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

EFAX Top Performer Intra-day
Price $63.06
Today’s Change +1.12%(1.81)
11:26am 01/13/2017
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 01/16/17)

All Funds (48)

EFA $61.56 B 61555329360 Cheaper than it looks

A 91
E
95
95
T
90
90
F
91
91

EFAV $5.87 B 5868327930 Low Cost Niche Fund

A 55
E
95
95
T
89
89
F
55
55

GWL $633.88 M 633882984 not cheap to hold

B 95
E
85
85
T
84
84
F
95
95

DWM $643.7 M 643702950 Not cheap to hold

B 87
E
87
87
T
85
85
F
87
87

DBEF $8.01 B 8012516649.2 EAFE exposure

B 73
E
87
87
T
90
90
F
73
73

DDWM $305.2 M 305195932.558 N/A

C 72
E
80
80
T
72
72
F
72
72

EFAD $35.74 M 35739000 high closure risk

C 66
E
84
84
T
68
68
F
66
66

HDWM $2.57 M 2568650 competitive fee

C 59
E
78
78
T
54
54
F
59
59

HEFA $3.33 B 3329061120 solid liquidity

C 47
E
63
63
T
98
98
F
47
47

FYLD $25.81 M 25808117.182191 viable size & liquidity

D 73
E
74
74
T
44
44
F
73
73

FDT $163.65 M 163654628.96 highest fee

D 48
E
68
68
T
76
76
F
48
48

ESGN $5.25 M 5253050.4 N/A

F 71
E
48
48
T
48
48
F
71
71

FLQH $23.67 M 23670000 N/A

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

DEEF $4.92 M 4915224.576 N/A

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

DEFA $2.51 M 2507160 N/A

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

GSIE $343.48 M 343482000 N/A

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

ESGD $108.19 M 108189990 N/A

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

HEFV $12.35 M 12345350 new, trade with care

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

FXEP $1.29 M 1293925.878 new, trade with care

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

EFAX $30.71 M 30708671 N/A

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

HFXI $168.83 M 168832318.553 50% hedge

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

DDBI $4.94 M 4940000 N/A

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

DHDG $2.05 M 2052782.634 N/A

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

SCHF $7.17 B 7165421613 Very low fee

A 96
E
98
98
T
87
87
F
96
96

VEA $42.06 B 42057478946.16 large, cheap and liquid

A 95
E
96
96
T
91
91
F
95
95

IEFA $16.49 B 16486926900 broad coverage with a low fee

A 94
E
100
100
T
89
89
F
94
94

TLTD $685.99 M 685986057.1655 Successful Launch

B 89
E
87
87
T
75
75
F
89
89

QEFA $86.64 M 86642856 high closure risk

B 83
E
92
92
T
59
59
F
83
83

INTF $190.31 M 190307070 N/A

B 76
E
92
92
T
56
56
F
76
76

IDLV $411.43 M 411426000 poor tracking

B 63
E
78
78
T
87
87
F
63
63

IHDG $504.31 M 504313760 low volume

B 44
E
83
83
T
87
87
F
44
44

ISZE $4.75 M 4753600 new; trade with care

C 84
E
86
86
T
54
54
F
84
84

IQLT $19.75 M 19745280 hard to trade

C 81
E
89
89
T
30
30
F
81
81

PXF $994.71 M 994708000 terrible tracking

C 79
E
73
73
T
85
85
F
79
79

RODM $38.25 M 38254240 new; trade with care

C 77
E
83
83
T
36
36
F
77
77

JPIN $580.38 M 580383419.44858 modest AUM to date

C 74
E
72
72
T
84
84
F
74
74

IQDG $3.61 M 3607401.1948 N/A

C 69
E
78
78
T
55
55
F
69
69

IMTM $15.03 M 15034800 hard to trade

C 62
E
88
88
T
54
54
F
62
62

PIZ $147.48 M 147478400 highest fee

C 51
E
68
68
T
86
86
F
51
51

IDHQ $20.46 M 20459250 poor tracking

D 78
E
73
73
T
43
43
F
78
78

IDMO $2.3 M 2296100 high closure risk

D 46
E
74
74
T
33
33
F
46
46

IDHD $2.57 M 2569125.691 N/A

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

JHMD $25.09 M 25088600 N/A

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

IDLB $149.83 M 149834324.766 low beta + equal wt.

