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

QEFA Top Performer Intra-day
Price $58.33
Today’s Change +0.32%(0.56)
3:47pm 03/27/2017
IMOM Bottom Performer Intra-day
Price $24.27
Today’s Change -0.55%(-2.22)
4:00pm 03/27/2017
  • 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 03/27/17)

All Funds (52)

VEA $47.49 B 47492278085.12 large, cheap and liquid

A 97
E
94
94
T
91
91
F
97
97

SCHF $8.15 B 8150313864 Very low fee

A 96
E
100
100
T
87
87
F
96
96

IEFA $20.64 B 20636122400 broad coverage with a low fee

A 96
E
100
100
T
89
89
F
96
96

EFA $65.92 B 65919324420 Cheaper than it looks

A 93
E
95
95
T
90
90
F
93
93

EFAV $6.21 B 6214860360 Low Cost Niche Fund

A 64
E
95
95
T
89
89
F
64
64

GWL $794.63 M 794633184 not cheap to hold

B 95
E
85
85
T
86
86
F
95
95

TLTD $766.08 M 766078779.8499 Successful Launch

B 90
E
89
89
T
75
75
F
90
90

DWM $682.58 M 682583000 Not cheap to hold

B 87
E
87
87
T
84
84
F
87
87

QEFA $115.14 M 115135174 high closure risk

B 85
E
92
92
T
55
55
F
85
85

IQLT $23.55 M 23553720 hard to trade

B 83
E
90
90
T
56
56
F
83
83

INTF $224.15 M 224153100 N/A

B 79
E
93
93
T
65
65
F
79
79

EFAD $44.08 M 44083000 high closure risk

B 65
E
95
95
T
64
64
F
65
65

DBEF $8.28 B 8275419597.2 EAFE exposure

B 62
E
89
89
T
90
90
F
62
62

IDLV $445.68 M 445679600 poor tracking

B 61
E
78
78
T
88
88
F
61
61

IHDG $479.32 M 479317800 low volume

B 42
E
84
84
T
87
87
F
42
42

ISZE $5.02 M 5016180 new; trade with care

C 82
E
86
86
T
54
54
F
82
82

PXF $1.09 B 1085552000 terrible tracking

C 78
E
73
73
T
86
86
F
78
78

RODM $58.07 M 58072470 new; trade with care

C 76
E
87
87
T
48
48
F
76
76

JPIN $635.99 M 635988778.77472 modest AUM to date

C 74
E
73
73
T
83
83
F
74
74

FYLD $42.6 M 42598288.281427 viable size & liquidity

C 73
E
77
77
T
51
51
F
73
73

IQDG $9.17 M 9174479.85 N/A

C 69
E
81
81
T
59
59
F
69
69

DDWM $376.3 M 376297150.6756 N/A

C 69
E
80
80
T
76
76
F
69
69

IMTM $21.2 M 21202960 hard to trade

C 63
E
89
89
T
51
51
F
63
63

PIZ $156.86 M 156856500 highest fee

C 53
E
68
68
T
88
88
F
53
53

HEFA $3.79 B 3794325775 solid liquidity

C 46
E
63
63
T
98
98
F
46
46

IDHQ $21.73 M 21727650 poor tracking

D 79
E
76
76
T
40
40
F
79
79

ESGN $8.23 M 8229197.08 N/A

D 72
E
77
77
T
36
36
F
72
72

IDMO $2.43 M 2432000 high closure risk

D 48
E
74
74
T
31
31
F
48
48

FDT $201.86 M 201856820.26 highest fee

D 47
E
67
67
T
77
77
F
47
47

LVHI $13.03 M 13032000 N/A

F 35
E
51
51
T
51
51
F
35
35

DHDG $2.19 M 2192929.641 N/A

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

GSIE $413.88 M 413877000 N/A

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

DEFA $2.58 M 2581240 N/A

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

IDHD $2.68 M 2682426.824 N/A

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

IDLB $158.62 M 158618926.218 low beta + equal wt.

