Equity: Developed Markets Ex-U.S. - Total Market

IHDG Top Performer Intra-day
Price $27.66
Today’s Change +0.22%(0.80)
3:59pm 02/17/2017
EFAX Bottom Performer Intra-day
Price 0.00
Today’s Change 0.00%(0.00)
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

The Developed Markets Ex-U.S. Total Market segment contains what many US investors refer to as international funds—those that exclude the US and cover the market-cap spectrum fromThe two leading funds by AUM omit Canada from their coverage universe large firms to small.
Many funds offer pure cap-weighted vanilla exposure. The two leading funds by AUM—iShares' EFA and Vanguards VEA—omit Canada from their coverage universe, but otherwise represent the market segment very well. VEA has the edge on fees, charging an extremely competitive 9 bps vs. EFA's 34 bps. However, EFA tracks its index so well that the real cost to investors is comparable. While investors can expect little trouble trading either fund, EFA is the clear choice for those who need maximum liquidity, and VEA's low fee will help buy-and-hold allocators with certainty.
Relative newcomer IEFA charges 14 bps and, compared with its sibling EFA, tracks a more complete EAFE index that includes small-caps. VEA no longer tracks the EAFE, but instead tracks a similar index from FTSE.
Schwab's SCHF tracks a different FTSE index that includes Canada and counts South Korea as a developed market, trades reasonably well and charges the segment's lowest fee, 8 bps. It earns Analyst Pick. State Street's GWL offers decent coverage too, but charges 34 bps.
Options abound for alternate exposure beyond the cap-weighted funds, but tread carefully. The funds vary widely in trading costs, expense ratios and asset levels. WisdomTree charges 48 bps for its dividend-weighted DWM, a fund with decent assets that can be traded fairly with some effort. Aggressively minded IDHB, on the other hand, costs a lot to trade and lacks assets—we see fund closure risk. Many other alternatives exist as well, but be sure to check costs and risks to own and trade as well as the biases to our benchmark. (Insight updated 02/17/17)

All Funds (50)