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

LVHI $6.33 M 6326400 N/A

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

TLDH $19.69 M 19694351.2591 N/A

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

JPIH $29.31 M 29305412.201265 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 01/12/17

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

Performance Dispersion
Performance  [as of 01/13/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World Ex-USA Investable Markets1.83%4.70%2.68%12.81%-0.35%6.90%--
A 91.338991EFA61555329360EFAiShares MSCI EAFE ETF1.89%4.58%3.22%12.62%-0.52%6.97%0.93%
A 54.909008EFAV5868327930EFAViShares Edge MSCI Min Vol EAFE ETF2.10%-0.66%2.73%5.65%4.51%8.10%--
B 94.807692GWL633882984GWLSPDR S&P World ex-US ETF1.93%4.77%3.46%15.35%0.13%6.89%--
B 87.257969DWM643702950DWMWisdomTree International Equity Fund1.84%4.71%3.06%14.31%-0.12%7.16%1.19%
B 73.194888DBEF8012516649.2DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF2.36%9.12%2.35%16.70%5.91%10.61%--
C 71.604642DDWM305195932.558DDWMWisdomTree Dynamic Currency Hedged International Equity Fund1.99%7.81%2.42%17.16%------
C 66.197911EFAD35739000EFADProShares MSCI EAFE Dividend Growers ETF0.93%-2.04%1.05%0.39%------
C 59.264646HDWM2568650HDWMWisdomTree International Hedged Equity Fund1.85%8.04%2.09%12.70%------
C 47.317666HEFA3329061120HEFAiShares Currency Hedged MSCI EAFE ETF2.40%9.24%2.22%16.86%------
D 72.755529FYLD25808117.182191FYLDCambria Foreign Shareholder Yield ETF1.54%5.55%3.44%18.59%-2.06%----
D 47.663659FDT163654628.96FDTFirst Trust Developed Markets ex-US AlphaDEX Fund2.81%4.63%4.90%16.98%0.49%6.68%--
F 71.330055ESGN5253050.4ESGNColumbia Sustainable International Equity Income ETF3.06%4.20%3.27%--------
N/A 0FLQH23670000FLQHFranklin LibertyQ International Equity Hedged ETF-8.41%-7.20%1.56%--------
N/A 0DEEF4915224.576DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF1.82%0.42%3.14%2.84%------
N/A 0DEFA2507160DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF1.41%3.87%2.22%11.83%------
N/A 0GSIE343482000GSIEGoldman Sachs ActiveBeta International Equity ETF1.89%2.97%2.83%13.20%------
N/A 0ESGD108189990ESGDiShares MSCI EAFE ESG Select ETF1.56%3.93%2.91%--------
N/A 0HEFV12345350HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF4.15%3.28%0.82%8.47%------
N/A 0FXEP1293925.878FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol0.93%-3.39%3.92%2.03%------
N/A 0EFAX30708671EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF4.02%--4.04%--------
N/A 0HFXI168832318.553HFXIIQ 50 Percent Hedged FTSE International ETF2.20%6.27%2.50%12.53%------
N/A 0DDBI4940000DDBILegg Mason Developed Ex-US Diversified Core ETF1.52%2.36%3.01%9.75%------
