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IEFA vs. GSIE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. GSIE

Last updated Jul 26, 2026
Documentation

IEFA (iShares Core MSCI EAFE ETF) and GSIE (Goldman Sachs ActiveBeta International Equity ETF) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while GSIE tracks the Goldman Sachs ActiveBeta International Equity Index. Both are passively managed. Over the past 10 years, IEFA returned 9.38%/yr vs 9.39%/yr for GSIE. Their 0.98 correlation means they have historically moved very closely together. IEFA charges 0.07%/yr vs 0.25%/yr for GSIE.

Performance

IEFA vs. GSIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and Goldman Sachs ActiveBeta International Equity ETF (GSIE). 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 9.45% return, which is significantly higher than GSIE's 8.75% return. Both investments have delivered pretty close results over the past 10 years, with IEFA having a 9.38% annualized return and GSIE not far ahead at 9.39%.

IEFA

1D
0.61%
1M
0.32%
6M
4.92%
YTD
9.45%
1Y
17.75%
3Y*
15.52%
5Y*
8.55%
10Y*
9.38%
ALL TIME*
8.38%

GSIE

1D
0.46%
1M
1.03%
6M
5.39%
YTD
8.75%
1Y
17.13%
3Y*
15.96%
5Y*
8.63%
10Y*
9.39%
ALL TIME*
8.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

GSIE

Goldman Sachs ActiveBeta International Equity ETF
$16.98M$19.56M$19.60M

IEFA

iShares Core MSCI EAFE ETF
$895.79M$960.37M$950.39M

IEFA vs. GSIE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		9.45%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
GSIE
Goldman Sachs ActiveBeta International Equity ETF		8.75%32.53%5.23%16.99%-15.86%13.27%7.45%22.83%-13.40%26.22%

Correlation

The correlation between IEFA and GSIE is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

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

0.99

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

0.99

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

0.99

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

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2015

0.98

The correlation between IEFA and GSIE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

IEFA vs. GSIE - Sectors Allocation Comparison

Sectors
IEFA
GSIE

Financial Services

25.5%
27.3%

Industrials

19.3%
18.6%

Technology

12.1%
10.6%

Healthcare

10.0%
9.6%

Consumer Cyclical

7.3%
8.6%

Consumer Defensive

6.5%
7.5%

Basic Materials

6.2%
5.4%

Energy

3.7%
4.2%

Utilities

3.5%
3.3%

Communication Services

3.4%
3.8%

Real Estate

2.2%
1.2%

Financial Services

IEFA
25.5%
GSIE
27.3%

Industrials

IEFA
19.3%
GSIE
18.6%

Technology

IEFA
12.1%
GSIE
10.6%

Healthcare

IEFA
10.0%
GSIE
9.6%

Consumer Cyclical

IEFA
7.3%
GSIE
8.6%

Consumer Defensive

IEFA
6.5%
GSIE
7.5%

Basic Materials

IEFA
6.2%
GSIE
5.4%

Energy

IEFA
3.7%
GSIE
4.2%

Utilities

IEFA
3.5%
GSIE
3.3%

Communication Services

IEFA
3.4%
GSIE
3.8%

Real Estate

IEFA
2.2%
GSIE
1.2%

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

Goldman Sachs ActiveBeta International Equity ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with GSIE:
GSIE vs. VXUSGSIE vs. DBAWGSIE vs. ICOWGSIE vs. QEFAGSIE vs. VEAGSIE vs. VOOGSIE vs. SCHF

Return for Risk

IEFA vs. GSIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4747
Overall Rank
IEFA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4646
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4343
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5151
Martin Ratio Rank
GSIE
GSIE Risk / Return Rank: 4848
Overall Rank
GSIE Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
GSIE Sortino Ratio Rank: 4848
Sortino Ratio Rank
GSIE Omega Ratio Rank: 4747
Omega Ratio Rank
GSIE Calmar Ratio Rank: 4545
Calmar Ratio Rank
GSIE Martin Ratio Rank: 5252
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. GSIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Goldman Sachs ActiveBeta International Equity ETF (GSIE). 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.

IEFAGSIEDifference
Sharpe ratioReturn per unit of total volatility
1.14
1.17

-0.04

Sortino ratioReturn per unit of downside risk
1.67
1.72

-0.05

Omega ratioGain probability vs. loss probability

1.21

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

1.54

1.58

-0.04

Martin ratioReturn relative to average drawdown

5.85

5.99

-0.14

IEFA vs. GSIE - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.14, which is comparable to the GSIE Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of IEFA and GSIE, 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. GSIE - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, roughly equal to the maximum GSIE drawdown of -34.63%. Use the drawdown chart below to compare losses from any high point for IEFA and GSIE.

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Drawdown Indicators

IEFAGSIEDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-34.63%

-0.15%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-10.76%

-0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-13.07%

-0.69%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-29.97%

-0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-34.63%

-0.15%

Current Drawdown

Current decline from peak

-2.00%

-1.06%

-0.94%

Average Drawdown

Average peak-to-trough decline

-6.63%

-5.99%

-0.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.84%

+0.18%

Volatility

IEFA vs. GSIE - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.00% compared to Goldman Sachs ActiveBeta International Equity ETF (GSIE) at 3.56%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than GSIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAGSIEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

3.56%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

13.48%

12.39%

+1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.55%

14.49%

+1.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

16.08%

+0.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

16.49%

+0.53%

IEFA vs. GSIE - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than GSIE's 0.25% 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. GSIE - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.41%, more than GSIE's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
GSIE
Goldman Sachs ActiveBeta International Equity ETF		2.56%2.65%3.11%2.87%3.01%2.40%1.60%2.80%2.68%2.31%2.15%0.13%
IEFA
iShares Core MSCI EAFE ETF		3.41%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 0.99, IEFA and GSIE 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.

IEFA has higher volatility (4.00%) compared to GSIE (3.56%). In terms of maximum drawdown, IEFA dropped -34.78% vs GSIE's -34.63%.

On 10-year performance, GSIE leads with 9.39% vs 9.38% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, GSIE has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSIE has performed better with a 9.39% return vs 9.38%. 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 0.25% for GSIE.

IEFA has the higher dividend yield at 3.41%, compared with 2.56% for GSIE.

IEFA tracks MSCI EAFE IMI Index (Net), while GSIE tracks Goldman Sachs ActiveBeta International Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.07% for IEFA and 0.25% for GSIE.

GSIE currently has the higher Sharpe Ratio (1.17 vs 1.14), 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.

Portfolio Optimizer

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