QEFA vs. FSPSX

Last updated Jun 4, 2026

QEFA (SPDR MSCI EAFE StrategicFactors ETF) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds - QEFA tracks the MSCI EAFE Factor Mix A-Series (USD) while FSPSX tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, QEFA returned 8.67%/yr vs 9.45%/yr for FSPSX. Their correlation of 0.85 suggests significant overlap in exposure. QEFA charges 0.30%/yr vs 0.04%/yr for FSPSX.

Performance

QEFA vs. FSPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI EAFE StrategicFactors ETF (QEFA) and Fidelity International Index Fund (FSPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEFA achieves a 6.80% return, which is significantly lower than FSPSX's 9.51% return. Over the past 10 years, QEFA has underperformed FSPSX with an annualized return of 8.67%, while FSPSX has yielded a comparatively higher 9.45% annualized return.

QEFA

• 1D: -0.49%
• 1M: 1.69%
• YTD: 6.80%
• 6M: 8.78%
• 1Y: 17.29%
• 3Y*: 14.76%
• 5Y*: 7.62%
• 10Y*: 8.67%

FSPSX

• 1D: 0.41%
• 1M: 4.06%
• YTD: 9.51%
• 6M: 12.14%
• 1Y: 22.52%
• 3Y*: 17.23%
• 5Y*: 8.91%
• 10Y*: 9.45%

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

QEFA vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEFA SPDR MSCI EAFE StrategicFactors ETF	6.80%	29.25%	2.27%	17.40%	-14.03%	12.50%	6.76%	21.91%	-10.39%	24.03%
FSPSX Fidelity International Index Fund	9.51%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between QEFA and FSPSX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.85

The correlation between QEFA and FSPSX shifts across timeframes, from 0.85 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

QEFA vs. FSPSX — Risk / Return Rank

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

QEFA

QEFA Risk / Return Rank: 38
QEFA Sharpe Ratio Rank: 38
QEFA Sortino Ratio Rank: 37
QEFA Omega Ratio Rank: 37
QEFA Calmar Ratio Rank: 36
QEFA Martin Ratio Rank: 40

FSPSX

FSPSX Risk / Return Rank: 27
FSPSX Sharpe Ratio Rank: 27
FSPSX Sortino Ratio Rank: 26
FSPSX Omega Ratio Rank: 26
FSPSX Calmar Ratio Rank: 26
FSPSX Martin Ratio Rank: 31

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.

QEFA vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EAFE StrategicFactors ETF (QEFA) and Fidelity International Index Fund (FSPSX). 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.

	QEFA	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.47	-0.10
Sortino ratio: Return per unit of downside risk	1.94	2.10	-0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.81	1.91	-0.09
Martin ratio: Return relative to average drawdown	6.52	7.16	-0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEFA vs. FSPSX - Sharpe Ratio Comparison

The current QEFA Sharpe Ratio is 1.37, which is comparable to the FSPSX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of QEFA and FSPSX, 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

	QEFA	FSPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.47	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.56	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.57	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.50	-0.07

Drawdowns

QEFA vs. FSPSX - Drawdown Comparison

The maximum QEFA drawdown since its inception was -31.71%, smaller than the maximum FSPSX drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for QEFA and FSPSX.

Drawdown Indicators

	QEFA	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-31.71%	-33.69%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-11.39%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-13.58%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-29.41%	+1.32%
Max Drawdown (10Y) Largest decline over 10 years	-31.71%	-33.69%	+1.98%
Current Drawdown Current decline from peak	-2.93%	-0.45%	-2.48%
Average Drawdown Average peak-to-trough decline	-6.08%	-6.55%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.03%	-0.37%

Volatility

QEFA vs. FSPSX - Volatility Comparison

The current volatility for SPDR MSCI EAFE StrategicFactors ETF (QEFA) is 3.94%, while Fidelity International Index Fund (FSPSX) has a volatility of 4.62%. This indicates that QEFA experiences smaller price fluctuations and is considered to be less risky than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEFA	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	4.62%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	12.04%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	14.80%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	15.98%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	16.56%	-0.53%

QEFA vs. FSPSX - Expense Ratio Comparison

QEFA has a 0.30% expense ratio, which is higher than FSPSX's 0.04% expense ratio.

Dividends

QEFA vs. FSPSX - Dividend Comparison

QEFA's dividend yield for the trailing twelve months is around 2.87%, which matches FSPSX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPSX Fidelity International Index Fund	2.88%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%
QEFA SPDR MSCI EAFE StrategicFactors ETF	2.87%	3.13%	3.17%	2.79%	3.02%	2.37%	1.82%	2.95%	3.22%	2.33%	2.01%	2.94%

Frequently Asked Questions

Can I hold both QEFA and FSPSX in my portfolio?

With a correlation of 0.95, QEFA and FSPSX 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, QEFA or FSPSX?

FSPSX has higher volatility (4.62%) compared to QEFA (3.94%). In terms of maximum drawdown, QEFA dropped -31.71% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSPSX currently has the higher Sharpe Ratio (1.47 vs 1.37), 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.