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IEFA vs. SWISX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. SWISX

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and SWISX (Schwab International Index Fund) are both Foreign Large Cap Equities funds - IEFA tracks the MSCI EAFE IMI Index (Net) while SWISX tracks the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, IEFA returned 9.37%/yr vs 8.88%/yr for SWISX. With a 0.98 correlation, they move nearly in lockstep. IEFA charges 0.07%/yr vs 0.06%/yr for SWISX.

Performance

IEFA vs. SWISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and Schwab International Index Fund (SWISX). 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 higher than SWISX's 6.62% return. Over the past 10 years, IEFA has outperformed SWISX with an annualized return of 9.37%, while SWISX has yielded a comparatively lower 8.88% 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%

SWISX

1D
-2.52%
1M
-1.61%
YTD
6.62%
6M
9.04%
1Y
18.18%
3Y*
15.81%
5Y*
7.96%
10Y*
8.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. SWISX - 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%
SWISX
Schwab International Index Fund		6.62%31.59%3.54%18.13%-14.30%11.25%8.14%21.87%-13.38%25.32%

Correlation

The correlation between IEFA and SWISX 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 25, 2012

0.98

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

IEFA vs. SWISX - Sectors Allocation Comparison

Sectors
IEFA
SWISX

Financial Services

22.5%
24.4%

Industrials

20.1%
20.3%

Technology

10.8%
10.7%

Healthcare

9.5%
9.2%

Consumer Cyclical

8.0%
7.7%

Basic Materials

7.0%
6.1%

Consumer Defensive

6.6%
7.0%

Communication Services

4.4%
4.6%

Energy

3.8%
4.1%

Utilities

3.6%
4.0%

Real Estate

3.0%
2.0%

Financial Services

IEFA
22.5%
SWISX
24.4%

Industrials

IEFA
20.1%
SWISX
20.3%

Technology

IEFA
10.8%
SWISX
10.7%

Healthcare

IEFA
9.5%
SWISX
9.2%

Consumer Cyclical

IEFA
8.0%
SWISX
7.7%

Basic Materials

IEFA
7.0%
SWISX
6.1%

Consumer Defensive

IEFA
6.6%
SWISX
7.0%

Communication Services

IEFA
4.4%
SWISX
4.6%

Energy

IEFA
3.8%
SWISX
4.1%

Utilities

IEFA
3.6%
SWISX
4.0%

Real Estate

IEFA
3.0%
SWISX
2.0%

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

Schwab International Index Fund

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with SWISX:
SWISX vs. SCHFSWISX vs. VXUSSWISX vs. SWTSXSWISX vs. VTIAXSWISX vs. SFNNXSWISX vs. FTIHXSWISX vs. SWPPX

Return for Risk

IEFA vs. SWISX — 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
SWISX
SWISX Risk / Return Rank: 2222
Overall Rank
SWISX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
SWISX Sortino Ratio Rank: 2020
Sortino Ratio Rank
SWISX Omega Ratio Rank: 2020
Omega Ratio Rank
SWISX Calmar Ratio Rank: 2323
Calmar Ratio Rank
SWISX Martin Ratio Rank: 2727
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. SWISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and Schwab International Index Fund (SWISX). 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.

IEFASWISXDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.22

+0.08

Sortino ratioReturn per unit of downside risk
1.88
1.76

+0.12

Omega ratioGain probability vs. loss probability

1.24

1.22

+0.02

Calmar ratioReturn relative to maximum drawdown

1.71

1.64

+0.07

Martin ratioReturn relative to average drawdown

6.52

6.15

+0.37

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. SWISX - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is comparable to the SWISX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of IEFA and SWISX, 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

IEFASWISXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

1.22

+0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.49

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.53

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.30

+0.20

Drawdowns

IEFA vs. SWISX - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum SWISX drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for IEFA and SWISX.

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Drawdown Indicators

IEFASWISXDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-60.65%

+25.87%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-11.39%

-0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-13.68%

-0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-29.42%

-0.99%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-33.83%

-0.95%

Current Drawdown

Current decline from peak

-2.44%

-3.13%

+0.69%

Average Drawdown

Average peak-to-trough decline

-6.69%

-14.81%

+8.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.04%

-0.02%

Volatility

IEFA vs. SWISX - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) and Schwab International Index Fund (SWISX) have volatilities of 4.54% and 4.52%, 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

IEFASWISXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

4.52%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

12.65%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.22%

15.38%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.55%

16.32%

+0.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.32%

16.89%

+0.43%

IEFA vs. SWISX - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is higher than SWISX's 0.06% 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. SWISX - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, which matches SWISX's 3.33% 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%
SWISX
Schwab International Index Fund		3.33%3.55%3.29%3.31%2.73%3.34%1.88%3.09%3.15%2.71%3.19%2.71%

Frequently Asked Questions

With a correlation of 0.98, IEFA and SWISX 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 (4.54%) compared to SWISX (4.52%). In terms of maximum drawdown, IEFA dropped -34.78% vs SWISX's -60.65%.

IEFA currently has the higher Sharpe Ratio (1.30 vs 1.22), 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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