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

RODM Top Performer Intra-day
Price $27.68
Today’s Change +0.17%(0.62)
4:00pm 08/18/2017
EFAX Bottom Performer Intra-day
Price $69.33
Today’s Change -0.99%(-1.41)
10:56am 08/18/2017
  • 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 08/18/17)

All Funds (57)

VEA $59.3 B 59295160437.5 large, cheap and liquid

A 96
E
94
94
T
91
91
F
96
96

SCHF $11.23 B 11233712315.8 Very low fee

A 96
E
99
99
T
87
87
F
96
96

IEFA $33.16 B 33159068160 broad coverage with a low fee

A 96
E
100
100
T
89
89
F
96
96

EFA $78.4 B 78401308800 Cheaper than it looks

A 93
E
96
96
T
90
90
F
93
93

EFAD $77.53 M 77532000 high closure risk

A 54
E
97
97
T
69
69
F
54
54

EFAV $7.35 B 7345375200 Low Cost Niche Fund

A 53
E
95
95
T
89
89
F
53
53

GWL $982.46 M 982459114.4 not cheap to hold

B 95
E
84
84
T
84
84
F
95
95

DWM $800.78 M 800780180 Not cheap to hold

B 87
E
87
87
T
84
84
F
87
87

TLTD $901.56 M 901555264.3968 Successful Launch

B 85
E
89
89
T
75
75
F
85
85

QEFA $175.98 M 175984068.6 high closure risk

B 82
E
92
92
T
68
68
F
82
82

RODM $101.98 M 101984580 new; trade with care

B 79
E
90
90
T
59
59
F
79
79

INTF $254.46 M 254458000 N/A

B 75
E
94
94
T
72
72
F
75
75

DDWM $461.68 M 461684030.7828 N/A

B 55
E
81
81
T
81
81
F
55
55

IDLV $617.36 M 617356350 poor tracking

B 50
E
79
79
T
87
87
F
50
50

DBEF $7.14 B 7144726865.6 EAFE exposure

B 48
E
89
89
T
90
90
F
48
48

IHDG $492.95 M 492945635 low volume

B 35
E
83
83
T
87
87
F
35
35

ISZE $5.34 M 5339280 new; trade with care

C 81
E
84
84
T
54
54
F
81
81

IQLT $19.6 M 19603920 hard to trade

C 79
E
86
86
T
59
59
F
79
79

PXF $1.16 B 1163752000 terrible tracking

C 78
E
73
73
T
84
84
F
78
78

IMTM $34.51 M 34506600 hard to trade

C 69
E
87
87
T
53
53
F
69
69

IQDG $14.42 M 14424915.3984 N/A

C 66
E
80
80
T
59
59
F
66
66

JPIN $983.76 M 983756246.39836 modest AUM to date

C 65
E
73
73
T
84
84
F
65
65

PIZ $216.91 M 216912200 highest fee

C 60
E
68
68
T
79
79
F
60
60

FDT $561.23 M 561225370.42 highest fee

C 49
E
68
68
T
81
81
F
49
49

HEFA $4.32 B 4322257960 solid liquidity

C 47
E
63
63
T
98
98
F
47
47

FLQH $9.76 M 9764000 N/A

C 36
E
78
78
T
55
55
F
36
36

MVIN $15.72 M 15722140 N/A

C 31
E
77
77
T
57
57
F
31
31

ESGN $11.73 M 11729572.84 N/A

D 69
E
78
78
T
36
36
F
69
69

FYLD $47.12 M 47115135.18054 viable size & liquidity

D 66
E
76
76
T
46
46
F
66
66

IDHQ $24.94 M 24942500 poor tracking

D 62
E
73
73
T
52
52
F
62
62

IDMO $2.61 M 2608200 high closure risk

D 50
E
72
72
T
31
31
F
50
50

JHMD $45.52 M 45516160 N/A

F 91
E
55
55
T
46
46
F
91
91

EFAX $41.56 M 41557092 N/A

F 90
E
60
60
T
46
46
F
90
90

IDHD $4.29 M 4286878.579 N/A

F 41
E
55
55
T
48
48
F
41
41

IDLB $136.74 M 136742428.488 low beta + equal wt.

