Equity: Global Ex-U.S. - Total Market

IPKW Top Performer Intra-day
Price $33.75
Today’s Change +0.09%(0.27)
10:10am 08/18/2017
IGRO Bottom Performer Intra-day
Price $54.55
Today’s Change -0.53%(-0.96)
9:58am 08/18/2017
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

If you’re looking for exposure to global equities to complement your US exposure, your first decision is whether you want plain vanilla coverage or something different.
Five fundsVXUS holds the broadest portfolio in this segment—ACWX, CWI, VEU, VXUS and IXUS—provide broad, market-cap-weighted exposure to the global ex-US space. VXUS holds the broadest portfolio, covering 99% of the investable market thus earning our Analyst Pick. IXUS is close behind, while the others limit their exposure to large- and midcaps. The presence or absence of small-caps generally impacts the Tradability of each fund more than its exposure and performance in our Fit analysis. VEU offers the cheapest all-in costs: It charges a low expense ratio and trades at the highest volumes and lowest spreads. VXUS and IXUS also charge low fees and offer even better coverage, but are a slightly more expensive to trade. ACWX trades well but charges a higher fee. CWI also charges a higher fee and it trades well, but stumbles on index tracking.
DBAW and HAWX offer vanilla coverage with currency exposure hedged out. Both are reasonably priced, but neither is particularly liquid, so trade carefully.
Numerous funds offer non-vanilla takes on the segment at higher prices. PID screens and weights for dividends, and only holds ADRs and GDRs. That helps liquidity, but skews the portfolio toward North American firms. IFV rotates between First Trust country ETFs based on momentum. Its underlying funds also follow specialized methodologies in an attempt to generate alpha. VIDI has a complex stock selection method, but has managed to attract massive assets since its debut. (Insight updated 08/17/17)

All Funds (27)

