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

MVIN Top Performer Intra-day
Price $43.80
Today’s Change +0.26%(0.59)
3:24pm 05/24/2017
IDHD Bottom Performer Intra-day
Price $28.69
Today’s Change -0.26%(-0.90)
4:00pm 05/24/2017
  • 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 05/24/17)

All Funds (52)

VEA $53.59 B 53586958660.15 large, cheap and liquid

A 99
E
94
94
T
91
91
F
99
99

SCHF $9.7 B 9701567018.5 Very low fee

A 96
E
100
100
T
87
87
F
96
96

IEFA $26.2 B 26196957500 broad coverage with a low fee

A 95
E
100
100
T
89
89
F
95
95

EFA $75.27 B 75268507680 Cheaper than it looks

A 93
E
96
96
T
90
90
F
93
93

EFAV $6.81 B 6806801760 Low Cost Niche Fund

A 62
E
95
95
T
89
89
F
62
62

GWL $931.32 M 931322338.8 not cheap to hold

B 96
E
85
85
T
85
85
F
96
96

TLTD $858.71 M 858705423.1401 Successful Launch

B 91
E
89
89
T
75
75
F
91
91

DWM $767.28 M 767276790 Not cheap to hold

B 87
E
88
88
T
84
84
F
87
87

QEFA $144.8 M 144801223.7 high closure risk

B 86
E
92
92
T
59
59
F
86
86

IQLT $25.23 M 25231500 hard to trade

B 84
E
91
91
T
59
59
F
84
84

INTF $243.5 M 243498240 N/A

B 80
E
94
94
T
71
71
F
80
80

RODM $67.36 M 67360000 new; trade with care

B 79
E
90
90
T
51
51
F
79
79

EFAD $57.57 M 57567000 high closure risk

B 63
E
97
97
T
64
64
F
63
63

IDLV $541.31 M 541306250 poor tracking

B 62
E
78
78
T
88
88
F
62
62

DBEF $8.62 B 8615119048.8 EAFE exposure

B 61
E
89
89
T
90
90
F
61
61

IHDG $490.71 M 490714185 low volume

B 43
E
83
83
T
87
87
F
43
43

ISZE $10.64 M 10636000 new; trade with care

C 82
E
88
88
T
54
54
F
82
82

PXF $1.15 B 1149281600 terrible tracking

C 77
E
73
73
T
84
84
F
77
77

JPIN $804.15 M 804145240.23857 modest AUM to date

C 74
E
74
74
T
83
83
F
74
74

IQDG $9.98 M 9979734.0528 N/A

C 74
E
82
82
T
58
58
F
74
74

DDWM $453.75 M 453751315.2384 N/A

C 68
E
81
81
T
75
75
F
68
68

IMTM $25.17 M 25172910 hard to trade

C 63
E
90
90
T
46
46
F
63
63

PIZ $183.56 M 183555500 highest fee

C 54
E
68
68
T
84
84
F
54
54

FDT $291.07 M 291068135.6 highest fee

C 48
E
68
68
T
80
80
F
48
48

HEFA $4.34 B 4336683120 solid liquidity

C 47
E
64
64
T
98
98
F
47
47

IDHQ $23.52 M 23521050 poor tracking

D 79
E
76
76
T
40
40
F
79
79

ESGN $5.8 M 5799359.64 N/A

D 74
E
78
78
T
36
36
F
74
74

FYLD $43.97 M 43972488.889637 viable size & liquidity

D 71
E
77
77
T
47
47
F
71
71

IDMO $2.51 M 2514600 high closure risk

D 52
E
74
74
T
31
31
F
52
52

FLQH $10.21 M 10212000 N/A

D 39
E
77
77
T
48
48
F
39
39

MVIN $15.33 M 15326990 N/A

D 30
E
73
73
T
50
50
F
30
30

EFAX $34.39 M 34390468 N/A

F 89
E
64
64
T
31
31
F
89
89

DHDG $2.35 M 2348877.438 N/A

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

GSIE $512.64 M 512635000 N/A

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

DEFA $2.73 M 2734860 N/A

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

IDHD $2.84 M 2844528.445 N/A

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

IDLB $156.59 M 156593278.215 low beta + equal wt.

