VIISX vs. EFA

Last updated Jun 3, 2026

VIISX (Virtus KAR International Small-Mid Cap Fund) and EFA (iShares MSCI EAFE ETF) are both funds - VIISX is a Foreign Small & Mid Cap Equities fund managed by Virtus, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Over the past 10 years, VIISX returned 8.05%/yr vs 9.21%/yr for EFA. A 0.73 correlation means they provide meaningful diversification when combined. VIISX charges 1.19%/yr vs 0.32%/yr for EFA.

Performance

VIISX vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR International Small-Mid Cap Fund (VIISX) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIISX achieves a -0.53% return, which is significantly lower than EFA's 9.36% return. Over the past 10 years, VIISX has underperformed EFA with an annualized return of 8.05%, while EFA has yielded a comparatively higher 9.21% annualized return.

VIISX

• 1D: -1.06%
• 1M: 0.59%
• YTD: -0.53%
• 6M: 1.80%
• 1Y: -4.65%
• 3Y*: 9.68%
• 5Y*: -1.15%
• 10Y*: 8.05%

EFA

• 1D: 0.56%
• 1M: 2.86%
• YTD: 9.36%
• 6M: 12.50%
• 1Y: 21.18%
• 3Y*: 16.77%
• 5Y*: 8.66%
• 10Y*: 9.21%

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

VIISX vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIISX Virtus KAR International Small-Mid Cap Fund	-0.53%	14.30%	4.06%	22.36%	-34.42%	5.84%	24.38%	27.62%	-6.81%	28.48%
EFA iShares MSCI EAFE ETF	9.36%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between VIISX and EFA is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.73

The correlation between VIISX and EFA shifts across timeframes, from 0.68 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VIISX vs. EFA — Risk / Return Rank

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

VIISX

VIISX Risk / Return Rank: 1
VIISX Sharpe Ratio Rank: 1
VIISX Sortino Ratio Rank: 1
VIISX Omega Ratio Rank: 1
VIISX Calmar Ratio Rank: 1
VIISX Martin Ratio Rank: 1

EFA

EFA Risk / Return Rank: 41
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 40
EFA Omega Ratio Rank: 40
EFA Calmar Ratio Rank: 39
EFA Martin Ratio Rank: 45

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.

VIISX vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR International Small-Mid Cap Fund (VIISX) and iShares MSCI EAFE ETF (EFA). 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.

	VIISX	EFA	Difference
Sharpe ratio Return per unit of total volatility	-0.32	1.42	-1.73
Sortino ratio Return per unit of downside risk	-0.37	2.05	-2.42
Omega ratio Gain probability vs. loss probability	0.96	1.26	-0.30
Calmar ratio Return relative to maximum drawdown	-0.28	1.97	-2.24
Martin ratio Return relative to average drawdown	-0.62	7.39	-8.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIISX vs. EFA - Sharpe Ratio Comparison

The current VIISX Sharpe Ratio is -0.32, which is lower than the EFA Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of VIISX and EFA, 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

	VIISX	EFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	1.42	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.53	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.54	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.31	+0.26

Drawdowns

VIISX vs. EFA - Drawdown Comparison

The maximum VIISX drawdown since its inception was -50.31%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for VIISX and EFA.

Drawdown Indicators

	VIISX	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-50.31%	-61.04%	+10.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-11.42%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-14.05%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-50.31%	-29.53%	-20.78%
Max Drawdown (10Y) Largest decline over 10 years	-50.31%	-34.19%	-16.12%
Current Drawdown Current decline from peak	-12.43%	-0.61%	-11.82%
Average Drawdown Average peak-to-trough decline	-11.26%	-11.94%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	3.04%	+3.58%

Volatility

VIISX vs. EFA - Volatility Comparison

The current volatility for Virtus KAR International Small-Mid Cap Fund (VIISX) is 3.83%, while iShares MSCI EAFE ETF (EFA) has a volatility of 5.12%. This indicates that VIISX experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIISX	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	5.12%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	12.49%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	15.06%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	16.48%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	17.26%	-1.82%

VIISX vs. EFA - Expense Ratio Comparison

VIISX has a 1.19% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

VIISX vs. EFA - Dividend Comparison

VIISX's dividend yield for the trailing twelve months is around 3.74%, more than EFA's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.09%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
VIISX Virtus KAR International Small-Mid Cap Fund	3.74%	3.72%	1.94%	0.00%	0.00%	8.43%	1.16%	1.98%	1.42%	1.82%	2.75%	3.43%

Frequently Asked Questions

Can I hold both VIISX and EFA in my portfolio?

VIISX and EFA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIISX or EFA?

EFA has higher volatility (5.12%) compared to VIISX (3.83%). In terms of maximum drawdown, VIISX dropped -50.31% vs EFA's -61.04%.

Which has better risk-adjusted returns?

EFA currently has the higher Sharpe Ratio (1.42 vs -0.32), 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.