IEFA vs TOK: Grades, Fees and Holdings Compared

iShares Core MSCI EAFE ETF

IEFAACboe

iShares MSCI Kokusai ETF

TOKCNYSE Arca

Overlap

19.2%by weight

Expense ratio

IEFA −0.18pt a year

IEFA0.07%TOK0.25%

Avg volume · 30D

IEFA 2305.9×the volume

IEFA8.85MTOK3.84K

10Y return · a year

TOK +4.3pt

IEFA+9.2%TOK+13.5%

IEFA vs TOK Performance

Oct 29, 2021 – Oct 30, 2026

+48.4%IEFA+66.6%TOK

Expense ratio: IEFA 0.07%, better; TOK 0.25%
Fund size: IEFA $189B; TOK $236M
1Y total return: IEFA +13.3%, better; TOK +11.8%
Yield (12M): IEFA 3.41%, better; TOK 1.30%
Holdings: IEFA 2638; TOK 1100
Avg volume (30D): IEFA 8.85M sh, better; TOK 3.84K sh
NAV per share: IEFA $96.14; TOK $152.13
52W range

ETF.net Grade

Pillar letters and Scores for IEFA, TOK, with each pillar’s weight
Pillar	IEFA	TOK
Cost30% weight	B68Higher	F23
Mission25% weight	A100Higher	A94
Risk15% weight	C44	C53Higher
Tradability15% weight	A80Higher	F24
Holdings10% weight	A87Higher	D25
Durability5% weight	A85Higher	C52

Rank among Developed International Core funds

How we build Categories ›

Same Category. IEFA and TOK 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 TOK 17th 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 16CPXFInvesco RAFI Developed Markets ex-U.S. ETFScore 51
Rank 17CTOKiShares MSCI Kokusai ETFScore 46
Rank 18CHFXINYLI FTSE International Equity Currency Neutral ETFScore 41

Our read on each fund

ETF.net Research

IEFAAiShares Core MSCI EAFE ETF

TOKCiShares MSCI Kokusai 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.

TOK Most developed-markets funds cut out the US. TOK cuts out Japan instead: its index is developed-market equities everywhere but Japan, US included. A mirror-image mandate sitting in a shelf full of ex-US core funds.

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.

TOK The Fund seeks to track the MSCI Kokusai Index, which represents developed-market equities outside Japan. It uses representative sampling and generally invests at least 80% of assets in securities or instruments tied to that 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.

TOK The rare index fund that subtracts Japan instead of the US. It tracks the MSCI Kokusai Index (Net), developed-market equities outside Japan, in one ticker.ishares.com
Tracking has stayed close to the index, using representative sampling with generally at least 80% of assets in index securities or instruments tied to them.ishares.com
Trading since 2007: a long iShares operating record behind an unusual mandate, in a plain 1940 Act stock fund with no derivatives machinery.

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.

TOK 0.25% a year is above the norm for index funds in this group, where ex-US core options like VEA, SCHF and SPDW charge single-digit basis points.
Because the US stays in the index, it overlaps heavily with a US core position. This is a global-minus-Japan sleeve, not an ex-US diversifier.
A small, thinly traded fund, so bid-ask spreads and order handling matter more here than with the category's giants. Distributions come once or twice a year.

Full IEFA profile⁠

Full TOK profile⁠

IEFA vs TOK Holdings

How IEFA and TOK differ

Overlap by weight

19.2%

Shared holdings make up 65.1% of IEFA and 19.3% of TOK.

Level by level

Countryby domicile14.4%
Holdings488 in both19.2%
Sector11 Sectors74.8%
Asset classEquity100%

Sector

Sector weights in IEFA and TOK, widest gap first
Sector	More in IEFAMore in TOK	IEFA	TOK
Technology	TOK +21.1 points	10.6%	31.7%
Industrials	IEFA +9.4 points	19.2%	9.8%
Financials	IEFA +8.1 points	23.7%	15.6%
Communication	TOK +3.8 points	3.8%	7.6%
Materials	IEFA +3.4 points	6.5%	3.1%
Consumer Staples	IEFA +1.5 points	6.7%	5.2%
Utilities	IEFA +1.1 points	3.6%	2.5%
Real Estate	IEFA +1.1 points	2.6%	1.5%
Energy	TOK +0.3 points	4.3%	4.6%
Consumer Discretionary	IEFA +0.4 points	8.6%	8.2%
Health Care	IEFA +0.3 points	10.3%	10.0%