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

ESGD $127.07 M 127066200 N/A

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

HEFV $18.76 M 18764760 new, trade with care

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

FXEP $1.42 M 1417928.358 new, trade with care

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

JHMD $33.83 M 33831840 N/A

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

IMOM $35.05 M 35046000 N/A

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

LVHI $13.53 M 13526496 N/A

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

HFXI $247.51 M 247513620.288 50% hedge

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

ONTL $10.66 M 10662546.6563 N/A

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

TLDH $20.5 M 20501052.3347 N/A

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

JPIH $42.92 M 42918508.852021 N/A

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

IDEV $32.35 M 32346660 N/A

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

DDBI $5.49 M 5493560 N/A

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

DEEF $6.81 M 6805527.222 N/A

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

HDWM $2.66 M 2658020 competitive fee

C 52
E
78
78
T
54
54
F
52
52

IDHB $3.02 M 3023503.5 high closure risk

D 36
E
72
72
T
37
37
F
36
36

ETF.com Grade as 05/18/17

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

Performance Dispersion
Performance  [as of 05/23/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World ex USA Investable Market Index6.22%7.51%13.15%18.48%1.95%9.72%--
A 98.540643VEA53586958660.15VEAVanguard FTSE Developed Markets ETF6.10%7.86%14.17%19.37%2.34%10.11%--
A 95.79282SCHF9701567018.5SCHFSchwab International Equity ETF6.25%7.99%14.23%19.69%1.88%9.21%--
A 95.15128IEFA26196957500IEFAiShares Core MSCI EAFE ETF6.76%9.10%15.10%19.54%2.59%----
A 93.135805EFA75268507680EFAiShares MSCI EAFE ETF6.83%8.83%14.67%19.50%1.77%9.71%1.02%
A 61.688839EFAV6806801760EFAViShares Edge MSCI Min Vol EAFE ETF5.95%9.01%14.82%10.15%5.82%10.72%--
B 95.913261GWL931322338.8GWLSPDR S&P World ex-US ETF6.07%7.99%14.16%19.54%2.18%9.36%1.34%
B 90.885913TLTD858705423.1401TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt5.45%6.78%12.65%20.16%2.43%----
B 86.841138DWM767276790DWMWisdomTree International Equity Fund7.22%9.02%14.45%20.05%1.43%10.01%1.14%
B 86.142504QEFA144801223.7QEFASPDR MSCI EAFE StrategicFactors ETF6.74%9.21%15.21%16.59%------
B 83.553861IQLT25231500IQLTiShares Edge MSCI Intl Quality Factor ETF6.73%9.13%14.57%15.39%------
B 79.672379INTF243498240INTFiShares Edge MSCI Multifactor Intl ETF5.45%8.42%14.16%15.97%------
B 78.614641RODM67360000RODMHartford Multifactor Developed Markets (ex-US) ETF5.74%7.71%13.44%16.79%------
B 62.802962EFAD57567000EFADProShares MSCI EAFE Dividend Growers ETF6.87%11.85%15.17%7.58%------
B 61.546949IDLV541306250IDLVPowerShares S&P International Developed Low Volatility ETF3.98%6.36%13.20%11.98%2.27%8.36%--
B 61.368795DBEF8615119048.8DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF5.51%6.27%9.91%23.32%7.58%14.58%--
B 42.523994IHDG490714185IHDGWisdomTree International Hedged Quality Dividend Growth Fund5.46%9.30%15.32%19.55%9.00%----
C 82.339875ISZE10636000ISZEiShares Edge MSCI Intl Size Factor ETF5.42%8.58%14.47%14.65%------
C 77.299421PXF1149281600PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio6.56%7.15%12.60%23.15%0.83%10.11%--
C 74.125631JPIN804145240.23857JPINJ.P. Morgan Diversified Return International Equity ETF5.70%8.22%14.39%15.12%------
C 73.782027IQDG9979734.0528IQDGWisdomTree International Quality Dividend Growth7.64%12.31%20.10%14.98%------