SCHF $7.68 B 7675133659.8 Very low fee

A 96
E
99
99
T
87
87
F
96
96

VEA $44.25 B 44250443533.25 large, cheap and liquid

A 95
E
96
96
T
91
91
F
95
95

IEFA $18.6 B 18601428800 broad coverage with a low fee

A 95
E
100
100
T
89
89
F
95
95

EFA $63.22 B 63219870000 Cheaper than it looks

A 92
E
95
95
T
90
90
F
92
92

EFAV $5.98 B 5982637180 Low Cost Niche Fund

A 61
E
95
95
T
89
89
F
61
61

GWL $776.05 M 776053756.8 not cheap to hold

B 97
E
85
85
T
86
86
F
97
97

TLTD $731.39 M 731388018.9829 Successful Launch

B 90
E
89
89
T
76
76
F
90
90

DWM $652.2 M 652202550 Not cheap to hold

B 86
E
87
87
T
85
85
F
86
86

QEFA $94.44 M 94437961.4 high closure risk

B 82
E
92
92
T
61
61
F
82
82

IQLT $22.78 M 22782960 hard to trade

B 80
E
89
89
T
56
56
F
80
80

INTF $207.86 M 207863720 N/A

B 77
E
93
93
T
64
64
F
77
77

EFAD $39.37 M 39372000 high closure risk

B 66
E
95
95
T
67
67
F
66
66

DBEF $8.18 B 8183785988.4 EAFE exposure

B 65
E
88
88
T
90
90
F
65
65

IMTM $20.84 M 20842480 hard to trade

B 62
E
89
89
T
53
53
F
62
62

IDLV $431.79 M 431794900 poor tracking

B 62
E
79
79
T
87
87
F
62
62

IHDG $460.37 M 460372080 low volume

B 40
E
84
84
T
87
87
F
40
40

ISZE $4.9 M 4896600 new; trade with care

C 84
E
86
86
T
54
54
F
84
84

RODM $41.9 M 41904660 new; trade with care

C 78
E
87
87
T
42
42
F
78
78

PXF $1.04 B 1044395800 terrible tracking

C 78
E
74
74
T
86
86
F
78
78

JPIN $644.23 M 644233628.61984 modest AUM to date

C 72
E
74
74
T
84
84
F
72
72

DDWM $370.53 M 370530748.9796 N/A

C 70
E
80
80
T
74
74
F
70
70

IQDG $6.25 M 6251075.0156 N/A

C 69
E
80
80
T
56
56
F
69
69

HDWM $2.6 M 2602520 competitive fee

C 56
E
78
78
T
54
54
F
56
56

PIZ $154.07 M 154067600 highest fee

C 52
E
69
69
T
87
87
F
52
52

FDT $180.12 M 180119327.04 highest fee

C 47
E
68
68
T
79
79
F
47
47

HEFA $3.61 B 3608679975 solid liquidity

C 45
E
63
63
T
98
98
F
45
45

IDHQ $20.98 M 20982150 poor tracking

D 79
E
76
76
T
40
40
F
79
79

FYLD $41.15 M 41153176.096231 viable size & liquidity

D 71
E
77
77
T
43
43
F
71
71

IDMO $2.41 M 2409200 high closure risk

D 47
E
75
75
T
35
35
F
47
47

ESGN $6.69 M 6693320.76 N/A

F 72
E
48
48
T
48
48
F
72
72

LVHI $6.38 M 6381600 N/A

F 33
E
50
50
T
54
54
F
33
33

DHDG $2.13 M 2125846.287 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

GSIE $354.34 M 354340000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

DEFA $2.54 M 2544910 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

IDHD $2.62 M 2624326.243 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

IDLB $154.1 M 154099575.471 low beta + equal wt.

N/A 0
E
0
-1
T
0
-1
F
0
-1

ESGD $110.05 M 110052560 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

HEFV $18.69 M 18687375 new, trade with care

N/A 0
E
0
-1
T
0
-1
F
0
-1

FXEP $1.31 M 1313426.268 new, trade with care

N/A 0
E
0
-1
T
0
-1
F
0
-1

JHMD $25.76 M 25761500 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

IMOM $29.27 M 29268000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

HFXI $180.81 M 180806418.834 50% hedge

N/A 0
E
0
-1
T
0
-1
F
0
-1

TLDH $23.74 M 23743196.3813 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

EFAX $31.29 M 31292764 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

JPIH $38.84 M 38842868.401556 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

