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

RODM Top Performer Intra-day
Price $28.83
Today’s Change +0.17%(0.59)
3:59pm 10/20/2017
IDHQ Bottom Performer Intra-day
Price $23.46
Today’s Change -0.28%(-1.18)
3:37pm 10/20/2017
  • 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 10/20/17)

All Funds (61)

VEA $64.96 B 64956431965.65 large, cheap and liquid

A 96
E
93
93
T
91
91
F
96
96

SCHF $12.37 B 12365414676.4 Very low fee

A 96
E
99
99
T
87
87
F
96
96

IEFA $38.96 B 38956677840 broad coverage with a low fee

A 95
E
100
100
T
89
89
F
95
95

EFA $81.53 B 81526661280 Cheaper than it looks

A 93
E
95
95
T
90
90
F
93
93

INTF $328.23 M 328230120 N/A

A 75
E
93
93
T
84
84
F
75
75

EFAV $7.7 B 7695276960 Low Cost Niche Fund

A 54
E
95
95
T
89
89
F
54
54

EFAD $88.55 M 88548000 high closure risk

A 52
E
97
97
T
70
70
F
52
52

IDEV $93.93 M 93927570 N/A

B 98
E
96
96
T
60
60
F
98
98

SPDW $1.03 B 1027299333.2 not cheap to hold

B 96
E
84
84
T
84
84
F
96
96

DWM $851.03 M 851032840 Not cheap to hold

B 88
E
87
87
T
83
83
F
88
88

TLTD $983.12 M 983124647.3373 Successful Launch

B 87
E
91
91
T
75
75
F
87
87

QEFA $194.8 M 194801401.6 high closure risk

B 83
E
92
92
T
67
67
F
83
83

RODM $141.38 M 141383880 new; trade with care

B 76
E
90
90
T
64
64
F
76
76

IMTM $57.52 M 57523450 hard to trade

B 74
E
89
89
T
64
64
F
74
74

IDLV $570.56 M 570558600 poor tracking

B 51
E
79
79
T
86
86
F
51
51

DBEF $7.04 B 7037219051.2 EAFE exposure

B 48
E
89
89
T
90
90
F
48
48

IHDG $523.73 M 523729920 low volume

B 37
E
83
83
T
87
87
F
37
37

ISZE $5.51 M 5513940 new; trade with care

C 82
E
84
84
T
49
49
F
82
82

IQLT $20.36 M 20357960 hard to trade

C 80
E
85
85
T
58
58
F
80
80

PXF $1.21 B 1208686400 terrible tracking

C 80
E
73
73
T
84
84
F
80
80

IQDG $15.04 M 15037120.296 N/A

C 66
E
80
80
T
58
58
F
66
66

JPIN $1.07 B 1068367660.7229 modest AUM to date

C 65
E
74
74
T
84
84
F
65
65

PIZ $230.21 M 230214000 highest fee

C 59
E
68
68
T
76
76
F
59
59

DDWM $491.29 M 491288359.8264 N/A

C 54
E
82
82
T
73
73
F
54
54

FDT $673.3 M 673295761.92 highest fee

C 49
E
67
67
T
82
82
F
49
49

HEFA $4.36 B 4361915250 solid liquidity

C 47
E
63
63
T
98
98
F
47
47

FLQH $10.02 M 10024000 N/A

C 35
E
78
78
T
56
56
F
35
35

MVIN $16.05 M 16052190 N/A

C 33
E
77
77
T
57
57
F
33
33

ESGN $12.1 M 12104410.32 N/A

D 72
E
79
79
T
39
39
F
72
72

IDHQ $28.18 M 28183200 poor tracking

D 67
E
73
73
T
53
53
F
67
67

FYLD $48.59 M 48592225.776102 viable size & liquidity

D 64
E
76
76
T
44
44
F
64
64

IDMO $2.76 M 2761000 high closure risk

D 57
E
72
72
T
31
31
F
57
57

PBDM $2.53 M 2525225.252 N/A

D 52
E
93
93
T
0
-1
F
52
52

JHMD $53.29 M 53287380 N/A

F 92
E
57
57
T
43
43
F
92
92

EFAX $50.08 M 50075376.4 N/A

F 91
E
62
62
T
48
48
F
91
91

ONTL $17.88 M 17877237.5034 N/A

F 47
E
53
53
T
41
41
F
47
47

IDHD $4.28 M 4275178.501 N/A

F 45
E
56
56
T
47
47
F
45
45

IDLB $133.43 M 133428779.325 low beta + equal wt.