Country, concentration and asset class

Country by domicile

Country weights in IEFA and TOK, widest gap first
Country	More in IEFAMore in TOK	IEFA	TOK
United States	TOK +81.7 points	0.0%	81.7%
Japan	IEFA +26.6 points	26.6%	0.0%
United Kingdom	IEFA +10.9 points	14.7%	3.8%
Switzerland	IEFA +6.6 points	9.2%	2.6%
France	IEFA +6.2 points	8.7%	2.5%
Germany	IEFA +6.1 points	8.4%	2.3%
Australia	IEFA +5.6 points	7.4%	1.8%
Canada	TOK +3.8 points	0.0%	3.8%
Other countries (10)	IEFA +23.6 points	25.1%	1.5%

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

Concentration

Weight in the 10 largest Holdings

IEFA12.4%
TOK28.1%

Securities held

IEFA2,621
TOK1,084

Asset class

IEFA: Equity
TOK: Equity

Holdings

Only in IEFA2,133
In both488
Only in TOK596

Only in IEFA

2,133 securities, 34.6% of IEFA by weight

Mitsubishi Ufj Financial Group0.94%
Toyota Motor0.74%
Advantest0.65%
Recruit Holdings Ltd0.65%
Sumitomo Mitsui Financial Group0.60%
Sony Group0.58%
Hitachi0.57%
Tokyo Electron0.54%
Mizuho Financial Group0.46%
Softbank Group Corp0.42%
Tokio Marine Holdings0.40%
Kioxia Holdings0.39%
Mitsubishi0.37%
Keyence0.37%
Fast Retailing0.35%
Itochu0.33%
Mitsui0.30%
Mitsubishi Heavy Industries0.28%
Takeda Pharmaceutical0.27%
Murata Manufacturing0.26%
Shin Etsu Chemical0.25%
Nintendo0.23%
Mitsubishi Electric0.22%
Hoya0.22%
Panasonic Holdings0.21%
Kddi0.21%
Japan Tobacco0.20%
Sumitomo0.17%
Marubeni0.17%
Softbank0.17%
Honda Motor0.16%
Orix0.16%
MS&AD Insurance Group Holdings0.16%
Daiichi Life Group0.16%
Fujitsu0.16%
Nec0.15%
Fujikura0.15%
Sompo Holdings0.15%
Japan Post Bank Ltd0.14%
Fanuc Corp0.14%
Komatsu0.14%
Daikin Industries Ltd0.13%
Ntt0.13%
Sumitomo Electric Industries0.13%
Otsuka Holdings0.13%
Renesas Electronics Corp0.13%
Tdk0.12%
Daiichi Sankyo Ltd0.12%
Resona Holdings0.12%
Chugai Pharmaceutical Ltd0.12%

Only in TOK

596 securities, 80.7% of TOK by weight

Apple5.98%
NVIDIA5.56%
Microsoft4.35%
Amazon.com Inc2.75%
Alphabet Class A1.94%
Broadcom Inc1.74%
Meta Platforms Class A1.59%
Alphabet Class C1.54%
Tesla Inc1.35%
Eli Lilly1.34%
Micron Technology1.18%
JPMorgan Chase & Co1.06%
Advanced Micro Devices0.97%
Exxonmobil Holdings Corp0.91%
Berkshire Hathaway Inc Class B0.91%
Visa Class A0.81%
Johnson & Johnson0.78%
Walmart0.64%
AbbVie0.62%
Mastercard Class A0.61%
Costco Wholesale Corp0.53%
Chevron0.51%
Cisco Systems Inc0.49%
Palantir Technologies Class A0.47%
Procter & Gamble0.44%
UnitedHealth Group0.44%
Merck & Co Inc0.43%
Coca-Cola0.43%
Home Depot0.39%
Philip Morris International0.38%
Bank of America0.38%
Ge Aerospace0.37%
Applied Material Inc0.37%
Lam Research0.35%
Palo Alto Networks0.35%
Intel Corporation0.34%
Caterpillar Inc0.34%
Royal Bank of Canada0.34%
Texas Instrument0.32%
Rtx0.32%
Goldman Sachs Group0.31%
Netflix0.31%
Thermo Fisher Scientific0.30%
Wells Fargo0.30%
Amgen Inc0.30%
Crowdstrike Holdings Class A0.29%
International Business Machines Co0.29%
Linde PLC0.28%
Ge Vernova0.27%
Oracle0.27%

Weight gaps

The 100 widest of 488 Holdings in both funds.

