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IEFA vs. SPDW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. SPDW

Last updated Jun 4, 2026

IEFA (iShares Core MSCI EAFE ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, IEFA returned 9.22%/yr vs 10.09%/yr for SPDW. With a 0.99 correlation, they move nearly in lockstep. IEFA charges 0.07%/yr vs 0.04%/yr for SPDW.

Performance

IEFA vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and SPDR Portfolio World ex-US ETF (SPDW). 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 8.85% return, which is significantly lower than SPDW's 15.00% return. Over the past 10 years, IEFA has underperformed SPDW with an annualized return of 9.22%, while SPDW has yielded a comparatively higher 10.09% annualized return.

IEFA

1D
-0.78%
1M
3.43%
YTD
8.85%
6M
11.45%
1Y
22.00%
3Y*
16.72%
5Y*
8.07%
10Y*
9.22%

SPDW

1D
-0.87%
1M
5.56%
YTD
15.00%
6M
18.06%
1Y
32.15%
3Y*
19.77%
5Y*
9.38%
10Y*
10.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. SPDW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		8.85%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
SPDW
SPDR Portfolio World ex-US ETF		15.00%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%

Correlation

The correlation between IEFA and SPDW 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

0.99

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

0.99

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

0.99

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

0.99

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

IEFA vs. SPDW - Sectors Allocation Comparison

Sectors
IEFA
SPDW

Financial Services

22.5%
22.9%

Industrials

20.1%
19.2%

Technology

10.8%
13.7%

Healthcare

9.5%
8.3%

Consumer Cyclical

8.0%
7.8%

Basic Materials

7.0%
7.3%

Consumer Defensive

6.6%
5.7%

Communication Services

4.4%
3.8%

Energy

3.8%
5.5%

Utilities

3.6%
3.3%

Real Estate

3.0%
2.5%

Financial Services

IEFA
22.5%
SPDW
22.9%

Industrials

IEFA
20.1%
SPDW
19.2%

Technology

IEFA
10.8%
SPDW
13.7%

Healthcare

IEFA
9.5%
SPDW
8.3%

Consumer Cyclical

IEFA
8.0%
SPDW
7.8%

Basic Materials

IEFA
7.0%
SPDW
7.3%

Consumer Defensive

IEFA
6.6%
SPDW
5.7%

Communication Services

IEFA
4.4%
SPDW
3.8%

Energy

IEFA
3.8%
SPDW
5.5%

Utilities

IEFA
3.6%
SPDW
3.3%

Real Estate

IEFA
3.0%
SPDW
2.5%

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

SPDR Portfolio World ex-US ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS

Return for Risk

IEFA vs. SPDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4141
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4141
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4141
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4444
Martin Ratio Rank
SPDW
SPDW Risk / Return Rank: 5959
Overall Rank
SPDW Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 5959
Sortino Ratio Rank
SPDW Omega Ratio Rank: 5959
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6060
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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and SPDR Portfolio World ex-US ETF (SPDW). 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.

IEFASPDWDifference
Sharpe ratioReturn per unit of total volatility
1.48
2.07

-0.59

Sortino ratioReturn per unit of downside risk
2.14
2.87

-0.73

Omega ratioGain probability vs. loss probability

1.27

1.37

-0.10

Calmar ratioReturn relative to maximum drawdown

1.92

2.80

-0.87

Martin ratioReturn relative to average drawdown

7.34

10.93

-3.59

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. SPDW - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.48, which is comparable to the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of IEFA and SPDW, 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

IEFASPDWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

2.07

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.57

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.59

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

0.24

+0.27

Drawdowns

IEFA vs. SPDW - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for IEFA and SPDW.

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Drawdown Indicators

IEFASPDWDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-60.02%

+25.24%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-11.55%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-13.53%

-0.23%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-30.21%

-0.20%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-34.98%

+0.20%

Current Drawdown

Current decline from peak

-1.20%

-0.87%

-0.33%

Average Drawdown

Average peak-to-trough decline

-6.69%

-12.91%

+6.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.01%

2.95%

+0.06%

Volatility

IEFA vs. SPDW - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 4.86%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 5.63%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFASPDWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.86%

5.63%

-0.77%

Volatility (6M)

Calculated over the trailing 6-month period

12.42%

13.17%

-0.75%

Volatility (1Y)

Calculated over the trailing 1-year period

14.96%

15.60%

-0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.51%

16.49%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.30%

17.26%

+0.04%

IEFA vs. SPDW - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is higher than SPDW'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. SPDW - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.26%, more than SPDW's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.26%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
SPDW
SPDR Portfolio World ex-US ETF		2.87%3.30%3.19%2.75%3.12%3.04%1.87%3.13%3.08%1.86%3.11%2.78%

Frequently Asked Questions

With a correlation of 0.98, IEFA and SPDW 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.

SPDW has higher volatility (5.63%) compared to IEFA (4.86%). In terms of maximum drawdown, IEFA dropped -34.78% vs SPDW's -60.02%.

On 10-year performance, SPDW leads with 10.09% vs 9.22% for IEFA. On fees, SPDW is cheaper at 0.04% per year. On volatility, IEFA has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPDW has performed better with a 10.09% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.07% for IEFA.

IEFA has the higher dividend yield at 3.26%, compared with 2.87% for SPDW.

IEFA tracks MSCI EAFE IMI Index (Net), while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IEFA and 0.04% for SPDW.

SPDW currently has the higher Sharpe Ratio (2.07 vs 1.48), 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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