IEFA vs SPDW: Grades, Fees and Holdings Compared

iShares Core MSCI EAFE ETF

IEFAACboe

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

38.0%by weight

Expense ratio

SPDW −0.04pt a year

IEFA0.07%SPDW0.03%

Avg volume · 30D

IEFA 3.2×the volume

IEFA8.85MSPDW2.8M

10Y return · a year

SPDW +0.6pt

IEFA+9.2%SPDW+9.8%

IEFA vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+48.4%IEFA+54.5%SPDW

Expense ratio: IEFA 0.07%; SPDW 0.03%, better
Fund size: IEFA $189B; SPDW $41.4B
1Y total return: IEFA +13.3%; SPDW +17.0%, better
Yield (12M): IEFA 3.41%, better; SPDW 3.07%
Holdings: IEFA 2638; SPDW 2444
Avg volume (30D): IEFA 8.85M sh, better; SPDW 2.8M sh
NAV per share: IEFA $96.14; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for IEFA, SPDW, with each pillar’s weight
Pillar	IEFA	SPDW
Cost30% weight	B68	A90Higher
Mission25% weight	A100	A100
Risk15% weight	C44Higher	C43
Tradability15% weight	A80Higher	B66
Holdings10% weight	A87	A87
Durability5% weight	A85Higher	A76

Rank among Developed International Core funds

How we build Categories ›

Same Category. IEFA 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 IEFA 4th 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

Our read on each fund

ETF.net Research

IEFAAiShares Core MSCI EAFE ETF

SPDWAState Street SPDR Portfolio Developed World ex-US ETF

In short

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.

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

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

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

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.

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

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.

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 IEFA profile⁠

Full SPDW profile⁠

IEFA vs SPDW Holdings

How IEFA and SPDW differ

Overlap by weight

38.0%

Shared holdings make up 46.5% of IEFA and 39.0% of SPDW.

Level by level

Holdings1,009 in both38.0%
Countryby domicile77.0%
Sector11 Sectors93.9%
Asset classEquity100%

Sector

Sector weights in IEFA and SPDW, widest gap first
Sector	More in IEFAMore in SPDW	IEFA	SPDW
Technology	SPDW +4.2 points	10.6%	14.8%
Health Care	IEFA +1.8 points	10.3%	8.5%
Industrials	IEFA +1.5 points	19.2%	17.7%
Energy	SPDW +1.2 points	4.3%	5.5%
Consumer Staples	IEFA +0.9 points	6.7%	5.8%
Materials	SPDW +0.6 points	6.5%	7.1%
Consumer Discretionary	IEFA +0.6 points	8.6%	8.0%
Real Estate	IEFA +0.4 points	2.6%	2.2%
Communication	IEFA +0.4 points	3.8%	3.4%
Utilities	IEFA +0.3 points	3.6%	3.3%
Financials	SPDW +0.2 points	23.7%	23.9%

Country, concentration and asset class

Country by domicile

Country weights in IEFA and SPDW, widest gap first
Country	More in IEFAMore in SPDW	IEFA	SPDW
Canada	SPDW +11.0 points	0.0%	11.0%
South Korea	SPDW +8.2 points	0.0%	8.2%
Japan	IEFA +4.3 points	26.6%	22.3%
United Kingdom	IEFA +4.0 points	14.7%	10.7%
France	IEFA +2.7 points	8.7%	6.0%
Germany	IEFA +2.2 points	8.4%	6.2%
Switzerland	IEFA +2.0 points	9.2%	7.2%
Australia	IEFA +1.8 points	7.4%	5.6%
Other countries (22)	IEFA +2.3 points	25.1%	22.8%

Outside the US: IEFA 98% developed, 2% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

IEFA12.4%
SPDW12.6%

Securities held

IEFA2,621
SPDW2,416

Asset class

IEFA: Equity
SPDW: Equity

Holdings

Only in IEFA1,612
In both1,009
Only in SPDW1,407

Only in IEFA

1,612 securities, 52.9% of IEFA by weight

Asml Holding2.45%
Shell1.25%
Hsbc Holdings PLC1.17%
Astrazeneca PLC1.13%
Sap0.96%
Siemens N AG0.86%
Allianz0.74%
Totalenergies0.74%
Banco Santander0.64%
Iberdrola0.62%
Schneider Electric0.58%
Unilever PLC0.56%
Rolls-Royce Holdings PLC0.55%
Bp PLC0.53%
Banco Bilbao Vizcaya Argentaria0.52%
Novo Nordisk Class B0.51%
Airbus Group0.51%
Lair Liquide Societe Anonyme Pour0.51%
British American Tobacco0.50%
Loreal SA0.46%
Unicredit0.44%
Siemens Energy N AG0.44%
Lvmh0.43%
Safran SA0.42%
Glaxosmithkline0.40%
Deutsche Telekom N AG0.40%
Sanofi SA0.39%
Bnp Paribas SA0.38%
Intesa Sanpaolo0.37%
Ing Groep0.36%
Rio Tinto0.35%
National Grid PLC0.33%
Bae Systems PLC0.32%
Muenchener Rueckversicherungs-Gese0.32%
Enel0.32%
Axa SA0.30%
Investor Class B0.30%
Barclays PLC0.30%
Infineon Technologies AG0.30%
Lloyds Banking Group PLC0.29%
Anheuser-Busch Inbev SA0.29%
Relx PLC0.28%
Industria De Diseno Textil SA0.27%
Glencore PLC0.26%
Deutsche Boerse AG0.26%
Natwest Group PLC0.25%
Essilorluxottica SA0.24%
Dhl AG0.24%
Deutsche Bank AG0.23%
Vinci SA0.23%

Only in SPDW

1,407 securities, 60.9% 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 1,009 Holdings in both funds.