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

ESGD $121.75 M 121747630 N/A

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

HEFV $18.61 M 18605090 new, trade with care

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

FXEP $1.4 M 1399427.988 new, trade with care

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

RNDM $5.01 M 5008316.16432 N/A

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

IMOM $39.64 M 39643000 N/A

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

LVHI $56.53 M 56525952 N/A

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

HFXI $379.58 M 379583470.353 50% hedge

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

TTAI $4.44 M 4438000 N/A

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

TLDH $17.92 M 17916302.5635 N/A

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

ONTL $17.42 M 17424251.8065 N/A

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

JPIH $44.54 M 44538585.301871 N/A

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

REFA $12.88 M 12876025.752 N/A

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

DDBI $11.36 M 11357480 N/A

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

IDEV $65.47 M 65467800 N/A

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

DEEF $15.37 M 15373077.951 N/A

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

NUDM $10.1 M 10103920 N/A

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

GSIE $572.87 M 572866000 N/A

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

DHDG $2.37 M 2368358.412 N/A

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

DEFA $2.74 M 2744470 N/A

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

ICOW $2.67 M 2672000 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 08/10/17

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

Performance Dispersion
Performance  [as of 08/17/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World ex USA Investable Market Index0.60%3.42%16.16%15.83%3.11%8.12%--
A 95.832465VEA59295160437.5VEAVanguard FTSE Developed Markets ETF-0.38%3.40%16.29%14.98%3.28%8.38%2.28%
A 95.761461SCHF11233712315.8SCHFSchwab International Equity ETF-0.40%3.41%16.29%15.10%2.67%7.59%--
A 95.528829IEFA33159068160IEFAiShares Core MSCI EAFE ETF0%%3.29%17.08%15.77%3.61%----
A 93.390031EFA78401308800EFAiShares MSCI EAFE ETF-0.27%2.83%16.21%15.02%2.70%7.88%1.92%
A 53.999641EFAD77532000EFADProShares MSCI EAFE Dividend Growers ETF0.22%0.94%14.60%3.77%------
A 53.168295EFAV7345375200EFAViShares Edge MSCI Min Vol EAFE ETF0.73%2.68%16.93%7.67%5.86%8.95%--
B 95.304987GWL982459114.4GWLSPDR S&P World ex-US ETF-0.47%3.13%15.93%14.82%2.85%7.46%2.42%
B 86.915398DWM800780180DWMWisdomTree International Equity Fund-0.09%2.71%15.86%15.18%2.25%7.86%2.06%
B 85.262695TLTD901555264.3968TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt0.41%4.46%15.65%18.01%3.29%----
B 82.332333QEFA175984068.6QEFASPDR MSCI EAFE StrategicFactors ETF0.03%2.41%16.35%12.56%3.83%----
B 78.711015RODM101984580RODMHartford Multifactor Developed Markets (ex-US) ETF0.47%4.43%16.63%14.64%------
B 74.953641INTF254458000INTFiShares Edge MSCI Multifactor Intl ETF0.48%4.91%17.96%17.18%------
B 54.976962DDWM461684030.7828DDWMWisdomTree Dynamic Currency Hedged International Equity Fund-0.42%2.06%10.91%16.62%------
B 50.259219IDLV617356350IDLVPowerShares S&P International Developed Low Volatility ETF0.43%4.01%16.21%9.20%2.99%6.82%--
B 48.415376DBEF7144726865.6DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF-1.22%0.46%8.76%16.98%7.36%11.34%--
B 35.400564IHDG492945635IHDGWisdomTree International Hedged Quality Dividend Growth Fund-0.73%0.40%13.90%14.10%9.39%----
C 81.393499ISZE5339280ISZEiShares Edge MSCI Intl Size Factor ETF-0.43%1.54%13.59%10.59%------
C 79.088939IQLT19603920IQLTiShares Edge MSCI Intl Quality Factor ETF-0.02%3.15%16.28%11.05%------
