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IEFA vs. EPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. EPI

Last updated Jun 13, 2026

IEFA (iShares Core MSCI EAFE ETF) and EPI (WisdomTree India Earnings Fund) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while EPI is a Asia Pacific Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. Over the past 10 years, IEFA returned 9.90%/yr vs 9.31%/yr for EPI. A 0.59 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.84%/yr for EPI.

Performance

IEFA vs. EPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and WisdomTree India Earnings Fund (EPI). 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 9.51% return, which is significantly higher than EPI's -9.12% return. Over the past 10 years, IEFA has outperformed EPI with an annualized return of 9.90%, while EPI has yielded a comparatively lower 9.31% annualized return.

IEFA

1D
0.18%
1M
0.85%
YTD
9.51%
6M
11.08%
1Y
20.89%
3Y*
16.31%
5Y*
8.10%
10Y*
9.90%

EPI

1D
0.65%
1M
-0.33%
YTD
-9.12%
6M
-6.55%
1Y
-10.30%
3Y*
7.36%
5Y*
5.53%
10Y*
9.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. EPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		9.51%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
EPI
WisdomTree India Earnings Fund		-9.12%2.25%10.70%26.03%-4.74%26.41%18.55%1.53%-9.88%39.14%

Correlation

The correlation between IEFA and EPI is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.59

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

0.59

The correlation between IEFA and EPI has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

IEFA vs. EPI - Sectors Allocation Comparison

Sectors
IEFA
EPI

Financial Services

22.5%
23.4%

Industrials

20.1%
9.7%

Technology

10.8%
8.3%

Healthcare

9.5%
5.5%

Consumer Cyclical

8.0%
7.5%

Basic Materials

7.0%
13.5%

Consumer Defensive

6.6%
3.5%

Communication Services

4.4%
2.0%

Energy

3.8%
17.3%

Utilities

3.6%
8.4%

Real Estate

3.0%
0.9%

Financial Services

IEFA
22.5%
EPI
23.4%

Industrials

IEFA
20.1%
EPI
9.7%

Technology

IEFA
10.8%
EPI
8.3%

Healthcare

IEFA
9.5%
EPI
5.5%

Consumer Cyclical

IEFA
8.0%
EPI
7.5%

Basic Materials

IEFA
7.0%
EPI
13.5%

Consumer Defensive

IEFA
6.6%
EPI
3.5%

Communication Services

IEFA
4.4%
EPI
2.0%

Energy

IEFA
3.8%
EPI
17.3%

Utilities

IEFA
3.6%
EPI
8.4%

Real Estate

IEFA
3.0%
EPI
0.9%

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

WisdomTree India Earnings Fund

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with EPI:
EPI vs. INDAEPI vs. FLINEPI vs. INDYEPI vs. SMINEPI vs. NFTYEPI vs. GLINEPI vs. INCO

Return for Risk

IEFA vs. EPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4444
Overall Rank
IEFA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4444
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4343
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4242
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4848
Martin Ratio Rank
EPI
EPI Risk / Return Rank: 44
Overall Rank
EPI Sharpe Ratio Rank: 44
Sharpe Ratio Rank
EPI Sortino Ratio Rank: 44
Sortino Ratio Rank
EPI Omega Ratio Rank: 44
Omega Ratio Rank
EPI Calmar Ratio Rank: 55
Calmar Ratio Rank
EPI Martin Ratio Rank: 22
Martin Ratio Rank
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.

IEFA vs. EPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and WisdomTree India Earnings Fund (EPI). 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.

IEFAEPIDifference
Sharpe ratioReturn per unit of total volatility
1.35
-0.69

+2.04

Sortino ratioReturn per unit of downside risk
1.97
-0.90

+2.87

Omega ratioGain probability vs. loss probability

1.25

0.90

+0.35

Calmar ratioReturn relative to maximum drawdown

1.83

-0.61

+2.44

Martin ratioReturn relative to average drawdown

6.93

-1.44

+8.37

IEFA vs. EPI - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.35, which is higher than the EPI Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of IEFA and EPI, 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. EPI - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum EPI drawdown of -66.21%. Use the drawdown chart below to compare losses from any high point for IEFA and EPI.

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Drawdown Indicators

IEFAEPIDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-66.21%

+31.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-16.88%

+5.38%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-21.89%

+8.13%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-21.89%

-8.52%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-50.29%

+15.51%

Current Drawdown

Current decline from peak

-0.60%

-17.00%

+16.40%

Average Drawdown

Average peak-to-trough decline

-6.68%

-18.65%

+11.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

7.17%

-4.14%

Volatility

IEFA vs. EPI - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 5.50% compared to WisdomTree India Earnings Fund (EPI) at 4.09%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than EPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

4.09%

+1.41%

Volatility (6M)

Calculated over the trailing 6-month period

13.11%

12.88%

+0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

15.54%

15.07%

+0.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

16.23%

+0.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

20.35%

-3.04%

IEFA vs. EPI - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than EPI's 0.84% expense ratio.

Dividends

IEFA vs. EPI - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.24%, while EPI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EPI
WisdomTree India Earnings Fund		0.00%0.00%0.27%0.15%6.01%1.18%0.78%1.17%1.18%0.85%1.05%1.20%
IEFA
iShares Core MSCI EAFE ETF		3.24%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 EPI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (5.50%) compared to EPI (4.09%). In terms of maximum drawdown, IEFA dropped -34.78% vs EPI's -66.21%.

On 10-year performance, IEFA leads with 9.90% vs 9.31% for EPI. On fees, IEFA is cheaper at 0.07% per year. On volatility, EPI has been the lower-risk option at 4.09%. 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 9.90% return vs 9.31%. 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 0.84% for EPI.

IEFA has the higher dividend yield at 3.24%, compared with 0.00% for EPI.

IEFA is categorized as Foreign Large Cap Equities, while EPI is Asia Pacific Equities. IEFA tracks MSCI EAFE IMI Index (Net), while EPI tracks WisdomTree India Earnings Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.07% for IEFA and 0.84% for EPI.

IEFA currently has the higher Sharpe Ratio (1.35 vs -0.69), 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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