IXUS $6.88 B 6884970300 Great Coverage; Low Fee

A 99
E
99
99
T
87
87
F
99
99

VXUS $8.96 B 8955101590.56 Holds the Broadest Portfolio

A 98
E
96
96
T
87
87
F
98
98

VEU $19.93 B 19932337751.5 Most Liquid

A 96
E
94
94
T
90
90
F
96
96

ACWX $2.64 B 2635634040 Excellent Trader

A 96
E
93
93
T
89
89
F
96
96

CWI $1.38 B 1380695878.8 Tracks its Index Loosely

B 94
E
85
85
T
88
88
F
94
94

IQDF $874.76 M 874755425.7281 Good AUM but wide spreads

B 82
E
83
83
T
84
84
F
82
82

DBAW $111.18 M 111180026.16 Hedges Currency Exposure

B 52
E
87
87
T
63
63
F
52
52

PID $838.51 M 838512000 Holds only ADRs & GDRs

B 35
E
88
88
T
95
95
F
35
35

IQDE $88.74 M 88739664.6499 Trades thinly so far

C 77
E
81
81
T
52
52
F
77
77

IQDY $75.35 M 75348586.9102 low AUM, low trade volume

C 77
E
81
81
T
52
52
F
77
77

DNL $55.11 M 55107800 Seeks Growth and Yield

C 66
E
79
79
T
59
59
F
66
66

DXUS $5.06 M 5061860 currency hedged dividends

C 45
E
78
78
T
48
48
F
45
45

IPKW $166.08 M 166082400 tepid interest to date

C 41
E
72
72
T
69
69
F
41
41

VIDI $704.63 M 704634000 Complex Stock Selection Method

D 54
E
66
66
T
68
68
F
54
54

FLIO $5.52 M 5524000 N/A

D 49
E
71
71
T
53
53
F
49
49

IFV $713.81 M 713805351.08232 Highest fee

D 42
E
63
63
T
69
69
F
42
42

ALFI $3.54 M 3537000 N/A

D 39
E
64
64
T
60
60
F
39
39

GURI $1.52 M 1520883.279996 low AUM; thin trading

D 36
E
73
73
T
56
56
F
36
36

IPOS $2.22 M 2216142.1612 low asset base

F 35
E
54
54
T
26
26
F
35
35

MOTI $70.82 M 70817165.95 Unique selection methodology

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

VIGI $504.44 M 504442822.94 N/A

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

FPXI $18.45 M 18454767.108 low asset base

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

IGRO $32.76 M 32756280 N/A

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

HAWX $85.79 M 85788460 Ignore bad tracking

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

LVIN $5.17 M 5173340 N/A

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

FCFI $13.05 M 13048200 fundamentals-based

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

CCXE $7.16 M 7155060 Trades Thinly

D 45
E
84
84
T
25
25
F
45
45

ETF.com Grade as 08/10/17

Equity: Global Ex-U.S. - Total Market

Performance  [as of 08/16/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets--------------
A 98.960917IXUS6884970300IXUSiShares Core MSCI Total International Stock ETF0.14%3.76%18.13%15.33%2.76%----
A 97.801106VXUS8955101590.56VXUSVanguard Total International Stock ETF-0.06%3.23%17.58%15.01%2.76%7.44%--
A 96.092824VEU19932337751.5VEUVanguard FTSE All-World ex-US ETF0%3.32%17.69%15.25%2.74%7.33%2.53%
A 95.661431ACWX2635634040ACWXiShares MSCI ACWI ex U.S. ETF-0.02%3.52%17.71%15.08%2.21%6.83%--
B 93.890182CWI1380695878.8CWISPDR MSCI ACWI ex-US ETF0.08%3.45%17.48%14.74%2.52%7.24%2.49%
B 81.893034IQDF874755425.7281IQDFFlexShares International Quality Dividend Index Fund-0.23%3.26%16.69%15.43%0.70%----
B 51.824021DBAW111180026.16DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF-0.56%0.46%11.38%15.97%6.08%----
B 35.417534PID838512000PIDPowerShares International Dividend Achievers Portfolio-0.96%2.76%9.30%9.77%-3.53%3.92%1.19%
C 77.385206IQDE88739664.6499IQDEFlexShares International Quality Dividend Defensive Index ETF-0.20%2.60%15.21%9.45%0.24%----
C 77.121396IQDY75348586.9102IQDYFlexShares International Quality Dividend Dynamic Index Fund-0.74%1.88%14.72%17.12%1.61%----
C 66.122426DNL55107800DNLWisdomTree Global ex-US Quality Dividend Growth Fund0.78%4.86%20.59%11.35%3.53%4.97%2.87%
C 45.105888DXUS5061860DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund-0.61%0.29%8.64%15.92%------
C 40.824118IPKW166082400IPKWPowerShares International BuyBack Achievers Portfolio2.69%6.28%19.14%20.88%11.00%----
D 53.998844VIDI704634000VIDIVident International Equity Fund0.23%6.09%24.45%23.48%3.02%----
D 49.019017FLIO5524000FLIOFranklin Liberty International Opportunities ETF2.98%3.35%----------
D 41.742694IFV713805351.08232IFVFirst Trust Dorsey Wright International Focus 5 ETF0.93%1.21%21.00%16.22%2.61%----
D 39.144043ALFI3537000ALFIAlphaClone International ETF0.06%4.47%25.81%15.37%------
D 36.130474GURI1520883.279996GURIGlobal X Guru International Index ETF1.40%6.04%14.55%11.73%-0.07%----
F 34.654292IPOS2216142.1612IPOSRenaissance International IPO ETF1.39%6.07%22.00%13.36%------
N/A 0MOTI70817165.95MOTIVanEck Vectors Morningstar International Moat ETF1.14%5.84%24.53%25.51%------
N/A 0FPXI18454767.108FPXIFirst Trust International IPO ETF3.80%9.21%32.42%25.96%------
N/A 0VIGI504442822.94VIGIVanguard International Dividend Appreciation ETF-0.13%3.11%20.02%10.00%------
N/A 0IGRO32756280IGROiShares International Dividend Growth ETF-1.15%1.83%14.52%11.46%------
N/A 0HAWX85788460HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF-0.29%0.70%11.17%17.43%------
N/A 0LVIN5173340LVINHartford Multifactor Low Volatility International Equity ETF-0.27%2.37%----------
N/A 0FCFI13048200FCFITrimTabs International Free-Cash-Flow ETF-0.50%4.76%3.15%-2.86%------
D 44.7436298236CCXE7155060CCXEWisdomTree Commodity Country Equity Fund-4.15%5.76%23.36%16.98%-4.67%0.79%--
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