C 78.080883PXF1163752000PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio-0.24%2.19%13.08%17.68%1.39%7.91%1.41%
C 68.512782IMTM34506600IMTMiShares Edge MSCI Intl Momentum Factor ETF-0.03%3.98%16.97%8.80%------
C 65.744887IQDG14424915.3984IQDGWisdomTree International Quality Dividend Growth0.38%3.44%22.16%14.08%------
C 65.432234JPIN983756246.39836JPINJ.P. Morgan Diversified Return International Equity ETF-0.21%2.54%15.53%10.76%------
C 60.223522PIZ216912200PIZPowerShares DWA Developed Markets Momentum Portfolio-0.38%5.50%22.86%12.69%2.40%8.94%--
C 49.022061FDT561225370.42FDTFirst Trust Developed Markets ex-US AlphaDEX Fund-0.21%5.21%20.90%18.54%4.85%9.17%--
C 47.242329HEFA4322257960HEFAiShares Currency Hedged MSCI EAFE ETF-1.41%0.41%8.60%16.95%7.84%----
C 36.004338FLQH9764000FLQHFranklin LibertyQ International Equity Hedged ETF-0.70%0.16%8.37%-1.92%------
C 31.174338MVIN15722140MVINNatixis Seeyond International Minimum Volatility ETF0.47%2.61%16.67%--------
D 69.06541ESGN11729572.84ESGNColumbia Sustainable International Equity Income ETF0.23%3.29%16.11%20.29%------
D 66.197724FYLD47115135.18054FYLDCambria Foreign Shareholder Yield ETF1.38%6.73%19.98%20.76%1.61%----
D 62.030985IDHQ24942500IDHQPowerShares S&P International Developed Quality Portfolio-0.40%3.77%19.32%13.32%5.96%9.22%1.87%
D 50.036523IDMO2608200IDMOPowerShares S&P International Developed Momentum Portfolio1.40%5.43%16.46%5.13%-3.21%6.41%--
F 90.784133JHMD45516160JHMDJohn Hancock Multifactor Developed International ETF0.14%3.92%16.26%--------
F 90.478091EFAX41557092EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF1.81%3.47%17.60%--------
F 41.283773IDHD4286878.579IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio0.67%2.79%14.70%--------
N/A 0IDLB136742428.488IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio0.96%4.10%17.40%13.91%------
N/A 0HEFV18605090HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF0.37%1.36%9.98%10.96%------
N/A 0ESGD121747630ESGDiShares MSCI EAFE ESG Optimized ETF0.49%3.34%16.62%14.85%------
N/A 0RNDM5008316.16432RNDMFirst Trust Developed International Equity Select ETF0.04%------------
N/A 0FXEP1399427.988FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol0.54%-1.86%12.08%4.05%------
N/A 0IMOM39643000IMOMMomentumShares International Quantitative Momentum ETF2.16%6.12%19.97%4.75%------
N/A 0HFXI379583470.353HFXIIQ 50 Percent Hedged FTSE International ETF-0.84%1.88%13.04%15.63%------
N/A 0LVHI56525952LVHILegg Mason International Low Volatility High Dividend ETF-0.79%-3.14%7.19%13.00%------
N/A 0TTAI4438000TTAITrimTabs All Cap International Free-Cash-Flow ETF1.82%------------
N/A 0ONTL17424251.8065ONTLO'Shares FTSE Russell International Quality Dividend ETF-0.48%2.09%----------
N/A 0TLDH17916302.5635TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt-0.69%1.27%8.41%18.93%------
N/A 0REFA12876025.752REFAOppenheimer International Revenue ETF0.90%------------
N/A 0JPIH44538585.301871JPIHJPMorgan Diversified Return International Currency Hedged-0.08%2.25%10.22%21.11%------
N/A 0IDEV65467800IDEViShares Core MSCI International Developed Markets ETF-0.26%3.43%----------
N/A 0DDBI11357480DDBILegg Mason Developed Ex-US Diversified Core ETF-0.04%3.11%16.23%11.69%------
N/A 0DEEF15373077.951DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF0.79%5.26%18.42%12.70%------
N/A 0NUDM10103920NUDMNuShares ESG International Developed Markets Equity ETF1.55%------------
N/A 0GSIE572866000GSIEGoldman Sachs ActiveBeta International Equity ETF0.54%4.16%17.28%14.42%------
N/A 0DHDG2368358.412DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund2.30%1.73%17.36%--------
N/A 0ICOW2672000ICOWPacer Developed Markets International Cash Cows 100 ETF1.89%------------
N/A 0DEFA2744470DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF0.53%3.16%13.83%16.99%------
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 08/18/17)