DDBI $5.05 M 5054000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

MVIN $13.97 M 13965875 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

DEEF $5.03 M 5027025.135 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

FLQH $23.91 M 23910000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

IDHB $3.02 M 3023503.5 high closure risk

D 36
E
72
72
T
37
37
F
36
36

ETF.com Grade as 02/09/17

Equity: Developed Markets Ex-U.S. - Total Market

Performance Dispersion
Performance  [as of 02/16/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World Ex-USA Investable Markets2.27%8.96%5.01%--0.62%5.74%--
A 96.075831SCHF7675133659.8SCHFSchwab International Equity ETF2.13%9.04%5.56%19.66%0.45%5.11%--
A 94.743959VEA44250443533.25VEAVanguard FTSE Developed Markets ETF2.17%9.14%5.64%19.35%0.89%5.97%--
A 94.705245IEFA18601428800IEFAiShares Core MSCI EAFE ETF2.02%8.78%5.30%18.20%0.58%----
A 91.965185EFA63219870000EFAiShares MSCI EAFE ETF1.80%8.68%5.08%17.26%-0.06%5.43%0.66%
A 61.339424EFAV5982637180EFAViShares Edge MSCI Min Vol EAFE ETF1.49%5.72%4.26%5.66%4.65%7.38%--
B 96.598345GWL776053756.8GWLSPDR S&P World ex-US ETF1.88%8.89%5.41%19.94%0.73%5.22%--
B 89.513465TLTD731388018.9829TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt1.90%10.05%5.42%24.62%0.99%----
B 86.284817DWM652202550DWMWisdomTree International Equity Fund1.76%8.81%4.87%17.57%0.03%5.62%0.96%
B 82.23503QEFA94437961.4QEFASPDR MSCI EAFE StrategicFactors ETF1.98%8.05%4.78%12.89%------
B 80.329304IQLT22782960IQLTiShares Edge MSCI Intl Quality Factor ETF1.69%6.72%4.33%13.95%------
B 77.232271INTF207863720INTFiShares Edge MSCI Multifactor Intl ETF1.84%7.76%4.82%14.67%------
B 66.29551EFAD39372000EFADProShares MSCI EAFE Dividend Growers ETF1.10%5.47%2.16%2.94%------
B 65.44754DBEF8183785988.4DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF0.59%9.19%2.96%22.07%6.31%10.02%--
B 61.883236IMTM20842480IMTMiShares Edge MSCI Intl Momentum Factor ETF3.44%11.33%7.26%15.64%------
B 61.523656IDLV431794900IDLVPowerShares S&P International Developed Low Volatility ETF2.60%8.77%5.52%14.21%2.17%6.00%--
B 40.101786IHDG460372080IHDGWisdomTree International Hedged Quality Dividend Growth Fund2.20%9.02%4.14%14.02%------
C 83.710228ISZE4896600ISZEiShares Edge MSCI Intl Size Factor ETF5.42%6.57%5.42%14.72%------
C 78.397076RODM41904660RODMHartford Multifactor Developed Markets (ex-US) ETF1.79%8.76%4.77%17.29%------
C 78.013638PXF1044395800PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio1.57%10.43%5.30%25.03%-0.07%5.27%--
C 71.819567JPIN644233628.61984JPINJ.P. Morgan Diversified Return International Equity ETF1.84%8.36%4.94%11.82%------
C 70.369754DDWM370530748.9796DDWMWisdomTree Dynamic Currency Hedged International Equity Fund0.89%9.14%3.33%23.13%------
C 68.815148IQDG6251075.0156IQDGWisdomTree International Quality Dividend Growth3.26%6.78%6.02%--------
C 56.334882HDWM2602520HDWMWisdomTree International Hedged Equity Fund0.78%9.90%2.89%23.32%------
C 51.559195PIZ154067600PIZPowerShares DWA Developed Markets Momentum Portfolio3.66%8.83%6.66%9.21%-3.57%5.71%--
C 47.351784FDT180119327.04FDTFirst Trust Developed Markets ex-US AlphaDEX Fund2.87%10.85%7.90%23.49%1.51%5.83%--
C 45.376512HEFA3608679975HEFAiShares Currency Hedged MSCI EAFE ETF0.60%9.32%2.83%22.27%6.60%----
D 79.307732IDHQ20982150IDHQPowerShares S&P International Developed Quality Portfolio1.01%7.00%4.27%12.18%2.49%6.42%--
D 71.477732FYLD41153176.096231FYLDCambria Foreign Shareholder Yield ETF3.00%10.33%6.54%24.79%-0.71%----
D 46.922251IDMO2409200IDMOPowerShares S&P International Developed Momentum Portfolio4.86%1.65%5.65%20.31%-5.67%----
F 72.127571ESGN6693320.76ESGNColumbia Sustainable International Equity Income ETF1.89%10.12%5.22%--------
F 32.859457LVHI6381600LVHILegg Mason International Low Volatility High Dividend ETF0.68%9.09%2.97%--------
N/A 0DHDG2125846.287DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund0%4.19%1.63%--------
N/A 0GSIE354340000GSIEGoldman Sachs ActiveBeta International Equity ETF2.00%8.31%4.89%15.98%------
N/A 0DEFA2544910DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF1.34%7.95%3.58%17.84%------
N/A 0IDHD2624326.243IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio0.66%--3.18%--------
N/A 0IDLB154099575.471IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio0.87%6.16%4.33%16.28%------
N/A 0ESGD110052560ESGDiShares MSCI EAFE ESG Select ETF2.01%8.26%4.98%--------
N/A 0HEFV18687375HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF0.60%6.65%1.42%12.66%------
N/A 0FXEP1313426.268FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol1.23%4.77%5.20%7.82%------
N/A 0JHMD25761500JHMDJohn Hancock Multifactor Developed International ETF1.44%--4.49%--------
N/A 0IMOM29268000IMOMMomentumShares International Quantitative Momentum ETF2.91%5.14%7.06%12.00%------
N/A 0HFXI180806418.834HFXIIQ 50 Percent Hedged FTSE International ETF1.82%9.18%4.36%19.91%------
N/A 0TLDH23743196.3813TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt1.42%11.31%3.90%28.92%------
N/A 0EFAX31292764EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF0.30%6.74%4.36%--------
N/A 0JPIH38842868.401556JPIHJPMorgan Diversified Return International Currency Hedged1.14%7.83%2.02%--------
N/A 0DDBI5054000DDBILegg Mason Developed Ex-US Diversified Core ETF1.86%8.59%4.93%18.09%------
N/A 0MVIN13965875MVINNatixis Seeyond International Minimum Volatility ETF2.31%6.18%5.11%--------
N/A 0DEEF5027025.135DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF2.63%8.64%5.86%15.09%------
N/A 0FLQH23910000FLQHFranklin LibertyQ International Equity Hedged ETF0.54%-3.03%2.11%--------
D 35.921147187022IDHB3023503.5IDHBPowerShares S&P International Developed High Beta-14.71%-22.67%-14.21%-20.22%-6.70%----
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