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

ESGD $119.27 M 119274400 N/A

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

HEFV $17.84 M 17842790 new, trade with care

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

FXEP $1.34 M 1340376.807 new, trade with care

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

JHMD $31.74 M 31738920 N/A

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

IMOM $32.06 M 32058000 N/A

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

HFXI $200.47 M 200472819.184 50% hedge

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

ONTL -- N/A

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

TLDH $30.2 M 30200636.2614 N/A

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

EFAX $32.19 M 32193084.5 N/A

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

JPIH $39.6 M 39599378.60451 N/A

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

IDEV -- N/A

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

DDBI $5.15 M 5150000 N/A

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

MVIN $14.33 M 14333305 N/A

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

DEEF $5.12 M 5115625.578 N/A

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

FLQH $24.53 M 24530000 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 03/23/17

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

Performance Dispersion
Performance  [as of 03/24/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World ex USA Investable Market Index2.39%7.64%6.86%14.44%1.63%5.70%--
A 96.814388VEA47492278085.12VEAVanguard FTSE Developed Markets ETF2.61%7.93%7.69%14.54%2.16%6.20%--
A 96.014255SCHF8150313864SCHFSchwab International Equity ETF2.58%7.77%7.70%14.70%1.69%5.47%--
A 95.803929IEFA20636122400IEFAiShares Core MSCI EAFE ETF2.97%8.11%7.87%14.00%1.94%----
A 93.181606EFA65919324420EFAiShares MSCI EAFE ETF2.90%7.73%7.64%13.71%1.34%5.74%0.89%
A 63.922775EFAV6214860360EFAViShares Edge MSCI Min Vol EAFE ETF2.85%8.59%8.00%4.69%5.95%7.94%--
B 94.705712GWL794633184GWLSPDR S&P World ex-US ETF2.58%7.83%7.57%14.63%1.84%5.38%--
B 90.498069TLTD766078779.8499TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt2.15%7.22%6.82%16.74%1.87%----
B 87.44022DWM682583000DWMWisdomTree International Equity Fund3.12%7.90%7.48%14.13%1.21%5.99%1.19%
B 84.748731QEFA115135174QEFASPDR MSCI EAFE StrategicFactors ETF2.82%8.05%7.99%10.92%------
B 83.014364IQLT23553720IQLTiShares Edge MSCI Intl Quality Factor ETF3.00%7.92%7.35%9.43%------
B 78.733998INTF224153100INTFiShares Edge MSCI Multifactor Intl ETF3.63%8.14%8.01%9.98%------
B 64.903531EFAD44083000EFADProShares MSCI EAFE Dividend Growers ETF2.39%6.15%5.20%0.97%------
B 62.116098DBEF8275419597.2DBEFDeutsche X-trackers MSCI EAFE Hedged Equity ETF1.84%4.26%4.74%18.68%7.56%10.11%--
B 61.428274IDLV445679600IDLVPowerShares S&P International Developed Low Volatility ETF1.74%8.97%7.78%8.51%3.00%6.21%--
B 41.649582IHDG479317800IHDGWisdomTree International Hedged Quality Dividend Growth Fund2.74%8.33%8.08%13.28%------
C 82.387036ISZE5016180ISZEiShares Edge MSCI Intl Size Factor ETF1.62%7.10%7.13%16.58%------
C 77.50966PXF1085552000PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio2.35%6.47%6.55%19.05%0.70%5.25%--
C 76.480398RODM58072470RODMHartford Multifactor Developed Markets (ex-US) ETF2.74%7.78%6.70%11.31%------
C 73.537877JPIN635988778.77472JPINJ.P. Morgan Diversified Return International Equity ETF2.86%8.38%8.09%10.28%------
C 72.629229FYLD42598288.281427FYLDCambria Foreign Shareholder Yield ETF1.65%7.99%7.30%15.79%-0.48%----
