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

ESGN Top Performer Intra-day
Price $29.14
Today’s Change +0.23%(0.78)
1:03pm 06/23/2017
RNDM 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 06/23/17)

All Funds (55)

VEA $54.29 B 54285586151.58 large, cheap and liquid

A 97
E
94
94
T
91
91
F
97
97

SCHF $9.96 B 9963763137 Very low fee

A 95
E
100
100
T
87
87
F
95
95

IEFA $27.08 B 27081882580 broad coverage with a low fee

A 95
E
100
100
T
89
89
F
95
95

EFA $76.32 B 76315334940 Cheaper than it looks

A 92
E
95
95
T
90
90
F
92
92

EFAV $7.05 B 7049338140 Low Cost Niche Fund

A 63
E
95
95
T
89
89
F
63
63

GWL $929.85 M 929850766.6 not cheap to hold

B 95
E
84
84
T
85
85
F
95
95

TLTD $844.43 M 844429502.0904 Successful Launch

B 89
E
89
89
T
74
74
F
89
89

DWM $759.62 M 759622035 Not cheap to hold

B 86
E
87
87
T
84
84
F
86
86

QEFA $148.74 M 148738904.65 high closure risk

B 86
E
91
91
T
63
63
F
86
86

IQLT $24.69 M 24688350 hard to trade

B 83
E
87
87
T
61
61
F
83
83

INTF $240.53 M 240533080 N/A

B 80
E
94
94
T
71
71
F
80
80

RODM $73.47 M 73469160 new; trade with care

B 79
E
90
90
T
54
54
F
79
79

DDWM $457.76 M 457758734.7984 N/A

B 66
E
81
81
T
82
82
F
66
66

EFAD $66.08 M 66078000 high closure risk

B 61
E
96
96
T
63
63
F
61
61

IDLV $563.34 M 563340800 poor tracking

B 57
E
79
79
T
87
87
F
57
57

DBEF $8.64 B 8640278157.6 EAFE exposure

B 54
E
89
89
T
90
90
F
54
54

IHDG $505.18 M 505177650 low volume

B 39
E
83
83
T
87
87
F
39
39

ISZE $5.22 M 5224380 new; trade with care

C 82
E
84
84
T
54
54
F
82
82

PXF $1.12 B 1121809600 terrible tracking

C 77
E
74
74
T
84
84
F
77
77

IQDG $12.83 M 12828624.0312 N/A

C 73
E
79
79
T
59
59
F
73
73

JPIN $880.66 M 880657651.13127 modest AUM to date

C 71
E
74
74
T
84
84
F
71
71

IMTM $33.44 M 33439560 hard to trade

C 62
E
87
87
T
49
49
F
62
62

PIZ $199.2 M 199204200 highest fee

C 61
E
68
68
T
86
86
F
61
61

FDT $480.32 M 480317854.52 highest fee

C 49
E
68
68
T
81
81
F
49
49

HEFA $4.42 B 4417314375 solid liquidity

C 45
E
64
64
T
98
98
F
45
45

MVIN $15.59 M 15591415 N/A

C 32
E
77
77
T
56
56
F
32
32

ESGN $5.78 M 5777355.24 N/A

D 73
E
78
78
T
36
36
F
73
73

FYLD $45.0 M 44997104.899993 viable size & liquidity

D 73
E
75
75
T
48
48
F
73
73

IDHQ $23.47 M 23465400 poor tracking

D 64
E
73
73
T
52
52
F
64
64

IDMO $2.47 M 2468000 high closure risk

D 50
E
72
72
T
31
31
F
50
50

FLQH $9.78 M 9776000 N/A

D 39
E
77
77
T
48
48
F
39
39

JHMD $36.56 M 36563020 N/A

F 91
E
54
54
T
47
47
F
91
91

EFAX $33.93 M 33927701.5 N/A

F 89
E
58
58
T
34
34
F
89
89

IDHD $4.2 M 4200178.001 N/A

F 46
E
55
55
T
40
40
F
46
46

DDBI $5.51 M 5511920 N/A

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

IDEV $31.85 M 31847160 N/A

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

DEEF $6.81 M 6805777.223 N/A

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

NUDM $9.87 M 9867400 N/A

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

GSIE $549.05 M 549054000 N/A

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

DHDG $2.36 M 2361778.083 N/A

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

DEFA $2.73 M 2733350 N/A

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

ICOW $2.51 M 2505000 N/A

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

IDLB $148.06 M 148055278.201 low beta + equal wt.

