MAIIX vs. IEV
MAIIX (iShares MSCI EAFE International Index Fund) and IEV (iShares Europe ETF) are both funds - MAIIX is a Foreign Large Cap Equities fund managed by BlackRock, while IEV is a Europe Equities fund tracking the S&P Europe 350 Index. Over the past 10 years, MAIIX returned 9.36%/yr vs 9.06%/yr for IEV. Their correlation of 0.90 suggests significant overlap in exposure. MAIIX charges 0.09%/yr vs 0.59%/yr for IEV.
Performance
MAIIX vs. IEV - Performance Comparison
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Returns By Period
In the year-to-date period, MAIIX achieves a 9.66% return, which is significantly higher than IEV's 5.38% return. Both investments have delivered pretty close results over the past 10 years, with MAIIX having a 9.36% annualized return and IEV not far behind at 9.06%.
MAIIX
- 1D
- 0.38%
- 1M
- 4.17%
- YTD
- 9.66%
- 6M
- 12.02%
- 1Y
- 22.42%
- 3Y*
- 17.16%
- 5Y*
- 8.87%
- 10Y*
- 9.36%
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%
MAIIX vs. IEV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MAIIX iShares MSCI EAFE International Index Fund | 9.66% | 31.62% | 3.65% | 18.35% | -14.15% | 11.25% | 8.03% | 21.82% | -13.43% | 25.24% |
IEV iShares Europe ETF | 5.38% | 35.63% | 1.36% | 20.14% | -14.24% | 16.73% | 4.07% | 24.03% | -14.68% | 24.84% |
Correlation
The correlation between MAIIX and IEV 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 MAIIX and IEV has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
MAIIX vs. IEV — Risk / Return Rank
MAIIX
IEV
MAIIX vs. IEV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (MAIIX) and iShares Europe ETF (IEV). 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.
| MAIIX | IEV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.45 | +0.46 |
| Martin ratioReturn relative to average drawdown | 7.14 | 5.29 | +1.86 |
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
| MAIIX | IEV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 1.14 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.49 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.49 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.23 | +0.08 |
Drawdowns
MAIIX vs. IEV - Drawdown Comparison
The maximum MAIIX drawdown since its inception was -61.05%, roughly equal to the maximum IEV drawdown of -63.27%. Use the drawdown chart below to compare losses from any high point for MAIIX and IEV.
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Drawdown Indicators
| MAIIX | IEV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.05% | -63.27% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -11.31% | -12.31% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -13.68% | -14.63% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -30.60% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -34.01% | -36.62% | +2.61% |
Current DrawdownCurrent decline from peak | -0.38% | -2.77% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -15.34% | -15.04% | -0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.36% | -0.34% |
Volatility
MAIIX vs. IEV - Volatility Comparison
The current volatility for iShares MSCI EAFE International Index Fund (MAIIX) is 4.72%, while iShares Europe ETF (IEV) has a volatility of 5.61%. This indicates that MAIIX experiences smaller price fluctuations and is considered to be less risky than IEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAIIX | IEV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 5.61% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 12.95% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.11% | 15.62% | -0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 17.57% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.65% | 18.66% | -2.01% |
MAIIX vs. IEV - Expense Ratio Comparison
MAIIX has a 0.09% expense ratio, which is lower than IEV's 0.59% expense ratio.
Dividends
MAIIX vs. IEV - Dividend Comparison
MAIIX's dividend yield for the trailing twelve months is around 3.38%, more than IEV's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MAIIX iShares MSCI EAFE International Index Fund | 3.38% | 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, MAIIX and IEV 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 (5.61%) compared to MAIIX (4.72%). In terms of maximum drawdown, MAIIX dropped -61.05% vs IEV's -63.27%.
MAIIX currently has the higher Sharpe Ratio (1.43 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.
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