C 68.907048IQDG9174479.85IQDGWisdomTree International Quality Dividend Growth3.74%10.63%10.20%--------
C 68.6365DDWM376297150.6756DDWMWisdomTree Dynamic Currency Hedged International Equity Fund1.98%4.79%4.88%15.86%------
C 63.197859IMTM21202960IMTMiShares Edge MSCI Intl Momentum Factor ETF1.90%9.42%8.18%9.90%------
C 52.854848PIZ156856500PIZPowerShares DWA Developed Markets Momentum Portfolio2.79%9.43%8.56%5.32%-2.61%5.80%--
C 46.428744HEFA3794325775HEFAiShares Currency Hedged MSCI EAFE ETF1.86%4.30%4.67%18.61%7.82%----
D 79.307732IDHQ21727650IDHQPowerShares S&P International Developed Quality Portfolio3.82%9.26%8.58%10.34%4.16%7.26%--
D 72.331835ESGN8229197.08ESGNColumbia Sustainable International Equity Income ETF1.78%7.51%7.26%--------
D 47.562944IDMO2432000IDMOPowerShares S&P International Developed Momentum Portfolio2.52%10.47%8.31%3.43%-4.20%1.69%--
D 47.464094FDT201856820.26FDTFirst Trust Developed Markets ex-US AlphaDEX Fund2.70%10.25%10.27%16.29%2.58%6.24%--
F 34.634313LVHI13032000LVHILegg Mason International Low Volatility High Dividend ETF1.26%3.44%5.24%--------
N/A 0DHDG2192929.641DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund7.03%8.51%8.77%--------
N/A 0GSIE413877000GSIEGoldman Sachs ActiveBeta International Equity ETF2.61%7.48%7.08%11.61%------
N/A 0DEFA2581240DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF3.15%5.73%6.57%13.50%------
N/A 0IDHD2682426.824IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio1.49%7.52%6.47%--------
N/A 0IDLB158618926.218IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio3.00%7.45%7.50%11.25%------
N/A 0ESGD119274400ESGDiShares MSCI EAFE ESG Optimized ETF3.08%7.95%7.64%--------
N/A 0HEFV17842790HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF1.82%4.68%3.82%8.03%------
N/A 0FXEP1340376.807FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol2.13%6.42%7.44%4.76%------
N/A 0JHMD31738920JHMDJohn Hancock Multifactor Developed International ETF3.00%7.86%7.38%--------
N/A 0IMOM32058000IMOMMomentumShares International Quantitative Momentum ETF2.95%11.04%8.98%5.12%------
N/A 0HFXI200472819.184HFXIIQ 50 Percent Hedged FTSE International ETF3.36%7.39%7.30%14.88%------
N/A 0ONTLONTLOShares FTSE Russell International Quality Dividend ETF--------------
N/A 0TLDH30200636.2614TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt-5.30%2.60%3.43%16.61%------
N/A 0EFAX32193084.5EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF2.53%8.54%7.99%--------
N/A 0JPIH39599378.60451JPIHJPMorgan Diversified Return International Currency Hedged2.44%4.77%4.66%--------
N/A 0IDEVIDEViShares Core MSCI International Developed Markets ETF--------------
N/A 0DDBI5150000DDBILegg Mason Developed Ex-US Diversified Core ETF2.41%7.16%6.85%9.64%------
N/A 0MVIN14333305MVINNatixis Seeyond International Minimum Volatility ETF1.84%6.17%7.20%--------
N/A 0DEEF5115625.578DEEFDeutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF1.81%8.27%8.00%11.39%------
N/A 0FLQH24530000FLQHFranklin LibertyQ International Equity Hedged ETF1.99%4.11%4.79%--------
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 03/27/17)

All Funds (52)

100
99.561559
95
95.386873
95
95.364426
95
94.660586
94
94.478314
93
92.598396
92
92.392009
90
89.559856
89
89.320422
89
89.242021
89
88.562453
87
87.294343
87
87.049127
86
86.197497
85
84.809529
84
83.618522
81
80.624363
80
80.152626
78
78.095306
77
77.376311
77
76.667843
76
76.439632
74
73.750185
73
73.221706
73
73.097976
68
67.927607
67
66.886629
63
63.07548
51
50.595021
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
78
78.046694
72
71.993703415172