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

ESGD $124.57 M 124572200 N/A

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

HEFV $19.06 M 19061910 new, trade with care

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

FXEP $1.41 M 1408328.166 new, trade with care

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

RNDM $4.96 M 4959407.18616 N/A

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

IMOM $36.47 M 36470000 N/A

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

LVHI $20.35 M 20346984 N/A

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

HFXI $303.53 M 303525120.101 50% hedge

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

TLDH $19.21 M 19212437.4463 N/A

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

ONTL $11.94 M 11939426.532 N/A

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

JPIH $43.51 M 43512281.876081 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 06/15/17

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

Performance Dispersion
Performance  [as of 06/22/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World ex USA Investable Market Index-0.05%6.60%13.10%15.96%1.02%9.22%--
A 97.303476VEA54285586151.58VEAVanguard FTSE Developed Markets ETF0.03%6.73%14.32%17.00%1.54%9.66%--
A 95.009157SCHF9963763137SCHFSchwab International Equity ETF0.03%6.71%14.31%17.09%1.04%8.87%--
A 94.741254IEFA27081882580IEFAiShares Core MSCI EAFE ETF-0.09%7.11%14.96%17.22%1.64%----
A 92.261086EFA76315334940EFAiShares MSCI EAFE ETF-0.23%6.81%14.40%16.81%0.80%9.20%1.06%
A 63.414194EFAV7049338140EFAViShares Edge MSCI Min Vol EAFE ETF1.05%8.00%16.08%9.33%5.42%10.43%--
B 95.22275GWL929850766.6GWLSPDR S&P World ex-US ETF0.24%6.83%14.36%17.26%1.33%8.96%1.38%
B 89.491987TLTD844429502.0904TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt-0.21%5.54%12.29%17.34%1.08%----
B 86.319734DWM759622035DWMWisdomTree International Equity Fund-0.95%5.78%13.32%16.17%0.34%9.04%1.07%
B 86.165507QEFA148738904.65QEFASPDR MSCI EAFE StrategicFactors ETF0.38%7.48%15.54%14.28%2.59%----
B 82.608832IQLT24688350IQLTiShares Edge MSCI Intl Quality Factor ETF-0.26%7.18%14.20%12.50%------
B 79.90455INTF240533080INTFiShares Edge MSCI Multifactor Intl ETF0.10%6.66%14.46%15.27%------
B 79.443895RODM73469160RODMHartford Multifactor Developed Markets (ex-US) ETF1.82%8.29%14.86%16.64%------
B 65.794637DDWM457758734.7984DDWMWisdomTree Dynamic Currency Hedged International Equity Fund-0.45%4.75%9.74%20.62%------
B 61.420959EFAD66078000EFADProShares MSCI EAFE Dividend Growers ETF-0.29%10.01%14.88%5.89%------
B 57.087955IDLV563340800IDLVPowerShares S&P International Developed Low Volatility ETF0.74%6.50%14.18%10.17%2.13%8.03%--
B 53.780985DBEF8640278157.6DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF0.51%5.84%10.14%23.92%6.82%12.91%--
B 38.820063IHDG505177650IHDGWisdomTree International Hedged Quality Dividend Growth Fund0.86%8.16%16.00%20.35%8.94%----
C 82.06876ISZE5224380ISZEiShares Edge MSCI Intl Size Factor ETF3.46%9.53%15.75%15.93%------
C 76.933078PXF1121809600PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio-2.36%3.80%10.07%17.23%-0.81%8.94%--
C 72.836801IQDG12828624.0312IQDGWisdomTree International Quality Dividend Growth-0.07%9.70%20.20%12.87%------
C 70.914045JPIN880657651.13127JPINJ.P. Morgan Diversified Return International Equity ETF0.39%6.90%14.88%13.89%------
