EFA vs IEFA: Grades, Fees and Holdings Compared

iShares MSCI EAFE ETF

EFABNYSE Arca

iShares Core MSCI EAFE ETF

IEFAACboe

Overlap

85.8%by weight

Expense ratio

IEFA −0.25pt a year

EFA0.32%IEFA0.07%

Avg volume · 30D

EFA 1.3×the volume

EFA11.9MIEFA8.85M

10Y return · a year

EFA+9.2%IEFA+9.2%

EFA vs IEFA Performance

Oct 29, 2021 – Oct 30, 2026

+50.5%EFA+48.4%IEFA

Expense ratio: EFA 0.32%; IEFA 0.07%, better
Fund size: EFA $76.6B; IEFA $189B
1Y total return: EFA +13.1%; IEFA +13.3%, better
Yield (12M): EFA 3.25%; IEFA 3.41%, better
Holdings: EFA 673; IEFA 2638
Avg volume (30D): EFA 11.9M sh, better; IEFA 8.85M sh
NAV per share: EFA $103.23; IEFA $96.14
52W range

ETF.net Grade

Pillar letters and Scores for EFA, IEFA, with each pillar’s weight
Pillar	EFA	IEFA
Cost30% weight	F15	B68Higher
Mission25% weight	A100	A100
Risk15% weight	C44	C44
Tradability15% weight	A90Higher	A80
Holdings10% weight	B68	A87Higher
Durability5% weight	A83	A85Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. EFA and IEFA are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

IEFA ranks 4th and EFA 10th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 81
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 80
Rank 2AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4AIEFAiShares Core MSCI EAFE ETFScore 76
Rank 4ASCHFSchwab International Equity ETFScore 76
Rank 9BBBINJPMorgan BetaBuilders International Equity ETFScore 63
Rank 10BEFAiShares MSCI EAFE ETFScore 60
Rank 11BBBEUJPMorgan BetaBuilders Europe ETFScore 58

Our read on each fund

ETF.net Research

EFABiShares MSCI EAFE ETF

IEFAAiShares Core MSCI EAFE ETF

In short

EFA The 2001 original: one ticker for roughly 700 large and mid caps in developed markets outside the US and Canada. Newer clones undercut it badly on fee, but few trade as heavily.

IEFA Developed markets outside the US and Canada, right down to the small caps: roughly 2,600 stocks for 0.07% a year. The category's workhorse, and one of the biggest, most heavily traded funds on the shelf.

Stated mandate

EFA The fund seeks to track large- and mid-capitalization developed-market equities outside the United States and Canada, providing broad international developed-market exposure.

IEFA The fund seeks to track an index of large-, mid- and small-capitalization developed-market equities outside the United States and Canada.

Why people hold it

EFA Launched in 2001, one of the first ways to own developed markets outside the US and Canada in a single ticker. Still a tens-of-billions fund.
Very actively traded, so entering and exiting is rarely the hard part in this corner of the market.
About 700 large and mid caps tracking the MSCI EAFE Index (Net): a published benchmark, no manager discretion, no guessing what is inside.

IEFA Charges 0.07% a year, against a 0.18% median for its developed-markets index peers.
The index reaches past large and mid caps into small caps, so you hold roughly 2,600 names across Europe, Japan and Australasia, not just the blue-chip layer.ishares.com
Trading since 2012 and now one of the largest and most actively traded funds in its group, which usually means a deep pool of buyers and sellers.
Sticks tightly to its stated mandate: a plain index wrapper on MSCI EAFE IMI, no active tilts hiding under the hood. Among the stronger builds in its peer group.

Worth knowing

EFA The fee is the story: 0.32% against a 0.18% cohort median, while VEA, SCHF and SPDW charge 0.03% and iShares' own IDEV charges 0.04%.
Large and mid caps only, with Canada and emerging markets outside the mandate, so it is not a complete map of the world outside the US.
Distributions arrive once or twice a year rather than quarterly or monthly.

IEFA Not the cheapest option: VEA, SPDW and SCHF each run 0.03%. The few extra basis points buy the EAFE index and its small-cap reach.
EAFE stops at developed markets and leaves out Canada, so a full international sleeve needs emerging markets (and Canada) from somewhere else.
Distributions arrive once or twice a year rather than monthly or quarterly.

Full EFA profile⁠

Full IEFA profile⁠

EFA vs IEFA Holdings

How EFA and IEFA differ

Overlap by weight

85.8%

Shared holdings make up 100% of EFA and 85.9% of IEFA.

