MDIIX vs. ANDIX

Last updated Jun 3, 2026

MDIIX (iShares MSCI EAFE International Index Fund) and ANDIX (AQR International Defensive Style Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, MDIIX returned 9.05%/yr vs 6.74%/yr for ANDIX. Their correlation of 0.93 suggests significant overlap in exposure. MDIIX charges 0.35%/yr vs 0.55%/yr for ANDIX.

Performance

MDIIX vs. ANDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE International Index Fund (MDIIX) and AQR International Defensive Style Fund (ANDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDIIX achieves a 9.11% return, which is significantly higher than ANDIX's 5.63% return. Over the past 10 years, MDIIX has outperformed ANDIX with an annualized return of 9.05%, while ANDIX has yielded a comparatively lower 6.74% annualized return.

MDIIX

• 1D: -0.29%
• 1M: 2.60%
• YTD: 9.11%
• 6M: 12.08%
• 1Y: 20.75%
• 3Y*: 16.73%
• 5Y*: 8.42%
• 10Y*: 9.05%

ANDIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.63%
• 6M: 7.43%
• 1Y: 8.41%
• 3Y*: 9.88%
• 5Y*: 5.57%
• 10Y*: 6.74%

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

MDIIX vs. ANDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDIIX iShares MSCI EAFE International Index Fund	9.11%	31.36%	3.36%	18.04%	-14.33%	10.98%	7.68%	21.55%	-13.62%	24.84%
ANDIX AQR International Defensive Style Fund	5.63%	21.41%	2.83%	12.06%	-14.26%	7.59%	8.43%	18.39%	-10.35%	22.86%

Correlation

The correlation between MDIIX and ANDIX is 0.84, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 10, 2012	0.93

The correlation between MDIIX and ANDIX has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

Return for Risk

MDIIX vs. ANDIX — Risk / Return Rank

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

MDIIX

MDIIX Risk / Return Rank: 27
MDIIX Sharpe Ratio Rank: 26
MDIIX Sortino Ratio Rank: 25
MDIIX Omega Ratio Rank: 26
MDIIX Calmar Ratio Rank: 27
MDIIX Martin Ratio Rank: 32

ANDIX

ANDIX Risk / Return Rank: 15
ANDIX Sharpe Ratio Rank: 14
ANDIX Sortino Ratio Rank: 14
ANDIX Omega Ratio Rank: 14
ANDIX Calmar Ratio Rank: 16
ANDIX Martin Ratio Rank: 18

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.

MDIIX vs. ANDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (MDIIX) and AQR International Defensive Style Fund (ANDIX). 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.

	MDIIX	ANDIX	Difference
Sharpe ratio Return per unit of total volatility	1.47	1.06	+0.41
Sortino ratio Return per unit of downside risk	2.11	1.54	+0.57
Omega ratio Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio Return relative to maximum drawdown	1.97	1.44	+0.53
Martin ratio Return relative to average drawdown	7.38	5.08	+2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDIIX vs. ANDIX - Sharpe Ratio Comparison

The current MDIIX Sharpe Ratio is 1.47, which is higher than the ANDIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of MDIIX and ANDIX, 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

	MDIIX	ANDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.06	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.44	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.50	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.52	-0.22

Drawdowns

MDIIX vs. ANDIX - Drawdown Comparison

The maximum MDIIX drawdown since its inception was -61.26%, which is greater than ANDIX's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for MDIIX and ANDIX.

Drawdown Indicators

	MDIIX	ANDIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.26%	-27.59%	-33.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.32%	-8.76%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.67%	-9.59%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.43%	-27.59%	-1.84%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-27.59%	-6.75%
Current Drawdown Current decline from peak	-0.80%	-2.91%	+2.11%
Average Drawdown Average peak-to-trough decline	-15.57%	-5.31%	-10.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.49%	+0.54%

Volatility

MDIIX vs. ANDIX - Volatility Comparison

iShares MSCI EAFE International Index Fund (MDIIX) has a higher volatility of 4.70% compared to AQR International Defensive Style Fund (ANDIX) at 3.89%. This indicates that MDIIX's price experiences larger fluctuations and is considered to be riskier than ANDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDIIX	ANDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.89%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.21%	8.95%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.09%	11.01%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	12.84%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	13.46%	+3.19%

MDIIX vs. ANDIX - Expense Ratio Comparison

MDIIX has a 0.35% expense ratio, which is lower than ANDIX's 0.55% expense ratio.

Dividends

MDIIX vs. ANDIX - Dividend Comparison

MDIIX's dividend yield for the trailing twelve months is around 3.20%, less than ANDIX's 70.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANDIX AQR International Defensive Style Fund	70.16%	4.74%	2.29%	3.02%	2.00%	2.53%	1.73%	2.51%	2.40%	3.30%	1.47%	2.09%
MDIIX iShares MSCI EAFE International Index Fund	3.20%	3.49%	3.15%	2.94%	2.52%	2.78%	1.72%	3.05%	4.24%	2.21%	2.60%	1.94%

Frequently Asked Questions

Can I hold both MDIIX and ANDIX in my portfolio?

MDIIX and ANDIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDIIX or ANDIX?

MDIIX has higher volatility (4.70%) compared to ANDIX (3.89%). In terms of maximum drawdown, MDIIX dropped -61.26% vs ANDIX's -27.59%.

Which has better risk-adjusted returns?

MDIIX currently has the higher Sharpe Ratio (1.47 vs 1.06), 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.