MFDX vs. IDEV

Last updated Jun 4, 2026

MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and IDEV (iShares Core MSCI International Developed Markets ETF) are both Foreign Large Cap Equities funds - MFDX tracks the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index while IDEV tracks the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 5 years, MFDX returned 9.92%/yr vs 8.48%/yr for IDEV. With a 0.97 correlation, they move nearly in lockstep. MFDX charges 0.39%/yr vs 0.05%/yr for IDEV.

Performance

MFDX vs. IDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and iShares Core MSCI International Developed Markets ETF (IDEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFDX achieves a 9.73% return, which is significantly higher than IDEV's 8.92% return.

MFDX

• 1D: -0.55%
• 1M: 2.31%
• YTD: 9.73%
• 6M: 12.33%
• 1Y: 23.13%
• 3Y*: 18.62%
• 5Y*: 9.92%
• 10Y*: —

IDEV

• 1D: -0.90%
• 1M: 3.23%
• YTD: 8.92%
• 6M: 11.57%
• 1Y: 23.20%
• 3Y*: 17.40%
• 5Y*: 8.48%
• 10Y*: —

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

MFDX vs. IDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.73%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%
IDEV iShares Core MSCI International Developed Markets ETF	8.92%	32.56%	4.54%	17.36%	-14.99%	13.00%	8.32%	23.12%	-14.10%	6.02%

Correlation

The correlation between MFDX and IDEV is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.97

The correlation between MFDX and IDEV has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

MFDX vs. IDEV - Sectors Allocation Comparison

Sectors	MFDX	IDEV
Industrials	19.9%	19.1%
Financial Services	16.4%	24.2%
Basic Materials	10.8%	8.0%
Consumer Cyclical	8.6%	7.7%
Consumer Defensive	8.0%	6.0%
Technology	7.1%	9.9%
Communication Services	7.0%	4.0%
Energy	6.8%	5.9%
Utilities	6.4%	3.7%
Healthcare	6.0%	8.6%
Real Estate	3.0%	2.9%

Return for Risk

MFDX vs. IDEV — Risk / Return Rank

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

MFDX

MFDX Risk / Return Rank: 48
MFDX Sharpe Ratio Rank: 48
MFDX Sortino Ratio Rank: 48
MFDX Omega Ratio Rank: 48
MFDX Calmar Ratio Rank: 44
MFDX Martin Ratio Rank: 51

IDEV

IDEV Risk / Return Rank: 45
IDEV Sharpe Ratio Rank: 45
IDEV Sortino Ratio Rank: 45
IDEV Omega Ratio Rank: 44
IDEV Calmar Ratio Rank: 41
IDEV Martin Ratio Rank: 48

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.

MFDX vs. IDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and iShares Core MSCI International Developed Markets ETF (IDEV). 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.

	MFDX	IDEV	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.61	+0.09
Sortino ratio: Return per unit of downside risk	2.38	2.29	+0.09
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.18	2.08	+0.10
Martin ratio: Return relative to average drawdown	8.66	8.16	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFDX vs. IDEV - Sharpe Ratio Comparison

The current MFDX Sharpe Ratio is 1.70, which is comparable to the IDEV Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MFDX and IDEV, 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

	MFDX	IDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.61	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.52	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.55	0.00

Drawdowns

MFDX vs. IDEV - Drawdown Comparison

The maximum MFDX drawdown since its inception was -36.05%, roughly equal to the maximum IDEV drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for MFDX and IDEV.

Drawdown Indicators

	MFDX	IDEV	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-34.77%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-11.20%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-13.41%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-29.15%	+3.57%
Current Drawdown Current decline from peak	-1.84%	-0.98%	-0.86%
Average Drawdown Average peak-to-trough decline	-6.50%	-6.57%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.85%	-0.17%

Volatility

MFDX vs. IDEV - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and iShares Core MSCI International Developed Markets ETF (IDEV) have volatilities of 4.45% and 4.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFDX	IDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.60%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	12.10%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	14.51%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	16.26%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	17.27%	-0.86%

MFDX vs. IDEV - Expense Ratio Comparison

MFDX has a 0.39% expense ratio, which is higher than IDEV's 0.05% expense ratio.

Dividends

MFDX vs. IDEV - Dividend Comparison

MFDX's dividend yield for the trailing twelve months is around 2.79%, less than IDEV's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IDEV iShares Core MSCI International Developed Markets ETF	3.13%	3.40%	3.30%	3.07%	2.69%	3.05%	2.00%	3.18%	3.16%	1.54%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.79%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%

Frequently Asked Questions

Can I hold both MFDX and IDEV in my portfolio?

With a correlation of 0.96, MFDX and IDEV 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.

Which is riskier, MFDX or IDEV?

IDEV has higher volatility (4.60%) compared to MFDX (4.45%). In terms of maximum drawdown, MFDX dropped -36.05% vs IDEV's -34.77%.

Which ETF is better, MFDX or IDEV?

On 5-year performance, MFDX leads with 9.92% vs 8.48% for IDEV. On fees, IDEV is cheaper at 0.05% per year. On volatility, MFDX has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFDX or IDEV?

Over the 5-year period, MFDX has performed better with a 9.92% return vs 8.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFDX or IDEV?

IDEV is cheaper with a 0.05% expense ratio, compared with 0.39% for MFDX.

Which ETF pays a higher dividend yield, MFDX or IDEV?

IDEV has the higher dividend yield at 3.13%, compared with 2.79% for MFDX.

What is the main difference between MFDX and IDEV?

MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while IDEV tracks MSCI World ex USA Investable Market Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MFDX and 0.05% for IDEV.

Which has better risk-adjusted returns?

MFDX currently has the higher Sharpe Ratio (1.70 vs 1.61), 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.