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

ESGD $126.82 M 126821960 N/A

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

HEFV $19.05 M 19051130 new, trade with care

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

FXEP $1.42 M 1422178.443 new, trade with care

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

RNDM $5.07 M 5071428.42654 N/A

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

IMOM $45.12 M 45120500 N/A

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

LVHI $60.39 M 60386688 N/A

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

HFXI $331.63 M 331631121.123 50% hedge

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

TTAI $7.17 M 7172000 N/A

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

TLDH $18.72 M 18722303.8035 N/A

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

JPIH $44.99 M 44986468.966277 N/A

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

REFA $13.36 M 13357526.715 N/A

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

DDBI $11.66 M 11655080 N/A

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

DEEF $15.91 M 15912628.932 N/A

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

MFDX $23.9 M 23901600 N/A

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

NUDM $15.74 M 15743460 N/A

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

DHDG $3.73 M 3726979.2285 N/A

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

GSIE $648.02 M 648018000 N/A

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

RBIN $120.6 M 120602500 N/A

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

DEFA $2.87 M 2865680 N/A

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

ICOW $2.77 M 2774000 N/A

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

GWL $1.03 B 1026466378.4 not cheap to hold

B 96
E
84
84
T
84
84
F
96
96

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 10/12/17

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

Performance Dispersion
Performance  [as of 10/19/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI World ex USA Investable Market Index--------------
A 96.472226VEA64956431965.65VEAVanguard FTSE Developed Markets ETF--------------
A 95.738409SCHF12365414676.4SCHFSchwab International Equity ETF--------------
A 95.166609IEFA38956677840IEFAiShares Core MSCI EAFE ETF--------------
A 93.363651EFA81526661280EFAiShares MSCI EAFE ETF--------------
A 74.990312INTF328230120INTFiShares Edge MSCI Multifactor Intl ETF--------------
A 53.757903EFAV7695276960EFAViShares Edge MSCI Min Vol EAFE ETF--------------
A 52.221526EFAD88548000EFADProShares MSCI EAFE Dividend Growers ETF--------------
B 98.246964IDEV93927570IDEViShares Core MSCI International Developed Markets ETF--------------
B 95.840145SPDW1027299333.2SPDWSPDR Portfolio World ex-US ETF--------------
B 88.151658DWM851032840DWMWisdomTree International Equity Fund--------------
B 86.916683TLTD983124647.3373TLTDFlexShares Morningstar Developed Markets ex-US Factor Tilt--------------
B 83.275647QEFA194801401.6QEFASPDR MSCI EAFE StrategicFactors ETF--------------
B 76.263258RODM141383880RODMHartford Multifactor Developed Markets (ex-US) ETF--------------
B 73.890617IMTM57523450IMTMiShares Edge MSCI Intl Momentum Factor ETF--------------
B 51.121827IDLV570558600IDLVPowerShares S&P International Developed Low Volatility ETF--------------
B 48.162889DBEF7037219051.2DBEFXtrackers MSCI EAFE Hedged Equity ETF--------------
B 37.062075IHDG523729920IHDGWisdomTree International Hedged Quality Dividend Growth Fund--------------
C 81.782826ISZE5513940ISZEiShares Edge MSCI Intl Size Factor ETF--------------
C 80.44869IQLT20357960IQLTiShares Edge MSCI Intl Quality Factor ETF--------------