The ETFs here differ greatly in fees, assets and length of history.
Three funds clearly lead the segment on fees: VXUS, VEU and IXUS are the cheapest by far. Other ETFs charge anywhereIXUS stands out for very low and stable real-world holding costs from twice to eight times as much.
Regarding tracking—a better measure of actual holding costs than fees—IXUS stands out for very low and stable real-world holding costs. In fact, the fund tends to claw back its fee through securities lending and solid portfolio management. ACWX and CWI compete head to head, tracking the same underlying MSCI index, and ACWX does a much better job of it, with lower cost and less variation.
VEU and VXUS display wide tracking variation, but this distortion results from the issuer’s use of fair value NAVs, which account for time differences in trading and therefore align the fund’s NAV closer to market prices, not the underlying index. Realized tracking results should be more consistent, but we are unable to measure them.
On assets, we see the typical rags-to-riches distribution so common in the ETF world. VEU dominates with several billion in assets, while VXUS, ACWX, IXUS and PID trail behind it with at least a billion each. At the other extreme, funds like GURI, FPXI, IPOS and CCXE have barely any assets at all (and CCXE after roughly a decade in existence). We see high closure risk for all four of these funds. (Insight updated 08/17/17)

All Funds (27)

99
99.436928
96
96.181492
94
93.952539
93
92.520623
88
87.738564
87
86.838372
85
85.143065
83
83.462105
81
81.405454
81
81.082649
79
79.290271
78
78.025364
73
73.00547
72
71.851316
71
71.346943
66
66.38686
64
63.553357
63
63.437335
54
54.468806
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
84
84.272400757714

ETF.com Grade as 08/10/17

Equity: Global 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
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% -0.37% 0.15% -0.72% 20.00% / 39.60% Low 92.520623
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -1.22% 0.84% -2.74% 20.00% / 39.60% Low 71.851316
ALFI AlphaClone International ETF 0.95% -1.40% -1.07% -1.62% 20.00% / 39.60% High 63.553357
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.468806
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% -0.26% 0.57% -0.72% 20.00% / 39.60% Low 85.143065
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.60% 0.05% -0.99% 20.00% / 39.60% Low 81.082649
IGRO iShares International Dividend Growth ETF 0.22% -- -- -- 20.00% / 39.60% High 0
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF 0.40% -0.75% -0.30% -0.93% 20.00% / 39.60% Low 86.838372
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.49% 0.12% -0.98% 20.00% / 39.60% Low 83.462105
FLIO Franklin Liberty International Opportunities ETF 0.62% -- -- -- 20.00% / 39.60% High 71.346943
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.58% -0.86% -0.38% -1.33% 20.00% / 39.60% Medium 79.290271
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.63% -0.07% -0.99% 20.00% / 39.60% Low 81.405454
LVIN Hartford Multifactor Low Volatility International Equity ETF 0.39% -- -- -- 20.00% / 39.60% Low 0
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund 0.44% -0.38% -0.08% -0.74% 20.00% / 39.60% High 78.025364
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.26% 0.35% 0.18% 20.00% / 39.60% Low 99.436928
MOTI VanEck Vectors Morningstar International Moat ETF 0.56% -- -- -- 20.00% / 39.60% Low 0
FPXI First Trust International IPO ETF 0.70% -- -- -- 20.00% / 39.60% High 0
PID PowerShares International Dividend Achievers Portfolio 0.58% -0.78% -0.65% -1.21% 20.00% / 39.60% Low 87.738564
GURI Global X Guru International Index ETF 0.75% -1.13% -0.85% -1.37% 20.00% / 39.60% High 73.00547
VEU Vanguard FTSE All-World ex-US ETF 0.11% -0.03% 0.08% -0.13% 20.00% / 39.60% Low 93.952539
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -0.43% 1.96% -1.85% 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -0.82% 0.29% -2.58% 20.00% / 39.60% Low 66.38686
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 63.437335
VXUS Vanguard Total International Stock ETF 0.11% -0.05% 0.06% -0.10% 20.00% / 39.60% Low 96.181492
FCFI TrimTabs International Free-Cash-Flow ETF -- -- -- 20.00% / 39.60% Closing 0
CCXE WisdomTree Commodity Country Equity Fund -0.34% -0.20% -0.82% 20.00% / 39.60% Closing 84.272400757714

