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IJR vs. EFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJR vs. EFA

Last updated Aug 2, 2026
Documentation

IJR (iShares Core S&P Small-Cap ETF) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, IJR returned 10.86%/yr vs 9.47%/yr for EFA. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IJR charges 0.06%/yr vs 0.32%/yr for EFA.

Performance

IJR vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJR achieves a 21.59% return, which is significantly higher than EFA's 11.69% return. Over the past 10 years, IJR has outperformed EFA with an annualized return of 10.86%, while EFA has yielded a comparatively lower 9.47% annualized return.

IJR

1D
-0.03%
1M
-0.70%
6M
15.04%
YTD
21.59%
1Y
35.87%
3Y*
13.39%
5Y*
7.39%
10Y*
10.86%
ALL TIME*
10.14%

EFA

1D
-0.62%
1M
1.16%
6M
6.46%
YTD
11.69%
1Y
25.09%
3Y*
16.41%
5Y*
9.23%
10Y*
9.47%
ALL TIME*
6.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFA

iShares MSCI EAFE ETF
$1.24B$1.12B$1.39B

IJR

iShares Core S&P Small-Cap ETF
$499.82M$465.35M$539.29M

IJR vs. EFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJR
iShares Core S&P Small-Cap ETF		21.59%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%
EFA
iShares MSCI EAFE ETF		11.69%31.55%3.49%18.36%-14.39%11.45%7.60%22.04%-13.82%25.07%

Correlation

The correlation between IJR and EFA is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.68

Correlation (3Y)
Balances recent behavior with more history.

0.68

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.70

Correlation (All Time)
Calculated using the full available price history since Aug 17, 2001

0.72

The correlation between IJR and EFA has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

IJR vs. EFA - Sectors Allocation Comparison

Sectors
IJR
EFA

Financial Services

17.0%
26.4%

Industrials

15.6%
18.9%

Technology

15.5%
11.7%

Consumer Cyclical

13.2%
7.0%

Healthcare

12.4%
10.4%

Real Estate

7.6%
1.7%

Energy

4.9%
3.7%

Basic Materials

4.7%
5.9%

Consumer Defensive

4.2%
6.6%

Communication Services

3.2%
3.4%

Utilities

1.8%
3.6%

Financial Services

IJR
17.0%
EFA
26.4%

Industrials

IJR
15.6%
EFA
18.9%

Technology

IJR
15.5%
EFA
11.7%

Consumer Cyclical

IJR
13.2%
EFA
7.0%

Healthcare

IJR
12.4%
EFA
10.4%

Real Estate

IJR
7.6%
EFA
1.7%

Energy

IJR
4.9%
EFA
3.7%

Basic Materials

IJR
4.7%
EFA
5.9%

Consumer Defensive

IJR
4.2%
EFA
6.6%

Communication Services

IJR
3.2%
EFA
3.4%

Utilities

IJR
1.8%
EFA
3.6%

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 S&P Small-Cap ETF

iShares MSCI EAFE ETF

Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR
Often compared with EFA:
EFA vs. IEFAEFA vs. VEAEFA vs. EFGEFA vs. XEF.TOEFA vs. EFAVEFA vs. EFOEFA vs. IEUR

Return for Risk

IJR vs. EFA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IJR
IJR Risk / Return Rank: 8686
Overall Rank
IJR Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 8686
Sortino Ratio Rank
IJR Omega Ratio Rank: 8181
Omega Ratio Rank
IJR Calmar Ratio Rank: 9191
Calmar Ratio Rank
IJR Martin Ratio Rank: 8888
Martin Ratio Rank
EFA
EFA Risk / Return Rank: 6868
Overall Rank
EFA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFA Sortino Ratio Rank: 7070
Sortino Ratio Rank
EFA Omega Ratio Rank: 6868
Omega Ratio Rank
EFA Calmar Ratio Rank: 6363
Calmar Ratio Rank
EFA Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IJR vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) and iShares MSCI EAFE ETF (EFA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IJREFADifference
Sharpe ratioReturn per unit of total volatility
1.95
1.58

+0.37

Sortino ratioReturn per unit of downside risk
2.87
2.26

+0.61

Omega ratioGain probability vs. loss probability

1.34

1.28

+0.06

Calmar ratioReturn relative to maximum drawdown

3.89

2.18

+1.71

Martin ratioReturn relative to average drawdown

13.29

8.23

+5.06

IJR vs. EFA - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 1.95, which is comparable to the EFA Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of IJR and EFA, 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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Drawdowns

IJR vs. EFA - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, roughly equal to the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for IJR and EFA.

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Drawdown Indicators

IJREFADifference

Max Drawdown

Largest peak-to-trough decline

-58.15%

-61.04%

+2.89%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-11.42%

+2.74%

Max Drawdown (3Y)

Largest decline over 3 years

-28.02%

-14.05%

-13.97%

Max Drawdown (5Y)

Largest decline over 5 years

-28.02%

-29.53%

+1.51%

Max Drawdown (10Y)

Largest decline over 10 years

-44.36%

-34.19%

-10.17%

Current Drawdown

Current decline from peak

-1.92%

-0.62%

-1.30%

Average Drawdown

Average peak-to-trough decline

-9.23%

-11.86%

+2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

3.02%

-0.48%

Volatility

IJR vs. EFA - Volatility Comparison

The current volatility for iShares Core S&P Small-Cap ETF (IJR) is 3.40%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.69%. This indicates that IJR experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJREFADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.40%

4.69%

-1.29%

Volatility (6M)

Calculated over the trailing 6-month period

11.62%

13.71%

-2.09%

Volatility (1Y)

Calculated over the trailing 1-year period

17.33%

15.79%

+1.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.25%

16.62%

+4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.85%

17.00%

+5.85%

IJR vs. EFA - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is lower than EFA's 0.32% expense ratio.

Dividends

IJR vs. EFA - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.13%, less than EFA's 3.19% yield.

PositionTTM20252024202320222021202020192018201720162015
EFA
iShares MSCI EAFE ETF		3.19%3.38%3.24%2.98%2.69%3.33%2.13%3.10%3.39%2.57%3.07%2.76%
IJR
iShares Core S&P Small-Cap ETF		1.13%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%

Frequently Asked Questions

IJR and EFA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFA has higher volatility (4.69%) compared to IJR (3.40%). In terms of maximum drawdown, IJR dropped -58.15% vs EFA's -61.04%.

On 10-year performance, IJR leads with 10.86% vs 9.47% for EFA. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJR has performed better with a 10.86% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.32% for EFA.

EFA has the higher dividend yield at 3.19%, compared with 1.13% for IJR.

IJR is categorized as Small Cap Blend Equities, while EFA is Foreign Large Cap Equities. IJR tracks S&P SmallCap 600 Index, while EFA tracks MSCI EAFE Index (Net). Their fees differ too: 0.06% for IJR and 0.32% for EFA.

IJR currently has the higher Sharpe Ratio (1.95 vs 1.58), 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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