The two largest funds in the international equities space take different paths to strong Efficiency scores. VEA takes the intuitive path to strong Efficiency by charging a low fee. TheIEFA earns enough lending income to consistently beat its own index fund's 9 bp expense ratio is among the lowest in the segment, and in fact is one of the lowest of any ETF. VEA, isn't perfect, however—the fund falls down in transparency by disclosing portfolio holdings monthly instead of daily. Note: VEA switched from tracking the popular EAFE index to tracking a very similar FTSE index in May 2013.
Meanwhile, iShares's EFA charges 34 bps, almost three times VEA's fee. EFA discloses holdings daily, so it wins transparency points that VEA loses. EFA also gains from a strong tracking performance which strongly suggests that investors pay far less than the full headline fee.
Neither fund takes the top spot for Efficiency, though. That honor goes to IEFA, which tracks a more inclusive version of EFA's index, while charging just a few bps more than VEA. Furthermore, IEFA earns enough securities lending income to consistently beat its own index after fees, effectively paying investors to hold it.
Also of note is Schwab's SCHF. It charges just 8 bps, the lowest headline fee in the segment. The fund forgoes both the risk and rewards of securities lending, and tracks its index well.
Funds at the bottom of the Efficiency spectrum can land there for a variety of reasons. WisdomTree's IHDG charges one of the segment's highest fees, tracks poorly, and made a substantial capital gains distribution in 2014—a taxable event. PowerShares' IDHB scores poorly primarily because it has minimal assets more than 3 years after launch—raising the risk of closure.
IDHB isn't alone in raising closure concerns: SSgA's QEFA and ProShares' EFAD also carry high closure risk. Don't let closure risk scare you too much though—investors recover the full current market value of a fund if it closes, so the cost to investors comes in other forms: the hassle of reinvesting, managing the taxes on fund distributions, and the headache of explaining the closure to a client. (Insight updated 02/17/17)

All Funds (50)

99
99.485664
96
96.35209
95
95.354987
95
94.645028
95
94.611237
93
92.547313
92
92.393073
89
89.285302
89
89.115836
89
89.110246
88
88.363217
87
87.313526
87
86.593277
86
86.00553
85
84.767024
84
83.543081
80
80.395115
80
79.82718
79
79.111151
78
78.095554
77
76.78636
76
76.439632
75
74.757652
74
74.195737
74
73.842233
69
69.01757
68
67.853265
63
63.279556
50
49.739751
48
48.340052
100
100
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
72
71.993703415172