N/A 0DHDG2052782.634DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund2.33%--1.63%--------
A 96.004467SCHF7165421613SCHFSchwab International Equity ETF2.44%3.93%3.03%12.66%-0.50%6.23%--
A 94.743959VEA42057478946.16VEAVanguard FTSE Developed Markets ETF2.57%3.83%3.01%12.05%-0.14%7.17%--
A 94.006531IEFA16486926900IEFAiShares Core MSCI EAFE ETF2.68%3.42%2.78%10.65%-0.35%----
B 88.663667TLTD685986057.1655TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt2.87%5.83%2.89%15.47%0.16%----
B 83.321179QEFA86642856QEFASPDR MSCI EAFE StrategicFactors ETF2.72%2.30%2.42%9.04%------
B 76.440373INTF190307070INTFiShares Edge MSCI Multifactor Intl ETF2.20%3.10%2.28%7.80%------
B 63.477185IDLV411426000IDLVPowerShares S&P International Developed Low Volatility ETF2.27%0.40%2.46%11.63%1.31%----
B 44.267284IHDG504313760IHDGWisdomTree International Hedged Quality Dividend Growth Fund4.08%2.45%1.59%7.98%------
C 83.768885ISZE4753600ISZEiShares Edge MSCI Intl Size Factor ETF1.47%-2.95%0%8.82%------
C 81.468031IQLT19745280IQLTiShares Edge MSCI Intl Quality Factor ETF2.58%1.55%2.29%9.16%------
C 78.599088PXF994708000PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio2.03%8.04%3.25%17.60%-0.97%6.77%--
C 77.368768RODM38254240RODMHartford Multifactor Developed Markets (ex-US) ETF2.81%2.68%2.05%12.92%------
C 73.549618JPIN580383419.44858JPINJ.P. Morgan Diversified Return International Equity ETF2.47%1.13%2.57%9.07%------
C 68.9249IQDG3607401.1948IQDGWisdomTree International Quality Dividend Growth1.89%-1.37%1.25%--------
C 61.600374IMTM15034800IMTMiShares Edge MSCI Intl Momentum Factor ETF3.02%2.29%3.55%10.06%------
C 51.317854PIZ147478400PIZPowerShares DWA Developed Markets Momentum Portfolio3.53%-2.71%2.57%-0.17%-4.78%6.34%--
D 77.811237IDHQ20459250IDHQPowerShares S&P International Developed Quality Portfolio2.89%-0.03%2.45%7.22%2.08%7.77%--
D 45.842536IDMO2296100IDMOPowerShares S&P International Developed Momentum Portfolio1.84%-8.73%0.75%10.47%-6.58%----
N/A 0IDHD2569125.691IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio1.48%--2.18%--------
N/A 0JHMD25088600JHMDJohn Hancock Multifactor Developed International ETF----1.89%--------
N/A 0IDLB149834324.766IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio2.68%1.25%3.02%11.84%------
N/A 0LVHI6326400LVHILegg Mason International Low Volatility High Dividend ETF1.60%6.75%0.72%--------
N/A 0TLDH19694351.2591TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt2.29%10.79%2.60%17.92%------
N/A 0JPIH29305412.201265JPIHJPMorgan Diversified Return International Currency Hedged1.87%10.84%0.87%--------
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 01/16/17)

