IEV vs. IDEV

Last updated Jun 4, 2026

IEV (iShares Europe ETF) and IDEV (iShares Core MSCI International Developed Markets ETF) are both exchange-traded funds - IEV is a Europe Equities fund tracking the S&P Europe 350 Index, while IDEV is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 5 years, IEV returned 8.55%/yr vs 8.48%/yr for IDEV. With a 0.96 correlation, they move nearly in lockstep. IEV charges 0.59%/yr vs 0.05%/yr for IDEV.

Performance

IEV vs. IDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Europe ETF (IEV) and iShares Core MSCI International Developed Markets ETF (IDEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEV achieves a 5.38% return, which is significantly lower than IDEV's 8.92% return.

IEV

• 1D: -1.26%
• 1M: 2.73%
• YTD: 5.38%
• 6M: 8.19%
• 1Y: 17.71%
• 3Y*: 15.90%
• 5Y*: 8.55%
• 10Y*: 9.06%

IDEV

• 1D: -0.90%
• 1M: 3.23%
• YTD: 8.92%
• 6M: 11.57%
• 1Y: 23.20%
• 3Y*: 17.40%
• 5Y*: 8.48%
• 10Y*: —

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

IEV vs. IDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEV iShares Europe ETF	5.38%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	16.55%
IDEV iShares Core MSCI International Developed Markets ETF	8.92%	32.56%	4.54%	17.36%	-14.99%	13.00%	8.32%	23.12%	-14.10%	17.29%

Correlation

The correlation between IEV and IDEV is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 24, 2017	0.96

The correlation between IEV and IDEV has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

IEV vs. IDEV - Sectors Allocation Comparison

Sectors	IEV	IDEV
Financial Services	23.9%	24.2%
Industrials	19.3%	19.1%
Healthcare	13.1%	8.6%
Technology	8.7%	9.9%
Consumer Defensive	8.3%	6.0%
Consumer Cyclical	6.7%	7.7%
Basic Materials	5.7%	8.0%
Energy	5.6%	5.9%
Utilities	5.0%	3.7%
Communication Services	2.9%	4.0%
Real Estate	0.8%	2.9%

Return for Risk

IEV vs. IDEV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IEV

IEV Risk / Return Rank: 31
IEV Sharpe Ratio Rank: 31
IEV Sortino Ratio Rank: 31
IEV Omega Ratio Rank: 29
IEV Calmar Ratio Rank: 29
IEV Martin Ratio Rank: 34

IDEV

IDEV Risk / Return Rank: 45
IDEV Sharpe Ratio Rank: 45
IDEV Sortino Ratio Rank: 45
IDEV Omega Ratio Rank: 44
IDEV Calmar Ratio Rank: 41
IDEV Martin Ratio Rank: 48

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.

IEV vs. IDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) and iShares Core MSCI International Developed Markets ETF (IDEV). 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.

	IEV	IDEV	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.61	-0.47
Sortino ratio: Return per unit of downside risk	1.67	2.29	-0.61
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.45	2.08	-0.64
Martin ratio: Return relative to average drawdown	5.29	8.16	-2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEV vs. IDEV - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.14, which is comparable to the IDEV Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of IEV and IDEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEV	IDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.61	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.52	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.55	-0.31

Drawdowns

IEV vs. IDEV - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, which is greater than IDEV's maximum drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for IEV and IDEV.

Drawdown Indicators

	IEV	IDEV	Difference
Max Drawdown Largest peak-to-trough decline	-63.27%	-34.77%	-28.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-11.20%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-13.41%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-29.15%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	—	—
Current Drawdown Current decline from peak	-2.77%	-0.98%	-1.79%
Average Drawdown Average peak-to-trough decline	-15.04%	-6.57%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.85%	+0.51%

Volatility

IEV vs. IDEV - Volatility Comparison

iShares Europe ETF (IEV) has a higher volatility of 5.61% compared to iShares Core MSCI International Developed Markets ETF (IDEV) at 4.60%. This indicates that IEV's price experiences larger fluctuations and is considered to be riskier than IDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEV	IDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	4.60%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	12.10%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	14.51%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	16.26%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	17.27%	+1.39%

IEV vs. IDEV - Expense Ratio Comparison

IEV has a 0.59% expense ratio, which is higher than IDEV's 0.05% expense ratio.

Dividends

IEV vs. IDEV - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.59%, less than IDEV's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDEV iShares Core MSCI International Developed Markets ETF	3.13%	3.40%	3.30%	3.07%	2.69%	3.05%	2.00%	3.18%	3.16%	1.54%	0.00%	0.00%
IEV iShares Europe ETF	2.59%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%

Frequently Asked Questions

Can I hold both IEV and IDEV in my portfolio?

With a correlation of 0.95, IEV and IDEV 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.

Which is riskier, IEV or IDEV?

IEV has higher volatility (5.61%) compared to IDEV (4.60%). In terms of maximum drawdown, IEV dropped -63.27% vs IDEV's -34.77%.

Which ETF is better, IEV or IDEV?

On 5-year performance, IEV leads with 8.55% vs 8.48% for IDEV. On fees, IDEV is cheaper at 0.05% per year. On volatility, IDEV 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, IEV or IDEV?

Over the 5-year period, IEV has performed better with a 8.55% return vs 8.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEV or IDEV?

IDEV is cheaper with a 0.05% expense ratio, compared with 0.59% for IEV.

Which ETF pays a higher dividend yield, IEV or IDEV?

IDEV has the higher dividend yield at 3.13%, compared with 2.59% for IEV.

What is the main difference between IEV and IDEV?

IEV is categorized as Europe Equities, while IDEV is Foreign Large Cap Equities. IEV tracks S&P Europe 350 Index, while IDEV tracks MSCI World ex USA Investable Market Index. Their fees differ too: 0.59% for IEV and 0.05% for IDEV.

Which has better risk-adjusted returns?

IDEV currently has the higher Sharpe Ratio (1.61 vs 1.14), 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.