Level by level

Holdings656 in both85.8%
Countryby domicile96.5%
Sector11 Sectors96.6%
Asset classEquity100%

Sector

Sector weights in EFA and IEFA, widest gap first
Sector	More in EFAMore in IEFA	EFA	IEFA
Financials	EFA +1.8 points	25.5%	23.7%
Real Estate	IEFA +1.1 points	1.5%	2.6%
Industrials	IEFA +0.9 points	18.3%	19.2%
Materials	IEFA +0.7 points	5.8%	6.5%
Health Care	EFA +0.7 points	11.0%	10.3%
Consumer Staples	EFA +0.5 points	7.2%	6.7%
Technology	IEFA +0.3 points	10.3%	10.6%
Consumer Discretionary	IEFA +0.3 points	8.3%	8.6%
Utilities	EFA +0.3 points	3.9%	3.6%
Energy	EFA +0.1 points	4.4%	4.3%
Communication	Same weight	3.8%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in EFA and IEFA, widest gap first
Country	More in EFAMore in IEFA	EFA	IEFA
Japan	IEFA +2.0 points	24.6%	26.6%
France	EFA +0.8 points	9.5%	8.7%
Switzerland	EFA +0.7 points	9.9%	9.2%
Germany	EFA +0.6 points	9.0%	8.4%
Australia	IEFA +0.6 points	6.8%	7.4%
Netherlands	EFA +0.6 points	5.8%	5.2%
Other countries (10)	IEFA +0.3 points	34.3%	34.6%

Outside the US: EFA 99% developed, 1% emerging. IEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

EFA14.4%
IEFA12.4%

Securities held

EFA657
IEFA2,621

Asset class

EFA: Equity
IEFA: Equity

Holdings

Only in EFA1
In both656
Only in IEFA1,965

Only in EFA

1 security, 0.0% of EFA by weight

Nmc Health PLC0.00%

Only in IEFA

1,965 securities, 14.1% of IEFA by weight

Baycurrent Inc0.04%
Bluescope Steel0.04%
Imi PLC0.04%
Weir PLC0.04%
Psp Swiss Property AG0.03%
Mebuki Financial Group Inc0.03%
Storebrand0.03%
Frontline PLC0.03%
Shizuoka Financial Group Inc0.03%
Food & Life Companies0.03%
Hiscox Ltd0.03%
Dcc Energy PLC0.03%
Subsea0.03%
Gaztransport & Technigaz SA0.03%
Orica0.03%
Als0.03%
St Jamess Place PLC0.03%
Ramsay Health Care0.03%
Accelleron N AG0.03%
Nippon Express Holdings0.03%
Fukuoka Financial Group0.03%
Stockland Stapled Units Ltd0.03%
Rohm0.03%
Al Sydbank0.03%
Icg PLC0.03%
Isetan Mitsukoshi Holdings0.03%
Spie SA0.03%
Lottomatica Group0.03%
Sandfire Resources0.03%
Ringkjobing Landbobank0.03%
SCOUT24 N0.03%
Games Workshop Group PLC0.03%
Misumi Group0.03%
Sojitz Corp0.03%
Nice0.03%
Niterra0.03%
Nkt0.03%
Charter Hall Group Stapled Units0.03%
Thyssenkrupp AG0.03%
Shimadzu0.03%
Technology One0.03%
Imcd NV0.03%
Cochlear0.03%
Taiyo Yuden Ltd0.03%
Ackermans & Van Haaren NV0.03%
Meiji Holdings Ltd0.03%
Brother Industries0.03%
Ngk0.03%
Ampol0.03%
Saipem0.03%

Weight gaps

The 100 widest of 656 Holdings in both funds.