ETF.com Grade as 03/23/17

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

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF 0.36% -- -- -- 20.00% / 39.60% High 0
FLQH Franklin LibertyQ International Equity Hedged ETF 0.40% -- -- -- 20.00% / 39.60% Medium 0
IQLT iShares Edge MSCI Intl Quality Factor ETF 0.30% -0.13% -0.04% -0.22% 20.00% / 39.60% Medium 89.559856
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.20% 2.70% -2.22% 20.00% / 39.60% Low 63.07548
ESGN Columbia Sustainable International Equity Income ETF 0.45% -- -- -- 20.00% / 39.60% High 77.376311
ISZE iShares Edge MSCI Intl Size Factor ETF 0.30% 0.19% 0.35% -0.20% 20.00% / 39.60% High 86.197497
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF 0.35% -0.35% -0.17% -0.51% 20.00% / 39.60% Low 88.562453
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% -0.45% 0.88% -2.63% 20.00% / 39.60% Low 73.097976
DWM WisdomTree International Equity Fund 0.48% -0.10% 0.22% -0.59% 20.00% / 39.60% Low 87.294343
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 50.595021
PIZ PowerShares DWA Developed Markets Momentum Portfolio 0.81% -0.91% 0.05% -2.00% 20.00% / 39.60% Low 67.927607
EFA iShares MSCI EAFE ETF 0.33% -0.04% 0.03% -0.09% 20.00% / 39.60% Low 95.386873
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt 0.44% -- -- -- 20.00% / 39.60% Low 0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.20% -- -- -- 20.00% / 39.60% Low 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.46% -0.69% 1.05% -1.88% 20.00% / 39.60% Low 73.221706
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.47% -0.35% -0.62% 20.00% / 39.60% Low 95.364426
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% Low 0
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.30% -0.41% -0.28% -0.50% 20.00% / 39.60% Low 92.392009
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.06% 0.01% -0.12% 20.00% / 39.60% Low 94.660586
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -- -- -- 20.00% / 39.60% Low 80.152626
IDLV PowerShares S&P International Developed Low Volatility ETF 0.25% -0.63% 0.35% -1.48% 20.00% / 39.60% Low 78.095306
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund 0.48% -- -- -- 20.00% / 39.60% Low 0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.31% -0.22% -0.51% 20.00% / 39.60% Low 87.049127
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 66.886629
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
IEFA iShares Core MSCI EAFE ETF 0.08% 0.17% 0.28% 0.02% 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% -0.00% 0.12% -0.07% 20.00% / 39.60% Low 99.561559
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 73.750185
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.52% -0.39% -0.83% 20.00% / 39.60% Low 83.618522
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% -0.10% -0.02% -0.24% 20.00% / 39.60% Low 89.242021
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.50% 0.72% -2.34% 20.00% / 39.60% Low 76.667843
IQDG WisdomTree International Quality Dividend Growth 0.38% -- -- -- 20.00% / 39.60% High 80.624363
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.33% -0.14% -0.64% 20.00% / 39.60% Medium 89.320422
ONTL OShares FTSE Russell International Quality Dividend ETF 0.48% -- / -- N/A 0
VEA Vanguard FTSE Developed Markets ETF 0.09% 0.50% 0.68% 0.06% 20.00% / 39.60% Low 94.478314
GWL SPDR S&P World ex-US ETF 0.34% -0.39% 0.25% -0.78% 20.00% / 39.60% Low 84.809529
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% Medium 0
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.29% -0.08% -0.39% 20.00% / 39.60% Low 92.598396
IDEV iShares Core MSCI International Developed Markets ETF 0.07% -- -- -- -- / -- N/A 0
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 03/27/17)

All Funds (52)

98
97.639304
91
90.605548
90
89.811396
90
89.739633
89
89.204337
89
88.950123
88
88.382099
88
87.599901
87
87.329152
87
87.029024
86
86.261504
86
85.5159
84
84.240962
83
83.41513
77
77.346455
76
75.907337
75
75.376537
65
64.945397
64
64.39487
59
58.791689
56
56.418198
55
55.085163
54
53.764867
51
51.375423
51
51.255396
51
50.634615
48
48.41022
40
40.344083
36
35.779431
31
30.711034
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 03/23/17

