EFA vs SPDW: Grades, Fees and Holdings Compared

iShares MSCI EAFE ETF

EFABNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

32.8%by weight

Expense ratio

SPDW −0.29pt a year

EFA0.32%SPDW0.03%

Avg volume · 30D

EFA 4.2×the volume

EFA11.9MSPDW2.8M

10Y return · a year

SPDW +0.6pt

EFA+9.2%SPDW+9.8%

EFA vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+50.5%EFA+54.5%SPDW

Expense ratio: EFA 0.32%; SPDW 0.03%, better
Fund size: EFA $76.6B; SPDW $41.4B
1Y total return: EFA +13.1%; SPDW +17.0%, better
Yield (12M): EFA 3.25%, better; SPDW 3.07%
Holdings: EFA 673; SPDW 2444
Avg volume (30D): EFA 11.9M sh, better; SPDW 2.8M sh
NAV per share: EFA $103.23; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for EFA, SPDW, with each pillar’s weight
Pillar	EFA	SPDW
Cost30% weight	F15	A90Higher
Mission25% weight	A100	A100
Risk15% weight	C44Higher	C43
Tradability15% weight	A90Higher	B66
Holdings10% weight	B68	A87Higher
Durability5% weight	A83Higher	A76

Rank among Developed International Core funds

How we build Categories ›

Same Category. EFA and SPDW 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 ›

SPDW ranks 2nd 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 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

SPDWAState Street SPDR Portfolio Developed World ex-US 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.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

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.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

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.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

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.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full EFA profile⁠

Full SPDW profile⁠

EFA vs SPDW Holdings

How EFA and SPDW differ

Overlap by weight

32.8%

Shared holdings make up 45.9% of EFA and 32.9% of SPDW.

Level by level

Holdings305 in both32.8%
Countryby domicile77.0%
Sector11 Sectors92.6%
Asset classEquity100%

Sector

Sector weights in EFA and SPDW, widest gap first
Sector	More in EFAMore in SPDW	EFA	SPDW
Technology	SPDW +4.5 points	10.3%	14.8%
Health Care	EFA +2.5 points	11.0%	8.5%
Financials	EFA +1.6 points	25.5%	23.9%
Consumer Staples	EFA +1.4 points	7.2%	5.8%
Materials	SPDW +1.3 points	5.8%	7.1%
Energy	SPDW +1.1 points	4.4%	5.5%
Real Estate	SPDW +0.7 points	1.5%	2.2%
Industrials	EFA +0.6 points	18.3%	17.7%
Utilities	EFA +0.6 points	3.9%	3.3%
Communication	EFA +0.4 points	3.8%	3.4%
Consumer Discretionary	EFA +0.3 points	8.3%	8.0%

Country, concentration and asset class

Country by domicile

Country weights in EFA and SPDW, widest gap first
Country	More in EFAMore in SPDW	EFA	SPDW
Canada	SPDW +11.0 points	0.0%	11.0%
South Korea	SPDW +8.2 points	0.0%	8.2%
United Kingdom	EFA +4.3 points	15.0%	10.7%
France	EFA +3.5 points	9.5%	6.0%
Germany	EFA +2.8 points	9.0%	6.2%
Switzerland	EFA +2.7 points	9.9%	7.2%
Japan	EFA +2.3 points	24.6%	22.3%
Netherlands	EFA +1.7 points	5.8%	4.1%
Other countries (22)	EFA +1.9 points	26.2%	24.3%

Outside the US: EFA 99% developed, 1% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

