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EFAX vs. EFV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFAX vs. EFV

Last updated Aug 2, 2026
Documentation

EFAX (SPDR MSCI EAFE Fossil Fuel Free ETF) and EFV (iShares MSCI EAFE Value ETF) are both Foreign Large Cap Equities funds - EFAX tracks the MSCI EAFE ex Fossil Fuels Index while EFV tracks the MSCI EAFE Value Index (Net). Both are passively managed. Over the past 5 years, EFAX returned 8.38%/yr vs 14.42%/yr for EFV. Their correlation of 0.88 means they have usually moved in the same direction. EFAX charges 0.20%/yr vs 0.31%/yr for EFV.

Performance

EFAX vs. EFV - 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 Value ETF (EFV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFAX achieves a 9.92% return, which is significantly lower than EFV's 16.27% return.

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%

EFV

1D
-0.53%
1M
3.89%
6M
10.21%
YTD
16.27%
1Y
34.23%
3Y*
22.38%
5Y*
14.42%
10Y*
10.63%
ALL TIME*
6.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EFAX

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

EFV

iShares MSCI EAFE Value ETF
$244.79M$363.40M$390.92M

EFAX vs. EFV - 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%
EFV
iShares MSCI EAFE Value ETF		16.27%42.22%5.35%18.85%-5.22%11.08%-2.97%15.80%-14.67%21.22%

Correlation

The correlation between EFAX and EFV is 0.92, meaning they have usually moved in the same direction, including during past declines.

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

0.92

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

0.93

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

0.93

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

0.88

The correlation between EFAX and EFV has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

EFAX vs. EFV - Sectors Allocation Comparison

Sectors
EFAX
EFV

Financial Services

26.6%
38.8%

Industrials

18.9%
10.0%

Technology

13.8%
3.1%

Healthcare

11.2%
7.6%

Consumer Cyclical

8.0%
5.6%

Consumer Defensive

7.3%
9.8%

Communication Services

4.8%
4.1%

Basic Materials

4.6%
6.0%

Utilities

3.1%
6.1%

Real Estate

1.8%
2.7%

Energy

0.1%
6.2%

Financial Services

EFAX
26.6%
EFV
38.8%

Industrials

EFAX
18.9%
EFV
10.0%

Technology

EFAX
13.8%
EFV
3.1%

Healthcare

EFAX
11.2%
EFV
7.6%

Consumer Cyclical

EFAX
8.0%
EFV
5.6%

Consumer Defensive

EFAX
7.3%
EFV
9.8%

Communication Services

EFAX
4.8%
EFV
4.1%

Basic Materials

EFAX
4.6%
EFV
6.0%

Utilities

EFAX
3.1%
EFV
6.1%

Real Estate

EFAX
1.8%
EFV
2.7%

Energy

EFAX
0.1%
EFV
6.2%

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 Value ETF

Often compared with EFAX:
EFAX vs. SPYEFAX vs. VSGXEFAX vs. SPYXEFAX vs. EFAVEFAX vs. VXUSEFAX vs. BBINEFAX vs. VEU
Often compared with EFV:
EFV vs. VEAEFV vs. EFAVEFV vs. FIVAEFV vs. DFIVXEFV vs. VOOEFV vs. VTRIXEFV vs. SCHF

Return for Risk

EFAX vs. EFV — 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
EFV
EFV Risk / Return Rank: 8989
Overall Rank
EFV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EFV Sortino Ratio Rank: 9191
Sortino Ratio Rank
EFV Omega Ratio Rank: 9191
Omega Ratio Rank
EFV Calmar Ratio Rank: 8484
Calmar Ratio Rank
EFV Martin Ratio Rank: 8585
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. EFV - 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 Value ETF (EFV). 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.

EFAXEFVDifference
Sharpe ratioReturn per unit of total volatility
1.37
2.38

-1.02

Sortino ratioReturn per unit of downside risk
1.99
3.28

-1.29

Omega ratioGain probability vs. loss probability

1.25

1.43

-0.18

Calmar ratioReturn relative to maximum drawdown

1.81

3.14

-1.33

Martin ratioReturn relative to average drawdown

6.72

11.73

-5.01

EFAX vs. EFV - Sharpe Ratio Comparison

The current EFAX Sharpe Ratio is 1.37, which is lower than the EFV Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EFAX and EFV, 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. EFV - Drawdown Comparison

The maximum EFAX drawdown since its inception was -32.53%, smaller than the maximum EFV drawdown of -63.94%. Use the drawdown chart below to compare losses from any high point for EFAX and EFV.

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Drawdown Indicators

EFAXEFVDifference

Max Drawdown

Largest peak-to-trough decline

-32.53%

-63.94%

+31.41%

Max Drawdown (1Y)

Largest decline over 1 year

-12.38%

-10.90%

-1.48%

Max Drawdown (3Y)

Largest decline over 3 years

-13.52%

-13.72%

+0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-31.67%

-25.84%

-5.83%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.16%

—

Current Drawdown

Current decline from peak

-0.65%

-0.53%

-0.12%

Average Drawdown

Average peak-to-trough decline

-6.88%

-14.72%

+7.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

2.91%

+0.43%

Volatility

EFAX vs. EFV - Volatility Comparison

SPDR MSCI EAFE Fossil Fuel Free ETF (EFAX) has a higher volatility of 4.92% compared to iShares MSCI EAFE Value ETF (EFV) at 4.20%. This indicates that EFAX's price experiences larger fluctuations and is considered to be riskier than EFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFAXEFVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

4.20%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

14.42%

12.23%

+2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

16.46%

14.38%

+2.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.83%

15.94%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

17.46%

-0.34%

EFAX vs. EFV - Expense Ratio Comparison

EFAX has a 0.20% expense ratio, which is lower than EFV's 0.31% expense ratio.

Dividends

EFAX vs. EFV - Dividend Comparison

EFAX's dividend yield for the trailing twelve months is around 3.12%, less than EFV's 4.52% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EFV
iShares MSCI EAFE Value ETF		4.52%4.16%4.66%4.36%4.17%4.07%2.42%4.62%4.56%3.56%3.28%3.59%

Frequently Asked Questions

With a correlation of 0.92, EFAX and EFV 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.

EFAX has higher volatility (4.92%) compared to EFV (4.20%). In terms of maximum drawdown, EFAX dropped -32.53% vs EFV's -63.94%.

On 5-year performance, EFV leads with 14.42% vs 8.38% for EFAX. On fees, EFAX is cheaper at 0.20% per year. On volatility, EFV has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EFV has performed better with a 14.42% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAX is cheaper with a 0.20% expense ratio, compared with 0.31% for EFV.

EFV has the higher dividend yield at 4.52%, compared with 3.12% for EFAX.

EFAX tracks MSCI EAFE ex Fossil Fuels Index, while EFV tracks MSCI EAFE Value Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for EFAX and 0.31% for EFV.

EFV currently has the higher Sharpe Ratio (2.38 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.

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