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PABD vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PABD vs. EFAV

Last updated Jun 24, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds from iShares - PABD tracks the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past year, PABD returned 19.72% vs 8.51% for EFAV. A 0.79 correlation means they provide meaningful diversification when combined. PABD charges 0.12%/yr vs 0.20%/yr for EFAV.

Performance

PABD vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PABD achieves a 6.96% return, which is significantly higher than EFAV's 2.67% return.

PABD

1D
-1.88%
1M
0.85%
YTD
6.96%
6M
6.59%
1Y
19.72%
3Y*
—
5Y*
—
10Y*
—

EFAV

1D
-0.18%
1M
-3.17%
YTD
2.67%
6M
2.24%
1Y
8.51%
3Y*
12.53%
5Y*
5.83%
10Y*
6.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PABD vs. EFAV - Yearly Performance Comparison

2026 (YTD)20252024
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		6.96%30.06%5.32%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		2.67%26.00%6.20%

Correlation

The correlation between PABD and EFAV is 0.75, 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

0.75

Correlation (All Time)
Calculated using the full available price history since Jan 19, 2024

0.79

The correlation between PABD and EFAV has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

PABD vs. EFAV - Sectors Allocation Comparison

Sectors
PABD
EFAV

Financial Services

29.8%
19.4%

Industrials

15.7%
15.9%

Technology

14.5%
4.6%

Healthcare

11.4%
12.0%

Real Estate

6.1%
3.0%

Basic Materials

5.0%
1.5%

Consumer Cyclical

4.7%
5.0%

Consumer Defensive

4.7%
11.9%

Utilities

4.4%
8.8%

Communication Services

3.1%
9.6%

Energy

0.2%
8.3%

Financial Services

PABD
29.8%
EFAV
19.4%

Industrials

PABD
15.7%
EFAV
15.9%

Technology

PABD
14.5%
EFAV
4.6%

Healthcare

PABD
11.4%
EFAV
12.0%

Real Estate

PABD
6.1%
EFAV
3.0%

Basic Materials

PABD
5.0%
EFAV
1.5%

Consumer Cyclical

PABD
4.7%
EFAV
5.0%

Consumer Defensive

PABD
4.7%
EFAV
11.9%

Utilities

PABD
4.4%
EFAV
8.8%

Communication Services

PABD
3.1%
EFAV
9.6%

Energy

PABD
0.2%
EFAV
8.3%

Compare stocks, funds, or ETFs

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iShares Paris-Aligned Climate MSCI World Ex USA ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with PABD:
PABD vs. ESMVPABD vs. CVIEPABD vs. DMXFPABD vs. VOOPABD vs. CHPSPABD vs. ESGDPABD vs. BBEU
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

PABD vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PABD
PABD Risk / Return Rank: 3636
Overall Rank
PABD Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
PABD Sortino Ratio Rank: 3737
Sortino Ratio Rank
PABD Omega Ratio Rank: 3636
Omega Ratio Rank
PABD Calmar Ratio Rank: 3333
Calmar Ratio Rank
PABD Martin Ratio Rank: 4040
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2424
Overall Rank
EFAV Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2222
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2222
Omega Ratio Rank
EFAV Calmar Ratio Rank: 2727
Calmar Ratio Rank
EFAV Martin Ratio Rank: 2626
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.

PABD vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

PABDEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.24
0.81

+0.43

Sortino ratioReturn per unit of downside risk
1.81
1.19

+0.62

Omega ratioGain probability vs. loss probability

1.22

1.15

+0.07

Calmar ratioReturn relative to maximum drawdown

1.58

1.28

+0.30

Martin ratioReturn relative to average drawdown

5.90

3.26

+2.63

PABD vs. EFAV - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.24, which is higher than the EFAV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PABD and EFAV, 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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Drawdowns

PABD vs. EFAV - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum EFAV drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for PABD and EFAV.

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Drawdown Indicators

PABDEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-13.37%

-27.56%

+14.19%

Max Drawdown (1Y)

Largest decline over 1 year

-12.55%

-6.66%

-5.89%

Max Drawdown (3Y)

Largest decline over 3 years

—

-8.75%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.46%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.56%

—

Current Drawdown

Current decline from peak

-1.88%

-6.66%

+4.78%

Average Drawdown

Average peak-to-trough decline

-2.61%

-4.77%

+2.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.61%

+0.74%

Volatility

PABD vs. EFAV - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a higher volatility of 5.21% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.10%. This indicates that PABD's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PABDEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

3.10%

+2.11%

Volatility (6M)

Calculated over the trailing 6-month period

13.67%

8.53%

+5.14%

Volatility (1Y)

Calculated over the trailing 1-year period

16.03%

10.57%

+5.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

11.82%

+3.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

13.06%

+2.60%

PABD vs. EFAV - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is lower than EFAV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PABD vs. EFAV - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 3.05%, less than EFAV's 3.29% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.29%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		3.05%2.74%2.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PABD and EFAV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PABD has higher volatility (5.21%) compared to EFAV (3.10%). In terms of maximum drawdown, PABD dropped -13.37% vs EFAV's -27.56%.

On 1-year performance, PABD leads with 19.72% vs 8.51% for EFAV. On fees, PABD is cheaper at 0.12% per year. On volatility, EFAV has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, PABD has performed better with a 19.72% return vs 8.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PABD is cheaper with a 0.12% expense ratio, compared with 0.20% for EFAV.

EFAV has the higher dividend yield at 3.29%, compared with 3.05% for PABD.

PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.12% for PABD and 0.20% for EFAV.

PABD currently has the higher Sharpe Ratio (1.24 vs 0.81), 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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