EFA14.4%
SPDW12.6%

Securities held

EFA657
SPDW2,416

Asset class

EFA: Equity
SPDW: Equity

Holdings

Only in EFA352
In both305
Only in SPDW2,111

Only in EFA

352 securities, 53.5% of EFA by weight

Asml Holding2.86%
Shell1.46%
Hsbc Holdings PLC1.37%
Astrazeneca PLC1.32%
Sap1.11%
Siemens N AG1.00%
Allianz0.87%
Totalenergies0.86%
Banco Santander0.75%
Iberdrola0.72%
Schneider Electric0.68%
Unilever PLC0.66%
Rolls-Royce Holdings PLC0.65%
Bp PLC0.62%
Banco Bilbao Vizcaya Argentaria0.61%
Novo Nordisk Class B0.60%
Airbus Group0.60%
Lair Liquide Societe Anonyme Pour0.59%
British American Tobacco0.57%
Loreal SA0.55%
Unicredit0.52%
Siemens Energy N AG0.51%
Lvmh0.50%
Safran SA0.50%
Glaxosmithkline0.47%
Deutsche Telekom N AG0.46%
Sanofi SA0.45%
Bnp Paribas SA0.44%
Intesa Sanpaolo0.43%
Ing Groep0.42%
Rio Tinto0.41%
National Grid PLC0.39%
Bae Systems PLC0.38%
Muenchener Rueckversicherungs-Gese0.37%
Enel0.37%
Barclays PLC0.35%
Investor Class B0.35%
Axa SA0.35%
Infineon Technologies AG0.34%
Lloyds Banking Group PLC0.34%
Anheuser-Busch Inbev SA0.34%
Relx PLC0.33%
Industria De Diseno Textil SA0.32%
Glencore PLC0.30%
Deutsche Boerse AG0.30%
Natwest Group PLC0.29%
Dhl AG0.28%
Essilorluxottica SA0.28%
Deutsche Bank AG0.27%
Compass Group PLC0.27%

Only in SPDW

2,111 securities, 67.0% of SPDW by weight

Samsung Electr Gdr Reg’s2.39%
Sk Hynix Inc2.01%
Asml Holding NV1.96%
Shell PLC0.95%
Hsbc Holdings PLC0.89%
Royal Bank of Canada0.87%
Astrazeneca PLC0.82%
Banco Santander SA0.81%
Sap SE0.72%
Siemens AG Reg0.68%
Toronto Dominion Bank0.64%
Shopify Inc Class A0.62%
Totalenergies SE0.60%
Allianz SE Reg0.56%
Iberdrola SA0.47%
Schneider Electric SE0.47%
Rolls Royce Holdings PLC0.46%
Unilever PLC0.43%
Banco Bilbao Vizcaya Argenta0.43%
Bp PLC0.43%
Airbus SE0.41%
Unicredit Spa0.41%
Air Liquide SA0.38%
Bank of Montreal0.38%
British American Tobacco PLC0.38%
Novo Nordisk A/S B0.37%
Bank of Nova Scotia0.37%
Canadian Natural Resources0.34%
Can Imperial Bk of Commerce0.33%
Enbridge Inc0.33%
Samsung Electronics Pref0.33%
Lvmh Moet Hennessy Louis Vui0.33%
Siemens Energy AG0.33%
Intesa Sanpaolo0.33%
L Oreal0.33%
Safran SA0.32%
Bnp Paribas0.30%
Deutsche Telekom AG Reg0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Agnico Eagle Mines Ltd0.28%
Suncor Energy Inc0.28%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%
Brookfield Corp0.26%
Bae Systems PLC0.26%
National Grid PLC0.25%
Canadian Pacific Kansas City0.25%
Axa SA0.25%
Muenchener Rueckver AG Reg0.25%

Weight gaps

The 100 widest of 305 Holdings in both funds.