Holding weights in EFA and IEFA, widest gap first
Holding	More in EFAMore in IEFA	EFA	IEFA
Asml Holding	EFA +0.41 points	2.86%	2.45%
Roche Ps Par AG	EFA +0.22 points	1.60%	1.38%
ShellSHEL.L	EFA +0.21 points	1.46%	1.25%
Novartis AG	EFA +0.20 points	1.39%	1.19%
Hsbc Holdings PLCHSBA.L	EFA +0.20 points	1.37%	1.17%
Astrazeneca PLCAZN.L	EFA +0.19 points	1.32%	1.13%
Nestle SA	EFA +0.18 points	1.24%	1.06%
Sap	EFA +0.15 points	1.11%	0.96%
Mitsubishi Ufj Financial Group	EFA +0.15 points	1.09%	0.94%
Siemens N AG	EFA +0.14 points	1.00%	0.86%
Bhp Group Ltd	EFA +0.13 points	0.96%	0.83%
Commonwealth Bank of Australia	EFA +0.13 points	0.92%	0.79%
Allianz	EFA +0.13 points	0.87%	0.74%
Toyota Motor	EFA +0.12 points	0.86%	0.74%
Totalenergies	EFA +0.12 points	0.86%	0.74%
Banco Santander	EFA +0.11 points	0.75%	0.64%
Recruit Holdings Ltd	EFA +0.10 points	0.75%	0.65%
Advantest	EFA +0.11 points	0.76%	0.65%
Iberdrola	EFA +0.10 points	0.72%	0.62%
Sumitomo Mitsui Financial Group	EFA +0.10 points	0.70%	0.60%
Sony Group	EFA +0.10 points	0.68%	0.58%
Schneider Electric	EFA +0.10 points	0.68%	0.58%
Ubs Group AG	EFA +0.09 points	0.69%	0.60%
Hitachi	EFA +0.10 points	0.67%	0.57%
Unilever PLCULVR.L	EFA +0.10 points	0.66%	0.56%
Rolls-Royce Holdings PLCRR.L	EFA +0.10 points	0.65%	0.55%
Bp PLCBP.L	EFA +0.09 points	0.62%	0.53%
Tokyo Electron	EFA +0.09 points	0.63%	0.54%
Abb Ltd	EFA +0.09 points	0.62%	0.53%
Banco Bilbao Vizcaya Argentaria	EFA +0.09 points	0.61%	0.52%
Airbus Group	EFA +0.09 points	0.60%	0.51%
Novo Nordisk Class B	EFA +0.09 points	0.60%	0.51%
Loreal SA	EFA +0.09 points	0.55%	0.46%
Dbs Group Holdings Ltd	EFA +0.08 points	0.55%	0.47%
Lair Liquide Societe Anonyme Pour	EFA +0.08 points	0.59%	0.51%
British American TobaccoBATS.L	EFA +0.07 points	0.57%	0.50%
Mizuho Financial Group	EFA +0.07 points	0.53%	0.46%
Unicredit	EFA +0.08 points	0.52%	0.44%
Zurich Insurance Group AG	EFA +0.07 points	0.52%	0.45%
Siemens Energy N AG	EFA +0.07 points	0.51%	0.44%
Lvmh	EFA +0.07 points	0.50%	0.43%
Safran SA	EFA +0.08 points	0.50%	0.42%
Compagnie Financiere Richemont SA	EFA +0.07 points	0.50%	0.43%
Softbank Group Corp	EFA +0.07 points	0.49%	0.42%
Sanofi SA	EFA +0.06 points	0.45%	0.39%
GlaxosmithklineGSK.L	EFA +0.07 points	0.47%	0.40%
Deutsche Telekom N AG	EFA +0.06 points	0.46%	0.40%
Aia Group	EFA +0.07 points	0.47%	0.40%
Tokio Marine Holdings	EFA +0.06 points	0.46%	0.40%
Kioxia Holdings	EFA +0.07 points	0.46%	0.39%
Bnp Paribas SA	EFA +0.06 points	0.44%	0.38%
Intesa Sanpaolo	EFA +0.06 points	0.43%	0.37%
Ing Groep	EFA +0.06 points	0.42%	0.36%
Mitsubishi	EFA +0.07 points	0.44%	0.37%
Keyence	EFA +0.07 points	0.44%	0.37%
Rio TintoRIO.L	EFA +0.06 points	0.41%	0.35%
National Australia Bank	EFA +0.06 points	0.42%	0.36%
Westpac Banking Corporation	EFA +0.05 points	0.41%	0.36%
Fast Retailing	EFA +0.06 points	0.41%	0.35%
Spotify TechnologySPOT	EFA +0.06 points	0.41%	0.35%
National Grid PLCNG.L	EFA +0.06 points	0.39%	0.33%
Anz Group Holdings Ltd	EFA +0.05 points	0.40%	0.35%
Bae Systems PLCBA.L	EFA +0.06 points	0.38%	0.32%
Itochu	EFA +0.05 points	0.38%	0.33%
Hong Kong Exchanges and Clearing	EFA +0.05 points	0.24%	0.19%
Enel	EFA +0.05 points	0.37%	0.32%
Muenchener Rueckversicherungs-Gese	EFA +0.05 points	0.37%	0.32%
Barclays PLCBARC.L	EFA +0.05 points	0.35%	0.30%
Oversea-Chinese Banking	EFA +0.05 points	0.35%	0.30%
Lloyds Banking Group PLCLLOY.L	EFA +0.05 points	0.34%	0.29%
Investor Class B	EFA +0.05 points	0.35%	0.30%
Mitsui	EFA +0.05 points	0.35%	0.30%
Infineon Technologies AG	EFA +0.04 points	0.34%	0.30%
Relx PLCREL.L	EFA +0.05 points	0.33%	0.28%
Anheuser-Busch Inbev SA	EFA +0.05 points	0.34%	0.29%
Takeda Pharmaceutical	EFA +0.05 points	0.32%	0.27%
Industria De Diseno Textil SA	EFA +0.05 points	0.32%	0.27%
Csl	EFA +0.05 points	0.32%	0.27%
Mitsubishi Heavy Industries	EFA +0.04 points	0.32%	0.28%
Axa SA	EFA +0.05 points	0.35%	0.30%
Glencore PLCGLEN.L	EFA +0.05 points	0.30%	0.26%
Murata Manufacturing	EFA +0.05 points	0.30%	0.26%
Deutsche Boerse AG	EFA +0.04 points	0.30%	0.26%
Macquarie Group Ltd Def	EFA +0.04 points	0.30%	0.26%
Natwest Group PLCNWG.L	EFA +0.04 points	0.29%	0.25%
Shin Etsu Chemical	EFA +0.04 points	0.29%	0.25%
Swiss Re AG	EFA +0.04 points	0.26%	0.22%
Dhl AG	EFA +0.04 points	0.28%	0.24%
Wesfarmers	EFA +0.04 points	0.29%	0.25%
Compass Group PLCCPG.L	EFA +0.04 points	0.27%	0.23%
Nintendo	EFA +0.04 points	0.27%	0.23%
Argenx	EFA +0.03 points	0.26%	0.23%
Nordea Bank	EFA +0.04 points	0.25%	0.21%
Lonza Group AG	EFA +0.04 points	0.26%	0.22%
London Stock Exchange Group PLCLSEG.L	EFA +0.03 points	0.26%	0.23%
Basf N	EFA +0.04 points	0.25%	0.21%
Deutsche Bank AG	EFA +0.04 points	0.27%	0.23%
Bayer AG	EFA +0.04 points	0.26%	0.22%
Mitsubishi Electric	EFA +0.04 points	0.26%	0.22%
Essilorluxottica SA	EFA +0.04 points	0.28%	0.24%