ETF.com Grade as 02/09/17

Equity: Developed Markets Ex-U.S. - Total Market

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF 0.36% -- -- -- 20.00% / 39.60% High 0
HDWM WisdomTree International Hedged Equity Fund 0.35% -0.67% -0.14% -0.95% 20.00% / 39.60% High 78.095554
FLQH Franklin LibertyQ International Equity Hedged ETF 0.40% -- -- -- 20.00% / 39.60% N/A 0
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.13% -0.04% -0.21% 20.00% / 39.60% Medium 89.285302
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.23% 2.70% -2.22% 20.00% / 39.60% Low 63.279556
ESGN Columbia Sustainable International Equity Income ETF 0.45% -- -- -- 20.00% / 39.60% High 48.340052
ISZE iShares Edge MSCI Intl Size Factor ETF 0.30% 0.22% 0.35% -0.20% 20.00% / 39.60% High 86.00553
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.35% -0.17% -0.51% 20.00% / 39.60% Low 88.363217
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio 0.45% -- -- -- 20.00% / 39.60% Low 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF 0.23% -- -- -- 20.00% / 39.60% Medium 0
ESGD iShares MSCI EAFE ESG Select ETF 0.40% -- -- -- 20.00% / 39.60% N/A 0
JPIN J.P. Morgan Diversified Return International Equity ETF 0.43% -0.41% 0.89% -2.63% 20.00% / 39.60% Low 73.842233
DWM WisdomTree International Equity Fund 0.48% -0.08% 0.22% -0.59% 20.00% / 39.60% Low 87.313526
IMOM MomentumShares International Quantitative Momentum ETF 0.79% -- -- -- 20.00% / 39.60% Medium 0
HFXI IQ 50 Percent Hedged FTSE International ETF 0.36% -- -- -- 20.00% / 39.60% Low 0
LVHI Legg Mason International Low Volatility High Dividend ETF 0.40% -- -- -- 20.00% / 39.60% High 49.739751
PIZ PowerShares DWA Developed Markets Momentum Portfolio 0.81% -0.91% 0.05% -2.00% 20.00% / 39.60% Low 69.01757
EFA iShares MSCI EAFE ETF 0.33% -0.04% 0.03% -0.09% 20.00% / 39.60% Low 95.354987
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt 0.44% -- -- -- 20.00% / 39.60% Medium 0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.20% -- -- -- -- / -- N/A 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.46% -0.64% 1.05% -1.88% 20.00% / 39.60% Low 74.195737
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.47% -0.35% -0.62% 20.00% / 39.60% Low 94.611237
DDBI Legg Mason Developed Ex-US Diversified Core ETF 0.40% -- -- -- 20.00% / 39.60% High 0
IDHQ PowerShares S&P International Developed Quality Portfolio 0.33% -1.05% 0.53% -2.77% 20.00% / 39.60% Medium 76.439632
MVIN Natixis Seeyond International Minimum Volatility ETF 0.55% -- -- -- -- / -- Low 0
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 92.393073
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.06% 0.01% -0.12% 20.00% / 39.60% Low 94.645028
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -- -- -- 20.00% / 39.60% Low 80.395115
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.59% 0.35% -1.48% 20.00% / 39.60% Low 79.111151
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund 0.48% -- -- -- 20.00% / 39.60% N/A 0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.32% -0.22% -0.51% 20.00% / 39.60% Low 86.593277
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 67.853265
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
IEFA iShares Core MSCI EAFE ETF 0.08% 0.16% 0.28% 0.02% 20.00% / 39.60% Low 100
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio 0.30% -- -- -- -- / -- Low 0
SCHF Schwab International Equity ETF 0.07% -0.00% 0.06% -0.07% 20.00% / 39.60% Low 99.485664
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol 0.25% -- -- -- 20.00% / 39.60% High 0
IDMO PowerShares S&P International Developed Momentum Portfolio 0.26% -0.38% 1.49% -1.68% 20.00% / 39.60% High 74.757652
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.51% -0.39% -0.83% 20.00% / 39.60% Low 83.543081
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- -- / -- Low 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.11% -0.02% -0.24% 20.00% / 39.60% Low 89.115836
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.49% 0.55% -2.34% 20.00% / 39.60% Low 76.78636
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- -- / -- High 79.82718
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.29% -0.14% -0.64% 20.00% / 39.60% Medium 89.110246
VEA Vanguard FTSE Developed Markets ETF 0.09% 0.50% 0.68% 0.06% 20.00% / 39.60% Low 96.35209
GWL SPDR S&P World ex-US ETF 0.34% -0.42% 0.25% -0.79% 20.00% / 39.60% Low 84.767024
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% Medium 0
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.30% -0.08% -0.39% 20.00% / 39.60% Low 92.547313
IDHB PowerShares S&P International Developed High Beta -0.33% 1.49% -1.68% 20.00% / 39.60% High 71.993703415172