Holding weights in EFA and SPDW, widest gap first
Holding	More in EFAMore in SPDW	EFA	SPDW
Roche Ps Par AG	EFA +0.57 points	1.60%	1.03%
Novartis AG	EFA +0.50 points	1.39%	0.89%
Nestle SA	EFA +0.46 points	1.24%	0.78%
Bhp Group Ltd	EFA +0.34 points	0.96%	0.62%
Commonwealth Bank of Australia	EFA +0.33 points	0.92%	0.59%
Mitsubishi Ufj Financial Group	EFA +0.29 points	1.09%	0.80%
Ubs Group AG	EFA +0.23 points	0.69%	0.46%
Hitachi	EFA +0.23 points	0.67%	0.44%
Recruit Holdings Ltd	EFA +0.22 points	0.75%	0.53%
Sumitomo Mitsui Financial Group	EFA +0.22 points	0.70%	0.48%
Advantest	EFA +0.21 points	0.76%	0.55%
Sony Group	EFA +0.20 points	0.68%	0.48%
Abb Ltd	EFA +0.19 points	0.62%	0.43%
Dbs Group Holdings Ltd	EFA +0.19 points	0.55%	0.36%
Compagnie Financiere Richemont SA	EFA +0.18 points	0.50%	0.32%
Zurich Insurance Group AG	EFA +0.18 points	0.52%	0.34%
Tokyo Electron	EFA +0.17 points	0.63%	0.46%
Mizuho Financial Group	EFA +0.16 points	0.53%	0.37%
Aia Group	EFA +0.16 points	0.47%	0.31%
Keyence	EFA +0.16 points	0.44%	0.28%
Toyota Motor	EFA +0.15 points	0.86%	0.71%
National Australia Bank	EFA +0.15 points	0.42%	0.27%
Westpac Banking Corporation	EFA +0.14 points	0.41%	0.27%
Spotify TechnologySPOT	EFA +0.15 points	0.41%	0.26%
Anz Group Holdings Ltd	EFA +0.14 points	0.40%	0.26%
Kioxia Holdings	EFA +0.14 points	0.46%	0.32%
Tokio Marine Holdings	EFA +0.14 points	0.46%	0.32%
Softbank Group Corp	EFA +0.13 points	0.49%	0.36%
Takeda Pharmaceutical	EFA +0.12 points	0.32%	0.20%
Csl	EFA +0.12 points	0.32%	0.20%
Fast Retailing	EFA +0.11 points	0.41%	0.30%
Macquarie Group Ltd Def	EFA +0.11 points	0.30%	0.19%
Wesfarmers	EFA +0.11 points	0.29%	0.18%
Mitsubishi Heavy Industries	EFA +0.10 points	0.32%	0.22%
Swiss Re AG	EFA +0.10 points	0.26%	0.16%
Lonza Group AG	EFA +0.10 points	0.26%	0.16%
Givaudan SA	EFA +0.09 points	0.21%	0.12%
Kddi	EFA +0.09 points	0.24%	0.15%
Teva Pharmaceutical IndustriesTEVA	EFA +0.09 points	0.23%	0.14%
Nintendo	EFA +0.08 points	0.27%	0.19%
Oversea-Chinese Banking	EFA +0.08 points	0.35%	0.27%
Woodside Energy Group Ltd	EFA +0.08 points	0.21%	0.13%
Softbank	EFA +0.08 points	0.20%	0.12%
Galderma Group N AG	EFA +0.07 points	0.20%	0.13%
Panasonic Holdings	EFA +0.08 points	0.24%	0.17%
Holcim Ltd AG	EFA +0.07 points	0.20%	0.13%
Japan Tobacco	EFA +0.07 points	0.24%	0.17%
Itochu	EFA +0.07 points	0.38%	0.31%
Hong Kong Exchanges and Clearing	EFA +0.07 points	0.24%	0.17%
Hoya	EFA +0.07 points	0.26%	0.19%
Mitsubishi Electric	EFA +0.06 points	0.26%	0.20%
Dsv	EFA +0.07 points	0.19%	0.12%
Woolworths Group	EFA +0.06 points	0.16%	0.10%
Ntt	EFA +0.05 points	0.15%	0.10%
Goodman Group Units	EFA +0.06 points	0.18%	0.12%
Rio Tinto	EFA +0.06 points	0.18%	0.12%
Alcon AG	EFA +0.06 points	0.17%	0.11%
Shin Etsu Chemical	EFA +0.06 points	0.29%	0.23%
Mitsubishi	EFA +0.06 points	0.44%	0.38%
Honda Motor	EFA +0.05 points	0.19%	0.14%
Sandoz Group AG	EFA +0.05 points	0.19%	0.14%
Japan Post Bank Ltd	EFA +0.05 points	0.16%	0.11%
Mitsui	EFA +0.05 points	0.35%	0.30%
Genmab	EFA +0.05 points	0.16%	0.11%
Transurban Group Stapled Units	EFA +0.05 points	0.14%	0.09%
Nec	EFA +0.05 points	0.18%	0.13%
Marubeni	EFA +0.04 points	0.20%	0.16%
Techtronic Industries	EFA +0.04 points	0.11%	0.07%
United Overseas Bank	EFA +0.04 points	0.18%	0.14%
Orix	EFA +0.05 points	0.19%	0.14%
Chugai Pharmaceutical Ltd	EFA +0.05 points	0.14%	0.09%
Sika AG	EFA +0.04 points	0.15%	0.11%
Ajinomoto	EFA +0.04 points	0.13%	0.09%
Ck Hutchison Holdings	EFA +0.05 points	0.11%	0.06%
Boc Hong Kong Holdings Ltd	EFA +0.04 points	0.11%	0.07%
Qbe Insurance Group	EFA +0.04 points	0.13%	0.09%
Nomura Holdings	EFA +0.04 points	0.13%	0.09%
MS&AD Insurance Group Holdings	EFA +0.05 points	0.19%	0.14%
Murata Manufacturing	EFA +0.05 points	0.30%	0.26%
Mitsui Fudosan	EFA +0.04 points	0.12%	0.08%
Fujikura	EFA +0.04 points	0.17%	0.13%
Daiichi Sankyo Ltd	EFA +0.04 points	0.14%	0.10%
Sea Ads Representing Ltd Class ASE	EFA +0.04 points	0.13%	0.09%
Resona Holdings	EFA +0.04 points	0.14%	0.10%
Daikin Industries Ltd	EFA +0.04 points	0.15%	0.12%
Vestas Wind Systems	EFA +0.04 points	0.13%	0.09%
Fujitsu	EFA +0.04 points	0.18%	0.14%
Oriental Land	EFA +0.04 points	0.11%	0.07%
Sumitomo Electric Industries	EFA +0.04 points	0.15%	0.11%
Swisscom AG	EFA +0.04 points	0.10%	0.06%
Renesas Electronics Corp	EFA +0.04 points	0.15%	0.11%
Bridgestone	EFA +0.04 points	0.13%	0.09%
Inpex	EFA +0.04 points	0.11%	0.07%
Smc (Japan) Corp	EFA +0.03 points	0.10%	0.07%
Fanuc Corp	EFA +0.04 points	0.16%	0.12%
Disco Corp	EFA +0.04 points	0.13%	0.09%
Santos	EFA +0.04 points	0.10%	0.06%
Roche Holding AG	EFA +0.03 points	0.07%	0.04%
Brambles	EFA +0.03 points	0.09%	0.06%
Toyota Tsusho	EFA +0.04 points	0.13%	0.09%