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
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $220.65 K 0.41% 0.33 100.00% 8.81% 0% None 0
ONTL OShares FTSE Russell International Quality Dividend ETF $16.92 K 0.24% 0.02 0.24% None 0
EFA iShares MSCI EAFE ETF $941.53 M 0.02% 25.89 20.00% 0.11% 0.04% None 89.811396
IMTM iShares Edge MSCI Intl Momentum Factor ETF $121.56 K 0.43% 0.05 37.00% 0.03% 0.17% None 51.375423
DDBI Legg Mason Developed Ex-US Diversified Core ETF $8.48 K 0.28% 0.00 29.00% 0.09% 0.14% None 0
IDEV iShares Core MSCI International Developed Markets ETF $87.47 K 0.10% 0.01 29.00% 0.02% -- None 0
EFAD ProShares MSCI EAFE Dividend Growers ETF $324.14 K 0.17% 0.20 23.00% 0.15% 0.03% None 64.39487
INTF iShares Edge MSCI Multifactor Intl ETF $522.94 K 0.29% 0.21 24.00% 0.06% 0.14% None 64.945397
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $795.6 K 0.12% 0.59 21.00% 0.01% 0.40% None 75.907337
EFAV iShares Edge MSCI Min Vol EAFE ETF $54.53 M 0.02% 8.54 16.00% 0.15% 0.04% None 88.950123
IQLT iShares Edge MSCI Intl Quality Factor ETF $94.96 K 0.19% 0.04 29.00% 0.03% 0.18% None 56.418198
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $0 0.12% 0 100.00% 0.13% 0.01% None 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund $952.69 K 0.18% 0.38 17.00% 0.08% 0.21% None 77.346455
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.13% 0 26.00% 0.05% 0.30% None 53.764867
IDMO PowerShares S&P International Developed Momentum Portfolio $0 1.24% 0 39.00% 0.02% 0.15% None 30.711034
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 0.44% 0 17.00% 0.06% 0.16% None 0
JPIN J.P. Morgan Diversified Return International Equity ETF $4.05 M 0.12% 0.79 14.00% 0.09% 0.14% None 83.41513
IQDG WisdomTree International Quality Dividend Growth $106.66 K 0.13% 0.08 24.00% 0.05% 0.14% None 58.791689
FYLD Cambria Foreign Shareholder Yield ETF $141.92 K 0.32% 0.13 27.00% 0.27% 0.18% None 50.634615
PIZ PowerShares DWA Developed Markets Momentum Portfolio $1.2 M 0.09% 1.07 36.00% 0.09% 0.13% None 87.599901
JPIH JPMorgan Diversified Return International Currency Hedged $30.19 K 0.55% 0.02 100.00% 35.93% 0.02% None 0
GWL SPDR S&P World ex-US ETF $2.86 M 0.05% 0.53 27.00% 0.03% 0.15% None 86.261504
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $2.55 M 0.08% 1.31 25.00% 0.01% 0.50% None 85.5159
FLQH Franklin LibertyQ International Equity Hedged ETF $13.95 K 0.43% 0.00 18.00% 0.06% 0.05% None 0
QEFA SPDR MSCI EAFE StrategicFactors ETF $461.71 K 0.61% 0.08 20.00% 0.02% 0.05% None 55.085163
ESGN Columbia Sustainable International Equity Income ETF $19.88 K 0.79% 0.01 21.00% 0.07% 0.15% None 35.779431
HEFA iShares Currency Hedged MSCI EAFE ETF $24.48 M 0.04% 18.53 100.00% 0.14% 0.01% None 97.639304
RODM Hartford Multifactor Developed Markets (ex-US) ETF $266.89 K 0.58% 0.11 28.00% 0.12% 0.16% None 48.41022
SCHF Schwab International Equity ETF $45.22 M 0.03% 15.58 26.00% 0.01% 0.51% None 87.029024
ESGD iShares MSCI EAFE ESG Optimized ETF $71.77 K 0.06% 0.01 20.00% 0.03% 0.13% None 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $34.61 K 0.50% 0.03 100.00% 2.28% 0.01% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $1.95 M 0.24% 0.16 26.00% 0.24% 0.17% None 75.376537
LVHI Legg Mason International Low Volatility High Dividend ETF $48.62 K 0.38% 0.01 26.00% 0.10% 0.03% None 51.255396
HFXI IQ 50 Percent Hedged FTSE International ETF $212.31 K 0.37% 0.23 18.00% 0.00% 0.47% None 0
VEA Vanguard FTSE Developed Markets ETF $274.78 M 0.03% 14.26 25.00% 0.06% 0.05% None 90.605548
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $15.0 K 0.83% 0.00 19.00% 0.01% 0.16% None 0
DEEF Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF $18.05 K 0.26% 0.01 20.00% 0.02% 0.24% None 0
MVIN Natixis Seeyond International Minimum Volatility ETF $24.03 K 0.30% 0.01 21.00% 0.18% 0.06% None 0
IDHQ PowerShares S&P International Developed Quality Portfolio $36.57 K 0.59% 0.04 19.00% 0.01% 0.22% None 40.344083
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.4 M 0.20% 0.56 27.00% 0.02% 0.27% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $0 0.14% 0 100.00% 1,033.24% 0.01% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $2.64 M 0.08% 1.78 37.00% 0.07% 0.14% None 88.382099
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $101.07 K 0.67% 0.08 15.00% 0.02% 0.31% None 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $18.87 K 0.62% 0.01 13.00% 0.13% 0.10% None 0
DBEF Deutsche X-trackers MSCI EAFE Hedged Equity ETF $50.53 M 0.03% 8.61 20.00% 0.02% 0.08% None 89.739633
IEFA iShares Core MSCI EAFE ETF $176.06 M 0.02% 15.66 22.00% 0.03% 0.13% None 89.204337
IMOM MomentumShares International Quantitative Momentum ETF $69.26 K 0.63% 0.03 14.00% 0.16% 0.16% None 0
JHMD John Hancock Multifactor Developed International ETF $34.57 K 0.30% 0.01 19.00% 0.01% 0.21% None 0
DWM WisdomTree International Equity Fund $2.04 M 0.10% 0.84 22.00% 0.01% 0.22% None 84.240962
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $2.13 M 0.08% 1.60 24.00% 0.05% 0.13% None 87.329152
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