C 79.791687PXF1208686400PXFPowerShares FTSE RAFI Developed Markets ex-US Portfolio--------------
C 66.26288IQDG15037120.296IQDGWisdomTree International Quality Dividend Growth--------------
C 64.666877JPIN1068367660.7229JPINJ.P. Morgan Diversified Return International Equity ETF1.74%3.65%20.60%17.89%------
C 59.257129PIZ230214000PIZPowerShares DWA Developed Markets Momentum Portfolio--------------
C 54.115825DDWM491288359.8264DDWMWisdomTree Dynamic Currency Hedged International Equity Fund--------------
C 48.97765FDT673295761.92FDTFirst Trust Developed Markets ex-US AlphaDEX Fund--------------
C 46.629499HEFA4361915250HEFAiShares Currency Hedged MSCI EAFE ETF--------------
C 35.35944FLQH10024000FLQHFranklin LibertyQ International Equity Hedged ETF--------------
C 32.560485MVIN16052190MVINNatixis Seeyond International Minimum Volatility ETF--------------
D 71.550771ESGN12104410.32ESGNColumbia Sustainable International Equity Income ETF--------------
D 67.302688IDHQ28183200IDHQPowerShares S&P International Developed Quality Portfolio--------------
D 64.139203FYLD48592225.776102FYLDCambria Foreign Shareholder Yield ETF--------------
D 56.611547IDMO2761000IDMOPowerShares S&P International Developed Momentum Portfolio--------------
D 51.687185PBDM2525225.252PBDMPowerShares PureBeta FTSE Developed ex-North America Portfolio--------------
F 91.868472JHMD53287380JHMDJohn Hancock Multifactor Developed International ETF--------------
F 91.440923EFAX50075376.4EFAXSPDR MSCI EAFE Fossil Fuel Reserves Free ETF--------------
F 46.764674ONTL17877237.5034ONTLO'Shares FTSE Russell International Quality Dividend ETF--------------
F 45.081044IDHD4275178.501IDHDPowerShares S&P International Developed High Dividend Low Volatility Portfolio--------------
N/A 0IDLB133428779.325IDLBPowerShares FTSE International Low Beta Equal Weight Portfolio--------------
N/A 0ESGD126821960ESGDiShares MSCI EAFE ESG Optimized ETF--------------
N/A 0HEFV19051130HEFViShares Edge MSCI Min Vol EAFE Currency Hedged ETF--------------
N/A 0FXEP1422178.443FXEPPowerShares Developed EuroPacific Currency Hedged Low Vol--------------
N/A 0RNDM5071428.42654RNDMFirst Trust Developed International Equity Select ETF--------------
N/A 0IMOM45120500IMOMMomentumShares International Quantitative Momentum ETF--------------
N/A 0LVHI60386688LVHILegg Mason International Low Volatility High Dividend ETF--------------
N/A 0HFXI331631121.123HFXIIQ 50 Percent Hedged FTSE International ETF--------------
N/A 0TTAI7172000TTAITrimTabs All Cap International Free-Cash-Flow ETF--------------
N/A 0TLDH18722303.8035TLDHFlexShares Currency Hedged Morningstar DM ex-US Factor Tilt--------------
N/A 0JPIH44986468.966277JPIHJPMorgan Diversified Return International Currency Hedged3.25%3.43%13.93%25.19%------
N/A 0REFA13357526.715REFAOppenheimer International Revenue ETF--------------
N/A 0DDBI11655080DDBILegg Mason Developed Ex-US Diversified Core ETF--------------
N/A 0DEEF15912628.932DEEFDeutsche X-trackers FTSE Developed ex U.S. Comprehensive Factor ETF--------------
N/A 0MFDX23901600MFDXPIMCO RAFI Dynamic Multi-Factor International Equity ETF--------------
N/A 0NUDM15743460NUDMNuShares ESG International Developed Markets Equity ETF--------------
N/A 0DHDG3726979.2285DHDGWisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund--------------
N/A 0GSIE648018000GSIEGoldman Sachs ActiveBeta International Equity ETF--------------
N/A 0RBIN120602500RBINNationwide Risk-Based International Equity ETF--------------
N/A 0DEFA2865680DEFAiShares Adaptive Currency Hedged MSCI EAFE ETF--------------
N/A 0ICOW2774000ICOWPacer Developed Markets International Cash Cows 100 ETF--------------
B 95.840145GWL1026466378.4GWLSPDR S&P World ex-US ETF--------------
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 10/20/17)

