EFG vs. EFA

Last updated Jun 24, 2026

EFG (iShares MSCI EAFE Growth ETF) and EFA (iShares MSCI EAFE ETF) are both Foreign Large Cap Equities funds from iShares - EFG tracks the MSCI EAFE Growth Index while EFA tracks the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, EFG returned 8.64%/yr vs 9.87%/yr for EFA. With a 0.97 correlation, they move nearly in lockstep. EFG charges 0.40%/yr vs 0.32%/yr for EFA.

Performance

EFG vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Growth ETF (EFG) 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, EFG achieves a 7.78% return, which is significantly lower than EFA's 8.38% return. Over the past 10 years, EFG has underperformed EFA with an annualized return of 8.64%, while EFA has yielded a comparatively higher 9.87% annualized return.

EFG

• 1D: -2.87%
• 1M: 1.07%
• YTD: 7.78%
• 6M: 7.24%
• 1Y: 15.20%
• 3Y*: 11.33%
• 5Y*: 4.16%
• 10Y*: 8.64%

EFA

• 1D: -2.03%
• 1M: 0.10%
• YTD: 8.38%
• 6M: 8.09%
• 1Y: 21.83%
• 3Y*: 16.63%
• 5Y*: 8.49%
• 10Y*: 9.87%

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

EFG vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFG iShares MSCI EAFE Growth ETF	7.78%	20.70%	1.53%	17.55%	-23.12%	11.01%	17.85%	27.47%	-12.93%	28.86%
EFA iShares MSCI EAFE ETF	8.38%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between EFG and EFA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 5, 2005	0.97

The correlation between EFG and EFA has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

EFG vs. EFA - Sectors Allocation Comparison

Sectors	EFG	EFA
Industrials	28.3%	18.4%
Technology	20.3%	12.3%
Healthcare	13.2%	10.1%
Financial Services	11.3%	24.4%
Consumer Cyclical	9.1%	7.4%
Basic Materials	6.0%	6.2%
Communication Services	5.2%	4.5%
Consumer Defensive	3.7%	6.9%
Utilities	1.5%	3.7%
Real Estate	0.7%	1.6%
Energy	0.5%	3.7%

Return for Risk

EFG vs. EFA — Risk / Return Rank

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

EFG

EFG Risk / Return Rank: 26
EFG Sharpe Ratio Rank: 25
EFG Sortino Ratio Rank: 25
EFG Omega Ratio Rank: 23
EFG Calmar Ratio Rank: 26
EFG Martin Ratio Rank: 32

EFA

EFA Risk / Return Rank: 42
EFA Sharpe Ratio Rank: 41
EFA Sortino Ratio Rank: 41
EFA Omega Ratio Rank: 41
EFA Calmar Ratio Rank: 40
EFA Martin Ratio Rank: 45

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.

EFG vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Growth ETF (EFG) 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.

	EFG	EFA	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.40	-0.56
Sortino ratio: Return per unit of downside risk	1.30	2.02	-0.72
Omega ratio: Gain probability vs. loss probability	1.16	1.26	-0.10
Calmar ratio: Return relative to maximum drawdown	1.19	1.92	-0.73
Martin ratio: Return relative to average drawdown	4.39	7.16	-2.78

EFG vs. EFA - Sharpe Ratio Comparison

The current EFG Sharpe Ratio is 0.84, which is lower than the EFA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of EFG 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

EFG vs. EFA - Drawdown Comparison

The maximum EFG drawdown since its inception was -58.40%, roughly equal to the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for EFG and EFA.

Drawdown Indicators

	EFG	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-58.40%	-61.04%	+2.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.78%	-11.42%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-14.05%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	-35.78%	-29.53%	-6.25%
Max Drawdown (10Y) Largest decline over 10 years	-35.78%	-34.19%	-1.59%
Current Drawdown Current decline from peak	-2.87%	-2.03%	-0.84%
Average Drawdown Average peak-to-trough decline	-12.13%	-11.91%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.05%	+0.42%

Volatility

EFG vs. EFA - Volatility Comparison

iShares MSCI EAFE Growth ETF (EFG) has a higher volatility of 7.05% compared to iShares MSCI EAFE ETF (EFA) at 5.30%. This indicates that EFG's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFG	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.30%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	15.65%	13.31%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	15.65%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	16.58%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	17.03%	+0.56%

EFG vs. EFA - Expense Ratio Comparison

EFG has a 0.40% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

EFG vs. EFA - Dividend Comparison

EFG's dividend yield for the trailing twelve months is around 2.29%, less than EFA's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.28%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
EFG iShares MSCI EAFE Growth ETF	2.29%	2.53%	1.64%	1.63%	1.27%	1.54%	0.85%	1.69%	1.98%	1.56%	2.20%	1.75%

Frequently Asked Questions

Can I hold both EFG and EFA in my portfolio?

With a correlation of 0.97, EFG and EFA 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, EFG or EFA?

EFG has higher volatility (7.05%) compared to EFA (5.30%). In terms of maximum drawdown, EFG dropped -58.40% vs EFA's -61.04%.

Which ETF is better, EFG or EFA?

On 10-year performance, EFA leads with 9.87% vs 8.64% for EFG. On fees, EFA is cheaper at 0.32% per year. On volatility, EFA has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFG or EFA?

Over the 10-year period, EFA has performed better with a 9.87% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFG or EFA?

EFA is cheaper with a 0.32% expense ratio, compared with 0.40% for EFG.

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

EFA has the higher dividend yield at 3.28%, compared with 2.29% for EFG.

What is the main difference between EFG and EFA?

EFG tracks MSCI EAFE Growth Index, while EFA tracks MSCI EAFE Index (Net). Their fees differ too: 0.40% for EFG and 0.32% for EFA.

Which has better risk-adjusted returns?

EFA currently has the higher Sharpe Ratio (1.40 vs 0.84), 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.