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Dividend Vision

ETF Comparison

EFA vs IEFA: Same EAFE Job, Two iShares Share Classes?

A head-to-head of iShares MSCI EAFE and iShares Core MSCI EAFE covering construction and cost, not a yield race.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

  • EFAInvestors who want broad equity exposure.
  • IEFAInvestors who want broad equity exposure.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

EFA has lagged IEFA over the trailing twelve months, posting a 13.52% total return against 13.61%. The lead holds up over 10 years too: IEFA has compounded at 9.27% a year, against 9.19% for EFA. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2012Volatility Sharpe Sortino Max drawdown
EFA9.54%13.52%18.17%8.67%9.19%7.84%15.2%0.831.21-14.1%
IEFA9.67%13.61%18.45%8.38%9.27%8.11%15.2%0.841.24-13.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2012” measures every fund from October 22, 2012 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricEFAIEFA
Full nameiShares MSCI EAFE ETFiShares Core MSCI EAFE ETF
IssueriSharesiShares
Underlying indexMSCI EAFE Index (developed markets ex U.S. and Canada)MSCI EAFE IMI Index
Last Close$103.55 as of October 16, 2026$96.53 as of October 16, 2026
Distribution rate3.16%3.27%
Trailing 12-month yield3.25%3.41%
Distribution Safety Score™ 7175
Safety-Adjusted Yield 2.24%2.45%
Expense ratio0.32%0.07%
AUM$76.8B$189B
Distribution frequencySemi-AnnualSemi-Annual
ObjectiveProvide exposure to the fund's underlying index or strategy per issuer materials.Provide exposure to the fund's underlying index or strategy per issuer materials.
Asset classEquityEquity
Inception date08/12/200110/18/2012
Beta0.870.89
Last dividend$1.636$1.578
Ex-dividend date06/15/202606/15/2026

Bottom lineEFA and IEFA are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Cost is: IEFA charges 0.07% against 0.32% for EFA, and between two funds this similar that gap comes straight out of your return every year you hold.

Two iShares EAFE developed-market books

Both track developed-market EAFE stocks. Construction and cost decide whether a second EAFE fund adds anything.

EFAIEFA
JobMSCI EAFECore MSCI EAFE
Expense ratio0.32%0.07%
Fund size$76.8B$189B
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iShares
ETFs468
Total AUM$4.70T

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.

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Quick verdict

EFA (iShares MSCI EAFE ETF) and IEFA (iShares Core MSCI EAFE ETF) are both semi-annual-pay dividend ETFs, but they take different approaches.

IEFA offers the higher yield at 3.27% vs 3.16% for EFA. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

IEFA is cheaper with an expense ratio of 0.07% compared to 0.32%.

They have different reference exposures: EFA is linked to MSCI EAFE Index (developed markets ex U.S. and Canada) while IEFA is linked to MSCI EAFE IMI Index, which means their performance drivers differ.

IEFA is the larger fund by assets ($189B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, EFA would generate roughly $158.00 cash per distribution, while IEFA would produce $163.50 cash per distribution, at current distribution rates. Both pay semi-annual distributions.

EFA yield3.16%
IEFA yield3.27%
Cash diff on $10K$5.50

Cost & efficiency

Over 10 years on $10,000, EFA would cost approximately $320 in fees vs $70 for IEFA (simplified, not compounded). The $250.00 difference may be offset by yield or performance.

EFA ER0.32%
IEFA ER0.07%

Strategy & risk

EFA tracks MSCI EAFE Index (developed markets ex U.S. and Canada) with an index approach, while IEFA tracks MSCI EAFE IMI Index with an international approach. Beta is 0.87 for EFA and 0.89 for IEFA — effectively similar market sensitivity.

EFA beta0.87
IEFA beta0.89

Fund details

EFA is managed by iShares (launched 08/12/2001) with $76.8B in assets. IEFA is managed by iShares (launched 10/18/2012) with $189B in assets.

EFA AUM$76.8B
IEFA AUM$189B
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Frequently asked questions

What is the difference between EFA and IEFA?

EFA (iShares MSCI EAFE ETF) and IEFA (iShares Core MSCI EAFE ETF) both track developed-market EAFE stocks. Construction and cost decide whether a second fund adds anything. Cost is 0.32% versus 0.07%; size is $76.8B versus $189B. Distributions are 3.16% and 3.27% as of October 2026.

What is the current distribution rate for EFA and IEFA?

EFA currently distributes 3.16% and IEFA 3.27%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is EFA or IEFA better for dividend income?

It depends on your goals. IEFA currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both EFA and IEFA?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is EFA or IEFA safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — IEFA scores 75, EFA scores 71, so IEFA's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, EFA or IEFA?

EFA has an expense ratio of 0.32% while IEFA charges 0.07%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in EFA vs IEFA generate?

At current rates, $10,000 in EFA would generate roughly $158.00 cash per distribution ($316.00 annually). The same in IEFA would produce about $163.50 cash per distribution ($327.00 annually).

Which has performed better historically, EFA or IEFA?

EFA has lagged IEFA over the trailing twelve months, posting a 13.52% total return against 13.61%. The lead holds up over 10 years too: IEFA has compounded at 9.27% a year, against 9.19% for EFA. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

EFA vs IEFA — at a glance

Generated October 17, 2026.

Overview

EFA and IEFA are both iShares ETFs tracking developed-market ex-U.S. equity exposure, but they differ in index choice and cost structure. The practical result is that IEFA offers wider diversification at a significantly lower fee.

How they differ

The most obvious difference is expense ratio: IEFA charges 0.07% versus 0.32% for EFA, a gap of 0.25%. That 25-basis-point annual saving compounds over decades. Second, IEFA's underlying index is broader—it includes small-cap stocks across developed markets outside the U.S. and Canada, whereas EFA focuses on large and mid-cap names. This structural difference means IEFA owns more companies and carries different sector and geographic tilts. Beta is nearly identical at 0.87 and 0.89, meaning systematic risk to developed-market downturns is comparable.

Who each is best for

  • EFA: Investors who prefer the simplicity and historical track record of the original MSCI EAFE Index and have no strong preference for small-cap exposure; those who built positions years ago and see no reason to migrate.
  • IEFA: Investors seeking broad developed-market ex-U.S. exposure at the lowest cost, particularly those beginning a new allocation or rebalancing an existing one; fits allocations that benefit from the small-cap inclusion and the fee efficiency.
  • Currency headwind: Both ETFs hold foreign-currency-denominated securities; a strengthening U.S. dollar erodes returns for dollar-based investors, and neither fund hedges by default.
  • Developed-market cyclicality: These funds track mature economies with aging demographics and lower expected long-term growth; economic recession or stagnation in Europe or Japan will weigh on both holdings similarly.
  • Index overlap: While IEFA's small-cap inclusion creates a different return profile, it also maintains significant overlap with EFA's core holdings, so the two are not truly diversifying if held together.

Bottom line

If you prioritize low costs and broad diversification, IEFA's 0.07% expense ratio and small-cap inclusion offer clear structural advantages over EFA's higher fee. If you value simplicity and the longevity of a widely-replicated large-cap index, EFA remains a straightforward choice. Both track the same geographic exposure and distribute at comparable yields, so the decision hinges on cost, breadth, and fund size. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.