IEFA vs. PATN

Last updated Aug 4, 2026

IEFA (iShares Core MSCI EAFE ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while PATN tracks the Nasdaq International Patent Leaders Index. Both are passively managed. Over the past year, IEFA returned 25.11% vs 53.28% for PATN. Their correlation of 0.83 means they have usually moved in the same direction. IEFA charges 0.07%/yr vs 0.65%/yr for PATN.

Performance

IEFA vs. PATN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and Pacer Nasdaq International Patent Leaders ETF (PATN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEFA achieves a 12.10% return, which is significantly lower than PATN's 28.74% 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%

PATN

• 1D: 0.61%
• 1M: -3.34%
• 6M: 17.25%
• YTD: 28.74%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEFA iShares Core MSCI EAFE ETF	$866.09M	$876.15M	$940.56M
PATN Pacer Nasdaq International Patent Leaders ETF	$6.30M	$4.83M	$3.83M

IEFA vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IEFA iShares Core MSCI EAFE ETF	12.10%	32.08%	-6.85%
PATN Pacer Nasdaq International Patent Leaders ETF	28.74%	40.01%	-1.73%

Correlation

The correlation between IEFA and PATN is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.83

The correlation between IEFA and PATN has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

IEFA vs. PATN - Sectors Allocation Comparison

Sectors	IEFA	PATN
Financial Services	23.1%	0.7%
Industrials	19.7%	17.5%
Technology	12.6%	43.9%
Healthcare	9.8%	9.5%
Consumer Cyclical	8.1%	10.5%
Consumer Defensive	6.5%	6.2%
Basic Materials	6.3%	3.2%
Communication Services	4.3%	7.0%
Utilities	3.5%	-
Energy	3.3%	0.9%
Real Estate	2.8%	-

Return for Risk

IEFA vs. PATN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IEFA

IEFA Risk / Return Rank: 67
IEFA Sharpe Ratio Rank: 69
IEFA Sortino Ratio Rank: 70
IEFA Omega Ratio Rank: 68
IEFA Calmar Ratio Rank: 61
IEFA Martin Ratio Rank: 68

PATN

PATN Risk / Return Rank: 83
PATN Sharpe Ratio Rank: 85
PATN Sortino Ratio Rank: 79
PATN Omega Ratio Rank: 83
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 82

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. PATN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.11	-0.50
Sortino ratio: Return per unit of downside risk	2.30	2.71	-0.40
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	2.19	3.72	-1.52
Martin ratio: Return relative to average drawdown	8.42	11.66	-3.25

IEFA vs. PATN - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.61, which is comparable to the PATN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of IEFA and PATN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IEFA vs. PATN - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than PATN's maximum drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for IEFA and PATN.

Drawdown Indicators

	IEFA	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-34.78%	-16.77%	-18.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-14.40%	+2.90%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.78%	—	—
Current Drawdown Current decline from peak	-0.21%	-9.34%	+9.13%
Average Drawdown Average peak-to-trough decline	-6.63%	-3.44%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.58%	-1.59%

Volatility

IEFA vs. PATN - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 4.60%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 8.80%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEFA	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	8.80%	-4.20%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	22.85%	-9.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	25.38%	-9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	22.70%	-6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	22.70%	-5.66%

IEFA vs. PATN - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

IEFA vs. PATN - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.33%, more than PATN's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PATN Pacer Nasdaq International Patent Leaders ETF	1.69%	2.25%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEFA and PATN in my portfolio?

IEFA and PATN have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEFA or PATN?

PATN has higher volatility (8.80%) compared to IEFA (4.60%). In terms of maximum drawdown, IEFA dropped -34.78% vs PATN's -16.77%.

Which ETF is better, IEFA or PATN?

On 1-year performance, PATN leads with 53.28% vs 25.11% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEFA or PATN?

Over the 1-year period, PATN has performed better with a 53.28% return vs 25.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEFA or PATN?

IEFA is cheaper with a 0.07% expense ratio, compared with 0.65% for PATN.

Which ETF pays a higher dividend yield, IEFA or PATN?

IEFA has the higher dividend yield at 3.33%, compared with 1.69% for PATN.

What is the main difference between IEFA and PATN?

IEFA tracks MSCI EAFE IMI Index (Net), while PATN tracks Nasdaq International Patent Leaders Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.07% for IEFA and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.11 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.