FSPSX vs. IEFA
FSPSX (Fidelity International Index Fund) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds - FSPSX tracks the MSCI EAFE Index while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, FSPSX returned 9.67%/yr vs 10.18%/yr for IEFA. With a 0.97 correlation, they move nearly in lockstep. FSPSX charges 0.04%/yr vs 0.07%/yr for IEFA.
Performance
FSPSX vs. IEFA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FSPSX having a 10.54% return and IEFA slightly higher at 10.65%. Over the past 10 years, FSPSX has underperformed IEFA with an annualized return of 9.67%, while IEFA has yielded a comparatively higher 10.18% annualized return.
FSPSX
- 1D
- 0.76%
- 1M
- 1.93%
- YTD
- 10.54%
- 6M
- 11.05%
- 1Y
- 25.44%
- 3Y*
- 16.37%
- 5Y*
- 9.50%
- 10Y*
- 9.67%
IEFA
- 1D
- 0.10%
- 1M
- 1.81%
- YTD
- 10.65%
- 6M
- 11.01%
- 1Y
- 25.52%
- 3Y*
- 17.62%
- 5Y*
- 8.87%
- 10Y*
- 10.18%
FSPSX vs. IEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSPSX Fidelity International Index Fund | 10.54% | 31.98% | 3.70% | 18.31% | -14.23% | 11.45% | 8.16% | 22.03% | -13.55% | 25.37% |
IEFA iShares Core MSCI EAFE ETF | 10.65% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
Correlation
The correlation between FSPSX 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 (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.97 |
The correlation between FSPSX and IEFA has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
FSPSX vs. IEFA — Risk / Return Rank
FSPSX
IEFA
FSPSX vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity International Index Fund (FSPSX) 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.
| FSPSX | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.23 | -0.08 |
| Martin ratioReturn relative to average drawdown | 8.05 | 8.48 | -0.43 |
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Drawdowns
FSPSX vs. IEFA - Drawdown Comparison
The maximum FSPSX drawdown since its inception was -33.69%, roughly equal to the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for FSPSX and IEFA.
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Drawdown Indicators
| FSPSX | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.69% | -34.78% | +1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.39% | -11.50% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -13.58% | -13.76% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -29.41% | -30.41% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -33.69% | -34.78% | +1.09% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -6.67% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 3.02% | +0.02% |
Volatility
FSPSX vs. IEFA - Volatility Comparison
Fidelity International Index Fund (FSPSX) and iShares Core MSCI EAFE ETF (IEFA) have volatilities of 4.93% and 4.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSPSX | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 4.85% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.71% | 13.07% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 15.44% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 16.59% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 17.27% | -0.71% |
FSPSX vs. IEFA - Expense Ratio Comparison
FSPSX has a 0.04% expense ratio, which is lower than IEFA's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FSPSX vs. IEFA - Dividend Comparison
FSPSX's dividend yield for the trailing twelve months is around 2.85%, less than IEFA's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSPSX Fidelity International Index Fund | 2.85% | 3.15% | 3.27% | 2.79% | 2.66% | 3.07% | 1.84% | 3.18% | 2.79% | 2.50% | 3.08% | 2.79% |
IEFA iShares Core MSCI EAFE ETF | 3.38% | 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
With a correlation of 0.98, FSPSX 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.
FSPSX has higher volatility (4.93%) compared to IEFA (4.85%). In terms of maximum drawdown, FSPSX dropped -33.69% vs IEFA's -34.78%.
IEFA currently has the higher Sharpe Ratio (1.66 vs 1.61), 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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