MFDX vs. IGRO

Last updated Jun 12, 2026

MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and IGRO (iShares International Dividend Growth ETF) are both Foreign Large Cap Equities funds - MFDX tracks the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index while IGRO tracks the Morningstar Global ex-US Dividend Growth Index (Net). Both are passively managed. Over the past 5 years, MFDX returned 9.94%/yr vs 7.64%/yr for IGRO. Their correlation of 0.87 suggests significant overlap in exposure. MFDX charges 0.39%/yr vs 0.15%/yr for IGRO.

Performance

MFDX vs. IGRO - 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 International Dividend Growth ETF (IGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFDX achieves a 9.89% return, which is significantly higher than IGRO's 7.54% return.

MFDX

• 1D: 2.81%
• 1M: -0.56%
• YTD: 9.89%
• 6M: 11.08%
• 1Y: 22.69%
• 3Y*: 18.33%
• 5Y*: 9.94%
• 10Y*: —

IGRO

• 1D: 1.87%
• 1M: 0.86%
• YTD: 7.54%
• 6M: 8.84%
• 1Y: 14.71%
• 3Y*: 15.67%
• 5Y*: 7.64%
• 10Y*: 9.06%

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

MFDX vs. IGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.89%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.07%
IGRO iShares International Dividend Growth ETF	7.54%	25.03%	7.78%	15.38%	-12.72%	9.94%	7.71%	26.13%	-14.86%	7.88%

Correlation

The correlation between MFDX and IGRO is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017	0.87

The correlation between MFDX and IGRO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

MFDX vs. IGRO - Sectors Allocation Comparison

Sectors	MFDX	IGRO
Industrials	19.9%	14.8%
Financial Services	16.4%	32.0%
Basic Materials	10.8%	3.6%
Consumer Cyclical	8.6%	6.7%
Consumer Defensive	8.0%	10.1%
Technology	7.1%	7.8%
Communication Services	7.0%	1.9%
Energy	6.8%	2.6%
Utilities	6.4%	7.3%
Healthcare	6.0%	12.6%
Real Estate	3.0%	0.6%

Return for Risk

MFDX vs. IGRO — Risk / Return Rank

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

MFDX

MFDX Risk / Return Rank: 55
MFDX Sharpe Ratio Rank: 57
MFDX Sortino Ratio Rank: 56
MFDX Omega Ratio Rank: 56
MFDX Calmar Ratio Rank: 51
MFDX Martin Ratio Rank: 57

IGRO

IGRO Risk / Return Rank: 39
IGRO Sharpe Ratio Rank: 39
IGRO Sortino Ratio Rank: 39
IGRO Omega Ratio Rank: 39
IGRO Calmar Ratio Rank: 36
IGRO Martin Ratio Rank: 41

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. IGRO - 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 International Dividend Growth ETF (IGRO). 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.

	MFDX	IGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.16	+0.44
Sortino ratio: Return per unit of downside risk	2.26	1.70	+0.56
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.14	1.48	+0.66
Martin ratio: Return relative to average drawdown	8.36	5.45	+2.91

MFDX vs. IGRO - Sharpe Ratio Comparison

The current MFDX Sharpe Ratio is 1.60, which is higher than the IGRO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of MFDX and IGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MFDX vs. IGRO - Drawdown Comparison

The maximum MFDX drawdown since its inception was -36.05%, roughly equal to the maximum IGRO drawdown of -36.25%. Use the drawdown chart below to compare losses from any high point for MFDX and IGRO.

Drawdown Indicators

	MFDX	IGRO	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-36.25%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-10.00%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-11.13%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-26.04%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.25%	—
Current Drawdown Current decline from peak	-1.70%	-1.25%	-0.45%
Average Drawdown Average peak-to-trough decline	-6.49%	-5.67%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.70%	+0.02%

Volatility

MFDX vs. IGRO - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 5.14% compared to iShares International Dividend Growth ETF (IGRO) at 3.59%. This indicates that MFDX's price experiences larger fluctuations and is considered to be riskier than IGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFDX	IGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	3.59%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	10.67%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.23%	12.71%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	13.95%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	16.86%	-0.42%

MFDX vs. IGRO - Expense Ratio Comparison

MFDX has a 0.39% expense ratio, which is higher than IGRO's 0.15% expense ratio.

Dividends

MFDX vs. IGRO - Dividend Comparison

MFDX's dividend yield for the trailing twelve months is around 2.79%, more than IGRO's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IGRO iShares International Dividend Growth ETF	2.37%	2.51%	2.44%	2.79%	2.69%	2.27%	2.41%	2.65%	2.97%	2.43%	1.18%
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%	0.00%

Frequently Asked Questions

Can I hold both MFDX and IGRO in my portfolio?

With a correlation of 0.91, MFDX and IGRO 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 IGRO?

MFDX has higher volatility (5.14%) compared to IGRO (3.59%). In terms of maximum drawdown, MFDX dropped -36.05% vs IGRO's -36.25%.

Which ETF is better, MFDX or IGRO?

On 5-year performance, MFDX leads with 9.94% vs 7.64% for IGRO. On fees, IGRO is cheaper at 0.15% per year. On volatility, IGRO has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFDX or IGRO?

Over the 5-year period, MFDX has performed better with a 9.94% return vs 7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFDX or IGRO?

IGRO is cheaper with a 0.15% expense ratio, compared with 0.39% for MFDX.

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

MFDX has the higher dividend yield at 2.79%, compared with 2.37% for IGRO.

What is the main difference between MFDX and IGRO?

MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while IGRO tracks Morningstar Global ex-US Dividend Growth Index (Net). They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MFDX and 0.15% for IGRO.

Which has better risk-adjusted returns?

MFDX currently has the higher Sharpe Ratio (1.60 vs 1.16), 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.