IEV vs. MAIIX
IEV (iShares Europe ETF) and MAIIX (iShares MSCI EAFE International Index Fund) are both funds - IEV is a Europe Equities fund tracking the S&P Europe 350 Index, while MAIIX is a Foreign Large Cap Equities fund managed by BlackRock. Over the past 10 years, IEV returned 9.15%/yr vs 9.27%/yr for MAIIX. Their correlation of 0.90 suggests significant overlap in exposure. IEV charges 0.59%/yr vs 0.09%/yr for MAIIX.
Performance
IEV vs. MAIIX - Performance Comparison
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Returns By Period
In the year-to-date period, IEV achieves a 6.59% return, which is significantly lower than MAIIX's 8.73% return. Both investments have delivered pretty close results over the past 10 years, with IEV having a 9.15% annualized return and MAIIX not far ahead at 9.27%.
IEV
- 1D
- 1.15%
- 1M
- 2.48%
- YTD
- 6.59%
- 6M
- 9.69%
- 1Y
- 18.09%
- 3Y*
- 16.65%
- 5Y*
- 8.80%
- 10Y*
- 9.15%
MAIIX
- 1D
- -0.85%
- 1M
- 2.09%
- YTD
- 8.73%
- 6M
- 10.84%
- 1Y
- 20.85%
- 3Y*
- 16.83%
- 5Y*
- 8.50%
- 10Y*
- 9.27%
IEV vs. MAIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEV iShares Europe ETF | 6.59% | 35.63% | 1.36% | 20.14% | -14.24% | 16.73% | 4.07% | 24.03% | -14.68% | 24.84% |
MAIIX iShares MSCI EAFE International Index Fund | 8.73% | 31.62% | 3.65% | 18.35% | -14.15% | 11.25% | 8.03% | 21.82% | -13.43% | 25.24% |
Correlation
The correlation between IEV and MAIIX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| 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 (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2000 | 0.90 |
The correlation between IEV and MAIIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
IEV vs. MAIIX — Risk / Return Rank
IEV
MAIIX
IEV vs. MAIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) and iShares MSCI EAFE International Index Fund (MAIIX). 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 | MAIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.90 | -0.42 |
| Martin ratioReturn relative to average drawdown | 5.40 | 7.11 | -1.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEV | MAIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 1.42 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.53 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.56 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.31 | -0.08 |
Drawdowns
IEV vs. MAIIX - Drawdown Comparison
The maximum IEV drawdown since its inception was -63.27%, roughly equal to the maximum MAIIX drawdown of -61.05%. Use the drawdown chart below to compare losses from any high point for IEV and MAIIX.
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Drawdown Indicators
| IEV | MAIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.27% | -61.05% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -12.31% | -11.31% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -13.68% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | -29.31% | -1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | -34.01% | -2.61% |
Current DrawdownCurrent decline from peak | -1.65% | -1.22% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -15.04% | -15.34% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 3.02% | +0.34% |
Volatility
IEV vs. MAIIX - Volatility Comparison
iShares Europe ETF (IEV) has a higher volatility of 5.56% compared to iShares MSCI EAFE International Index Fund (MAIIX) at 4.64%. This indicates that IEV's price experiences larger fluctuations and is considered to be riskier than MAIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEV | MAIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 4.64% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 12.99% | 12.29% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.62% | 15.10% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.58% | 16.14% | +1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 16.65% | +2.01% |
IEV vs. MAIIX - Expense Ratio Comparison
IEV has a 0.59% expense ratio, which is higher than MAIIX's 0.09% expense ratio.
Dividends
IEV vs. MAIIX - Dividend Comparison
IEV's dividend yield for the trailing twelve months is around 2.56%, less than MAIIX's 3.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEV iShares Europe ETF | 2.56% | 2.73% | 3.10% | 2.77% | 3.06% | 2.81% | 1.76% | 3.06% | 3.43% | 2.39% | 3.08% | 2.81% |
MAIIX iShares MSCI EAFE International Index Fund | 3.41% | 3.71% | 3.38% | 3.16% | 2.76% | 3.00% | 1.94% | 3.29% | 4.53% | 2.42% | 2.81% | 2.40% |
Frequently Asked Questions
With a correlation of 0.95, IEV and MAIIX 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.
IEV has higher volatility (5.56%) compared to MAIIX (4.64%). In terms of maximum drawdown, IEV dropped -63.27% vs MAIIX's -61.05%.
MAIIX currently has the higher Sharpe Ratio (1.42 vs 1.16), 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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