SPWO vs. EFAV

Last updated Jun 26, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past year, SPWO returned 42.01% vs 8.94% for EFAV. A 0.52 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 0.20%/yr for EFAV.

Performance

SPWO vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPWO achieves a 24.17% return, which is significantly higher than EFAV's 2.87% return.

SPWO

• 1D: 0.58%
• 1M: 0.06%
• YTD: 24.17%
• 6M: 23.63%
• 1Y: 42.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EFAV

• 1D: 0.09%
• 1M: -2.63%
• YTD: 2.87%
• 6M: 2.52%
• 1Y: 8.94%
• 3Y*: 12.70%
• 5Y*: 5.82%
• 10Y*: 6.44%

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

SPWO vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	24.17%	26.32%	9.25%	1.36%
EFAV iShares MSCI EAFE Min Vol Factor ETF	2.87%	26.00%	5.30%	2.09%

Correlation

The correlation between SPWO and EFAV is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.52

The correlation between SPWO and EFAV has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

SPWO vs. EFAV - Sectors Allocation Comparison

Sectors	SPWO	EFAV
Technology	49.7%	4.6%
Industrials	11.9%	15.9%
Healthcare	10.8%	12.0%
Consumer Cyclical	10.3%	5.0%
Basic Materials	7.3%	1.5%
Consumer Defensive	4.1%	11.9%
Energy	2.6%	8.3%
Communication Services	1.6%	9.6%
Financial Services	0.8%	19.4%
Real Estate	0.7%	3.0%
Utilities	0.3%	8.8%

Return for Risk

SPWO vs. EFAV — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 68
SPWO Sharpe Ratio Rank: 70
SPWO Sortino Ratio Rank: 63
SPWO Omega Ratio Rank: 69
SPWO Calmar Ratio Rank: 70
SPWO Martin Ratio Rank: 71

EFAV

EFAV Risk / Return Rank: 26
EFAV Sharpe Ratio Rank: 26
EFAV Sortino Ratio Rank: 24
EFAV Omega Ratio Rank: 24
EFAV Calmar Ratio Rank: 30
EFAV Martin Ratio Rank: 27

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.

SPWO vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

	SPWO	EFAV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.85	+1.09
Sortino ratio: Return per unit of downside risk	2.53	1.25	+1.28
Omega ratio: Gain probability vs. loss probability	1.35	1.16	+0.20
Calmar ratio: Return relative to maximum drawdown	3.07	1.35	+1.72
Martin ratio: Return relative to average drawdown	11.34	3.35	+7.99

SPWO vs. EFAV - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.94, which is higher than the EFAV Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SPWO 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.

Drawdowns

SPWO vs. EFAV - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum EFAV drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for SPWO and EFAV.

Drawdown Indicators

	SPWO	EFAV	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-27.56%	+9.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-6.66%	-7.09%
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	-3.78%	-6.48%	+2.70%
Average Drawdown Average peak-to-trough decline	-2.81%	-4.77%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.67%	+1.05%

Volatility

SPWO vs. EFAV - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 10.65% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.06%. This indicates that SPWO'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.

Volatility by Period

	SPWO	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.65%	3.06%	+7.59%
Volatility (6M) Calculated over the trailing 6-month period	19.15%	8.53%	+10.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	10.54%	+11.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	11.82%	+8.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	13.05%	+6.82%

SPWO vs. EFAV - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

SPWO vs. EFAV - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.05%, less than EFAV's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares MSCI EAFE Min Vol Factor ETF	3.28%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
SPWO SP Funds S&P World (ex-US) ETF	1.05%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and EFAV in my portfolio?

SPWO and EFAV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or EFAV?

SPWO has higher volatility (10.65%) compared to EFAV (3.06%). In terms of maximum drawdown, SPWO dropped -18.03% vs EFAV's -27.56%.

Which ETF is better, SPWO or EFAV?

On 1-year performance, SPWO leads with 42.01% vs 8.94% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or EFAV?

Over the 1-year period, SPWO has performed better with a 42.01% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or EFAV?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.55% for SPWO.

Which ETF pays a higher dividend yield, SPWO or EFAV?

EFAV has the higher dividend yield at 3.28%, compared with 1.05% for SPWO.

What is the main difference between SPWO and EFAV?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: SP Funds and iShares. Their fees differ too: 0.55% for SPWO and 0.20% for EFAV.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (1.94 vs 0.85), 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.