C 62.148IMTM33439560IMTMiShares Edge MSCI Intl Momentum Factor ETF0.26%5.88%14.20%11.98%------
C 61.197477PIZ199204200PIZPowerShares DWA Developed Markets Momentum Portfolio2.04%11.89%20.83%11.83%0.36%10.49%--
C 48.781652FDT480317854.52FDTFirst Trust Developed Markets ex-US AlphaDEX Fund0.35%6.98%17.34%20.71%2.76%10.07%--
C 45.261689HEFA4417314375HEFAiShares Currency Hedged MSCI EAFE ETF0.63%5.74%10.07%24.21%6.99%----
C 31.824521MVIN15591415MVINNatixis Seeyond International Minimum Volatility ETF2.22%9.13%16.22%--------
D 73.200383ESGN5777355.24ESGNColumbia Sustainable International Equity Income ETF-0.91%5.75%13.01%23.02%------
D 72.806827FYLD44997104.899993FYLDCambria Foreign Shareholder Yield ETF-0.71%6.08%13.22%18.11%-1.34%----
D 63.581793IDHQ23465400IDHQPowerShares S&P International Developed Quality Portfolio0.83%9.21%17.84%14.65%4.68%10.46%0.77%
D 49.813046IDMO2468000IDMOPowerShares S&P International Developed Momentum Portfolio-0.42%1.88%9.64%-0.49%-6.99%7.33%--
D 39.327631FLQH9776000FLQHFranklin LibertyQ International Equity Hedged ETF0.90%5.29%9.58%3.02%------
F 90.760112JHMD36563020JHMDJohn Hancock Multifactor Developed International ETF0.17%6.81%13.84%--------
F 88.54706EFAX33927701.5EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF-0.26%6.45%14.16%--------
F 45.963536IDHD4200178.001IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio0.09%6.46%12.88%--------
N/A 0DDBI5511920DDBILegg Mason Developed Ex-US Diversified Core ETF0.54%8.39%14.66%14.16%------
N/A 0IDEV31847160IDEViShares Core MSCI International Developed Markets ETF0.03%------------
N/A 0DEEF6805777.223DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF2.45%7.70%15.41%12.81%------
N/A 0NUDM9867400NUDMNuShares ESG International Developed Markets Equity ETF--------------
N/A 0GSIE549054000GSIEGoldman Sachs ActiveBeta International Equity ETF0.07%7.72%14.66%15.11%------
N/A 0DHDG2361778.083DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund0.55%7.12%16.35%--------
N/A 0DEFA2733350DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF0%3.55%10.35%14.88%------
N/A 0ICOW2505000ICOWPacer Developed Markets International Cash Cows 100 ETF--------------
N/A 0IDLB148055278.201IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio0.67%8.77%15.99%15.11%------
N/A 0ESGD124572200ESGDiShares MSCI EAFE ESG Optimized ETF-0.21%6.57%14.12%--------
N/A 0HEFV19061910HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF1.94%7.34%11.26%19.34%------
N/A 0FXEP1408328.166FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol-0.77%4.20%13.28%9.31%------
N/A 0RNDM4959407.18616RNDMFirst Trust Developed International Equity Select ETF--------------
N/A 0IMOM36470000IMOMMomentumShares International Quantitative Momentum ETF0.55%7.07%15.27%0.07%------
N/A 0LVHI20346984LVHILegg Mason International Low Volatility High Dividend ETF-0.77%5.50%10.63%--------
N/A 0HFXI303525120.101HFXIIQ 50 Percent Hedged FTSE International ETF0.43%6.13%13.09%20.33%------
N/A 0TLDH19212437.4463TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt0.44%5.24%8.39%21.30%------
N/A 0ONTL11939426.532ONTLO'Shares FTSE Russell International Quality Dividend ETF0.20%7.13%----------
N/A 0JPIH43512281.876081JPIHJPMorgan Diversified Return International Currency Hedged1.52%6.29%10.91%21.10%------
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 06/23/17)

All Funds (55)