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
JPIN
5
4
3
2
1
PIZ
5
4
3
2
1
PXF
5
4
3
2
1
SCHF
5
4
3
2
1
TLTD
5
4
3
2
1
VEA
5
4
3
2
1
GSIE
5
4
3
2
1
DBEF
5
4
3
2
1
DWM
5
4
3
2
1
EFA
5
4
3
2
1
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
IDHQ
5
4
3
2
1
MVIN
5
4
3
2
1
IDHD
5
4
3
2
1
JHMD
5
4
3
2
1
IMTM
5
4
3
2
1
INTF
5
4
3
2
1
IQLT
5
4
3
2
1
ISZE
5
4
3
2
1
QEFA
5
4
3
2
1
RODM
5
4
3
2
1
DEEF
5
4
3
2
1
IDLB
5
4
3
2
1
IMOM
5
4
3
2
1
DDBI
5
4
3
2
1
EFAD
5
4
3
2
1
FYLD
5
4
3
2
1
JPIH
5
4
3
2
1
HEFV
5
4
3
2
1
DHDG
5
4
3
2
1
TLDH
5
4
3
2
1
ONTL
5
4
3
2
1
IDEV
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 03/27/17)

All Funds (52)

97
96.814388
96
96.014255
96
95.803929
95
94.705712
93
93.181606
90
90.498069
87
87.44022
85
84.748731
83
83.014364
82
82.387036
79
79.307732
79
78.733998
78
77.50966
76
76.480398
74
73.537877
73
72.629229
72
72.331835
69
68.907048
69
68.6365
65
64.903531
64
63.922775
63
63.197859
62
62.116098
61
61.428274
53
52.854848
48
47.562944
47
47.464094
46
46.428744
42
41.649582
35
34.634313
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 03/23/17

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