FEZ vs. IEFA

Last updated Jun 9, 2026

FEZ (SPDR EURO STOXX 50 ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, FEZ returned 10.66%/yr vs 9.37%/yr for IEFA. Their correlation of 0.93 suggests significant overlap in exposure. FEZ charges 0.29%/yr vs 0.07%/yr for IEFA.

Performance

FEZ vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR EURO STOXX 50 ETF (FEZ) 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, FEZ achieves a 4.68% return, which is significantly lower than IEFA's 7.49% return. Over the past 10 years, FEZ has outperformed IEFA with an annualized return of 10.66%, while IEFA has yielded a comparatively lower 9.37% annualized return.

FEZ

• 1D: 0.63%
• 1M: 0.33%
• YTD: 4.68%
• 6M: 6.49%
• 1Y: 15.20%
• 3Y*: 17.76%
• 5Y*: 9.78%
• 10Y*: 10.66%

IEFA

• 1D: 0.63%
• 1M: -1.17%
• YTD: 7.49%
• 6M: 10.04%
• 1Y: 19.61%
• 3Y*: 16.13%
• 5Y*: 7.82%
• 10Y*: 9.37%

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

FEZ vs. IEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ SPDR EURO STOXX 50 ETF	4.68%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
IEFA iShares Core MSCI EAFE ETF	7.49%	32.08%	3.26%	17.95%	-15.24%	11.63%	8.18%	22.64%	-14.14%	26.57%

Correlation

The correlation between FEZ and IEFA is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.93

The correlation between FEZ and IEFA has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

FEZ vs. IEFA - Sectors Allocation Comparison

Sectors	FEZ	IEFA
Financial Services	25.1%	22.5%
Industrials	22.1%	20.1%
Technology	16.1%	10.8%
Consumer Cyclical	9.8%	8.0%
Consumer Defensive	5.5%	6.6%
Healthcare	5.4%	9.5%
Energy	5.2%	3.8%
Utilities	4.8%	3.6%
Basic Materials	3.7%	7.0%
Communication Services	2.3%	4.4%
Real Estate	-	3.0%

Return for Risk

FEZ vs. IEFA — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 25
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

IEFA

IEFA Risk / Return Rank: 40
IEFA Sharpe Ratio Rank: 41
IEFA Sortino Ratio Rank: 40
IEFA Omega Ratio Rank: 40
IEFA Calmar Ratio Rank: 38
IEFA Martin Ratio Rank: 43

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.

FEZ vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	IEFA	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.30	-0.45
Sortino ratio: Return per unit of downside risk	1.29	1.88	-0.59
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio: Return relative to maximum drawdown	1.12	1.71	-0.59
Martin ratio: Return relative to average drawdown	3.81	6.52	-2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. IEFA - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.84, which is lower than the IEFA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of FEZ 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.

Sharpe Ratios by Period

	FEZ	IEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.30	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.47	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.54	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.50	-0.20

Drawdowns

FEZ vs. IEFA - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for FEZ and IEFA.

Drawdown Indicators

	FEZ	IEFA	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-34.78%	-29.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-11.50%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-13.76%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-30.41%	-4.64%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-34.78%	-4.91%
Current Drawdown Current decline from peak	-2.79%	-2.44%	-0.35%
Average Drawdown Average peak-to-trough decline	-17.07%	-6.69%	-10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.02%	+0.98%

Volatility

FEZ vs. IEFA - Volatility Comparison

SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 5.64% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.54%. This indicates that FEZ'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

	FEZ	IEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	4.54%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	12.74%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	15.22%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	16.55%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	17.32%	+3.80%

FEZ vs. IEFA - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

FEZ vs. IEFA - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.58%, less than IEFA's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ SPDR EURO STOXX 50 ETF	2.58%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
IEFA iShares Core MSCI EAFE ETF	3.30%	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 FEZ and IEFA in my portfolio?

With a correlation of 0.93, FEZ 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, FEZ or IEFA?

FEZ has higher volatility (5.64%) compared to IEFA (4.54%). In terms of maximum drawdown, FEZ dropped -64.21% vs IEFA's -34.78%.

Which ETF is better, FEZ or IEFA?

On 10-year performance, FEZ leads with 10.66% vs 9.37% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or IEFA?

Over the 10-year period, FEZ has performed better with a 10.66% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or IEFA?

IEFA is cheaper with a 0.07% expense ratio, compared with 0.29% for FEZ.

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

IEFA has the higher dividend yield at 3.30%, compared with 2.58% for FEZ.

What is the main difference between FEZ and IEFA?

FEZ is categorized as Europe Equities, while IEFA is Foreign Large Cap Equities. FEZ tracks EURO STOXX 50 Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.29% for FEZ and 0.07% for IEFA.

Which has better risk-adjusted returns?

IEFA currently has the higher Sharpe Ratio (1.30 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.