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VWO vs. EFV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWO vs. EFV

Last updated Aug 4, 2026
Documentation

VWO (Vanguard FTSE Emerging Markets ETF) and EFV (iShares MSCI EAFE Value ETF) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index (Net). Both are passively managed. Over the past 10 years, VWO returned 7.69%/yr vs 10.51%/yr for EFV. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VWO charges 0.08%/yr vs 0.31%/yr for EFV.

Performance

VWO vs. EFV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and iShares MSCI EAFE Value ETF (EFV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VWO achieves a 9.99% return, which is significantly lower than EFV's 16.57% return. Over the past 10 years, VWO has underperformed EFV with an annualized return of 7.69%, while EFV has yielded a comparatively higher 10.51% annualized return.

VWO

1D
0.53%
1M
0.03%
6M
4.14%
YTD
9.99%
1Y
22.33%
3Y*
15.67%
5Y*
5.92%
10Y*
7.69%
ALL TIME*
6.83%

EFV

1D
0.26%
1M
4.16%
6M
9.61%
YTD
16.57%
1Y
34.58%
3Y*
23.11%
5Y*
14.34%
10Y*
10.51%
ALL TIME*
6.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFV

iShares MSCI EAFE Value ETF
$246.44M$344.02M$395.70M

VWO

Vanguard FTSE Emerging Markets ETF
$402.91M$469.57M$503.00M

VWO vs. EFV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWO
Vanguard FTSE Emerging Markets ETF		9.99%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%
EFV
iShares MSCI EAFE Value ETF		16.57%42.22%5.35%18.85%-5.22%11.08%-2.97%15.80%-14.67%21.22%

Correlation

The correlation between VWO and EFV is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.68

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Aug 5, 2005

0.78

The correlation between VWO and EFV shifts across timeframes, from 0.67 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

VWO vs. EFV - Sectors Allocation Comparison

Sectors
VWO
EFV

Technology

34.2%
3.1%

Financial Services

19.4%
38.8%

Consumer Cyclical

9.1%
5.6%

Industrials

7.9%
10.0%

Basic Materials

7.2%
6.0%

Communication Services

6.6%
4.1%

Energy

3.8%
6.2%

Healthcare

3.7%
7.6%

Consumer Defensive

3.3%
9.8%

Utilities

2.8%
6.1%

Real Estate

2.0%
2.7%

Technology

VWO
34.2%
EFV
3.1%

Financial Services

VWO
19.4%
EFV
38.8%

Consumer Cyclical

VWO
9.1%
EFV
5.6%

Industrials

VWO
7.9%
EFV
10.0%

Basic Materials

VWO
7.2%
EFV
6.0%

Communication Services

VWO
6.6%
EFV
4.1%

Energy

VWO
3.8%
EFV
6.2%

Healthcare

VWO
3.7%
EFV
7.6%

Consumer Defensive

VWO
3.3%
EFV
9.8%

Utilities

VWO
2.8%
EFV
6.1%

Real Estate

VWO
2.0%
EFV
2.7%

Compare stocks, funds, or ETFs

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

Vanguard FTSE Emerging Markets ETF

iShares MSCI EAFE Value ETF

Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX
Often compared with EFV:
EFV vs. VEAEFV vs. EFAVEFV vs. FIVAEFV vs. VOOEFV vs. DFIVXEFV vs. VTRIXEFV vs. SCHF

Return for Risk

VWO vs. EFV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VWO
VWO Risk / Return Rank: 5252
Overall Rank
VWO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 5050
Sortino Ratio Rank
VWO Omega Ratio Rank: 5151
Omega Ratio Rank
VWO Calmar Ratio Rank: 5555
Calmar Ratio Rank
VWO Martin Ratio Rank: 5454
Martin Ratio Rank
EFV
EFV Risk / Return Rank: 8888
Overall Rank
EFV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EFV Sortino Ratio Rank: 9191
Sortino Ratio Rank
EFV Omega Ratio Rank: 9191
Omega Ratio Rank
EFV Calmar Ratio Rank: 8484
Calmar Ratio Rank
EFV Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VWO vs. EFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) and iShares MSCI EAFE Value ETF (EFV). 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.

VWOEFVDifference
Sharpe ratioReturn per unit of total volatility
1.28
2.42

-1.14

Sortino ratioReturn per unit of downside risk
1.81
3.32

-1.52

Omega ratioGain probability vs. loss probability

1.23

1.43

-0.20

Calmar ratioReturn relative to maximum drawdown

2.01

3.19

-1.18

Martin ratioReturn relative to average drawdown

6.52

11.90

-5.38

VWO vs. EFV - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.28, which is lower than the EFV Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VWO and EFV, 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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Drawdowns

VWO vs. EFV - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than EFV's maximum drawdown of -63.94%. Use the drawdown chart below to compare losses from any high point for VWO and EFV.

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Drawdown Indicators

VWOEFVDifference

Max Drawdown

Largest peak-to-trough decline

-67.68%

-63.94%

-3.74%

Max Drawdown (1Y)

Largest decline over 1 year

-11.17%

-10.90%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-17.37%

-13.72%

-3.65%

Max Drawdown (5Y)

Largest decline over 5 years

-30.88%

-25.84%

-5.04%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-43.16%

+6.77%

Current Drawdown

Current decline from peak

-3.56%

-0.27%

-3.29%

Average Drawdown

Average peak-to-trough decline

-15.73%

-14.72%

-1.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

2.91%

+0.52%

Volatility

VWO vs. EFV - Volatility Comparison

Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 5.60% compared to iShares MSCI EAFE Value ETF (EFV) at 3.85%. This indicates that VWO's price experiences larger fluctuations and is considered to be riskier than EFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWOEFVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

3.85%

+1.75%

Volatility (6M)

Calculated over the trailing 6-month period

15.08%

12.21%

+2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

17.60%

14.39%

+3.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.56%

15.95%

+1.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.17%

17.46%

+1.71%

VWO vs. EFV - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than EFV's 0.31% expense ratio.

Dividends

VWO vs. EFV - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.34%, less than EFV's 4.51% yield.

PositionTTM20252024202320222021202020192018201720162015
EFV
iShares MSCI EAFE Value ETF		4.51%4.16%4.66%4.36%4.17%4.07%2.42%4.62%4.56%3.56%3.28%3.59%
VWO
Vanguard FTSE Emerging Markets ETF		2.34%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

VWO and EFV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VWO has higher volatility (5.60%) compared to EFV (3.85%). In terms of maximum drawdown, VWO dropped -67.68% vs EFV's -63.94%.

On 10-year performance, EFV leads with 10.51% vs 7.69% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, EFV has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFV has performed better with a 10.51% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.31% for EFV.

EFV has the higher dividend yield at 4.51%, compared with 2.34% for VWO.

VWO is categorized as Emerging Markets Equities, while EFV is Foreign Large Cap Equities. VWO tracks FTSE Emerging Index, while EFV tracks MSCI EAFE Value Index (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VWO and 0.31% for EFV.

EFV currently has the higher Sharpe Ratio (2.42 vs 1.28), 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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