C 67.592678DDWM453751315.2384DDWMWisdomTree Dynamic Currency Hedged International Equity Fund5.88%6.79%10.42%23.24%------
C 63.404855IMTM25172910IMTMiShares Edge MSCI Intl Momentum Factor ETF4.20%5.22%12.90%13.36%------
C 53.515421PIZ183555500PIZPowerShares DWA Developed Markets Momentum Portfolio7.56%11.05%18.42%11.81%0.29%10.13%--
C 47.529811FDT291068135.6FDTFirst Trust Developed Markets ex-US AlphaDEX Fund5.65%7.40%16.64%22.17%3.65%10.23%--
C 46.73496HEFA4336683120HEFAiShares Currency Hedged MSCI EAFE ETF5.56%6.30%9.80%23.75%7.95%----
D 79.307732IDHQ23521050IDHQPowerShares S&P International Developed Quality Portfolio6.86%10.82%16.71%14.53%5.15%10.88%--
D 73.705969ESGN5799359.64ESGNColumbia Sustainable International Equity Income ETF4.72%7.78%13.58%--------
D 71.440507FYLD43972488.889637FYLDCambria Foreign Shareholder Yield ETF7.29%7.39%14.15%20.21%0.30%----
D 51.721463IDMO2514600IDMOPowerShares S&P International Developed Momentum Portfolio-0.00%4.21%10.10%1.35%-5.52%7.67%--
D 39.355524FLQH10212000FLQHFranklin LibertyQ International Equity Hedged ETF4.36%6.14%9.05%--------
D 29.535424MVIN15326990MVINNatixis Seeyond International Minimum Volatility ETF5.75%8.04%13.70%--------
F 88.923505EFAX34390468EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF5.94%8.37%14.14%--------
N/A 0DHDG2348877.438DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund6.15%13.86%15.71%--------
N/A 0GSIE512635000GSIEGoldman Sachs ActiveBeta International Equity ETF6.08%8.63%14.29%17.40%------
N/A 0DEFA2734860DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF4.91%6.54%10.35%17.48%------
N/A 0IDHD2844528.445IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio5.97%8.86%14.20%--------
N/A 0IDLB156593278.215IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio7.10%9.83%15.35%16.59%------
N/A 0ESGD127066200ESGDiShares MSCI EAFE ESG Optimized ETF6.44%8.40%14.18%--------
N/A 0HEFV18764760HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF4.97%6.38%9.15%14.36%------
N/A 0FXEP1417928.358FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol4.73%8.63%14.29%10.54%------
N/A 0JHMD33831840JHMDJohn Hancock Multifactor Developed International ETF6.73%8.44%13.96%--------
N/A 0IMOM35046000IMOMMomentumShares International Quantitative Momentum ETF4.26%6.58%14.44%5.25%------
N/A 0LVHI13526496LVHILegg Mason International Low Volatility High Dividend ETF6.14%7.58%12.06%--------
N/A 0HFXI247513620.288HFXIIQ 50 Percent Hedged FTSE International ETF5.92%7.44%12.89%21.53%------
N/A 0ONTL10662546.6563ONTLO'Shares FTSE Russell International Quality Dividend ETF5.95%------------
N/A 0TLDH20501052.3347TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt3.75%-1.30%7.80%20.48%------
N/A 0JPIH42918508.852021JPIHJPMorgan Diversified Return International Currency Hedged4.96%6.99%9.88%20.60%------
N/A 0IDEV32346660IDEViShares Core MSCI International Developed Markets ETF6.06%------------
N/A 0DDBI5493560DDBILegg Mason Developed Ex-US Diversified Core ETF6.82%8.68%14.04%16.14%------
N/A 0DEEF6805527.222DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF4.23%6.12%12.65%11.66%------
C 51.610735HDWM2658020HDWMWisdomTree International Hedged Equity Fund1.73%4.91%5.12%21.74%------
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 05/24/17)

All Funds (52)

100
99.648474
97
97.147192
96
96.070748
95
95.389392
94
93.66127
94
93.607801
92
92.391149
91
90.867946
90
90.132396
90
90.049839
89
89.296269
89
88.801402
88
88.122668
88
87.535429
85
85.04467
83
83.239593
82
81.928823
81
80.984204
78
78.057346
78
78.00401
77
77.419349
77
77.060974
76
76.439632
74
74.377333
74
73.701293
73
73.377869
73
73.01424
68
67.719709
68
67.651103
64
63.920816
64
63.785345
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
78
78.046694
72
71.993703415172

