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IEFA vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. EFAV

Last updated Aug 4, 2026
Documentation

IEFA (iShares Core MSCI EAFE ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds from iShares - IEFA tracks the MSCI EAFE IMI Index (Net) while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, IEFA returned 9.52%/yr vs 6.41%/yr for EFAV. Their correlation of 0.89 means they have usually moved in the same direction. IEFA charges 0.07%/yr vs 0.20%/yr for EFAV.

Performance

IEFA vs. EFAV - Performance Comparison

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

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Returns By Period

In the year-to-date period, IEFA achieves a 12.10% return, which is significantly higher than EFAV's 9.53% return. Over the past 10 years, IEFA has outperformed EFAV with an annualized return of 9.52%, while EFAV has yielded a comparatively lower 6.41% annualized return.

IEFA

1D
0.43%
1M
1.41%
6M
6.08%
YTD
12.10%
1Y
25.11%
3Y*
17.33%
5Y*
8.81%
10Y*
9.52%
ALL TIME*
8.55%

EFAV

1D
-0.24%
1M
4.16%
6M
5.55%
YTD
9.53%
1Y
15.74%
3Y*
14.94%
5Y*
6.67%
10Y*
6.41%
ALL TIME*
7.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$49.00M$48.85M$45.04M

IEFA

iShares Core MSCI EAFE ETF
$866.09M$876.15M$940.56M

IEFA vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		12.10%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.53%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between IEFA and EFAV is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.75

Correlation (3Y)
Balances recent behavior with more history.

0.82

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.87

Correlation (10Y)
Provides a long-term view across more market conditions.

0.89

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.89

The correlation between IEFA and EFAV shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

IEFA vs. EFAV - Sectors Allocation Comparison

Sectors
IEFA
EFAV

Financial Services

23.1%
19.7%

Industrials

19.7%
15.7%

Technology

12.6%
4.4%

Healthcare

9.8%
12.2%

Consumer Cyclical

8.1%
5.1%

Consumer Defensive

6.5%
12.6%

Basic Materials

6.3%
1.6%

Communication Services

4.3%
9.1%

Utilities

3.5%
9.0%

Energy

3.3%
7.7%

Real Estate

2.8%
2.9%

Financial Services

IEFA
23.1%
EFAV
19.7%

Industrials

IEFA
19.7%
EFAV
15.7%

Technology

IEFA
12.6%
EFAV
4.4%

Healthcare

IEFA
9.8%
EFAV
12.2%

Consumer Cyclical

IEFA
8.1%
EFAV
5.1%

Consumer Defensive

IEFA
6.5%
EFAV
12.6%

Basic Materials

IEFA
6.3%
EFAV
1.6%

Communication Services

IEFA
4.3%
EFAV
9.1%

Utilities

IEFA
3.5%
EFAV
9.0%

Energy

IEFA
3.3%
EFAV
7.7%

Real Estate

IEFA
2.8%
EFAV
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI EAFE ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

IEFA vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IEFA
IEFA Risk / Return Rank: 6767
Overall Rank
IEFA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 7070
Sortino Ratio Rank
IEFA Omega Ratio Rank: 6868
Omega Ratio Rank
IEFA Calmar Ratio Rank: 6161
Calmar Ratio Rank
IEFA Martin Ratio Rank: 6868
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6060
Overall Rank
EFAV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 6363
Sortino Ratio Rank
EFAV Omega Ratio Rank: 6262
Omega Ratio Rank
EFAV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EFAV Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEFA vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

IEFAEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.61
1.49

+0.12

Sortino ratioReturn per unit of downside risk
2.30
2.15

+0.16

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.19

2.37

-0.18

Martin ratioReturn relative to average drawdown

8.42

5.52

+2.90

IEFA vs. EFAV - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.61, which is comparable to the EFAV Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of IEFA and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IEFA vs. EFAV - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for IEFA and EFAV.

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Drawdown Indicators

IEFAEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-27.56%

-7.22%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-6.66%

-4.84%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-8.65%

-5.11%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-27.46%

-2.95%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-27.56%

-7.22%

Current Drawdown

Current decline from peak

-0.21%

-1.32%

+1.11%

Average Drawdown

Average peak-to-trough decline

-6.63%

-4.76%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

2.86%

+0.13%

Volatility

IEFA vs. EFAV - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.60% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 2.77%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

2.77%

+1.83%

Volatility (6M)

Calculated over the trailing 6-month period

13.60%

8.84%

+4.76%

Volatility (1Y)

Calculated over the trailing 1-year period

15.68%

10.60%

+5.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.64%

11.88%

+4.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

13.04%

+4.00%

IEFA vs. EFAV - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than EFAV's 0.20% 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

IEFA vs. EFAV - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.33%, more than EFAV's 3.08% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.08%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
IEFA
iShares Core MSCI EAFE ETF		3.33%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

IEFA and EFAV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (4.60%) compared to EFAV (2.77%). In terms of maximum drawdown, IEFA dropped -34.78% vs EFAV's -27.56%.

On 10-year performance, IEFA leads with 9.52% vs 6.41% for EFAV. On fees, IEFA is cheaper at 0.07% per year. On volatility, EFAV has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.52% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.20% for EFAV.

IEFA has the higher dividend yield at 3.33%, compared with 3.08% for EFAV.

IEFA tracks MSCI EAFE IMI Index (Net), while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.07% for IEFA and 0.20% for EFAV.

IEFA currently has the higher Sharpe Ratio (1.61 vs 1.49), 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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