100
99.69465
96
95.651718
95
95.357072
95
95.307524
94
93.640659
94
93.604307
91
91.397558
90
90.046237
89
89.150577
89
88.836002
87
87.349747
87
86.956983
87
86.558996
84
84.254879
84
83.951815
83
83.107175
81
81.273243
79
79.487434
79
79.030628
78
78.00401
77
77.032907
77
76.525503
75
75.052839
74
74.375658
74
74.375156
73
72.632814
72
72.275658
68
68.483834
68
67.563995
64
63.978214
58
58.154389
55
54.837838
54
53.856601
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
N/A
0
78
78.046694
72
71.993703415172

ETF.com Grade as 06/15/17

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
IDMO PowerShares S&P International Developed Momentum Portfolio 0.26% -0.38% 1.49% -1.68% 20.00% / 39.60% High 72.275658
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.58% -0.43% -0.92% 20.00% / 39.60% Low 83.107175
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- 20.00% / 39.60% Medium 53.856601
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.14% -0.05% -0.24% 20.00% / 39.60% Low 89.150577
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.52% 0.72% -2.34% 20.00% / 39.60% Low 75.052839
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- 20.00% / 39.60% High 79.487434
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.49% -0.14% -0.66% 20.00% / 39.60% High 86.956983
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 93.604307
GWL SPDR S&P World ex-US ETF 0.34% -0.06% 0.41% -0.78% 20.00% / 39.60% Low 83.951815
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% High 0
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.28% -0.08% -0.39% 20.00% / 39.60% Low 93.640659
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 76.525503
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.16% -0.04% -0.41% 20.00% / 39.60% High 86.558996
NUDM NuShares ESG International Developed Markets Equity ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.14% 2.70% -2.22% 20.00% / 39.60% Low 63.978214
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% -0.08% 0.35% -0.43% 20.00% / 39.60% High 84.254879
ICOW Pacer Developed Markets International Cash Cows 100 ETF 0.65% -- -- -- 20.00% / 39.60% Low 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.40% -0.17% -0.51% 20.00% / 39.60% Low 88.836002
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% High 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 74.375156
RNDM First Trust Developed International Equity Select ETF 0.65% -- -- -- 20.00% / 39.60% Low 0
DWM WisdomTree International Equity Fund 0.48% -0.30% 0.22% -0.59% 20.00% / 39.60% Low 87.349747
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 0.41% -- -- -- 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 68.483834
EFA iShares MSCI EAFE ETF 0.33% -0.06% 0.03% -0.12% 20.00% / 39.60% Low 95.357072
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt 0.44% -- -- -- 20.00% / 39.60% High 0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.20% -- -- -- 20.00% / 39.60% High 58.154389
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.45% -0.71% 1.05% -1.88% 20.00% / 39.60% Low 74.375658
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.45% -0.35% -0.62% 20.00% / 39.60% Low 95.651718
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% High 72.632814
MVIN Natixis Seeyond International Minimum Volatility ETF 0.55% -- -- -- 20.00% / 39.60% High 77.032907
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 91.397558
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.07% 0.01% -0.12% 20.00% / 39.60% Low 95.307524
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -- -- -- 20.00% / 39.60% Low 81.273243
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.69% 0.35% -1.48% 20.00% / 39.60% Low 79.030628
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 90.046237
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 67.563995
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
IEFA iShares Core MSCI EAFE ETF 0.08% 0.21% 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% High 54.837838
SCHF Schwab International Equity ETF 0.06% 0.02% 0.20% -0.06% 20.00% / 39.60% Low 99.69465
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 06/23/17)

All Funds (55)

98
97.669987
91
90.688564
90
89.873288
90
89.815409
89
89.159737
89
88.93904
87
87.193755
87
87.185389
87
87.088612
86
85.742022
85
84.657085
84
83.913416
84
83.759019
84
83.540481
82
81.923165
81
81.180482
74
74.303655
71
70.934503
63
63.417931
63
63.086435
61
60.65663
59
58.535585
56
56.046286
54
54.354516
54
53.970321
52
52.050895
49
48.720381
48
47.644876
48
47.525469
47
47.402175
40
40.323732
36
35.564395
34
34.375364
31
30.692138
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
N/A
0
54
54.100102
37
37.289638609514