All 656 EFA holdings⁠All 2,436 SPDW 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 SPDW Cost

Overpaying EFA vs SPDW

$5,904

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

EFA 0.32%
$6,542
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

EFA 0.32%
SPDW 0.03%
Overpaying

Year by year

Year	EFA	SPDW	Overpaying
10	$580	$55	$525
20	$2,250	$216	$2,034
30	$6,542	$638	$5,904

Expense ratio

0.32%EFA
0.03%SPDW, cheaper

SPDW0.03%EFA0.32%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

EFA 17th cheapest of 20 funds

EFA vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EFA 3.25%, better; SPDW 3.07%
Payout (12M): EFA $3.36; SPDW $1.52
Last payment: EFA $1.64; SPDW $0.72
Ex-dividend: EFA Jun 15, 2026; SPDW Jun 22, 2026
Paid on: EFA Jun 18, 2026; SPDW Jun 26, 2026
Frequency: EFA Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EFATwice a year · 20 paymentsAll EFA payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

EFA vs SPDW Risk

Fall from peak · 5 years

EFA
SPDW

Risk facts

VolatilityStd dev, 3 years: EFA 11.7%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: EFA 1.20SPDW 1.27, better
Worst fallMax drawdown, 5 years: EFA −29.2%, betterSPDW −29.9%
Market sensitivityBeta, 5 years: EFA 0.78SPDW 1.03; Market = 1

EFA and SPDW in the news

All news⁠

Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026EFA
Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026EFA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW
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
Top Movers
Accenture and Synopsys surge as oil climbs and European banks fall
Oct 1, 2026EFA

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