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SPDW vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDW vs. IEFA

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds - SPDW tracks the S&P Developed Ex-U.S. BMI Index while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, SPDW returned 10.06%/yr vs 9.37%/yr for IEFA. With a 0.99 correlation, they move nearly in lockstep. SPDW charges 0.04%/yr vs 0.07%/yr for IEFA.

Performance

SPDW vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPDW achieves a 12.18% return, which is significantly higher than IEFA's 7.49% return. Over the past 10 years, SPDW has outperformed IEFA with an annualized return of 10.06%, while IEFA has yielded a comparatively lower 9.37% annualized return.

SPDW

1D
0.99%
1M
-1.17%
YTD
12.18%
6M
14.96%
1Y
27.89%
3Y*
18.62%
5Y*
8.90%
10Y*
10.06%

IEFA

1D
0.63%
1M
-1.17%
YTD
7.49%
6M
10.04%
1Y
19.61%
3Y*
16.13%
5Y*
7.82%
10Y*
9.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPDW
SPDR Portfolio World ex-US ETF		12.18%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between SPDW and IEFA is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

0.99

The correlation between SPDW and IEFA has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SPDW vs. IEFA - Sectors Allocation Comparison

Sectors
SPDW
IEFA

Financial Services

22.9%
22.5%

Industrials

19.2%
20.1%

Technology

13.7%
10.8%

Healthcare

8.3%
9.5%

Consumer Cyclical

7.8%
8.0%

Basic Materials

7.3%
7.0%

Consumer Defensive

5.7%
6.6%

Energy

5.5%
3.8%

Communication Services

3.8%
4.4%

Utilities

3.3%
3.6%

Real Estate

2.5%
3.0%

Financial Services

SPDW
22.9%
IEFA
22.5%

Industrials

SPDW
19.2%
IEFA
20.1%

Technology

SPDW
13.7%
IEFA
10.8%

Healthcare

SPDW
8.3%
IEFA
9.5%

Consumer Cyclical

SPDW
7.8%
IEFA
8.0%

Basic Materials

SPDW
7.3%
IEFA
7.0%

Consumer Defensive

SPDW
5.7%
IEFA
6.6%

Energy

SPDW
5.5%
IEFA
3.8%

Communication Services

SPDW
3.8%
IEFA
4.4%

Utilities

SPDW
3.3%
IEFA
3.6%

Real Estate

SPDW
2.5%
IEFA
3.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio World ex-US ETF

iShares Core MSCI EAFE ETF

Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

SPDW vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPDW
SPDW Risk / Return Rank: 5656
Overall Rank
SPDW Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPDW Omega Ratio Rank: 5656
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5454
Calmar Ratio Rank
SPDW Martin Ratio Rank: 5959
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4040
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4040
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4343
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.

SPDW vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and iShares Core MSCI EAFE ETF (IEFA). 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.

SPDWIEFADifference
Sharpe ratioReturn per unit of total volatility
1.74
1.30

+0.45

Sortino ratioReturn per unit of downside risk
2.40
1.88

+0.52

Omega ratioGain probability vs. loss probability

1.32

1.24

+0.08

Calmar ratioReturn relative to maximum drawdown

2.43

1.71

+0.71

Martin ratioReturn relative to average drawdown

9.42

6.52

+2.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. IEFA - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is higher than the IEFA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of SPDW and IEFA, 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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Sharpe Ratios by Period

SPDWIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.30

+0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.47

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.54

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.50

-0.27

Drawdowns

SPDW vs. IEFA - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for SPDW and IEFA.

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Drawdown Indicators

SPDWIEFADifference

Max Drawdown

Largest peak-to-trough decline

-60.02%

-34.78%

-25.24%

Max Drawdown (1Y)

Largest decline over 1 year

-11.55%

-11.50%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-13.53%

-13.76%

+0.23%

Max Drawdown (5Y)

Largest decline over 5 years

-30.21%

-30.41%

+0.20%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-34.78%

-0.20%

Current Drawdown

Current decline from peak

-3.30%

-2.44%

-0.86%

Average Drawdown

Average peak-to-trough decline

-12.90%

-6.69%

-6.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.02%

-0.05%

Volatility

SPDW vs. IEFA - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.54%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPDWIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.07%

4.54%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

13.76%

12.74%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

16.09%

15.22%

+0.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.58%

16.55%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.30%

17.32%

-0.02%

SPDW vs. IEFA - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than IEFA's 0.07% 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

SPDW vs. IEFA - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, less than IEFA's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.30%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
SPDW
SPDR Portfolio World ex-US ETF		2.94%3.30%3.19%2.75%3.12%3.04%1.87%3.13%3.08%1.86%3.11%2.78%

Frequently Asked Questions

With a correlation of 0.98, SPDW and IEFA 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.

SPDW has higher volatility (6.07%) compared to IEFA (4.54%). In terms of maximum drawdown, SPDW dropped -60.02% vs IEFA's -34.78%.

On 10-year performance, SPDW leads with 10.06% vs 9.37% for IEFA. On fees, SPDW is cheaper at 0.04% per year. On volatility, IEFA has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPDW has performed better with a 10.06% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.07% for IEFA.

IEFA has the higher dividend yield at 3.30%, compared with 2.94% for SPDW.

SPDW tracks S&P Developed Ex-U.S. BMI Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.07% for IEFA.

SPDW currently has the higher Sharpe Ratio (1.74 vs 1.30), 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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