ETF.com Grade as 06/15/17

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
VEA Vanguard FTSE Developed Markets ETF $311.46 M 0.02% 14.97 25.00% 0.06% 0.05% None 90.688564
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $43.53 K 0.76% 0.01 20.00% 0.01% 0.15% None 34.375364
IDHQ PowerShares S&P International Developed Quality Portfolio $68.75 K 0.27% 0.06 19.00% 0.02% 0.21% None 52.050895
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $18.94 K 0.26% 0.01 20.00% 0.02% 0.22% None 0
MVIN Natixis Seeyond International Minimum Volatility ETF $5.24 K 0.11% 0.00 22.00% 0.19% 0.06% None 56.046286
IDLV PowerShares S&P International Developed Low Volatility ETF $2.34 M 0.12% 1.48 37.00% 0.07% 0.13% None 87.185389
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.45 M 0.21% 0.53 27.00% 0.02% 0.25% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.13% 0.00 100.00% 1,774.14% 0.01% None 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $37.52 M 0.03% 6.25 20.00% 0.02% 0.08% None 89.873288
IEFA iShares Core MSCI EAFE ETF $206.99 M 0.02% 17.13 20.00% 0.03% 0.12% None 89.159737
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $322.11 K 0.57% 0.23 15.00% 0.02% 0.28% None 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $27.69 K 0.63% 0.02 13.00% 0.13% 0.09% None 40.323732
DWM WisdomTree International Equity Fund $2.12 M 0.10% 0.80 21.00% 0.02% 0.21% None 83.913416
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $1.59 M 0.09% 1.05 23.00% 0.06% 0.12% None 87.088612
IMOM MomentumShares International Quantitative Momentum ETF $68.99 K 0.53% 0.05 19.00% 0.16% 0.15% None 0
JHMD John Hancock Multifactor Developed International ETF $105.23 K 0.46% 0.04 19.00% 0.01% 0.20% None 47.402175
EFA iShares MSCI EAFE ETF $1.22 B 0.02% 30.99 20.00% 0.11% 0.04% None 89.815409
IMTM iShares Edge MSCI Intl Momentum Factor ETF $146.01 K 0.47% 0.05 29.00% 0.03% 0.16% None 48.720381
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $8.38 K 0.84% 0.01 100.00% 16.48% 0% None 0
ONTL O'Shares FTSE Russell International Quality Dividend ETF $223.84 K 0.40% 0.17 29.00% 0.01% 0.23% None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $460.82 K 0.31% 0.25 23.00% 0.16% 0.03% None 63.417931
INTF iShares Edge MSCI Multifactor Intl ETF $641.88 K 0.20% 0.24 22.00% 0.06% 0.13% None 70.934503
DDBI Legg Mason Developed Ex-US Diversified Core ETF $17.39 K 0.25% 0.00 32.00% 0.10% 0.13% None 0
IDEV iShares Core MSCI International Developed Markets ETF $58.59 K 0.09% 0.01 26.00% 0.02% 0.22% None 0
EFAV iShares Edge MSCI Min Vol EAFE ETF $36.4 M 0.02% 5.23 16.00% 0.15% 0.04% None 88.93904
IQLT iShares Edge MSCI Intl Quality Factor ETF $120.59 K 0.10% 0.04 29.00% 0.03% 0.18% None 60.65663
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $1.03 M 0.14% 0.71 20.00% 0.01% 0.38% None 81.923165
NUDM NuShares ESG International Developed Markets Equity ETF $2.48 K 0.24% 0.00 19.00% -- 0.49% None 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund $2.0 M 0.16% 0.73 15.00% 0.08% 0.20% None 81.180482
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.12% 0 26.00% 0.05% 0.29% None 53.970321
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $0 0.11% 0 100.00% 0.13% 0.01% None 0
ICOW Pacer Developed Markets International Cash Cows 100 ETF $2.52 K 0.38% 0.00 32.00% -- -- None 0
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 0.86% 0 17.00% 0.06% 0.15% None 0
JPIN J.P. Morgan Diversified Return International Equity ETF $3.71 M 0.09% 0.67 14.00% 0.09% 0.13% None 83.759019
IDMO PowerShares S&P International Developed Momentum Portfolio $0 1.22% 0 38.00% 0.02% 0.15% None 30.692138
RNDM First Trust Developed International Equity Select ETF -- 0.19% 0.00 -- -- -- None 0
FYLD Cambria Foreign Shareholder Yield ETF $83.69 K 0.38% 0.07 27.00% 0.30% 0.17% None 47.644876
PIZ PowerShares DWA Developed Markets Momentum Portfolio $1.17 M 0.16% 0.94 33.00% 0.08% 0.12% None 85.742022
IQDG WisdomTree International Quality Dividend Growth $84.41 K 0.12% 0.06 23.00% 0.05% 0.13% None 58.535585
GWL SPDR S&P World ex-US ETF $2.46 M 0.08% 0.42 26.00% 0.03% 0.14% None 84.657085
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $1.74 M 0.11% 0.84 25.00% 0.01% 0.48% None 83.540481
JPIH JPMorgan Diversified Return International Currency Hedged $39.95 K 0.53% 0.03 100.00% 41.84% 0.02% None 0
QEFA SPDR MSCI EAFE StrategicFactors ETF $597.99 K 0.55% 0.10 19.00% 0.02% 0.05% None 63.086435
FLQH Franklin LibertyQ International Equity Hedged ETF $14.67 K 0.46% 0.00 17.00% 0.06% 0.05% None 47.525469
HEFA iShares Currency Hedged MSCI EAFE ETF $30.36 M 0.04% 21.25 100.00% 0.14% 0.01% None 97.669987
RODM Hartford Multifactor Developed Markets (ex-US) ETF $401.02 K 0.50% 0.15 27.00% 0.13% 0.15% None 54.354516
ESGN Columbia Sustainable International Equity Income ETF $17.44 K 0.80% 0.01 20.00% 0.07% 0.14% None 35.564395
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $19.06 K 0.49% 0.01 100.00% 2.43% 0.01% None 0
SCHF Schwab International Equity ETF $40.33 M 0.03% 12.78 25.00% 0.01% 0.48% None 87.193755
ESGD iShares MSCI EAFE ESG Optimized ETF $317.17 K 0.07% 0.05 20.00% 0.03% 0.13% None 0
HFXI IQ 50 Percent Hedged FTSE International ETF $320.13 K 0.23% 0.32 18.00% 0.00% 0.45% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $1.68 M 0.28% 0.13 23.00% 0.25% 0.16% None 74.303655
LVHI Legg Mason International Low Volatility High Dividend ETF $142.1 K 0.72% 0.04 27.00% 0.11% 0.03% None 0
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