Holding weights in IEFA and SPDW, widest gap first
Holding	More in IEFAMore in SPDW	IEFA	SPDW
Roche Ps Par AG	IEFA +0.35 points	1.38%	1.03%
Novartis AG	IEFA +0.30 points	1.19%	0.89%
Nestle SA	IEFA +0.28 points	1.06%	0.78%
Bhp Group Ltd	IEFA +0.21 points	0.83%	0.62%
Commonwealth Bank of Australia	IEFA +0.20 points	0.79%	0.59%
Ubs Group AG	IEFA +0.14 points	0.60%	0.46%
Mitsubishi Ufj Financial Group	IEFA +0.14 points	0.94%	0.80%
Hitachi	IEFA +0.13 points	0.57%	0.44%
Sumitomo Mitsui Financial Group	IEFA +0.12 points	0.60%	0.48%
Recruit Holdings Ltd	IEFA +0.12 points	0.65%	0.53%
Compagnie Financiere Richemont SA	IEFA +0.11 points	0.43%	0.32%
Dbs Group Holdings Ltd	IEFA +0.11 points	0.47%	0.36%
Sony Group	IEFA +0.10 points	0.58%	0.48%
Zurich Insurance Group AG	IEFA +0.11 points	0.45%	0.34%
Abb Ltd	IEFA +0.10 points	0.53%	0.43%
Advantest	IEFA +0.10 points	0.65%	0.55%
National Australia Bank	IEFA +0.09 points	0.36%	0.27%
Keyence	IEFA +0.09 points	0.37%	0.28%
Westpac Banking Corporation	IEFA +0.09 points	0.36%	0.27%
Anz Group Holdings Ltd	IEFA +0.09 points	0.35%	0.26%
Spotify TechnologySPOT	IEFA +0.09 points	0.35%	0.26%
Aia Group	IEFA +0.09 points	0.40%	0.31%
Mizuho Financial Group	IEFA +0.09 points	0.46%	0.37%
Tokyo Electron	IEFA +0.08 points	0.54%	0.46%
Kioxia Holdings	IEFA +0.07 points	0.39%	0.32%
Tokio Marine Holdings	IEFA +0.08 points	0.40%	0.32%
Takeda Pharmaceutical	IEFA +0.07 points	0.27%	0.20%
Csl	IEFA +0.07 points	0.27%	0.20%
Wesfarmers	IEFA +0.07 points	0.25%	0.18%
Macquarie Group Ltd Def	IEFA +0.07 points	0.26%	0.19%
Givaudan SA	IEFA +0.06 points	0.18%	0.12%
Softbank Group Corp	IEFA +0.06 points	0.42%	0.36%
Kddi	IEFA +0.06 points	0.21%	0.15%
Swiss Re AG	IEFA +0.06 points	0.22%	0.16%
Lonza Group AG	IEFA +0.06 points	0.22%	0.16%
Teva Pharmaceutical IndustriesTEVA	IEFA +0.06 points	0.20%	0.14%
Mitsubishi Heavy Industries	IEFA +0.06 points	0.28%	0.22%
Fast Retailing	IEFA +0.05 points	0.35%	0.30%
Woodside Energy Group Ltd	IEFA +0.05 points	0.18%	0.13%
Galderma Group N AG	IEFA +0.04 points	0.17%	0.13%
Softbank	IEFA +0.05 points	0.17%	0.12%
Holcim Ltd AG	IEFA +0.04 points	0.17%	0.13%
Nintendo	IEFA +0.04 points	0.23%	0.19%
Panasonic Holdings	IEFA +0.04 points	0.21%	0.17%
Woolworths Group	IEFA +0.04 points	0.14%	0.10%
Dsv	IEFA +0.04 points	0.16%	0.12%
Japan Tobacco	IEFA +0.03 points	0.20%	0.17%
Ntt	IEFA +0.03 points	0.13%	0.10%
Flsmidth and Co Class B	SPDW +0.04 points	0.01%	0.05%
Rio Tinto	IEFA +0.04 points	0.16%	0.12%
Goodman Group Units	IEFA +0.03 points	0.15%	0.12%
Alcon AG	IEFA +0.03 points	0.14%	0.11%
Genmab	IEFA +0.03 points	0.14%	0.11%
Hoya	IEFA +0.03 points	0.22%	0.19%
Daiwa Securities Group Inc	SPDW +0.02 points	0.06%	0.08%
Boc Hong Kong Holdings Ltd	IEFA +0.03 points	0.10%	0.07%
Japan Post Bank Ltd	IEFA +0.03 points	0.14%	0.11%
Techtronic Industries	IEFA +0.03 points	0.10%	0.07%
Mitsubishi Electric	IEFA +0.02 points	0.22%	0.20%
Transurban Group Stapled Units	IEFA +0.03 points	0.12%	0.09%
Toyota Motor	IEFA +0.03 points	0.74%	0.71%
Ck Hutchison Holdings	IEFA +0.03 points	0.09%	0.06%
Honda Motor	IEFA +0.02 points	0.16%	0.14%
Oversea-Chinese Banking	IEFA +0.03 points	0.30%	0.27%
Sandoz Group AG	IEFA +0.03 points	0.17%	0.14%
Medipal Holdings Corp	SPDW +0.02 points	0.01%	0.04%
Bank of Iwate Ltd	SPDW +0.03 points	<0.01%	0.03%
Chugai Pharmaceutical Ltd	IEFA +0.03 points	0.12%	0.09%
Ansell	SPDW +0.02 points	0.02%	0.04%
Qbe Insurance Group	IEFA +0.02 points	0.11%	0.09%
Nanto Bank	SPDW +0.02 points	<0.01%	0.03%
Nec	IEFA +0.02 points	0.15%	0.13%
SOUTH32	IEFA +0.02 points	0.05%	0.03%
Nomura Holdings	IEFA +0.02 points	0.11%	0.09%
Otsuka Holdings	SPDW +0.02 points	0.13%	0.15%
Ajinomoto	IEFA +0.02 points	0.11%	0.09%
Sika AG	IEFA +0.02 points	0.13%	0.11%
Swisscom AG	IEFA +0.03 points	0.09%	0.06%
Oriental Land	IEFA +0.02 points	0.09%	0.07%
Daiichi Sankyo Ltd	IEFA +0.02 points	0.12%	0.10%
Roche Holding AG	IEFA +0.02 points	0.06%	0.04%
Mitsui Fudosan	IEFA +0.02 points	0.10%	0.08%
Sea Ads Representing Ltd Class ASE	IEFA +0.02 points	0.11%	0.09%
Musashino Bank Ltd	SPDW +0.02 points	<0.01%	0.03%
Inpex	IEFA +0.02 points	0.09%	0.07%
Brambles	IEFA +0.02 points	0.08%	0.06%
Santos	IEFA +0.02 points	0.08%	0.06%
Helvetia Baloise Holding N AG	IEFA +0.02 points	0.08%	0.06%
Okinawa Financial Group Inc	SPDW +0.02 points	<0.01%	0.02%
Vestas Wind Systems	IEFA +0.02 points	0.11%	0.09%
Resona Holdings	IEFA +0.02 points	0.12%	0.10%
Orix	IEFA +0.02 points	0.16%	0.14%
Smc (Japan) Corp	IEFA +0.02 points	0.09%	0.07%
Bluescope Steel	SPDW +0.02 points	0.04%	0.06%
Sino Land Ltd	SPDW +0.02 points	0.02%	0.04%
Northern Star Resources Ltd	IEFA +0.02 points	0.10%	0.08%
Bridgestone	IEFA +0.02 points	0.11%	0.09%
Evolution	SPDW +0.02 points	0.04%	0.06%
Casio Computer Ltd	SPDW +0.02 points	0.01%	0.03%
Al Sydbank	IEFA +0.02 points	0.03%	0.01%