All Funds (61)

100
99.58029
99
99.067599
97
97.258191
96
96.423641
95
95.422967
95
94.69998
93
93.267495
93
92.763411
93
92.594773
92
92.395434
91
91.112362
90
90.423569
89
88.987805
89
88.66228
87
86.543637
85
85.294848
84
84.39209
84
83.59624
83
82.736894
82
81.633351
80
80.420348
79
79.348025
79
79.020813
78
77.569185
77
77.076548
76
75.658527
74
74.166628
73
72.952881
73
72.620498
72
72.171122
68
68.346982
67
67.487533
63
63.022786
62
61.67964
57
56.807241
56
55.837838
53
53.20179
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
84
84.39209
78
78.046694
72
71.993703415172

ETF.com Grade as 10/12/17

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

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.35% -0.41% -0.26% -0.51% 20.00% / 39.60% Low 88.987805
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio 0.45% -- -- -- 20.00% / 39.60% Low 0
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% -0.46% 0.88% -2.63% 20.00% / 39.60% Low 74.166628
DWM WisdomTree International Equity Fund 0.48% -0.43% -0.07% -0.79% 20.00% / 39.60% Low 86.543637
IMOM MomentumShares International Quantitative Momentum ETF 0.79% -- -- -- 20.00% / 39.60% Medium 0
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 68.346982
EFA iShares MSCI EAFE ETF 0.33% -0.08% -0.03% -0.12% 20.00% / 39.60% Low 95.422967
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% Medium 61.67964
REFA Oppenheimer International Revenue ETF 0.42% -- -- -- 20.00% / 39.60% Low 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio 0.45% -0.93% 1.05% -4.18% 20.00% / 39.60% Low 72.620498
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.50% -0.45% -0.35% -0.63% 20.00% / 39.60% Low 97.258191
DDBI Legg Mason Developed Ex-US Diversified Core ETF 0.41% -- -- -- 20.00% / 39.60% High 0
MVIN Natixis Seeyond International Minimum Volatility ETF 0.55% -- -- -- 20.00% / 39.60% High 77.076548
IDHQ PowerShares S&P International Developed Quality Portfolio 0.33% -1.05% 0.53% -2.77% 20.00% / 39.60% High 72.952881
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.39% -- -- -- 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 92.395434
EFAV iShares Edge MSCI Min Vol EAFE ETF 0.20% -0.07% -0.02% -0.14% 20.00% / 39.60% Low 94.69998
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.35% -0.11% 0.18% -0.60% 20.00% / 39.60% Low 81.633351
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 79.020813
RBIN Nationwide Risk-Based International Equity ETF 0.42% -- -- -- 20.00% / 39.60% Low 0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.39% -0.27% -0.21% -0.43% 20.00% / 39.60% Low 90.423569
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.80% -0.76% 1.62% -2.26% 20.00% / 39.60% Low 67.487533
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF 0.36% -- -- -- 20.00% / 39.60% High 0
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio 0.30% -- -- -- 20.00% / 39.60% High 55.837838
IEFA iShares Core MSCI EAFE ETF 0.08% 0.23% 0.28% 0.15% 20.00% / 39.60% Low 99.58029
PBDM PowerShares PureBeta FTSE Developed ex-North America Portfolio 0.07% -- -- -- 20.00% / 39.60% High 92.594773
SCHF Schwab International Equity ETF 0.06% 0.11% 0.29% -0.06% 20.00% / 39.60% Low 99.067599
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 72.171122
JHMD John Hancock Multifactor Developed International ETF 0.45% -- -- -- 20.00% / 39.60% Low 56.807241
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.58% -0.66% -0.32% -0.92% 20.00% / 39.60% Low 82.736894
SPDW SPDR Portfolio World ex-US ETF 0.04% 0.01% 0.50% -0.44% 20.00% / 39.60% Low 84.39209
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.39% -0.16% 0.06% -0.24% 20.00% / 39.60% Low 91.112362
FYLD Cambria Foreign Shareholder Yield ETF 0.59% -0.64% 0.72% -2.34% 20.00% / 39.60% Low 75.658527
IQDG WisdomTree International Quality Dividend Growth 0.38% -0.27% 0.04% -0.65% 20.00% / 39.60% High 80.420348
ONTL O'Shares FTSE Russell International Quality Dividend ETF 0.48% -- -- -- 20.00% / 39.60% High 53.20179
IMTM iShares Edge MSCI Intl Momentum Factor ETF 0.30% -0.46% -0.14% -0.66% 20.00% / 39.60% Medium 88.66228
VEA Vanguard FTSE Developed Markets ETF 0.07% 0.24% 0.77% -0.06% 20.00% / 39.60% Low 93.267495
JPIH JPMorgan Diversified Return International Currency Hedged 0.49% -- -- -- 20.00% / 39.60% High 0
IDEV iShares Core MSCI International Developed Markets ETF 0.07% -- -- -- 20.00% / 39.60% Low 96.423641
INTF iShares Edge MSCI Multifactor Intl ETF 0.30% -0.28% -0.10% -0.39% 20.00% / 39.60% Low 92.763411
DEEF Deutsche X-trackers FTSE Developed ex U.S. 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 77.569185
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% -0.21% -0.04% -0.51% 20.00% / 39.60% High 85.294848
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 79.348025
HEFA iShares Currency Hedged MSCI EAFE ETF 0.36% -0.18% 2.70% -1.98% 20.00% / 39.60% Low 63.022786
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% -0.20% 0.34% -0.70% 20.00% / 39.60% High 83.59624
GWL SPDR S&P World ex-US ETF 0.01% 0.50% -0.44% 20.00% / 39.60% Low 84.39209
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 10/20/17)