All Funds (57)

99
99.486569
97
97.193957
96
96.060737
95
95.393581
94
93.829167
94
93.633848
92
92.397021
90
90.043415
89
88.994841
89
88.694774
87
87.121239
87
87.044293
86
85.940006
84
84.444025
84
84.327389
83
83.109707
81
81.299583
80
79.999395
79
79.009808
78
78.382956
78
77.548687
77
77.040322
76
75.550075
73
73.272399
73
73.005196
73
72.782839
72
72.262046
68
68.458504
68
67.528292
63
62.722871
60
60.082799
55
54.996558
55
54.837838
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
N/A
0
N/A
0
78
78.046694
72
71.993703415172

ETF.com Grade as 08/10/17

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
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio 0.45% -- -- -- 20.00% / 39.60% Low 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.41% -0.22% -0.51% 20.00% / 39.60% Low 88.694774
ESGD iShares MSCI EAFE ESG Optimized ETF 0.20% -- -- -- 20.00% / 39.60% Low 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF 0.23% -- -- -- 20.00% / 39.60% High 0
RNDM First Trust Developed International Equity Select ETF 0.65% -- -- -- 20.00% / 39.60% Low 0
JPIN J.P. Morgan Diversified Return International Equity ETF 0.43% -0.47% 0.88% -2.63% 20.00% / 39.60% Low 73.272399
IMOM MomentumShares International Quantitative Momentum ETF 0.79% -- -- -- 20.00% / 39.60% Medium 0
DWM WisdomTree International Equity Fund 0.48% -0.35% 0.18% -0.79% 20.00% / 39.60% Low 87.121239
LVHI Legg Mason International Low Volatility High Dividend ETF 0.41% -- -- -- 20.00% / 39.60% Low 0
HFXI IQ 50 Percent Hedged FTSE International ETF 0.20% -- -- -- 20.00% / 39.60% Low 0
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 0.59% -- -- -- 20.00% / 39.60% Low 0
PIZ PowerShares DWA Developed Markets Momentum Portfolio 0.81% -0.91% 0.05% -2.00% 20.00% / 39.60% Low 68.458504
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt 0.44% -- -- -- 20.00% / 39.60% High 0
EFA iShares MSCI EAFE ETF 0.33% -0.07% 0.02% -0.12% 20.00% / 39.60% Low 96.060737
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.20% -- -- -- 20.00% / 39.60% High 60.082799
REFA Oppenheimer International Revenue ETF 0.42% -- -- -- 20.00% / 39.60% Low 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.45% -0.87% 1.05% -4.18% 20.00% / 39.60% Low 73.005196
DDBI Legg Mason Developed Ex-US Diversified Core ETF 0.41% -- -- -- 20.00% / 39.60% High 0
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.45% -0.35% -0.62% 20.00% / 39.60% Low 97.193957
MVIN Natixis Seeyond International Minimum Volatility ETF 0.55% -- -- -- 20.00% / 39.60% High 77.040322
IDHQ PowerShares S&P International Developed Quality Portfolio 0.33% -1.05% 0.53% -2.77% 20.00% / 39.60% High 72.782839
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 92.397021
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -0.06% 0.18% -0.42% 20.00% / 39.60% Low 81.299583
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.07% -0.02% -0.14% 20.00% / 39.60% Low 95.393581
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund 0.48% -- -- -- 20.00% / 39.60% High 0
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.74% 0.35% -1.48% 20.00% / 39.60% Low 79.009808