Holding weights in IEFA and TOK, widest gap first
Holding	More in IEFAMore in TOK	IEFA	TOK
Asml Holding	IEFA +1.73 points	2.45%	0.72%
Roche Ps Par AG	IEFA +0.97 points	1.38%	0.41%
ShellSHEL.L	IEFA +0.88 points	1.25%	0.37%
Novartis AG	IEFA +0.84 points	1.19%	0.35%
Hsbc Holdings PLCHSBA.L	IEFA +0.82 points	1.17%	0.35%
Astrazeneca PLCAZN.L	IEFA +0.80 points	1.13%	0.33%
Nestle SA	IEFA +0.75 points	1.06%	0.31%
Sap	IEFA +0.68 points	0.96%	0.28%
Siemens N AG	IEFA +0.61 points	0.86%	0.25%
Bhp Group Ltd	IEFA +0.59 points	0.83%	0.24%
Commonwealth Bank of Australia	IEFA +0.56 points	0.79%	0.23%
Allianz	IEFA +0.52 points	0.74%	0.22%
Totalenergies	IEFA +0.52 points	0.74%	0.22%
Banco Santander	IEFA +0.45 points	0.64%	0.19%
Iberdrola	IEFA +0.44 points	0.62%	0.18%
Ubs Group AG	IEFA +0.43 points	0.60%	0.17%
Schneider Electric	IEFA +0.41 points	0.58%	0.17%
Unilever PLCULVR.L	IEFA +0.39 points	0.56%	0.17%
Rolls-Royce Holdings PLCRR.L	IEFA +0.39 points	0.55%	0.16%
Abb Ltd	IEFA +0.37 points	0.53%	0.16%
Bp PLCBP.L	IEFA +0.37 points	0.53%	0.16%
Banco Bilbao Vizcaya Argentaria	IEFA +0.36 points	0.52%	0.16%
Novo Nordisk Class B	IEFA +0.36 points	0.51%	0.15%
Airbus Group	IEFA +0.36 points	0.51%	0.15%
Lair Liquide Societe Anonyme Pour	IEFA +0.36 points	0.51%	0.15%
British American TobaccoBATS.L	IEFA +0.35 points	0.50%	0.15%
Dbs Group Holdings Ltd	IEFA +0.33 points	0.47%	0.14%
Loreal SA	IEFA +0.32 points	0.46%	0.14%
Zurich Insurance Group AG	IEFA +0.32 points	0.45%	0.13%
Siemens Energy N AG	IEFA +0.31 points	0.44%	0.13%
Unicredit	IEFA +0.31 points	0.44%	0.13%
Compagnie Financiere Richemont SA	IEFA +0.30 points	0.43%	0.13%
Lvmh	IEFA +0.30 points	0.43%	0.13%
Safran SA	IEFA +0.29 points	0.42%	0.13%
Aia Group	IEFA +0.29 points	0.40%	0.11%
GlaxosmithklineGSK.L	IEFA +0.28 points	0.40%	0.12%
Deutsche Telekom N AG	IEFA +0.28 points	0.40%	0.12%
Sanofi SA	IEFA +0.28 points	0.39%	0.11%
Bnp Paribas SA	IEFA +0.27 points	0.38%	0.11%
Intesa Sanpaolo	IEFA +0.26 points	0.37%	0.11%
Ing Groep	IEFA +0.25 points	0.36%	0.11%
National Australia Bank	IEFA +0.25 points	0.36%	0.11%
Westpac Banking Corporation	IEFA +0.26 points	0.36%	0.10%
Spotify TechnologySPOT	IEFA +0.25 points	0.35%	0.10%
Anz Group Holdings Ltd	IEFA +0.25 points	0.35%	0.10%
Rio TintoRIO.L	IEFA +0.25 points	0.35%	0.10%
National Grid PLCNG.L	IEFA +0.23 points	0.33%	0.10%
Muenchener Rueckversicherungs-Gese	IEFA +0.22 points	0.32%	0.10%
Bae Systems PLCBA.L	IEFA +0.22 points	0.32%	0.10%
Enel	IEFA +0.23 points	0.32%	0.09%
Axa SA	IEFA +0.21 points	0.30%	0.09%
Investor Class B	IEFA +0.21 points	0.30%	0.09%
Barclays PLCBARC.L	IEFA +0.21 points	0.30%	0.09%
Infineon Technologies AG	IEFA +0.22 points	0.30%	0.08%
Oversea-Chinese Banking	IEFA +0.21 points	0.30%	0.09%
Lloyds Banking Group PLCLLOY.L	IEFA +0.20 points	0.29%	0.09%
Anheuser-Busch Inbev SA	IEFA +0.20 points	0.29%	0.09%
Relx PLCREL.L	IEFA +0.20 points	0.28%	0.08%
Industria De Diseno Textil SA	IEFA +0.19 points	0.27%	0.08%
Csl	IEFA +0.19 points	0.27%	0.08%
Glencore PLCGLEN.L	IEFA +0.18 points	0.26%	0.08%
Deutsche Boerse AG	IEFA +0.18 points	0.26%	0.08%
Macquarie Group Ltd Def	IEFA +0.18 points	0.26%	0.08%
Natwest Group PLCNWG.L	IEFA +0.18 points	0.25%	0.07%
Wesfarmers	IEFA +0.18 points	0.25%	0.07%
Essilorluxottica SA	IEFA +0.17 points	0.24%	0.07%
Dhl AG	IEFA +0.17 points	0.24%	0.07%
Deutsche Bank AG	IEFA +0.16 points	0.23%	0.07%
Vinci SA	IEFA +0.16 points	0.23%	0.07%
Compass Group PLCCPG.L	IEFA +0.16 points	0.23%	0.07%
London Stock Exchange Group PLCLSEG.L	IEFA +0.16 points	0.23%	0.07%
Argenx	IEFA +0.16 points	0.23%	0.07%
Bayer AG	IEFA +0.16 points	0.22%	0.06%
Lonza Group AG	IEFA +0.16 points	0.22%	0.06%
Eni	IEFA +0.15 points	0.22%	0.07%
Rheinmetall AG	IEFA +0.16 points	0.22%	0.06%
Swiss Re AG	IEFA +0.15 points	0.22%	0.07%
Anglo American PLCAAL.L	IEFA +0.15 points	0.21%	0.06%
Nordea Bank	IEFA +0.15 points	0.21%	0.06%
Diageo PLCDGE.L	IEFA +0.15 points	0.21%	0.06%
Basf N	IEFA +0.15 points	0.21%	0.06%
Hermes International	IEFA +0.14 points	0.20%	0.06%
Volvo Class B	IEFA +0.14 points	0.20%	0.06%
Standard Chartered PLCSTAN.L	IEFA +0.13 points	0.19%	0.06%
Atlas Copco Class A	IEFA +0.14 points	0.19%	0.05%
Teva Pharmaceutical IndustriesTEVA	IEFA +0.14 points	0.20%	0.06%
E.on N	IEFA +0.14 points	0.19%	0.05%
Ferrari	IEFA +0.13 points	0.19%	0.06%
Prosus NV Class N	IEFA +0.14 points	0.19%	0.05%
Engie SA	IEFA +0.13 points	0.18%	0.05%
Reckitt Benckiser Group PLCRKT.L	IEFA +0.13 points	0.18%	0.05%
Tesco PLCTSCO.L	IEFA +0.13 points	0.18%	0.05%
Woodside Energy Group Ltd	IEFA +0.13 points	0.18%	0.05%
Danone SA	IEFA +0.12 points	0.18%	0.06%
Caixabank SA	IEFA +0.13 points	0.18%	0.05%
Hong Kong Exchanges and Clearing	IEFA +0.13 points	0.19%	0.06%
Givaudan SA	IEFA +0.13 points	0.18%	0.05%
Societe Generale SA	IEFA +0.12 points	0.17%	0.05%
Nokia	IEFA +0.12 points	0.17%	0.05%
Galderma Group N AG	IEFA +0.12 points	0.17%	0.05%