All Funds (48)

95
95.386553
95
94.596342
87
87.414228
87
87.278818
85
84.94531
84
83.862101
80
80.35545
78
77.819597
74
74.079108
68
67.881456
63
62.825804
48
48.273095
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
98
98.417673
96
96.35209
92
92.474512
92
92.394198
89
88.816851
88
88.192962
87
87.162958
86
85.961765
83
82.783436
83
82.643459
78
78.092712
78
77.915977
74
73.780442
73
73.217008
73
72.901532
72
71.79132
68
68.325277
100
100
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 01/12/17

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
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol 0.25% -- -- -- 20.00% / 39.60% High 0
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.41% 0.57% -2.34% 20.00% / 39.60% Medium 74.079108
GWL SPDR S&P World ex-US ETF 0.34% -0.44% 0.09% -0.79% 20.00% / 39.60% Low 84.94531
FLQH Franklin LibertyQ International Equity Hedged ETF 0.40% -- -- -- 20.00% / 39.60% N/A 0
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 77.819597
ESGN Columbia Sustainable International Equity Income ETF 0.45% -- -- -- 20.00% / 39.60% High 48.273095
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.25% 2.70% -2.22% 20.00% / 39.60% Low 62.825804
ESGD iShares MSCI EAFE ESG Select ETF 0.40% -- -- -- 20.00% / 39.60% N/A 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.35% -0.17% -0.54% 20.00% / 39.60% Low 87.278818
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF 0.23% -- -- -- 20.00% / 39.60% High 0
DWM WisdomTree International Equity Fund 0.48% -0.07% 0.22% -0.34% 20.00% / 39.60% Low 87.414228
HFXI IQ 50 Percent Hedged FTSE International ETF 0.36% -- -- -- 20.00% / 39.60% Low 0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.20% -- -- -- -- / -- N/A 0
EFA iShares MSCI EAFE ETF 0.33% -0.04% 0.03% -0.10% 20.00% / 39.60% Low 95.386553
DDBI Legg Mason Developed Ex-US Diversified Core ETF 0.40% -- -- -- 20.00% / 39.60% High 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund 0.48% -- -- -- 20.00% / 39.60% N/A 0
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.47% -0.35% -7.06% 20.00% / 39.60% Low 83.862101
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -- -- -- 20.00% / 39.60% Low 80.35545
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.06% 0.01% -0.12% 20.00% / 39.60% Low 94.596342
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 67.881456
IEFA iShares Core MSCI EAFE ETF 0.08% 0.14% 0.23% 0.02% 20.00% / 39.60% Low 100
SCHF Schwab International Equity ETF 0.07% -0.01% 0.06% -0.07% 20.00% / 39.60% Low 98.417673
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- -- / -- High 77.915977
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.49% -0.37% -0.83% 20.00% / 39.60% Low 82.783436
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.11% -0.02% -0.26% 20.00% / 39.60% Low 87.162958
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% High 0
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.26% -0.14% -0.43% 20.00% / 39.60% Medium 88.192962
VEA Vanguard FTSE Developed Markets ETF 0.09% 0.33% 0.64% 0.06% 20.00% / 39.60% Low 96.35209
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.22% -0.08% -0.39% 20.00% / 39.60% Low 92.474512
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.12% -0.04% -0.19% 20.00% / 39.60% Medium 88.816851
ISZE iShares Edge MSCI Intl Size Factor ETF 0.30% 0.26% 0.35% 0.06% 20.00% / 39.60% High 85.961765
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio 0.45% -- -- -- 20.00% / 39.60% Low 0
LVHI Legg Mason International Low Volatility High Dividend ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
JPIN J.P. Morgan Diversified Return International Equity ETF 0.43% -0.41% 0.89% -2.63% 20.00% / 39.60% Low 71.79132
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt 0.44% -- -- -- 20.00% / 39.60% Medium 0
PIZ PowerShares DWA Developed Markets Momentum Portfolio 0.81% -0.91% 0.05% -2.00% 20.00% / 39.60% Low 68.325277
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.46% -0.62% 0.60% -1.85% 20.00% / 39.60% Low 73.217008
IDHQ PowerShares S&P International Developed Quality Portfolio 0.33% -1.05% 0.53% -2.77% 20.00% / 39.60% Medium 72.901532
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio 0.30% -- -- -- -- / -- Low 0
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 92.394198
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.58% 0.32% -1.48% 20.00% / 39.60% Low 78.092712
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- -- / -- Low 0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.33% -0.24% -0.51% 20.00% / 39.60% Low 82.643459
IDMO PowerShares S&P International Developed Momentum Portfolio 0.26% -0.38% 1.49% -1.68% 20.00% / 39.60% High 73.780442
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 01/16/17)

