IEFA vs VXUS: Returns, Drawdowns and Dividends Since 2016
IEFA (iShares Core MSCI EAFE ETF) and VXUS (Vanguard Total International Stock ETF) moved almost in lockstep: their daily returns had a correlation of 0.979, where 1 would mean identical. VXUS came out ahead, returning 9.2% a year with dividends reinvested from January 2016 to November 2026, against 9.0% for IEFA.
Bought on any day and held five years, IEFA finished ahead 73% of the time, so the result depends on when you start. Both fell about 35% at their worst, in March 2020.
| Measure | IEFA | VXUS |
|---|---|---|
| Annual return | 9.0% | 9.2% |
| $10,000 grew to | $25,341 | $25,875 |
| Worst decline | −34.8%Mar 2020 | −36.0%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 17.2% | 17.2% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.46 | 0.47 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 3.3% | 2.4% |
| Best year | +32.1%2025 | +32.3%2025 |
| Worst year | −15.2%2022 | −16.1%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.979 | |
IEFA: iShares Core MSCI EAFE ETFVXUS: Vanguard Total International Stock ETF
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Worst declines
IEFA fell 34.8% from Jan 26, 2018 to Mar 23, 2020 and was back at its high on Nov 16, 2020. VXUS fell 36.0% from Jan 26, 2018 to Mar 23, 2020 and was back at its high on Nov 16, 2020.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Year by year
IEFA was ahead in 5 of the 11 calendar years.
| Year | IEFA | VXUS | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +11.9% | +12.0% | VXUS+0.1 |
| 2025 | +32.1% | +32.3% | VXUS+0.3 |
| 2024 | +3.3% | +5.1% | VXUS+1.8 |
| 2023 | +18.0% | +15.9% | IEFA+2.1 |
| 2022 | −15.2% | −16.1% | IEFA+0.9 |
| 2021 | +11.6% | +9.0% | IEFA+2.7 |
| 2020 | +8.2% | +10.7% | VXUS+2.5 |
| 2019 | +22.6% | +21.8% | IEFA+0.9 |
| 2018 | −14.1% | −14.4% | IEFA+0.3 |
| 2017 | +26.6% | +27.5% | VXUS+0.9 |
| 2016 (from Jan 4) | +3.1% | +6.7% | VXUS+3.6 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | IEFA51% | +0.1 |
| 3 years | 1,970 | IEFA52% | +0.2 |
| 5 years | 1,466 | IEFA73% | +2.1 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months IEFA paid 3.3% of its price in dividends and VXUS 2.4%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | IEFA | VXUS |
|---|---|---|
| 2026 (to Nov 4) | $1.58 1 payment | $0.62 3 payments |
| 2025 | $3.18 2 payments | $2.40 4 payments |
| 2024 | $2.44 2 payments | $1.98 4 payments |
| 2023 | $2.25 2 payments | $1.88 4 payments |
| 2022 | $1.67 2 payments | $1.60 4 payments |
| 2021 | $2.47 3 payments | $1.97 4 payments |
| 2020 | $1.31 2 payments | $1.29 4 payments |
| 2019 | $2.08 2 payments | $1.71 4 payments |
| 2018 | $1.90 2 payments | $1.50 4 payments |
| 2017 | $1.70 2 payments | $1.55 4 payments |
| 2016 (from Jan 4) | $1.59 2 payments | $1.34 4 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- IEFA
- iShares Core MSCI EAFE ETF, an ETF launched Oct 24, 2012. FinLab prices start Jan 4, 2016.
- IEFA price and signal backtests
- VXUS
- Vanguard Total International Stock ETF, an ETF launched Jan 28, 2011. FinLab prices start Jan 4, 2016.
- VXUS price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.