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IEFA vs. USDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. USDX

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. IEFA is passively managed, while USDX is actively managed. Over the past year, IEFA returned 19.61% vs 6.51% for USDX. At a 0.00 correlation, their price movements are largely independent. IEFA charges 0.07%/yr vs 0.98%/yr for USDX.

Performance

IEFA vs. USDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and SGI Enhanced Core ETF (USDX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IEFA achieves a 7.49% return, which is significantly higher than USDX's 2.19% 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%

USDX

1D
-0.12%
1M
0.43%
YTD
2.19%
6M
2.64%
1Y
6.51%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. USDX - Yearly Performance Comparison

2026 (YTD)20252024
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%1.18%
USDX
SGI Enhanced Core ETF		2.19%6.25%6.87%

Correlation

The correlation between IEFA and USDX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2024

0.00

IEFA vs. USDX - Sectors Allocation Comparison

Sectors
IEFA
USDX

Financial Services

22.5%
84.7%

Industrials

20.1%

-

Technology

10.8%

-

Healthcare

9.5%

-

Consumer Cyclical

8.0%

-

Basic Materials

7.0%

-

Consumer Defensive

6.6%

-

Communication Services

4.4%

-

Energy

3.8%

-

Utilities

3.6%

-

Real Estate

3.0%

-

Financial Services

IEFA
22.5%
USDX
84.7%

Industrials

IEFA
20.1%
USDX

-

Technology

IEFA
10.8%
USDX

-

Healthcare

IEFA
9.5%
USDX

-

Consumer Cyclical

IEFA
8.0%
USDX

-

Basic Materials

IEFA
7.0%
USDX

-

Consumer Defensive

IEFA
6.6%
USDX

-

Communication Services

IEFA
4.4%
USDX

-

Energy

IEFA
3.8%
USDX

-

Utilities

IEFA
3.6%
USDX

-

Real Estate

IEFA
3.0%
USDX

-

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE ETF

SGI Enhanced Core ETF

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with USDX:
USDX vs. UUPUSDX vs. USD=XUSDX vs. ARCMUSDX vs. GSSTUSDX vs. EUR=XUSDX vs. USDUUSDX vs. EVLN

Return for Risk

IEFA vs. USDX — 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
USDX
USDX Risk / Return Rank: 9696
Overall Rank
USDX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
USDX Sortino Ratio Rank: 9696
Sortino Ratio Rank
USDX Omega Ratio Rank: 9797
Omega Ratio Rank
USDX Calmar Ratio Rank: 9595
Calmar Ratio Rank
USDX Martin Ratio Rank: 9797
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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and SGI Enhanced Core ETF (USDX). 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.

IEFAUSDXDifference
Sharpe ratioReturn per unit of total volatility
1.30
3.29

-1.99

Sortino ratioReturn per unit of downside risk
1.88
5.23

-3.35

Omega ratioGain probability vs. loss probability

1.24

1.83

-0.60

Calmar ratioReturn relative to maximum drawdown

1.71

6.97

-5.26

Martin ratioReturn relative to average drawdown

6.52

47.52

-41.00

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. USDX - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is lower than the USDX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of IEFA and USDX, 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

IEFAUSDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

3.29

-1.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

3.98

-3.48

Drawdowns

IEFA vs. USDX - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for IEFA and USDX.

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Drawdown Indicators

IEFAUSDXDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-0.94%

-33.84%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-0.94%

-10.56%

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

-2.44%

-0.25%

-2.19%

Average Drawdown

Average peak-to-trough decline

-6.69%

-0.06%

-6.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

0.14%

+2.88%

Volatility

IEFA vs. USDX - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.54% compared to SGI Enhanced Core ETF (USDX) at 1.07%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAUSDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

1.07%

+3.47%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

1.80%

+10.94%

Volatility (1Y)

Calculated over the trailing 1-year period

15.22%

1.99%

+13.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.55%

1.71%

+14.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.32%

1.71%

+15.61%

IEFA vs. USDX - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

IEFA vs. USDX - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, less than USDX's 5.88% 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%
USDX
SGI Enhanced Core ETF		5.88%5.88%4.60%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IEFA and USDX have a correlation of 0.00, 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 USDX (1.07%). In terms of maximum drawdown, IEFA dropped -34.78% vs USDX's -0.94%.

On 1-year performance, IEFA leads with 19.61% vs 6.51% for USDX. On fees, IEFA is cheaper at 0.07% per year. On volatility, USDX has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IEFA has performed better with a 19.61% return vs 6.51%. 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 0.98% for USDX.

USDX has the higher dividend yield at 5.88%, compared with 3.30% for IEFA.

IEFA is categorized as Foreign Large Cap Equities, while USDX is Intermediate Core Bond. They also come from different issuers: iShares and Summit Global Investments. Their fees differ too: 0.07% for IEFA and 0.98% for USDX.

USDX currently has the higher Sharpe Ratio (3.29 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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