REFA vs. BKIE

Last updated Jul 4, 2026

REFA (Columbia Research Enhanced International Equity ETF) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while BKIE tracks the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. Both are passively managed. With a 0.96 correlation, they move nearly in lockstep. REFA charges 0.32%/yr vs 0.04%/yr for BKIE.

Performance

REFA vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced International Equity ETF (REFA) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REFA achieves a 11.14% return, which is significantly higher than BKIE's 10.30% return.

REFA

• 1D: 1.35%
• 1M: 2.81%
• 6M: 9.75%
• YTD: 11.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BKIE

• 1D: 1.31%
• 1M: 1.69%
• 6M: 9.46%
• YTD: 10.30%
• 1Y: 21.69%
• 3Y*: 17.20%
• 5Y*: 9.71%
• 10Y*: —

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

REFA vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025
REFA Columbia Research Enhanced International Equity ETF	11.14%	0.33%
BKIE BNY Mellon International Equity ETF	10.30%	1.43%

Correlation

The correlation between REFA and BKIE 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 (All Time) Calculated using the full available price history since Dec 11, 2025	0.96

Return for Risk

REFA vs. BKIE — Risk / Return Rank

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

REFA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BKIE

BKIE Risk / Return Rank: 49
BKIE Sharpe Ratio Rank: 50
BKIE Sortino Ratio Rank: 50
BKIE Omega Ratio Rank: 48
BKIE Calmar Ratio Rank: 45
BKIE Martin Ratio Rank: 51

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.

REFA vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and BNY Mellon International Equity ETF (BKIE). 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.

	REFA	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.44	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.91	—
Martin ratio: Return relative to average drawdown	—	7.32	—

Drawdowns

REFA vs. BKIE - Drawdown Comparison

The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum BKIE drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for REFA and BKIE.

Drawdown Indicators

	REFA	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-11.23%	-28.19%	+16.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.19%	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.79%	-4.93%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.97%	—

Volatility

Volatility by Period

	REFA	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	15.14%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	16.22%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	16.35%	+2.26%

REFA vs. BKIE - Expense Ratio Comparison

REFA has a 0.32% expense ratio, which is higher than BKIE's 0.04% expense ratio.

Dividends

REFA vs. BKIE - Dividend Comparison

REFA's dividend yield for the trailing twelve months is around 0.03%, less than BKIE's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKIE BNY Mellon International Equity ETF	3.19%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%
REFA Columbia Research Enhanced International Equity ETF	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both REFA and BKIE in my portfolio?

With a correlation of 0.96, REFA and BKIE 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 ETF is better, REFA or BKIE?

On fees, BKIE is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, REFA or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.32% for REFA.

Which ETF pays a higher dividend yield, REFA or BKIE?

BKIE has the higher dividend yield at 3.19%, compared with 0.03% for REFA.

What is the main difference between REFA and BKIE?

REFA tracks Beta Advantage Research Enhanced International Equity Index, while BKIE tracks Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. They also come from different issuers: Columbia Threadneedle and BNY Mellon. Their fees differ too: 0.32% for REFA and 0.04% for BKIE.