TOK vs. MFUS

Last updated Jun 4, 2026

TOK (iShares MSCI Kokusai ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - TOK tracks the MSCI Kokusai Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, TOK returned 12.18%/yr vs 12.82%/yr for MFUS. Their correlation of 0.85 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.30%/yr for MFUS.

Performance

TOK vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOK achieves a 9.75% return, which is significantly lower than MFUS's 16.37% return.

TOK

• 1D: -0.80%
• 1M: 4.53%
• YTD: 9.75%
• 6M: 10.43%
• 1Y: 25.70%
• 3Y*: 20.98%
• 5Y*: 12.18%
• 10Y*: 13.60%

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

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

TOK vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	9.75%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	6.91%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between TOK and MFUS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.85

The correlation between TOK and MFUS has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

TOK vs. MFUS - Sectors Allocation Comparison

Sectors	TOK	MFUS
Technology	31.3%	21.8%
Financial Services	14.9%	12.6%
Industrials	9.8%	12.6%
Communication Services	9.0%	5.3%
Consumer Cyclical	9.0%	10.6%
Healthcare	8.7%	13.5%
Consumer Defensive	5.2%	10.3%
Energy	4.0%	7.0%
Basic Materials	3.2%	2.8%
Utilities	2.8%	1.7%
Real Estate	1.7%	1.8%

Return for Risk

TOK vs. MFUS — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 64
TOK Sharpe Ratio Rank: 65
TOK Sortino Ratio Rank: 65
TOK Omega Ratio Rank: 63
TOK Calmar Ratio Rank: 58
TOK Martin Ratio Rank: 70

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

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.

TOK vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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.

	TOK	MFUS	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.63	-0.47
Sortino ratio Return per unit of downside risk	3.03	3.77	-0.74
Omega ratio Gain probability vs. loss probability	1.39	1.47	-0.09
Calmar ratio Return relative to maximum drawdown	2.85	4.41	-1.56
Martin ratio Return relative to average drawdown	13.07	18.13	-5.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. MFUS - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.16, which is comparable to the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of TOK and MFUS, 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

	TOK	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.63	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.86	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.79	-0.36

Drawdowns

TOK vs. MFUS - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for TOK and MFUS.

Drawdown Indicators

	TOK	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-35.21%	-20.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-6.39%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-15.39%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-18.22%	-7.64%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-8.52%	-4.00%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.55%	+0.42%

Volatility

TOK vs. MFUS - Volatility Comparison

iShares MSCI Kokusai ETF (TOK) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) have volatilities of 3.23% and 3.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	3.19%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	8.22%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	10.72%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	15.03%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	17.35%	-0.20%

TOK vs. MFUS - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

TOK vs. MFUS - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.25%, less than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%	0.00%	0.00%
TOK iShares MSCI Kokusai ETF	1.25%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and MFUS in my portfolio?

TOK and MFUS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOK or MFUS?

TOK has higher volatility (3.23%) compared to MFUS (3.19%). In terms of maximum drawdown, TOK dropped -56.18% vs MFUS's -35.21%.

Which ETF is better, TOK or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 12.18% for TOK. On fees, TOK is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or MFUS?

TOK is cheaper with a 0.25% expense ratio, compared with 0.30% for MFUS.

Which ETF pays a higher dividend yield, TOK or MFUS?

MFUS has the higher dividend yield at 1.36%, compared with 1.25% for TOK.

What is the main difference between TOK and MFUS?

TOK tracks MSCI Kokusai Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.25% for TOK and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 vs 2.16), 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.