All 2,625 IEFA holdings⁠All 1,083 TOK 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 TOK Cost

Overpaying TOK vs IEFA

$3,679

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

IEFA 0.07%
$1,480
TOK 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

IEFA 0.07%
TOK 0.25%
Overpaying

Year by year

Year	IEFA	TOK	Overpaying
10	$128	$455	$327
20	$503	$1,769	$1,266
30	$1,480	$5,159	$3,679

Expense ratio

0.07%IEFA, cheaper
0.25%TOK

IEFA0.07%TOK0.25%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IEFA 7th cheapest of 20 funds

TOK 15th cheapest of 20 funds

IEFA vs TOK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IEFA 3.41%, better; TOK 1.30%
Payout (12M): IEFA $3.29; TOK $1.97
Last payment: IEFA $1.58; TOK $1.01
Ex-dividend: IEFA Jun 15, 2026; TOK Jun 15, 2026
Paid on: IEFA Jun 18, 2026; TOK Jun 18, 2026
Frequency: IEFA Twice a year; TOK Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IEFATwice a year · 20 paymentsAll IEFA payments⁠

TOKTwice a year · 20 paymentsAll TOK payments⁠

IEFA vs TOK Risk

Fall from peak · 5 years

IEFA
TOK

Risk facts

VolatilityStd dev, 3 years: IEFA 11.9%TOK 11.6%, better
Return per unit of riskSharpe ratio, 3 years: IEFA 1.20TOK 1.45, better
Worst fallMax drawdown, 5 years: IEFA −30.0%TOK −25.8%, better
Market sensitivityBeta, 5 years: IEFA 0.89TOK 0.97; Market = 1

IEFA and TOK in the news

All news⁠

Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026IEFA
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
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026IEFA
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026IEFA

Popular comparisons

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iShares Core MSCI EAFE ETF · iShares Core MSCI International Developed Markets ETF
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IEFA vs TOK

In short

Stated mandate

Why people hold it