ETF.com Grade as 05/18/17

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
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.50% -0.14% -0.66% 20.00% / 39.60% Low 90.132396
ONTL O'Shares FTSE Russell International Quality Dividend ETF 0.48% -- -- -- 20.00% / 39.60% Low 0
VEA Vanguard FTSE Developed Markets ETF 0.07% 0.56% 0.68% 0.44% 20.00% / 39.60% Low 93.607801
GWL SPDR S&P World ex-US ETF 0.34% -0.18% 0.41% -0.78% 20.00% / 39.60% Low 85.04467
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% Low 0
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.28% -0.08% -0.39% 20.00% / 39.60% Low 93.66127
IDEV iShares Core MSCI International Developed Markets ETF 0.07% -- -- -- 20.00% / 39.60% Low 0
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF 0.36% -- -- -- 20.00% / 39.60% High 0
FLQH Franklin LibertyQ International Equity Hedged ETF 0.40% -- -- -- 20.00% / 39.60% High 77.060974
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.15% -0.04% -0.32% 20.00% / 39.60% Low 90.867946
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.18% 2.70% -2.22% 20.00% / 39.60% Low 63.785345
ESGN Columbia Sustainable International Equity Income ETF 0.45% -- -- -- 20.00% / 39.60% High 78.00401
ISZE iShares Edge MSCI Intl Size Factor ETF 0.30% 0.05% 0.35% -0.26% 20.00% / 39.60% High 88.122668
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.36% -0.17% -0.51% 20.00% / 39.60% Low 88.801402
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 Optimized ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
JPIN J.P. Morgan Diversified Return International Equity ETF 0.43% -0.46% 0.88% -2.63% 20.00% / 39.60% Low 74.377333
DWM WisdomTree International Equity Fund 0.48% -0.23% 0.22% -0.59% 20.00% / 39.60% Low 87.535429
IMOM MomentumShares International Quantitative Momentum ETF 0.79% -- -- -- 20.00% / 39.60% Low 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 0.41% -- -- -- 20.00% / 39.60% High 0
PIZ PowerShares DWA Developed Markets Momentum Portfolio 0.81% -0.91% 0.05% -2.00% 20.00% / 39.60% Low 67.651103
EFA iShares MSCI EAFE ETF 0.33% -0.05% 0.03% -0.12% 20.00% / 39.60% Low 96.070748
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% -- -- -- 20.00% / 39.60% Low 63.920816
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.45% -0.71% 1.05% -1.88% 20.00% / 39.60% Low 73.377869
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.45% -0.35% -0.62% 20.00% / 39.60% Low 97.147192
DDBI Legg Mason Developed Ex-US Diversified Core ETF 0.41% -- -- -- 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% -- -- -- 20.00% / 39.60% High 73.01424
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 92.391149
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.06% 0.01% -0.12% 20.00% / 39.60% Low 95.389392
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -- -- -- 20.00% / 39.60% Low 80.984204
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.68% 0.35% -1.48% 20.00% / 39.60% Low 78.057346
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund 0.48% -- -- -- 20.00% / 39.60% High 0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.30% -0.21% -0.51% 20.00% / 39.60% Low 90.049839
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 67.719709
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
IEFA iShares Core MSCI EAFE ETF 0.08% 0.20% 0.28% 0.11% 20.00% / 39.60% Low 100
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio 0.30% -- -- -- 20.00% / 39.60% Low 0
SCHF Schwab International Equity ETF 0.06% 0.01% 0.20% -0.06% 20.00% / 39.60% Low 99.648474
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 73.701293
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.55% -0.43% -0.83% 20.00% / 39.60% Low 83.239593
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- 20.00% / 39.60% Low 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.13% -0.02% -0.24% 20.00% / 39.60% Low 89.296269
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.47% 0.72% -2.34% 20.00% / 39.60% Low 77.419349
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- 20.00% / 39.60% High 81.928823
HDWM WisdomTree International Hedged Equity Fund -0.68% -0.14% -0.95% 20.00% / 39.60% Closing 78.046694
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 05/24/17)

All Funds (52)

98
97.634043
91
90.648651
90
89.825924
90
89.810283
89
89.139823
89
88.931441
88
87.502355
87
87.179828
87
86.958055
85
84.724338
84
83.959513
84
83.741901
84
83.589987
83
83.43654
80
79.621947
75
75.220061
75
74.665813
71
70.867819
64
63.630158
59
59.357808
59
59.016064
58
57.6389
54
53.876361
51
51.111179
50
49.836834
48
47.980653
47
47.0972
46
46.458952
40
40.344083
36
36.085267
31
31.361906
31
30.677
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
54
54.100102
37
37.289638609514