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.30% -0.21% -0.51% 20.00% / 39.60% Low 90.043415
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 67.528292
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio 0.30% -- -- -- 20.00% / 39.60% High 54.837838
IEFA iShares Core MSCI EAFE ETF 0.08% 0.22% 0.28% 0.15% 20.00% / 39.60% Low 100
SCHF Schwab International Equity ETF 0.06% 0.03% 0.22% -0.06% 20.00% / 39.60% Low 99.486569
IDMO PowerShares S&P International Developed Momentum Portfolio 0.26% -0.38% 1.49% -1.68% 20.00% / 39.60% High 72.262046
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol 0.25% -- -- -- 20.00% / 39.60% High 0
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- 20.00% / 39.60% Low 54.996558
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.62% -0.32% -0.92% 20.00% / 39.60% Low 83.109707
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.15% 0.06% -0.24% 20.00% / 39.60% Low 88.994841
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- 20.00% / 39.60% High 79.999395
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.60% 0.72% -2.34% 20.00% / 39.60% Low 75.550075
ONTL O'Shares FTSE Russell International Quality Dividend ETF 0.48% -- -- -- 20.00% / 39.60% Low 0
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.46% -0.14% -0.66% 20.00% / 39.60% High 87.044293
VEA Vanguard FTSE Developed Markets ETF 0.07% 0.57% 0.77% -0.06% 20.00% / 39.60% Low 93.829167
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% High 0
GWL SPDR S&P World ex-US ETF 0.34% 0.01% 0.50% -0.65% 20.00% / 39.60% Low 84.444025
IDEV iShares Core MSCI International Developed Markets ETF 0.07% -- -- -- 20.00% / 39.60% Low 0
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.27% -0.08% -0.39% 20.00% / 39.60% Low 93.633848
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 77.548687
NUDM NuShares ESG International Developed Markets Equity ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.18% -0.04% -0.51% 20.00% / 39.60% High 85.940006
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
ESGN Columbia Sustainable International Equity Income ETF 0.45% -- -- -- 20.00% / 39.60% High 78.382956
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.18% 2.70% -2.22% 20.00% / 39.60% Low 62.722871
ICOW Pacer Developed Markets International Cash Cows 100 ETF 0.65% -- -- -- 20.00% / 39.60% Low 0
ISZE iShares Edge MSCI Intl Size Factor ETF 0.30% -0.14% 0.35% -0.59% 20.00% / 39.60% High 84.327389
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 08/18/17)

All Funds (57)

98
97.666984
91
90.714453
90
89.834037
90
89.82487
89
89.196658
89
88.563078
87
87.022435
87
86.771107
87
86.715162
84
84.141169
84
84.059601
84
83.928396
84
83.842922
81
81.402099
81
81.354227
79
79.045756
75
74.558885
72
71.622186
69
69.069104
68
67.587722
59
58.845372
59
58.737117
59
58.658734
57
57.447337
55
55.055242
54
53.968251
53
53.137253
52
51.97614
48
47.570676
46
45.787648
46
45.763941
46
45.565526
36
35.707707
31
30.823178
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
N/A
0
N/A
0
54
54.100102
37
37.289638609514