All Funds (48)

98
97.73125
90
89.835805
90
89.654594
89
88.830158
85
84.886139
84
84.341289
76
76.140246
72
72.208971
68
67.589062
54
53.514404
48
48.409739
44
43.653951
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
91
91.204539
89
89.044487
87
86.986677
87
86.896227
87
86.649412
86
86.447569
85
85.118771
84
83.882585
75
75.39268
59
58.793842
56
56.259174
55
55.075884
54
53.741468
54
53.638517
43
43.317166
36
36.393448
33
33.230904
30
30.246397
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 01/12/17

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
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $18.57 K 0.31% 0.01 22.00% 0.02% 0.24% None 0
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.74 M 0.19% 0.71 27.00% 0.02% 0.28% None 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $50.86 M 0.04% 9.24 20.00% 0.02% 0.08% None 89.654594
DWM WisdomTree International Equity Fund $2.53 M 0.10% 1.10 21.00% 0.01% 0.23% None 84.886139
EFA iShares MSCI EAFE ETF $1.06 B 0.02% 30.59 20.00% 0.10% 0.04% None 89.835805
DDBI Legg Mason Developed Ex-US Diversified Core ETF $19.93 K 0.12% 0.00 29.00% 0.08% 0.14% None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $428.29 K 0.18% 0.27 23.00% 0.14% 0.03% None 67.589062
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $522.65 K 0.13% 0.41 21.00% 0.01% 0.41% None 72.208971
EFAV iShares Edge MSCI Min Vol EAFE ETF $84.15 M 0.03% 13.63 16.00% 0.14% 0.04% None 88.830158
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 $983.33 K 0.19% 0.42 17.00% 0.08% 0.22% None 76.140246
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 0.75% 0.00 17.00% 0.06% 0.16% None 0
FYLD Cambria Foreign Shareholder Yield ETF $87.26 K 0.50% 0.08 28.00% 0.30% 0.18% None 43.653951
GWL SPDR S&P World ex-US ETF $2.46 M 0.09% 0.48 27.00% 0.03% 0.15% None 84.341289
FLQH Franklin LibertyQ International Equity Hedged ETF $24.85 K 0.39% 0.01 18.00% 0.06% 0.05% None 0
HDWM WisdomTree International Hedged Equity Fund $0 0.13% 0.00 19.00% 0.01% 0.43% None 53.514404
ESGN Columbia Sustainable International Equity Income ETF $0 0.35% 0.00 21.00% 0.06% 0.15% None 48.409739
HEFA iShares Currency Hedged MSCI EAFE ETF $26.16 M 0.04% 19.89 100.00% 0.12% 0.01% None 97.73125
ESGD iShares MSCI EAFE ESG Select ETF $62.85 K 0.06% 0.01 20.00% 0.03% 0.14% None 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $25.77 K 0.46% 0.02 100.00% 1.36% 0.01% None 0
HFXI IQ 50 Percent Hedged FTSE International ETF $60.97 K 0.59% 0.06 18.00% 0.00% 0.49% None 0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $0 1.07% 0.01 19.00% 0.01% 0.16% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.15% 0.00 100.00% 42,414.00% 0.01% None 0
IDHQ PowerShares S&P International Developed Quality Portfolio $78.71 K 0.65% 0.08 19.00% 0.01% 0.24% None 43.317166
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $7.81 K 0.50% 0.00 13.00% 0.19% 0.10% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $3.72 M 0.12% 2.61 0% 0.40% 0.15% None 86.649412
JHMD John Hancock Multifactor Developed International ETF $11.18 K 0.32% 0.00 32.00% 0.09% 0.22% None 0
IEFA iShares Core MSCI EAFE ETF $151.34 M 0.02% 14.15 28.00% 0.05% 0.14% None 89.044487
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $106.39 K 0.65% 0.08 4.00% 0.19% 0.33% None 0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $2.5 M 0.09% 1.92 31.00% 0.16% 0.14% None 86.896227
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $3.02 K 0.65% 0.00 100.00% 68.02% 0% None 0
IMTM iShares Edge MSCI Intl Momentum Factor ETF $92.09 K 0.31% 0.04 37.00% 0.03% 0.18% None 53.741468
INTF iShares Edge MSCI Multifactor Intl ETF $285.09 K 0.34% 0.12 37.00% 0.02% 0.15% None 56.259174
IQLT iShares Edge MSCI Intl Quality Factor ETF $71.75 K 0.41% 0.03 37.00% 0.01% 0.20% None 30.246397
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.13% -- 31.00% 0.08% 0.32% None 53.638517
IDMO PowerShares S&P International Developed Momentum Portfolio $0 0.91% 0.00 36.00% 0.02% 0.16% None 33.230904
JPIN J.P. Morgan Diversified Return International Equity ETF $4.04 M 0.10% 0.81 14.00% 0.09% 0.15% None 83.882585
IQDG WisdomTree International Quality Dividend Growth $3.54 K 0.14% 0.00 31.00% 0.16% 0.15% None 55.075884
PIZ PowerShares DWA Developed Markets Momentum Portfolio $1.27 M 0.11% 1.20 36.00% 0.09% 0.14% None 86.447569
JPIH JPMorgan Diversified Return International Currency Hedged $9.28 K 0.43% 0.00 100.00% 32.79% 0.02% None 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $2.31 M 0.10% 1.24 10.00% 0.01% 0.53% None 85.118771
QEFA SPDR MSCI EAFE StrategicFactors ETF $414.86 K 0.34% 0.07 19.00% 0.02% 0.06% None 58.793842
RODM Hartford Multifactor Developed Markets (ex-US) ETF $133.12 K 0.77% 0.05 14.00% 0.14% 0.17% None 36.393448
SCHF Schwab International Equity ETF $52.41 M 0.04% 18.93 31.00% 0.27% 0.54% None 86.986677
LVHI Legg Mason International Low Volatility High Dividend ETF $46.63 K 0.24% 0.02 0% 0.20% 0.03% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $2.08 M 0.24% 0.19 100.00% 0.80% 0.18% None 75.39268
VEA Vanguard FTSE Developed Markets ETF $318.97 M 0.03% 17.20 13.00% 0.45% 0.05% None 91.204539
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