ETF.com Grade as 05/18/17

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
FYLD Cambria Foreign Shareholder Yield ETF $89.52 K 0.38% 0.08 27.00% 0.30% 0.17% None 47.0972
PIZ PowerShares DWA Developed Markets Momentum Portfolio $991.66 K 0.14% 0.85 33.00% 0.08% 0.12% None 83.959513
IQDG WisdomTree International Quality Dividend Growth $58.98 K 0.12% 0.04 24.00% 0.05% 0.13% None 57.6389
GWL SPDR S&P World ex-US ETF $2.63 M 0.08% 0.47 26.00% 0.03% 0.14% None 84.724338
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $1.53 M 0.11% 0.77 25.00% 0.01% 0.47% None 83.741901
JPIH JPMorgan Diversified Return International Currency Hedged $44.6 K 0.54% 0.03 100.00% 41.84% 0.02% None 0
QEFA SPDR MSCI EAFE StrategicFactors ETF $564.81 K 0.62% 0.09 20.00% 0.02% 0.05% None 59.357808
FLQH Franklin LibertyQ International Equity Hedged ETF $19.41 K 0.42% 0.00 18.00% 0.06% 0.05% None 47.980653
HEFA iShares Currency Hedged MSCI EAFE ETF $28.95 M 0.04% 21.08 100.00% 0.14% 0.01% None 97.634043
RODM Hartford Multifactor Developed Markets (ex-US) ETF $382.69 K 0.57% 0.15 27.00% 0.13% 0.15% None 51.111179
ESGN Columbia Sustainable International Equity Income ETF $11.31 K 0.78% 0.01 22.00% 0.07% 0.14% None 36.085267
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $18.54 K 0.47% 0.01 100.00% 2.43% 0.01% None 0
SCHF Schwab International Equity ETF $44.75 M 0.03% 14.52 25.00% 0.01% 0.48% None 86.958055
ESGD iShares MSCI EAFE ESG Optimized ETF $248.96 K 0.07% 0.04 20.00% 0.03% 0.12% None 0
HFXI IQ 50 Percent Hedged FTSE International ETF $423.29 K 0.29% 0.44 18.00% 0.00% 0.44% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $1.64 M 0.26% 0.13 24.00% 0.25% 0.16% None 74.665813
LVHI Legg Mason International Low Volatility High Dividend ETF $149.9 K 0.40% 0.04 26.00% 0.11% 0.03% None 0
VEA Vanguard FTSE Developed Markets ETF $332.08 M 0.03% 16.97 25.00% 0.06% 0.05% None 90.648651
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $22.55 K 0.95% 0.00 20.00% 0.01% 0.15% None 31.361906
MVIN Natixis Seeyond International Minimum Volatility ETF $5.24 K 0.26% 0.00 21.00% 0.19% 0.06% None 49.836834
IDHQ PowerShares S&P International Developed Quality Portfolio $58.51 K 0.49% 0.06 19.00% 0.02% 0.21% None 40.344083
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $16.87 K 0.26% 0.01 20.00% 0.02% 0.22% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.14% 0.00 100.00% 1,774.14% 0.01% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $2.42 M 0.11% 1.54 36.00% 0.07% 0.13% None 87.502355
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.67 M 0.24% 0.63 27.00% 0.02% 0.25% None 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $14.01 K 0.63% 0.01 13.00% 0.13% 0.09% None 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $46.46 M 0.03% 7.69 20.00% 0.02% 0.08% None 89.825924
IEFA iShares Core MSCI EAFE ETF $210.72 M 0.02% 18.06 20.00% 0.03% 0.12% None 89.139823
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $307.28 K 0.59% 0.21 15.00% 0.02% 0.28% None 0
JHMD John Hancock Multifactor Developed International ETF $58.48 K 0.46% 0.02 19.00% 0.01% 0.20% None 0
DWM WisdomTree International Equity Fund $1.98 M 0.12% 0.76 21.00% 0.02% 0.21% None 83.589987
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $1.63 M 0.09% 1.12 24.00% 0.06% 0.12% None 87.179828
IMOM MomentumShares International Quantitative Momentum ETF $37.07 K 0.70% 0.03 16.00% 0.16% 0.15% None 0
ONTL O'Shares FTSE Russell International Quality Dividend ETF $267.29 K 0.32% 0.20 29.00% 0.01% 0.23% None 0
EFA iShares MSCI EAFE ETF $1.22 B 0.02% 31.87 20.00% 0.11% 0.04% None 89.810283
IMTM iShares Edge MSCI Intl Momentum Factor ETF $107.73 K 0.56% 0.04 36.00% 0.03% 0.16% None 46.458952
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $18.91 K 0.69% 0.02 100.00% 16.48% 0% None 0
IDEV iShares Core MSCI International Developed Markets ETF $39.47 K 0.10% 0.00 27.00% 0.02% 0.22% None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $398.49 K 0.25% 0.23 24.00% 0.16% 0.03% None 63.630158
INTF iShares Edge MSCI Multifactor Intl ETF $669.26 K 0.21% 0.26 24.00% 0.06% 0.13% None 70.867819
DDBI Legg Mason Developed Ex-US Diversified Core ETF $16.49 K 0.27% 0.00 31.00% 0.10% 0.13% None 0
EFAV iShares Edge MSCI Min Vol EAFE ETF $39.09 M 0.02% 5.87 16.00% 0.15% 0.04% None 88.931441
IQLT iShares Edge MSCI Intl Quality Factor ETF $98.49 K 0.12% 0.03 29.00% 0.03% 0.17% None 59.016064
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $755.2 K 0.13% 0.55 21.00% 0.01% 0.38% None 75.220061
FDT First Trust Developed Markets ex-US AlphaDEX Fund $1.55 M 0.17% 0.59 15.00% 0.08% 0.20% None 79.621947
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.12% 0 26.00% 0.05% 0.28% None 53.876361
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $0 0.11% 0 100.00% 0.13% 0.01% None 0
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 0.85% 0 18.00% 0.06% 0.15% None 0
JPIN J.P. Morgan Diversified Return International Equity ETF $3.43 M 0.10% 0.63 15.00% 0.09% 0.13% None 83.43654
IDMO PowerShares S&P International Developed Momentum Portfolio $0 1.15% 0 38.00% 0.02% 0.14% None 30.677
HDWM WisdomTree International Hedged Equity Fund $17.2 K 0.01 19.00% 0.01% 0.41% None 54.100102
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

