rank: 5050
Calmar Ratio Rank
EFAX Martin Ratio Rank: 5757
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6969
Overall Rank
EFAV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 7373
Sortino Ratio Rank
EFAV Omega Ratio Rank: 7373
Omega Ratio Rank
EFAV Calmar Ratio Rank: 7575
Calmar Ratio Rank
EFAV Martin Ratio Rank: 5252
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.

EFAX vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EAFE Fossil Fuel Free ETF (EFAX) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

EFAXEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.37
1.64

-0.28

Sortino ratioReturn per unit of downside risk
1.99
2.35

-0.36

Omega ratioGain probability vs. loss probability

1.25

1.30

-0.05

Calmar ratioReturn relative to maximum drawdown

1.81

2.62

-0.81

Martin ratioReturn relative to average drawdown

6.72

6.10

+0.62

EFAX vs. EFAV - Sharpe Ratio Comparison

The current EFAX Sharpe Ratio is 1.37, which is comparable to the EFAV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EFAX and EFAV, 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

EFAX vs. EFAV - Drawdown Comparison

The maximum EFAX drawdown since its inception was -32.53%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for EFAX and EFAV.

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Drawdown Indicators

EFAXEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-32.53%

-27.56%

-4.97%

Max Drawdown (1Y)

Largest decline over 1 year

-12.38%

-6.66%

-5.72%

Max Drawdown (3Y)

Largest decline over 3 years

-13.52%

-8.65%

-4.87%

Max Drawdown (5Y)

Largest decline over 5 years

-31.67%

-27.46%

-4.21%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.56%

—

Current Drawdown

Current decline from peak

-0.65%

-1.09%

+0.44%

Average Drawdown

Average peak-to-trough decline

-6.88%

-4.76%

-2.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

2.86%

+0.48%

Volatility

EFAX vs. EFAV - Volatility Comparison

SPDR MSCI EAFE Fossil Fuel Free ETF (EFAX) has a higher volatility of 4.92% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.28%. This indicates that EFAX's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFAXEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

3.28%

+1.64%

Volatility (6M)

Calculated over the trailing 6-month period

14.42%

8.85%

+5.57%

Volatility (1Y)

Calculated over the trailing 1-year period

16.46%

10.67%

+5.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.83%

11.88%

+4.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

13.03%

+4.09%

EFAX vs. EFAV - Expense Ratio Comparison

Both EFAX and EFAV have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EFAX vs. EFAV - Dividend Comparison

EFAX's dividend yield for the trailing twelve months is around 3.12%, more than EFAV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.07%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
EFAX
SPDR MSCI EAFE Fossil Fuel Free ETF		3.12%3.31%2.74%2.71%2.81%2.58%1.69%2.71%3.05%2.89%0.26%0.00%

Frequently Asked Questions

EFAX and EFAV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFAX has higher volatility (4.92%) compared to EFAV (3.28%). In terms of maximum drawdown, EFAX dropped -32.53% vs EFAV's -27.56%.

On 5-year performance, EFAX leads with 8.38% vs 6.86% for EFAV. Both ETFs have the same 0.20% expense ratio. On volatility, EFAV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EFAX has performed better with a 8.38% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAX and EFAV have the same expense ratio: 0.20% per year.

EFAX has the higher dividend yield at 3.12%, compared with 3.07% for EFAV.

EFAX tracks MSCI EAFE ex Fossil Fuels Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: State Street and iShares.

EFAV currently has the higher Sharpe Ratio (1.64 vs 1.37), 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.

Portfolio Optimizer

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