ETF.com Tradability Insight

Tradability in the segment ranges from well-established, ultra liquid giants trading tens of millions each day to ETFs that don't trade at all.
VEU is the leader inVEU is the leader in liquidity liquidity—several creation units' worth of shares change hands daily (despite a huge creation unit size) and average spreads are just a penny. ACWX and VXUS offer ample liquidity too for most investors.
The rest of the funds' liquidity ranges from decent—like IXUS, PID and CWI to poor like HAWX, IPOS and GURI that goes for days without any trades. For retail investors limit orders are imperative here.
Most funds in the segment enjoy good block liquidity, with several achieving maximum score. (IFV and HAWX have illiquid baskets that make creations and redemptions difficult.) As always though, institutions should seek the assistance of market makers and the issuers' capital market desks for best execution. (Insight updated 08/17/17)

All Funds (27)

95
95.010594
90
89.522953
89
89.18844
88
88.072977
87
87.027483
87
86.751767
84
84.228611
69
68.810415
69
68.647559
68
68.20462
63
63.295685
60
59.536409
59
59.499817
56
56.328909
53
53.275396
52
52.495749
52
52.00183
48
48.177143
26
26.020638
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
25
25.269808845509

ETF.com Grade as 08/10/17

Equity: Global 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
ACWX iShares MSCI ACWI ex U.S. ETF $14.76 M 0.03% 1.62 27.00% 0.06% 0.13% None 89.18844
IXUS iShares Core MSCI Total International Stock ETF $22.17 M 0.04% 3.74 25.00% 0.02% 0.26% None 86.751767
MOTI VanEck Vectors Morningstar International Moat ETF $324.01 K 0.45% 0.19 22.00% 0.13% 0.03% None 0
CWI SPDR MSCI ACWI ex-US ETF $6.28 M 0.05% 0.88 28.00% 0.14% 0.16% None 88.072977
PID PowerShares International Dividend Achievers Portfolio $2.44 M 0.08% 3.13 95.00% 0.14% 0.06% None 95.010594
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $323.95 K 0.14% 0.25 26.00% 0.00% 0.80% None 63.295685
VEU Vanguard FTSE All-World ex-US ETF $90.08 M 0.02% 5.78 24.00% 0.14% 0.10% None 89.522953
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $119.17 K 0.12% 0.02 26.00% 0.66% 0.05% None 59.499817
VIDI Vident International Equity Fund $782.83 K 0.38% 0.30 22.00% 0.06% 0.19% None 68.20462
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $9.85 K 0.32% 0.00 26.00% 0.23% 0.17% None 48.177143
VXUS Vanguard Total International Stock ETF $31.44 M 0.03% 5.98 23.00% 0.04% 0.23% None 87.027483
ALFI AlphaClone International ETF $5.97 K 0.36% 0.00 100.00% 0.05% 0.02% None 59.536409
FPXI First Trust International IPO ETF $171.78 K 0.44% 0.10 43.00% 0.23% 0.03% None 0
VIGI Vanguard International Dividend Appreciation ETF $5.5 M 0.19% 1.75 32.00% 0.13% 1.67% None 0
GURI Global X Guru International Index ETF $5.38 K 0.39% 0.00 93.00% 0.09% 0.07% None 56.328909
IGRO iShares International Dividend Growth ETF $128.14 K 1.35% 0.05 37.00% 0.04% 0.31% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $259.24 K 0.13% 0.21 100.00% 8.36% 0.01% None 0
FLIO Franklin Liberty International Opportunities ETF $4.19 K 0.18% 0.00 31.00% 1.04% 0.07% None 53.275396
IFV First Trust Dorsey Wright International Focus 5 ETF $2.0 M 0.20% 2.00 100.00% 49.89% 0.05% None 68.647559
LVIN Hartford Multifactor Low Volatility International Equity ETF $0 0.39% 0 21.00% 0.13% 0.10% None 0
IPKW PowerShares International BuyBack Achievers Portfolio $780.94 K 0.25% 0.48 34.00% 1.08% 0.03% None 68.810415
IPOS Renaissance International IPO ETF $1.04 K 1.95% 0.00 23.00% 0.32% 0.09% None 26.020638
IQDE FlexShares International Quality Dividend Defensive Index ETF $72.27 K 0.17% 0.03 23.00% 0.19% 0.20% None 52.00183
IQDF FlexShares International Quality Dividend Index Fund $2.57 M 0.07% 1.02 23.00% 0.18% 0.20% None 84.228611
IQDY FlexShares International Quality Dividend Dynamic Index Fund $117.68 K 0.19% 0.04 23.00% 0.21% 0.19% None 52.495749
FCFI TrimTabs International Free-Cash-Flow ETF $0 0.00 100.00% 0.26% 0.43% None 0
CCXE WisdomTree Commodity Country Equity Fund $10.38 K 0.01 37.00% 0.46% 0.17% None 25.269808845509