All 2,625 IEFA 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.

IEFA vs SPDW Cost

Overpaying IEFA vs SPDW

$842

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

IEFA 0.07%
$1,480
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IEFA 0.07%
SPDW 0.03%
Overpaying

Year by year

Year	IEFA	SPDW	Overpaying
10	$128	$55	$73
20	$503	$216	$287
30	$1,480	$638	$842

Expense ratio

0.07%IEFA
0.03%SPDW, cheaper

SPDW0.03%IEFA0.07%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

IEFA 7th cheapest of 20 funds

IEFA vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IEFA 3.41%, better; SPDW 3.07%
Payout (12M): IEFA $3.29; SPDW $1.52
Last payment: IEFA $1.58; SPDW $0.72
Ex-dividend: IEFA Jun 15, 2026; SPDW Jun 22, 2026
Paid on: IEFA Jun 18, 2026; SPDW Jun 26, 2026
Frequency: IEFA Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IEFATwice a year · 20 paymentsAll IEFA payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

IEFA vs SPDW Risk

Fall from peak · 5 years

IEFA
SPDW

Risk facts

VolatilityStd dev, 3 years: IEFA 11.9%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: IEFA 1.20SPDW 1.27, better
Worst fallMax drawdown, 5 years: IEFA −30.0%SPDW −29.9%, better
Market sensitivityBeta, 5 years: IEFA 0.89SPDW 1.03; Market = 1

IEFA and SPDW in the news

All news⁠

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Sep 8, 2026IEFA

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IEFA vs SPDW

In short

Stated mandate

Why people hold it