ETF.com Grade as 08/10/17

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
IEFA iShares Core MSCI EAFE ETF $197.93 M 0.02% 15.96 20.00% 0.03% 0.12% None 89.196658
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $180.62 K 0.49% 0.13 15.00% 0.02% 0.28% None 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $29.02 K 0.39% 0.01 13.00% 0.13% 0.09% None 47.570676
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $38.17 M 0.03% 6.31 20.00% 0.02% 0.08% None 89.834037
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $1.77 M 0.10% 1.19 22.00% 0.05% 0.12% None 86.771107
IMOM MomentumShares International Quantitative Momentum ETF $83.83 K 0.41% 0.06 19.00% 0.18% 0.15% None 0
JHMD John Hancock Multifactor Developed International ETF $114.93 K 0.56% 0.04 19.00% 0.01% 0.19% None 45.787648
DWM WisdomTree International Equity Fund $2.0 M 0.10% 0.75 20.00% 0.02% 0.21% None 83.928396
IMTM iShares Edge MSCI Intl Momentum Factor ETF $98.3 K 0.32% 0.03 35.00% 0.02% 0.15% None 53.137253
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $13.83 K 0.91% 0.02 100.00% 49.47% 0%% None 0
ONTL O'Shares FTSE Russell International Quality Dividend ETF $199.11 K 0.58% 0.15 29.00% 0.01% 0.22% None 0
EFA iShares MSCI EAFE ETF $994.51 M 0.02% 24.77 20.00% 0.12% 0.04% None 89.82487
INTF iShares Edge MSCI Multifactor Intl ETF $772.33 K 0.21% 0.29 23.00% 0.06% 0.13% None 71.622186
DDBI Legg Mason Developed Ex-US Diversified Core ETF $15.45 K 0.25% 0.00 25.00% 0.11% 0.12% None 0
IDEV iShares Core MSCI International Developed Markets ETF $75.15 K 0.10% 0.01 26.00% 0.04% 0.21% None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $547.2 K 0.18% 0.30 22.00% 0.18% 0.03% None 69.069104
IQLT iShares Edge MSCI Intl Quality Factor ETF $60.67 K 0.09% 0.02 28.00% 0.03% 0.17% None 58.845372
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $981.12 K 0.12% 0.67 20.00% 0.01% 0.38% None 81.354227
NUDM NuShares ESG International Developed Markets Equity ETF $5.54 K 0.22% 0.00 19.00% 0.03% 0.48% None 0
EFAV iShares Edge MSCI Min Vol EAFE ETF $31.55 M 0.03% 4.42 16.00% 0.16% 0.04% None 88.563078
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.13% 0 26.00% 0.05% 0.28% None 53.968251
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $0 0.11% 0.00 100.00% 0.14% 0.01% None 0
ICOW Pacer Developed Markets International Cash Cows 100 ETF $21.32 K 0.75% 0.01 32.00% 0.11% 0.11% None 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund $3.48 M 0.19% 1.20 15.00% 0.08% 0.19% None 81.402099
JPIN J.P. Morgan Diversified Return International Equity ETF $4.25 M 0.10% 0.74 14.00% 0.11% 0.13% None 83.842922
IDMO PowerShares S&P International Developed Momentum Portfolio $0 1.32% 0 38.00% 0.02% 0.14% None 30.823178
RNDM First Trust Developed International Equity Select ETF $10.01 K 0.17% 0.00 25.00% 0.08% 0.10% None 0
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 1.41% 0 17.00% 0.06% 0.15% None 0
PIZ PowerShares DWA Developed Markets Momentum Portfolio $849.91 K 0.18% 0.66 31.00% 0.09% 0.11% None 79.045756
IQDG WisdomTree International Quality Dividend Growth $57.65 K 0.11% 0.04 22.00% 0.04% 0.12% None 58.737117
TTAI TrimTabs All Cap International Free-Cash-Flow ETF $65.05 K 0.57% 0.10 25.00% 0.62% 0.24% None 0
FYLD Cambria Foreign Shareholder Yield ETF $83.69 K 0.44% 0.07 26.00% 0.26% 0.16% None 45.763941
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $1.82 M 0.11% 0.85 25.00% 0.01% 0.47% None 84.059601