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
HEFA
5
4
3
2
1
DEEF
5
4
3
2
1
DDBI
5
4
3
2
1
EFAD
5
4
3
2
1
DEFA
5
4
3
2
1
FXEP
5
4
3
2
1
FLQH
5
4
3
2
1
ESGN
5
4
3
2
1
HDWM
5
4
3
2
1
ESGD
5
4
3
2
1
EFAX
5
4
3
2
1
HFXI
5
4
3
2
1
FYLD
5
4
3
2
1
HEFV
5
4
3
2
1
DHDG
5
4
3
2
1
TLTD
5
4
3
2
1
VEA
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
IDLB
5
4
3
2
1
IDMO
5
4
3
2
1
IQDG
5
4
3
2
1
LVHI
5
4
3
2
1
IDHQ
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
IDHD
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 01/16/17)

All Funds (48)

95
94.807692
91
91.338991
87
87.257969
73
73.194888
73
72.755529
72
71.604642
71
71.330055
66
66.197911
59
59.264646
55
54.909008
48
47.663659
47
47.317666
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
96
96.004467
95
94.743959
94
94.006531
89
88.663667
84
83.768885
83
83.321179
81
81.468031
79
78.599088
78
77.811237
77
77.368768
76
76.440373
74
73.549618
69
68.9249
63
63.477185
62
61.600374
51
51.317854
46
45.842536
44
44.267284
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 01/12/17

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