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IEFA vs. RWK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. RWK

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, IEFA returned 9.37%/yr vs 12.66%/yr for RWK. A 0.72 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.39%/yr for RWK.

Performance

IEFA vs. RWK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and Invesco S&P MidCap 400 Revenue ETF (RWK). 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 7.49% return, which is significantly lower than RWK's 12.60% return. Over the past 10 years, IEFA has underperformed RWK with an annualized return of 9.37%, while RWK has yielded a comparatively higher 12.66% annualized return.

IEFA

1D
0.63%
1M
-1.17%
YTD
7.49%
6M
10.04%
1Y
19.61%
3Y*
16.13%
5Y*
7.82%
10Y*
9.37%

RWK

1D
0.33%
1M
1.42%
YTD
12.60%
6M
12.51%
1Y
26.47%
3Y*
16.89%
5Y*
10.58%
10Y*
12.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. RWK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
RWK
Invesco S&P MidCap 400 Revenue ETF		12.60%10.27%11.94%23.76%-8.19%34.31%11.06%28.20%-14.65%13.39%

Correlation

The correlation between IEFA and RWK is 0.65, 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

0.65

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

0.68

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

0.72

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

0.71

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

0.72

The correlation between IEFA and RWK has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

IEFA vs. RWK - Sectors Allocation Comparison

Sectors
IEFA
RWK

Financial Services

22.5%
13.1%

Industrials

20.1%
21.8%

Technology

10.8%
14.0%

Healthcare

9.5%
4.0%

Consumer Cyclical

8.0%
20.7%

Basic Materials

7.0%
4.7%

Consumer Defensive

6.6%
11.3%

Communication Services

4.4%
0.7%

Energy

3.8%
5.3%

Utilities

3.6%
1.6%

Real Estate

3.0%
2.8%

Financial Services

IEFA
22.5%
RWK
13.1%

Industrials

IEFA
20.1%
RWK
21.8%

Technology

IEFA
10.8%
RWK
14.0%

Healthcare

IEFA
9.5%
RWK
4.0%

Consumer Cyclical

IEFA
8.0%
RWK
20.7%

Basic Materials

IEFA
7.0%
RWK
4.7%

Consumer Defensive

IEFA
6.6%
RWK
11.3%

Communication Services

IEFA
4.4%
RWK
0.7%

Energy

IEFA
3.8%
RWK
5.3%

Utilities

IEFA
3.6%
RWK
1.6%

Real Estate

IEFA
3.0%
RWK
2.8%

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

Invesco S&P MidCap 400 Revenue ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with RWK:
RWK vs. RWJRWK vs. RFVRWK vs. XMHQRWK vs. XMVMRWK vs. ONEYRWK vs. PRNRWK vs. PRFZ

Return for Risk

IEFA vs. RWK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4040
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4040
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4343
Martin Ratio Rank
RWK
RWK Risk / Return Rank: 5252
Overall Rank
RWK Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 5656
Sortino Ratio Rank
RWK Omega Ratio Rank: 4949
Omega Ratio Rank
RWK Calmar Ratio Rank: 5353
Calmar Ratio Rank
RWK Martin Ratio Rank: 5050
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. RWK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Invesco S&P MidCap 400 Revenue ETF (RWK). 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.

IEFARWKDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.60

-0.30

Sortino ratioReturn per unit of downside risk
1.88
2.41

-0.53

Omega ratioGain probability vs. loss probability

1.24

1.28

-0.04

Calmar ratioReturn relative to maximum drawdown

1.71

2.39

-0.67

Martin ratioReturn relative to average drawdown

6.52

7.67

-1.15

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFA vs. RWK - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is comparable to the RWK Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of IEFA and RWK, 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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Sharpe Ratios by Period

IEFARWKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

1.60

-0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.50

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.55

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.48

+0.03

Drawdowns

IEFA vs. RWK - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for IEFA and RWK.

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Drawdown Indicators

IEFARWKDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-56.49%

+21.71%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-11.14%

-0.36%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-24.58%

+10.82%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-24.58%

-5.83%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-46.20%

+11.42%

Current Drawdown

Current decline from peak

-2.44%

-0.99%

-1.45%

Average Drawdown

Average peak-to-trough decline

-6.69%

-7.55%

+0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.46%

-0.44%

Volatility

IEFA vs. RWK - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.54% compared to Invesco S&P MidCap 400 Revenue ETF (RWK) at 4.08%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFARWKDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

4.08%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

11.88%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

15.22%

16.67%

-1.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.55%

21.13%

-4.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.32%

22.95%

-5.63%

IEFA vs. RWK - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than RWK's 0.39% expense ratio.

Dividends

IEFA vs. RWK - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, more than RWK's 1.13% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.30%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
RWK
Invesco S&P MidCap 400 Revenue ETF		1.13%1.25%1.11%1.05%1.18%0.85%0.96%1.09%1.22%0.99%1.30%0.92%

Frequently Asked Questions

IEFA and RWK have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (4.54%) compared to RWK (4.08%). In terms of maximum drawdown, IEFA dropped -34.78% vs RWK's -56.49%.

On 10-year performance, RWK leads with 12.66% vs 9.37% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, RWK has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWK has performed better with a 12.66% return vs 9.37%. 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 0.39% for RWK.

IEFA has the higher dividend yield at 3.30%, compared with 1.13% for RWK.

IEFA is categorized as Foreign Large Cap Equities, while RWK is Small Cap Blend Equities. IEFA tracks MSCI EAFE IMI Index (Net), while RWK tracks S&P MidCap 400 Revenue-Weighted Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IEFA and 0.39% for RWK.

RWK currently has the higher Sharpe Ratio (1.60 vs 1.30), 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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