All Funds (61)

98
97.605645
91
90.543929
90
89.897419
90
89.704689
89
89.255229
89
88.535085
87
87.146279
87
86.718502
86
85.669849
84
83.858869
84
83.582158
84
83.575125
84
83.546504
83
83.452022
82
81.817385
76
75.96437
75
74.935669
73
72.850746
70
70.136777
67
66.894937
64
64.323202
64
63.536193
60
60.145554
58
58.337169
58
57.89056
57
57.218617
56
55.627692
53
52.579001
49
48.552752
48
48.468237
47
47.48504
44
43.530027
43
43.153815
41
41.248458
39
39.487546
31
30.969729
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
N/A
0
84
83.575125
54
54.100102
37
37.289638609514

ETF.com Grade as 10/12/17

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

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
IDHD PowerShares S&P International Developed High Dividend Low Volatility Portfolio $7.47 K 0.38% 0.00 15.00% 0.13% 0.09% None 47.48504
DBEF Xtrackers MSCI EAFE Hedged Equity ETF $27.47 M 0.03% 4.38 20.00% 0.02% 0.07% None 89.897419
IEFA iShares Core MSCI EAFE ETF $204.53 M 0.02% 16.20 20.00% 0.03% 0.12% None 89.255229
IDLB PowerShares FTSE International Low Beta Equal Weight Portfolio $269.98 K 0.37% 0.19 16.00% 0.03% 0.27% None 0
JHMD John Hancock Multifactor Developed International ETF $115.53 K 0.60% 0.04 20.00% 0.01% 0.19% None 43.153815
DWM WisdomTree International Equity Fund $1.73 M 0.11% 0.64 20.00% 0.02% 0.20% None 83.452022
IHDG WisdomTree International Hedged Quality Dividend Growth Fund $1.4 M 0.09% 0.91 23.00% 0.05% 0.12% None 86.718502
IMOM MomentumShares International Quantitative Momentum ETF $57.29 K 0.61% 0.04 14.00% 0.18% 0.14% None 0
ONTL O'Shares FTSE Russell International Quality Dividend ETF $68.52 K 0.65% 0.05 29.00% 0.01% 0.22% None 41.248458
EFA iShares MSCI EAFE ETF $887.26 M 0.01% 22.15 20.00% 0.13% 0.04% None 89.704689
IMTM iShares Edge MSCI Intl Momentum Factor ETF $361.3 K 0.14% 0.12 29.00% 0.03% 0.14% None 64.323202
TLDH FlexShares Currency Hedged Morningstar DM ex-US Factor Tilt $26.33 K 0.97% 0.01 100.00% 60.97% 0.00%% None 0
IDEV iShares Core MSCI International Developed Markets ETF $176.19 K 0.10% 0.02 27.00% 0.03% 0.20% None 60.145554
EFAD ProShares MSCI EAFE Dividend Growers ETF $508.04 K 0.13% 0.27 23.00% 0.17% 0.03% None 70.136777
INTF iShares Edge MSCI Multifactor Intl ETF $2.03 M 0.16% 0.72 23.00% 0.06% 0.12% None 83.582158
DDBI Legg Mason Developed Ex-US Diversified Core ETF $10.14 K 0.24% 0.00 24.00% 0.05% 0.12% None 0
NUDM NuShares ESG International Developed Markets Equity ETF $74.87 K 0.22% 0.01 20.00% 0.03% 0.46% None 0
EFAV iShares Edge MSCI Min Vol EAFE ETF $31.17 M 0.03% 4.38 16.00% 0.17% 0.04% None 88.535085
