FENI vs. IEFA

Last updated Jun 24, 2026

FENI (Fidelity Enhanced International ETF) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds. FENI is actively managed, while IEFA is passively managed. Over the past year, FENI returned 26.92% vs 22.09% for IEFA. With a 0.97 correlation, they move nearly in lockstep. FENI charges 0.28%/yr vs 0.07%/yr for IEFA.

Performance

FENI vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FENI achieves a 10.12% return, which is significantly higher than IEFA's 8.47% return.

FENI

• 1D: -2.12%
• 1M: 0.07%
• YTD: 10.12%
• 6M: 9.52%
• 1Y: 26.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEFA

• 1D: -1.97%
• 1M: -0.19%
• YTD: 8.47%
• 6M: 8.11%
• 1Y: 22.09%
• 3Y*: 16.84%
• 5Y*: 8.24%
• 10Y*: 9.96%

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

FENI vs. IEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FENI Fidelity Enhanced International ETF	10.12%	37.27%	6.95%	5.75%
IEFA iShares Core MSCI EAFE ETF	8.47%	32.08%	3.26%	6.48%

Correlation

The correlation between FENI and IEFA is 0.98 - 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	0.98
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.97

The correlation between FENI and IEFA has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

FENI vs. IEFA - Sectors Allocation Comparison

Sectors	FENI	IEFA
Financial Services	24.2%	22.6%
Industrials	22.4%	20.1%
Technology	13.5%	11.6%
Healthcare	8.3%	9.7%
Consumer Cyclical	7.4%	8.3%
Consumer Defensive	6.4%	6.2%
Basic Materials	4.5%	6.8%
Energy	4.5%	3.6%
Utilities	3.8%	3.5%
Communication Services	3.7%	4.7%
Real Estate	1.4%	2.9%

Return for Risk

FENI vs. IEFA — Risk / Return Rank

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

FENI

FENI Risk / Return Rank: 51
FENI Sharpe Ratio Rank: 50
FENI Sortino Ratio Rank: 50
FENI Omega Ratio Rank: 50
FENI Calmar Ratio Rank: 49
FENI Martin Ratio Rank: 53

IEFA

IEFA Risk / Return Rank: 42
IEFA Sharpe Ratio Rank: 42
IEFA Sortino Ratio Rank: 42
IEFA Omega Ratio Rank: 42
IEFA Calmar Ratio Rank: 40
IEFA Martin Ratio Rank: 46

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.

FENI vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) and iShares Core MSCI EAFE ETF (IEFA). 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.

	FENI	IEFA	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.43	+0.24
Sortino ratio: Return per unit of downside risk	2.37	2.06	+0.30
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.35	1.93	+0.42
Martin ratio: Return relative to average drawdown	8.91	7.34	+1.57

FENI vs. IEFA - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.67, which is comparable to the IEFA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FENI and IEFA, 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

FENI vs. IEFA - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for FENI and IEFA.

Drawdown Indicators

	FENI	IEFA	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-34.78%	+20.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-11.50%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.78%	—
Current Drawdown Current decline from peak	-2.12%	-1.97%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.67%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.02%	+0.01%

Volatility

FENI vs. IEFA - Volatility Comparison

Fidelity Enhanced International ETF (FENI) has a higher volatility of 5.65% compared to iShares Core MSCI EAFE ETF (IEFA) at 5.26%. This indicates that FENI's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	IEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	5.26%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	13.22%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	15.55%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	16.61%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	17.07%	-1.28%

FENI vs. IEFA - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

FENI vs. IEFA - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.97%, less than IEFA's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENI Fidelity Enhanced International ETF	2.97%	2.99%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEFA iShares Core MSCI EAFE ETF	3.44%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%

Frequently Asked Questions

Can I hold both FENI and IEFA in my portfolio?

With a correlation of 0.98, FENI and IEFA 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, FENI or IEFA?

FENI has higher volatility (5.65%) compared to IEFA (5.26%). In terms of maximum drawdown, FENI dropped -14.20% vs IEFA's -34.78%.

Which ETF is better, FENI or IEFA?

On 1-year performance, FENI leads with 26.92% vs 22.09% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or IEFA?

Over the 1-year period, FENI has performed better with a 26.92% return vs 22.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or IEFA?

IEFA is cheaper with a 0.07% expense ratio, compared with 0.28% for FENI.

Which ETF pays a higher dividend yield, FENI or IEFA?

IEFA has the higher dividend yield at 3.44%, compared with 2.97% for FENI.

What is the main difference between FENI and IEFA?

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.28% for FENI and 0.07% for IEFA.

Which has better risk-adjusted returns?

FENI currently has the higher Sharpe Ratio (1.67 vs 1.43), 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.