IDLV
5
4
3
2
1
IEFA
5
4
3
2
1
IHDG
5
4
3
2
1
INTF
5
4
3
2
1
JPIN
5
4
3
2
1
PIZ
5
4
3
2
1
PXF
5
4
3
2
1
QEFA
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
HEFA
5
4
3
2
1
MVIN
5
4
3
2
1
IDHQ
5
4
3
2
1
IDHD
5
4
3
2
1
JHMD
5
4
3
2
1
ONTL
5
4
3
2
1
IMTM
5
4
3
2
1
IDEV
5
4
3
2
1
IQLT
5
4
3
2
1
ISZE
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
ESGN
5
4
3
2
1
ESGD
5
4
3
2
1
LVHI
5
4
3
2
1
HFXI
5
4
3
2
1
EFAX
5
4
3
2
1
IMOM
5
4
3
2
1
FYLD
5
4
3
2
1
DHDG
5
4
3
2
1
TLDH
5
4
3
2
1
JPIH
5
4
3
2
1
HEFV
5
4
3
2
1
HDWM
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 05/24/17)

All Funds (52)

99
98.540643
96
95.913261
96
95.79282
95
95.15128
93
93.135805
91
90.885913
89
88.923505
87
86.841138
86
86.142504
84
83.553861
82
82.339875
80
79.672379
79
79.307732
79
78.614641
77
77.299421
74
74.125631
74
73.782027
74
73.705969
71
71.440507
68
67.592678
63
63.404855
63
62.802962
62
61.688839
62
61.546949
61
61.368795
54
53.515421
52
51.721463
48
47.529811
47
46.73496
43
42.523994
39
39.355524
30
29.535424
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
52
51.610735
36
35.921147187022

ETF.com Grade as 05/18/17

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