JPIH JPMorgan Diversified Return International Currency Hedged $52.75 K 0.55% 0.04 100.00% 33.83% 0.02% None 0
REFA Oppenheimer International Revenue ETF $0 0.12% 0 18.00% 0.02% 0.19% None 0
GWL SPDR S&P World ex-US ETF $2.13 M 0.09% 0.36 26.00% 0.03% 0.14% None 84.141169
QEFA SPDR MSCI EAFE StrategicFactors ETF $827.31 K 0.57% 0.13 19.00% 0.04% 0.05% None 67.587722
FLQH Franklin LibertyQ International Equity Hedged ETF $28.39 K 0.20% 0.01 16.00% 0.06% 0.05% None 55.055242
RODM Hartford Multifactor Developed Markets (ex-US) ETF $678.69 K 0.59% 0.25 27.00% 0.12% 0.15% None 58.658734
ESGN Columbia Sustainable International Equity Income ETF $16.73 K 0.78% 0.01 20.00% 0.07% 0.14% None 35.707707
HEFA iShares Currency Hedged MSCI EAFE ETF $29.0 M 0.04% 20.71 100.00% 0.14% 0.01% None 97.666984
SCHF Schwab International Equity ETF $40.92 M 0.03% 12.59 25.00% 0.01% 0.46% None 87.022435
ESGD iShares MSCI EAFE ESG Optimized ETF $389.77 K 0.06% 0.06 20.00% 0.03% 0.12% None 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $16.27 K 0.50% 0.01 100.00% 4.25% 0.01% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $1.35 M 0.25% 0.11 24.00% 0.25% 0.16% None 74.558885
LVHI Legg Mason International Low Volatility High Dividend ETF $90.78 K 0.73% 0.03 27.00% 0.11% 0.03% None 0
HFXI IQ 50 Percent Hedged FTSE International ETF $607.75 K 0.19% 0.59 18.00% 0.00% 0.44% None 0
VEA Vanguard FTSE Developed Markets ETF $281.04 M 0.02% 13.70 25.00% 0.20% 0.05% None 90.714453
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $48.99 K 0.46% 0.01 19.00% 0.01% 0.14% None 45.565526
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $49.12 K 0.22% 0.03 20.00% 0.02% 0.21% None 0
MVIN Natixis Seeyond International Minimum Volatility ETF $49.93 K 0.11% 0.02 22.00% 0.18% 0.06% None 57.447337
IDHQ PowerShares S&P International Developed Quality Portfolio $76.74 K 0.30% 0.07 24.00% 0.02% 0.20% None 51.97614
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.44 M 0.23% 0.52 28.00% 0.02% 0.25% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.13% 0.00 100.00% 2,051.26% 0.01% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $2.14 M 0.15% 1.33 37.00% 0.08% 0.13% None 86.715162
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

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
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
IDLB
5
4
3
2
1
IMOM
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
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
NUDM
5
4
3
2
1
IQLT
5
4
3
2
1
ICOW
5
4
3
2
1
ISZE
5
4
3
2
1
RNDM
5
4
3
2
1
REFA
5
4
3
2
1
RODM
5
4
3
2
1
DEEF
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
TTAI
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 08/18/17)

All Funds (57)

96
95.832465
96
95.761461
96
95.528829
95
95.304987
93
93.390031
91
90.784133
90
90.478091
87
86.915398
85
85.262695
82
82.332333
81
81.393499
79
79.088939
79
78.711015
78
78.080883
75
74.953641
69
69.06541
69
68.512782
66
66.197724
66
65.744887
65
65.432234
62
62.030985
60
60.223522
55
54.976962
54
53.999641
53
53.168295
50
50.259219
50
50.036523
49
49.022061
48
48.415376
47
47.242329
41
41.283773
36
36.004338
35
35.400564
31
31.174338
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
N/A
0
N/A
0
52
51.610735
36
35.921147187022

ETF.com Grade as 08/10/17

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