ETF.com/ Block Liquidity

ACWX
5
4
3
2
1
CWI
5
4
3
2
1
IQDF
5
4
3
2
1
IXUS
5
4
3
2
1
PID
5
4
3
2
1
VEU
5
4
3
2
1
VIDI
5
4
3
2
1
VXUS
5
4
3
2
1
VIGI
5
4
3
2
1
DBAW
5
4
3
2
1
DNL
5
4
3
2
1
DXUS
5
4
3
2
1
FPXI
5
4
3
2
1
GURI
5
4
3
2
1
IQDE
5
4
3
2
1
IQDY
5
4
3
2
1
MOTI
5
4
3
2
1
ALFI
5
4
3
2
1
IGRO
5
4
3
2
1
LVIN
5
4
3
2
1
IPKW
5
4
3
2
1
IPOS
5
4
3
2
1
FLIO
5
4
3
2
1
HAWX
5
4
3
2
1
IFV
5
4
3
2
1
FCFI
5
4
3
2
1
CCXE
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

Five ETFs in this segment provide broad, marketlike exposure. Two others hedge their currency exposure while still covering the total market.
The strength and similarity in the Fit The small caps in the market are numerous and make some portfolios huge score for the plain vanilla funds—VXUS, IXUS, VEU, ACWX, and CWI—indicate that all do a good or great job of accurately capturing the market. The main point of differentiation here is depth of coverage. Funds like VXUS and IXUS are the broadest of the broad—they aim to capture 99% of the market including small-cap firms. The small-caps in the market are numerous and make the portfolios huge: VXUS holds over 5000 stocks while IXUS holds more than 3000.
In contrast, VEU, ACWX and CWI lop off the small-caps, so their baskets hold fewer names (less than 1000 in the case of CWI). These funds opt for smaller portfolios that are easier to run and to trade, all else equal. In practice, the funds that include small-caps match the market only a slight bit better.
The two currency-hedged funds, HAWX and DBAW, track hedged versions of ACWX's index. These funds capture the broad market, but neutralize the currency exposure of the underlying securities, leading to potentially very different returns from our unhedged benchmark.
Among the remaining funds that opt not to simply "own the market", GURI stands out as the one least like our benchmark. The fund tracks an index, but looks more like an active fund. GURI gleans public filings to replicate the holdings of stock-picking hedge funds. The fund screens for "sticky" positions, so turnover shouldn't be major problem. However, the portfolio looks almost nothing like our benchmark in any way.
PID only holds ADRs and GDRs, while screening for dividends. This predictably results in a huge bias toward North American firms, as well as a yield that's roughly double that of our benchmark. Overall, it's very far from the neutral market.
IFV is extremely complex. It follows a country rotation strategy using First Trust AlphaDEX ETFs, which already have significant biases away from the market. The fund chooses which funds to hold based in part on relative momentum. Unsurprisingly, it Fits poorly.
The trio—IQDF, IQDE, and IQDY—focuses on high quality and dividends, which are popular themes across the ETF world. The funds differ in their target risk: IQDF aims for marketlike risk, IQDE shoots for lower risk and IQDY takes on higher risk in hopes of higher returns. Our beta analysis shows the funds more or less hit their marks in market risk, though none takes a radical posture. Their portfolios show low P/Es and higher yield consistent with their goal.
VIDI relies on a complex index that uses both risk and fundamental factors. The fund diverges from the market as it significantly favors Latin America and Asia at the expense of Europe. (Insight updated 08/17/17)

All Funds (27)

99
98.960917
98
97.801106
96
96.092824
96
95.661431
94
93.890182
82
81.893034
77
77.385206
77
77.121396
66
66.122426
54
53.998844
52
51.824021
49
49.019017
45
45.105888
42
41.742694
41
40.824118
39
39.144043
36
36.130474
35
35.417534
35
34.654292
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
45
44.7436298236

ETF.com Grade as 08/10/17

Equity: Global Ex-U.S. - Total Market