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
EFAV
5
4
3
2
1
DDWM
5
4
3
2
1
FDT
5
4
3
2
1
GWL
5
4
3
2
1
HEFA
5
4
3
2
1
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
RODM
5
4
3
2
1
DEEF
5
4
3
2
1
IDLB
5
4
3
2
1
IMOM
5
4
3
2
1
EFAD
5
4
3
2
1
DDBI
5
4
3
2
1
DEFA
5
4
3
2
1
FXEP
5
4
3
2
1
IDMO
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
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
QEFA
5
4
3
2
1
FYLD
5
4
3
2
1
TLDH
5
4
3
2
1
JPIH
5
4
3
2
1
HEFV
5
4
3
2
1
DHDG
5
4
3
2
1
NUDM
5
4
3
2
1
ICOW
5
4
3
2
1
RNDM
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 06/23/17)

All Funds (55)

97
97.303476
95
95.22275
95
95.009157
95
94.741254
92
92.261086
91
90.760112
89
89.491987
89
88.54706
86
86.319734
86
86.165507
83
82.608832
82
82.06876
80
79.90455
79
79.443895
77
76.933078
73
73.200383
73
72.836801
73
72.806827
71
70.914045
66
65.794637
64
63.581793
63
63.414194
62
62.148
61
61.420959
61
61.197477
57
57.087955
54
53.780985
50
49.813046
49
48.781652
46
45.963536
45
45.261689
39
39.327631
39
38.820063
32
31.824521
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
N/A
0
52
51.610735
36
35.921147187022

ETF.com Grade as 06/15/17

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