ETF.com Tradability Insight

Buying and selling international equity ETFs raises particular challenges merely from the time of day. While investors in domestic ETFs can rely on assessments of the funds fair value basedmost funds earn full credit for block liquidity on prices of the fund's underlying securities published throughout the trading day, this process does not always work when the fund's underlying securities are trading halfway around the world.
A key metric then is how much the trading hours of the exchanges—those of the underlying securities around the world and those of the fund in New York—overlap. More overlap provides better price discovery, but for funds in this segment, market hours only overlap 20-25% on average. Still, billions of dollars in international ETFs change hands every day, and authorized participants arbitrage away price differences between ETF market prices and their best estimate of fair value, just as they do with domestic funds.
Note that HEFA's 100% overlap is an artifact of it holding EFA for its equity exposure. Most of the underlying securities don't trade during US market hours.
The funds with the highest Tradability scores provide an example of the strong liquidity of some—but by no means all—international funds. EFA from iShares trades over $1B a day on average, so investors can get in and out of the fund with ease, all day long, at tiny spreads. Vanguard's VEA is not quite in the same league but should still pose few challenges for traders.
At the other end of the spectrum, QEFA can go whole days without trading and its average quoted spreads are wide. The segment has seen new launches too (JPIN, IMTM, IQLT, RODM) that need to be traded with care.
The picture brightens for institutions. Investors trading in size will note that most funds earn full credit for block liquidity.
The bottom line here is the same as with all ETFs: ignore trading costs at your own peril.
One additional note: We display information on premiums and discounts but we don't use it in scoring because of the market-hours-overlap problem. (Insight updated 02/17/17)

All Funds (50)

98
97.881156
91
91.204539
90
89.743861
90
89.662005
89
89.09859
89
88.843014
87
87.456625
87
87.277373
87
87.247372
87
86.997613
86
85.984483
86
85.531109
85
84.85488
84
83.564676
79
79.35059
76
75.642066
74
73.659652
67
67.407398
64
64.403892
61
61.092063
56
56.089647
56
55.610688
54
54.325807
54
53.640646
54
53.630536
53
53.398179
48
47.900667
43
42.970649
42
41.609013
40
40.344083
35
34.642621
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
37
37.289638609514

