IEFA vs. FSPSX
IEFA (iShares Core MSCI EAFE ETF) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while FSPSX tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, IEFA returned 10.18%/yr vs 9.67%/yr for FSPSX. With a 0.97 correlation, they move nearly in lockstep. IEFA charges 0.07%/yr vs 0.04%/yr for FSPSX.
Performance
IEFA vs. FSPSX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IEFA having a 10.65% return and FSPSX slightly lower at 10.54%. Over the past 10 years, IEFA has outperformed FSPSX with an annualized return of 10.18%, while FSPSX has yielded a comparatively lower 9.67% annualized return.
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
- 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 vs. FSPSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between IEFA and FSPSX 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 IEFA and FSPSX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
IEFA vs. FSPSX — Risk / Return Rank
IEFA
FSPSX
IEFA vs. FSPSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Fidelity International Index Fund (FSPSX). 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 | FSPSX | 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 | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.15 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.48 | 8.05 | +0.43 |
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Drawdowns
IEFA vs. FSPSX - Drawdown Comparison
The maximum IEFA drawdown since its inception was -34.78%, roughly equal to the maximum FSPSX drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for IEFA and FSPSX.
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Drawdown Indicators
| IEFA | FSPSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.78% | -33.69% | -1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -11.39% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -13.58% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -30.41% | -29.41% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -34.78% | -33.69% | -1.09% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -6.53% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.04% | -0.02% |
Volatility
IEFA vs. FSPSX - Volatility Comparison
iShares Core MSCI EAFE ETF (IEFA) and Fidelity International Index Fund (FSPSX) have volatilities of 4.85% and 4.93%, 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
| IEFA | FSPSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 4.93% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 12.71% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 15.26% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 16.07% | +0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.27% | 16.56% | +0.71% |
IEFA vs. FSPSX - Expense Ratio Comparison
IEFA has a 0.07% expense ratio, which is higher than FSPSX's 0.04% 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. FSPSX - Dividend Comparison
IEFA's dividend yield for the trailing twelve months is around 3.38%, more than FSPSX's 2.85% 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, IEFA and FSPSX 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, IEFA dropped -34.78% vs FSPSX's -33.69%.
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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