IQLT iShares Edge MSCI Intl Quality Factor ETF $58.26 K 0.10% 0.02 29.00% 0.03% 0.16% None 58.337169
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund $647.57 K 0.10% 0.45 20.00% 0.01% 0.37% None 72.850746
ICOW Pacer Developed Markets International Cash Cows 100 ETF $44.27 K 0.52% 0.03 32.00% 0.14% 0.11% None 0
FDT First Trust Developed Markets ex-US AlphaDEX Fund $3.02 M 0.19% 1.03 16.00% 0.09% 0.18% None 81.817385
ISZE iShares Edge MSCI Intl Size Factor ETF $0 0.30% 0 26.00% 0.05% 0.27% None 48.552752
DEFA iShares Adaptive Currency Hedged MSCI EAFE ETF $3.35 K 0.11% 0.00 100.00% 0.15% 0.01% None 0
RNDM First Trust Developed International Equity Select ETF $46.42 K 0.28% 0.02 26.00% 0.08% 0.10% None 0
FXEP PowerShares Developed EuroPacific Currency Hedged Low Vol $0 1.60% 0 17.00% 0.06% 0.15% None 0
JPIN J.P. Morgan Diversified Return International Equity ETF $3.86 M 0.09% 0.67 14.00% 0.11% 0.13% None 83.546504
IDMO PowerShares S&P International Developed Momentum Portfolio $0 1.45% 0 26.00% 0.02% 0.13% None 30.969729
TTAI TrimTabs All Cap International Free-Cash-Flow ETF $38.91 K 0.43% 0.06 30.00% 0.26% 0.23% None 0
FYLD Cambria Foreign Shareholder Yield ETF $76.67 K 0.43% 0.06 25.00% 0.25% 0.16% None 43.530027
PIZ PowerShares DWA Developed Markets Momentum Portfolio $738.88 K 0.18% 0.54 32.00% 0.09% 0.11% None 75.96437
IQDG WisdomTree International Quality Dividend Growth $51.68 K 0.11% 0.03 23.00% 0.05% 0.12% None 57.89056
REFA Oppenheimer International Revenue ETF $4.95 K 0.20% 0.00 19.00% 0.02% 0.19% None 0
PXF PowerShares FTSE RAFI Developed Markets ex-US Portfolio $1.87 M 0.12% 0.86 25.00% 0.01% 0.45% None 83.858869
JPIH JPMorgan Diversified Return International Currency Hedged $25.55 K 0.80% 0.02 100.00% 39.87% 0.02% None 0
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF $42.5 K 0.11% 0.01 26.00% 0.03% 0.10% None 0
QEFA SPDR MSCI EAFE StrategicFactors ETF $671.21 K 0.40% 0.11 19.00% 0.04% 0.05% None 66.894937
FLQH Franklin LibertyQ International Equity Hedged ETF $44.27 K 0.20% 0.01 17.00% 0.06% 0.05% None 55.627692
ESGN Columbia Sustainable International Equity Income ETF $18.89 K 0.67% 0.01 19.00% 0.07% 0.13% None 39.487546
RBIN Nationwide Risk-Based International Equity ETF $10.15 K 0.36% 0.01 -- -- 0.31% None 0
HEFA iShares Currency Hedged MSCI EAFE ETF $21.5 M 0.04% 14.88 100.00% 0.16% 0.01% None 97.605645
RODM Hartford Multifactor Developed Markets (ex-US) ETF $632.67 K 0.51% 0.45 27.00% 0.06% 0.21% None 63.536193
ESGD iShares MSCI EAFE ESG Optimized ETF $297.96 K 0.06% 0.05 20.00% 0.03% 0.12% None 0
PBDM PowerShares PureBeta FTSE Developed ex-North America Portfolio $0 0.41% 0 18.00% 0.01% 0.59% N/A 0
