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MDIIX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MDIIX vs. SPY

Last updated Jun 4, 2026

MDIIX (iShares MSCI EAFE International Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MDIIX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MDIIX returned 9.08%/yr vs 15.49%/yr for SPY. A 0.66 correlation means they provide meaningful diversification when combined. MDIIX charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

MDIIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE International Index Fund (MDIIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MDIIX achieves a 9.48% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, MDIIX has underperformed SPY with an annualized return of 9.08%, while SPY has yielded a comparatively higher 15.49% annualized return.

MDIIX

1D
0.33%
1M
4.11%
YTD
9.48%
6M
11.87%
1Y
22.11%
3Y*
16.86%
5Y*
8.60%
10Y*
9.08%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MDIIX vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MDIIX
iShares MSCI EAFE International Index Fund		9.48%31.36%3.36%18.04%-14.33%10.98%7.68%21.55%-13.62%24.84%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between MDIIX and SPY is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Apr 9, 1997

0.66

The correlation between MDIIX and SPY shifts across timeframes, from 0.66 (all time) to 0.77 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares MSCI EAFE International Index Fund

State Street SPDR S&P 500 ETF

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Often compared with SPY:
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Return for Risk

MDIIX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MDIIX
MDIIX Risk / Return Rank: 2626
Overall Rank
MDIIX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
MDIIX Sortino Ratio Rank: 2424
Sortino Ratio Rank
MDIIX Omega Ratio Rank: 2424
Omega Ratio Rank
MDIIX Calmar Ratio Rank: 2626
Calmar Ratio Rank
MDIIX Martin Ratio Rank: 3030
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (MDIIX) and State Street SPDR S&P 500 ETF (SPY). 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.

MDIIXSPYDifference
Sharpe ratioReturn per unit of total volatility
1.41
2.38

-0.96

Sortino ratioReturn per unit of downside risk
2.03
3.24

-1.20

Omega ratioGain probability vs. loss probability

1.26

1.43

-0.18

Calmar ratioReturn relative to maximum drawdown

1.88

3.16

-1.29

Martin ratioReturn relative to average drawdown

7.01

14.72

-7.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDIIX vs. SPY - Sharpe Ratio Comparison

The current MDIIX Sharpe Ratio is 1.41, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MDIIX and SPY, 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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Sharpe Ratios by Period

MDIIXSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.41

2.38

-0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.82

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.87

-0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.59

-0.29

Drawdowns

MDIIX vs. SPY - Drawdown Comparison

The maximum MDIIX drawdown since its inception was -61.26%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MDIIX and SPY.

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Drawdown Indicators

MDIIXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-61.26%

-55.19%

-6.07%

Max Drawdown (1Y)

Largest decline over 1 year

-11.32%

-8.88%

-2.44%

Max Drawdown (3Y)

Largest decline over 3 years

-13.67%

-18.76%

+5.09%

Max Drawdown (5Y)

Largest decline over 5 years

-29.43%

-24.50%

-4.93%

Max Drawdown (10Y)

Largest decline over 10 years

-34.34%

-33.72%

-0.62%

Current Drawdown

Current decline from peak

-0.47%

-0.70%

+0.23%

Average Drawdown

Average peak-to-trough decline

-15.57%

-9.05%

-6.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

1.91%

+1.12%

Volatility

MDIIX vs. SPY - Volatility Comparison

iShares MSCI EAFE International Index Fund (MDIIX) has a higher volatility of 4.67% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that MDIIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MDIIXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.67%

2.84%

+1.83%

Volatility (6M)

Calculated over the trailing 6-month period

12.20%

8.90%

+3.30%

Volatility (1Y)

Calculated over the trailing 1-year period

15.06%

11.83%

+3.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.17%

17.05%

-0.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.65%

17.94%

-1.29%

MDIIX vs. SPY - Expense Ratio Comparison

MDIIX has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MDIIX vs. SPY - Dividend Comparison

MDIIX's dividend yield for the trailing twelve months is around 3.19%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
MDIIX
iShares MSCI EAFE International Index Fund		3.19%3.49%3.15%2.94%2.52%2.78%1.72%3.05%4.24%2.21%2.60%1.94%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

MDIIX and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MDIIX has higher volatility (4.67%) compared to SPY (2.84%). In terms of maximum drawdown, MDIIX dropped -61.26% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.38 vs 1.41), 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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