IEFA vs. FSKAX
IEFA (iShares Core MSCI EAFE ETF) and FSKAX (Fidelity Total Market Index Fund) are both funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, IEFA returned 9.78%/yr vs 14.99%/yr for FSKAX. A 0.80 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.01%/yr for FSKAX.
Performance
IEFA vs. FSKAX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IEFA having a 10.18% return and FSKAX slightly lower at 9.75%. Over the past 10 years, IEFA has underperformed FSKAX with an annualized return of 9.78%, while FSKAX has yielded a comparatively higher 14.99% annualized return.
IEFA
- 1D
- 0.61%
- 1M
- 3.53%
- YTD
- 10.18%
- 6M
- 11.10%
- 1Y
- 23.18%
- 3Y*
- 16.11%
- 5Y*
- 8.34%
- 10Y*
- 9.78%
FSKAX
- 1D
- 0.51%
- 1M
- 1.05%
- YTD
- 9.75%
- 6M
- 10.07%
- 1Y
- 26.33%
- 3Y*
- 20.67%
- 5Y*
- 12.24%
- 10Y*
- 14.99%
IEFA vs. FSKAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEFA iShares Core MSCI EAFE ETF | 10.18% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
FSKAX Fidelity Total Market Index Fund | 9.75% | 17.06% | 23.89% | 26.12% | -19.53% | 25.66% | 20.79% | 30.92% | -5.32% | 20.85% |
Correlation
The correlation between IEFA and FSKAX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.80 |
The correlation between IEFA and FSKAX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
IEFA vs. FSKAX — Risk / Return Rank
IEFA
FSKAX
IEFA vs. FSKAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Fidelity Total Market Index Fund (FSKAX). 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.
| IEFA | FSKAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.80 | -0.77 |
| Martin ratioReturn relative to average drawdown | 7.69 | 12.51 | -4.81 |
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Drawdowns
IEFA vs. FSKAX - Drawdown Comparison
The maximum IEFA drawdown since its inception was -34.78%, roughly equal to the maximum FSKAX drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for IEFA and FSKAX.
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Drawdown Indicators
| IEFA | FSKAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.78% | -35.01% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -8.92% | -2.58% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -19.43% | +5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -30.41% | -25.39% | -5.02% |
Max Drawdown (10Y)Largest decline over 10 years | -34.78% | -35.01% | +0.23% |
Current DrawdownCurrent decline from peak | 0.00% | -2.08% | +2.08% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -4.01% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 1.99% | +1.03% |
Volatility
IEFA vs. FSKAX - Volatility Comparison
iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 5.52% compared to Fidelity Total Market Index Fund (FSKAX) at 4.64%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEFA | FSKAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.52% | 4.64% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 9.97% | +3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.51% | 12.79% | +2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.62% | 17.48% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 18.49% | -1.18% |
IEFA vs. FSKAX - Expense Ratio Comparison
IEFA has a 0.07% expense ratio, which is higher than FSKAX's 0.02% expense ratio. However, 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. FSKAX - Dividend Comparison
IEFA's dividend yield for the trailing twelve months is around 4.90%, more than FSKAX's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSKAX Fidelity Total Market Index Fund | 0.95% | 1.01% | 1.19% | 1.41% | 1.62% | 1.15% | 1.45% | 1.94% | 2.54% | 2.07% | 2.43% | 0.82% |
IEFA iShares Core MSCI EAFE ETF | 4.90% | 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 FSKAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEFA has higher volatility (5.52%) compared to FSKAX (4.64%). In terms of maximum drawdown, IEFA dropped -34.78% vs FSKAX's -35.01%.
FSKAX currently has the higher Sharpe Ratio (1.95 vs 1.50), 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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