HEFV iShares Edge MSCI Min Vol EAFE Currency Hedged ETF $13.58 K 0.67% 0.00 100.00% 4.32% 0.01% None 0
SCHF Schwab International Equity ETF $38.62 M 0.03% 11.61 25.00% 0.01% 0.44% None 87.146279
LVHI Legg Mason International Low Volatility High Dividend ETF $139.62 K 0.55% 0.08 29.00% 0.06% 0.06% None 0
SPDW SPDR Portfolio World ex-US ETF $1.69 M 0.10% 0.28 26.00% 0.03% 0.13% None 83.575125
HFXI IQ 50 Percent Hedged FTSE International ETF $462.69 K 0.21% 0.44 18.00% 0.00% 0.42% None 0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt $1.13 M 0.25% 0.09 24.00% 0.26% 0.15% None 74.935669
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF $61.52 K 0.41% 0.02 20.00% 0.01% 0.14% None 48.468237
VEA Vanguard FTSE Developed Markets ETF $254.82 M 0.02% 11.71 25.00% 0.05% 0.05% None 90.543929
MVIN Natixis Seeyond International Minimum Volatility ETF $26.28 K 0.11% 0.01 23.00% 0.17% 0.05% None 57.218617
IDHQ PowerShares S&P International Developed Quality Portfolio $74.86 K 0.28% 0.06 25.00% 0.02% 0.20% None 52.579001
DEEF Deutsche X-trackers FTSE Developed ex U.S. Comprehensive Factor ETF $61.8 K 0.18% 0.03 19.00% 0.02% 0.21% None 0
DHDG WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund $5.22 K 0.12% 0.00 100.00% 2,408.37% 0.01% None 0
IDLV PowerShares S&P International Developed Low Volatility ETF $2.33 M 0.16% 1.40 36.00% 0.07% 0.13% None 85.669849
GSIE Goldman Sachs ActiveBeta International Equity ETF $1.47 M 0.23% 0.51 28.00% 0.02% 0.24% None 0
GWL SPDR S&P World ex-US ETF $1.67 M 0.28 26.00% 0.03% 0.13% None 83.575125
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
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
SPDW
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
MFDX
5
4
3
2
1
RODM
5
4
3
2
1
DEEF
5
4
3
2
1
FYLD
5
4
3
2
1
TTAI
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
PBDM
5
4
3
2
1
RBIN
5
4
3
2
1
GWL
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 10/20/17)

All Funds (61)

98
98.246964
96
96.472226
96
95.840145
96
95.738409
95
95.166609
93
93.363651
92
91.868472
91
91.440923
88
88.151658
87
86.916683
83
83.275647
82
81.782826
80
80.44869
80
79.791687
76
76.263258
75
74.990312
74
73.890617
72
71.550771
67
67.302688
66
66.26288
65
64.666877
64
64.139203
59
59.257129
57
56.611547
54
54.115825
54
53.757903
52
52.221526
52
51.687185
51
51.121827
49
48.97765
48
48.162889
47
46.764674
47
46.629499
45
45.081044
37
37.062075
35
35.35944
33
32.560485
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
96
95.840145
52
51.610735
36
35.921147187022

ETF.com Grade as 10/12/17

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