EFG vs. SPY

Last updated Jun 23, 2026

EFG (iShares MSCI EAFE Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EFG is a Foreign Large Cap Equities fund tracking the MSCI EAFE Growth Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EFG returned 8.96%/yr vs 15.70%/yr for SPY. Their correlation of 0.81 suggests significant overlap in exposure. EFG charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

EFG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Growth ETF (EFG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFG achieves a 10.97% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, EFG has underperformed SPY with an annualized return of 8.96%, while SPY has yielded a comparatively higher 15.70% annualized return.

EFG

• 1D: 0.25%
• 1M: 4.06%
• YTD: 10.97%
• 6M: 11.15%
• 1Y: 19.63%
• 3Y*: 12.41%
• 5Y*: 4.98%
• 10Y*: 8.96%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

EFG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFG iShares MSCI EAFE Growth ETF	10.97%	20.70%	1.53%	17.55%	-23.12%	11.01%	17.85%	27.47%	-12.93%	28.86%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EFG and SPY is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 5, 2005	0.81

The correlation between EFG and SPY has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

EFG vs. SPY - Sectors Allocation Comparison

Sectors	EFG	SPY
Industrials	28.3%	7.8%
Technology	20.3%	39.0%
Healthcare	13.2%	8.3%
Financial Services	11.3%	11.1%
Consumer Cyclical	9.1%	9.9%
Basic Materials	6.0%	1.7%
Communication Services	5.2%	10.6%
Consumer Defensive	3.7%	4.5%
Utilities	1.5%	2.1%
Real Estate	0.7%	1.8%
Energy	0.5%	3.1%

Return for Risk

EFG vs. SPY — Risk / Return Rank

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

EFG

EFG Risk / Return Rank: 32
EFG Sharpe Ratio Rank: 31
EFG Sortino Ratio Rank: 32
EFG Omega Ratio Rank: 30
EFG Calmar Ratio Rank: 32
EFG Martin Ratio Rank: 37

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Growth ETF (EFG) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.16	-1.06
Sortino ratio: Return per unit of downside risk	1.66	2.91	-1.25
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.54	3.01	-1.47
Martin ratio: Return relative to average drawdown	5.68	13.54	-7.86

EFG vs. SPY - Sharpe Ratio Comparison

The current EFG Sharpe Ratio is 1.10, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EFG and SPY, 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. SPY - Drawdown Comparison

The maximum EFG drawdown since its inception was -58.40%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EFG and SPY.

Drawdown Indicators

	EFG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.40%	-55.19%	-3.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.78%	-8.88%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-18.76%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-35.78%	-24.50%	-11.28%
Max Drawdown (10Y) Largest decline over 10 years	-35.78%	-33.72%	-2.06%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-12.13%	-9.04%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	1.97%	+1.50%

Volatility

EFG vs. SPY - Volatility Comparison

iShares MSCI EAFE Growth ETF (EFG) has a higher volatility of 6.36% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that EFG's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	4.64%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	9.75%	+5.64%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	12.43%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	17.14%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	17.99%	-0.26%

EFG vs. SPY - Expense Ratio Comparison

EFG has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EFG vs. SPY - Dividend Comparison

EFG's dividend yield for the trailing twelve months is around 2.22%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFG iShares MSCI EAFE Growth ETF	2.22%	2.53%	1.64%	1.63%	1.27%	1.54%	0.85%	1.69%	1.98%	1.56%	2.20%	1.75%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EFG and SPY in my portfolio?

EFG and SPY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFG or SPY?

EFG has higher volatility (6.36%) compared to SPY (4.64%). In terms of maximum drawdown, EFG dropped -58.40% vs SPY's -55.19%.

Which ETF is better, EFG or SPY?

On 10-year performance, SPY leads with 15.70% vs 8.96% for EFG. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFG or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for EFG.

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

EFG has the higher dividend yield at 2.22%, compared with 1.01% for SPY.

What is the main difference between EFG and SPY?

EFG is categorized as Foreign Large Cap Equities, while SPY is S&P 500. EFG tracks MSCI EAFE Growth Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.40% for EFG and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.10), 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.