All 656 EFA holdings⁠All 2,625 IEFA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EFA vs IEFA Cost

Overpaying EFA vs IEFA

$5,062

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EFA 0.32%
$6,542
IEFA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

EFA 0.32%
IEFA 0.07%
Overpaying

Year by year

Year	EFA	IEFA	Overpaying
10	$580	$128	$452
20	$2,250	$503	$1,747
30	$6,542	$1,480	$5,062

Expense ratio

0.32%EFA
0.07%IEFA, cheaper

IEFA0.07%EFA0.32%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IEFA 7th cheapest of 20 funds

EFA 17th cheapest of 20 funds

EFA vs IEFA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EFA 3.25%; IEFA 3.41%, better
Payout (12M): EFA $3.36; IEFA $3.29
Last payment: EFA $1.64; IEFA $1.58
Ex-dividend: EFA Jun 15, 2026; IEFA Jun 15, 2026
Paid on: EFA Jun 18, 2026; IEFA Jun 18, 2026
Frequency: EFA Twice a year; IEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EFATwice a year · 20 paymentsAll EFA payments⁠

IEFATwice a year · 20 paymentsAll IEFA payments⁠

EFA vs IEFA Risk

Fall from peak · 5 years

EFA
IEFA

Risk facts

VolatilityStd dev, 3 years: EFA 11.7%, betterIEFA 11.9%
Return per unit of riskSharpe ratio, 3 years: EFA 1.20IEFA 1.20
Worst fallMax drawdown, 5 years: EFA −29.2%, betterIEFA −30.0%
Market sensitivityBeta, 5 years: EFA 0.78IEFA 0.89; Market = 1

EFA and IEFA in the news

All news⁠

Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026EFAIEFA
Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026EFA
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026IEFA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IEFA
Category Rankings
The funds most people hold lost money in September as gains stayed narrow
Updated Oct 2, 2026EFA
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
Oct 1, 2026EFA

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EFA vs IEFA

In short

Stated mandate

Why people hold it