ETF.com Grade as 02/09/17

Equity: Developed Markets Ex-U.S. - Total Market

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.13% -- 26.00% 0.05% 0.31% None 53.640646
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $0 0.12% 0.00 100.00% 0.12% 0.01% None 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund $1.15 M 0.18% 0.47 17.00% 0.09% 0.22% None 79.35059
JPIN J.P. Morgan Diversified Return International Equity ETF $4.48 M 0.13% 0.89 14.00% 0.09% 0.15% None 83.564676
IDMO PowerShares S&P International Developed Momentum Portfolio $0 0.85% 0.00 36.00% 0.03% 0.15% None 34.642621
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 0.75% 0.00 17.00% 0.06% 0.16% None 0
PIZ PowerShares DWA Developed Markets Momentum Portfolio $1.28 M 0.09% 1.19 36.00% 0.10% 0.13% None 87.456625
IQDG WisdomTree International Quality Dividend Growth $21.88 K 0.14% 0.02 23.00% 0.06% 0.14% None 55.610688
FYLD Cambria Foreign Shareholder Yield ETF $80.88 K 0.46% 0.08 28.00% 0.35% 0.18% None 42.970649
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $2.65 M 0.08% 1.41 26.00% 0.01% 0.51% None 85.531109
JPIH JPMorgan Diversified Return International Currency Hedged $30.38 K 0.51% 0.02 100.00% 29.05% 0.02% None 0
GWL SPDR S&P World ex-US ETF $3.02 M 0.05% 0.59 27.00% 0.04% 0.15% None 85.984483
QEFA SPDR MSCI EAFE StrategicFactors ETF $503.45 K 0.48% 0.09 20.00% 0.02% 0.05% None 61.092063
FLQH Franklin LibertyQ International Equity Hedged ETF $24.85 K 0.33% 0.00 18.00% 0.06% 0.05% None 0
HDWM WisdomTree International Hedged Equity Fund $3.07 K 0.12% 0.00 19.00% 0.01% 0.42% None 53.630536
RODM Hartford Multifactor Developed Markets (ex-US) ETF $166.93 K 0.67% 0.07 29.00% 0.11% 0.16% None 41.609013
ESGN Columbia Sustainable International Equity Income ETF $16.04 K 0.40% 0.01 21.00% 0.07% 0.15% None 47.900667
HEFA iShares Currency Hedged MSCI EAFE ETF $25.07 M 0.04% 19.22 100.00% 0.13% 0.01% None 97.881156
SCHF Schwab International Equity ETF $47.92 M 0.04% 16.90 26.00% 0.01% 0.52% None 86.997613
ESGD iShares MSCI EAFE ESG Select ETF $80.69 K 0.06% 0.01 20.00% 0.03% 0.13% None 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $91.32 K 0.54% 0.06 100.00% 1.72% 0.01% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $2.79 M 0.24% 0.24 26.00% 0.26% 0.17% None 75.642066
LVHI Legg Mason International Low Volatility High Dividend ETF $44.22 K 0.29% 0.01 26.00% 0.12% 0.03% None 54.325807
HFXI IQ 50 Percent Hedged FTSE International ETF $130.45 K 0.43% 0.14 18.00% 0.00% 0.48% None 0
VEA Vanguard FTSE Developed Markets ETF $313.44 M 0.03% 16.74 25.00% 0.07% 0.05% None 91.204539
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $8.6 K 1.08% 0.00 19.00% 0.01% 0.16% None 0
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $13.03 K 0.27% 0.01 22.00% 0.03% 0.24% None 0
MVIN Natixis Seeyond International Minimum Volatility ETF $0 0.31% 0.00 22.00% 0.16% 0.06% None 0
IDHQ PowerShares S&P International Developed Quality Portfolio $56.18 K 0.65% 0.05 19.00% 0.02% 0.23% None 40.344083
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.64 M 0.20% 0.65 28.00% 0.02% 0.28% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.14% 0.00 100.00% 5,917.90% 0.01% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $3.67 M 0.09% 2.49 35.00% 0.07% 0.14% None 87.247372
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $102.45 K 0.69% 0.08 16.00% 0.03% 0.31% None 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $30.1 K 0.49% 0.02 13.00% 0.13% 0.10% None 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $50.54 M 0.04% 8.91 20.00% 0.02% 0.08% None 89.662005
IEFA iShares Core MSCI EAFE ETF $183.49 M 0.02% 16.97 22.00% 0.03% 0.13% None 89.09859
IMOM MomentumShares International Quantitative Momentum ETF $60.96 K 0.69% 0.05 21.00% 0.27% 0.16% None 0
JHMD John Hancock Multifactor Developed International ETF $11.22 K 0.31% 0.00 19.00% 0.01% 0.21% None 0
DWM WisdomTree International Equity Fund $2.11 M 0.09% 0.87 21.00% 0.02% 0.23% None 84.85488
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $2.35 M 0.08% 1.75 23.00% 0.06% 0.13% None 87.277373
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $62.75 K 0.54% 0.08 100.00% 26.22% 0% None 0
EFA iShares MSCI EAFE ETF $994.88 M 0.02% 28.29 20.00% 0.11% 0.04% None 89.743861
IMTM iShares Edge MSCI Intl Momentum Factor ETF $148.96 K 0.35% 0.06 37.00% 0.03% 0.17% None 53.398179
INTF iShares Edge MSCI Multifactor Intl ETF $548.31 K 0.32% 0.23 25.00% 0.06% 0.14% None 64.403892
DDBI Legg Mason Developed Ex-US Diversified Core ETF $19.93 K 0.14% 0.00 29.00% 0.08% 0.14% None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $424.17 K 0.17% 0.26 23.00% 0.15% 0.03% None 67.407398
IQLT iShares Edge MSCI Intl Quality Factor ETF $94.96 K 0.17% 0.04 29.00% 0.03% 0.19% None 56.089647
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $648.07 K 0.13% 0.49 20.00% 0.01% 0.40% None 73.659652
EFAV iShares Edge MSCI Min Vol EAFE ETF $69.71 M 0.02% 11.28 16.00% 0.15% 0.04% None 88.843014
IDHB PowerShares S&P International Developed High Beta $4.9 K 0.00 36.00% 0.03% 0.17% None 37.289638609514

ETF.com/ Block Liquidity

HEFA
5
4
3
2
1
IDLV
5
4
3
2
1
IEFA
5
4
3
2
1
IHDG
5
4
3
2
1
JPIN
5
4
3
2
1
PIZ
5
4
3
2
1
PXF
5
4
3
2
1
SCHF
5
4
3
2
1
TLTD
5
4
3
2
1
VEA
5
4
3
2
1
GSIE
5
4
3
2
1
DBEF
5
4
3
2
1
DWM
5
4
3
2
1
EFA
5
4
3
2
1
DDWM
5
4
3
2
1
EFAV
5
4
3
2
1
FDT
5
4
3
2
1
GWL
5
4
3
2
1
ESGN
5
4
3
2
1
ESGD
5
4
3
2
1
HFXI
5
4
3
2
1
LVHI
5
4
3
2
1
EFAX
5
4
3
2
1
IDHQ
5
4
3
2
1
MVIN
5
4
3
2
1
IDHD
5
4
3
2
1
JHMD
5
4
3
2
1
IMTM
5
4
3
2
1
INTF
5
4
3
2
1
IQLT
5
4
3
2
1
ISZE
5
4
3
2
1
QEFA
5
4
3
2
1
RODM
5
4
3
2
1
DEEF
5
4
3
2
1
IDLB
5
4
3
2
1
DDBI
5
4
3
2
1
EFAD
5
4
3
2
1
DEFA
5
4
3
2
1
IDMO
5
4
3
2
1
FXEP
5
4
3
2
1
IQDG
5
4
3
2
1
FLQH
5
4
3
2
1
HDWM
5
4
3
2
1
IMOM
5
4
3
2
1
FYLD
5
4
3
2
1
HEFV
5
4
3
2
1
DHDG
5
4
3
2
1
TLDH
5
4
3
2
1
JPIH
5
4
3
2
1
IDHB
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

For US investors, developed-market international funds exclude US stocks by definition. But the coverage these funds offer varies according to the country rules of their underlying indexes.not all alternative methodologies take big departures from marketlike exposure Many of the funds here—including the segment's largest, EFA—track a version of the EAFE index. This well-known index family ignores Canadian securities which account for 9% of our market benchmark. Meanwhile Schwab's SCHF includes Canada but also adds South Korea, which is defined as a developed country by the fund's FTSE Developed ex-US Index, but not by our benchmark. Still, SCHF garners the highest Fit score in the segment, followed closely by EFA, IEFA, VEA, and GWL. All 5 of these market-cap-selected and -weighted funds cover the space well.
We've seen changes among these plain vanilla funds. Blackrock unveiled IEFA in October 2012. It tracks a more complete version of the EAFE that covers small caps. And Vanguard's VEA changed underlying indexes in late May 2013, switching from the EAFE to a very similar FTSE index.
Some segment funds show biases in country coverage that stem from alternative selection and weighting methods rather than the countries they include. IDHB from PowerShares, for example, currently overweights Japanese stocks after previously avoiding them.
The bets made by alternative funds are not limited to country weights. First Trust's FDT hunts for outperforming stocks using value and growth screens. The resulting basket loads up on midcap stocks.
However, not all alternative methodologies take big departures from marketlike exposure. WisdomTree's DWM offers a dividend-weighted play that delivers more yield by overweighting dividend-payers while still aligning well with our benchmark. Flexshares' TLTD also aligns extremely well with the market despite an intended bias toward small-caps and value stocks.
Other alternative ETFs include a fundamental fund (PowerShares' PXF); funds that hedge out currency risk (IHDG, DBEF and HEFA); low-volatility IDLV and EFAV; another dividend play (EFAD) and multi-factored JPIN and QEFA.
Investors are strongly encouraged to check the corresponding Efficiency and Tradability tabs for any fund they're considering. Results there vary just as much as they do in Fit, if not more. (Insight updated 02/17/17)

All Funds (50)

97
96.598345
96
96.075831
95
94.743959
95
94.705245
92
91.965185
90
89.513465
86
86.284817
84
83.710228
82
82.23503
80
80.329304
79
79.307732
78
78.397076
78
78.013638
77
77.232271
72
72.127571
72
71.819567
71
71.477732
70
70.369754
69
68.815148
66
66.29551
65
65.44754
62
61.883236
62
61.523656
61
61.339424
56
56.334882
52
51.559195
47
47.351784
47
46.922251
45
45.376512
40
40.101786
33
32.859457
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
36
35.921147187022

ETF.com Grade as 02/09/17

Equity: Developed Markets Ex-U.S. - Total Market