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

IPOS Top Performer Intra-day
Price $20.92
Today’s Change +0.13%(0.61)
1:28pm 06/27/2017
FPXI Bottom Performer Intra-day
Price $32.06
Today’s Change -0.37%(-1.13)
3:59pm 06/27/2017
  • 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 06/27/17)

All Funds (27)

IXUS $6.29 B 6292792000 Great Coverage; Low Fee

A 99
E
99
99
T
87
87
F
99
99

VXUS $8.59 B 8588700756 Holds the Broadest Portfolio

A 98
E
96
96
T
87
87
F
98
98

VEU $18.94 B 18935255706.84 Most Liquid

A 97
E
94
94
T
89
89
F
97
97

ACWX $2.29 B 2289520800 Excellent Trader

A 97
E
93
93
T
89
89
F
97
97

CWI $1.34 B 1343440652.4 Tracks its Index Loosely

B 97
E
85
85
T
88
88
F
97
97

IQDF $793.12 M 793123824.941 Good AUM but wide spreads

B 86
E
82
82
T
84
84
F
86
86

DBAW $104.18 M 104184026.046 Hedges Currency Exposure

B 60
E
87
87
T
64
64
F
60
60

PID $803.41 M 803410350 Holds only ADRs & GDRs

B 38
E
88
88
T
95
95
F
38
38

IQDE $83.83 M 83834823.9528 Trades thinly so far

C 81
E
79
79
T
52
52
F
81
81

IQDY $67.77 M 67767726.0645 low AUM, low trade volume

C 79
E
81
81
T
55
55
F
79
79

DNL $53.53 M 53527700 Seeks Growth and Yield

C 67
E
79
79
T
58
58
F
67
67

IPKW $153.99 M 153988800 tepid interest to date

C 60
E
72
72
T
66
66
F
60
60

DXUS $5.09 M 5087040 currency hedged dividends

C 52
E
78
78
T
54
54
F
52
52

VIDI $669.13 M 669125000 Complex Stock Selection Method

D 60
E
67
67
T
73
73
F
60
60

GURI $1.48 M 1478907.320654 low AUM; thin trading

D 39
E
73
73
T
56
56
F
39
39

IFV $667.6 M 667602909.3866 Highest fee

D 38
E
62
62
T
69
69
F
38
38

ALFI $2.33 M 2327000 N/A

D 34
E
62
62
T
60
60
F
34
34

IPOS $2.11 M 2105241.0522 low asset base

F 53
E
54
54
T
26
26
F
53
53

HAWX $84.06 M 84058590 Ignore bad tracking

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

FLIO $5.41 M 5406000 N/A

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

LVIN $2.56 M 2557050 N/A

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

MOTI $54.79 M 54792399.75 Unique selection methodology

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

FPXI $6.41 M 6413264.132 low asset base

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

VIGI $409.47 M 409471574.62 N/A

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

IGRO $29.77 M 29772215 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 06/22/17

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

Performance Dispersion
Performance  [as of 06/26/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets0.69%6.13%14.80%24.19%1.48%8.59%1.54%
A 98.790151IXUS6292792000IXUSiShares Core MSCI Total International Stock ETF0.70%6.17%15.44%24.75%1.45%----
A 98.186796VXUS8588700756VXUSVanguard Total International Stock ETF0.48%5.73%14.97%24.98%1.50%8.63%--
A 97.098814VEU18935255706.84VEUVanguard FTSE All-World ex-US ETF0.45%5.80%14.98%25.00%1.51%8.52%1.59%
A 97.025027ACWX2289520800ACWXiShares MSCI ACWI ex U.S. ETF0.60%6.23%15.06%24.93%0.93%7.94%--
B 96.780871CWI1343440652.4CWISPDR MSCI ACWI ex-US ETF0.54%5.90%14.78%25.16%1.27%8.38%1.54%
B 86.431096IQDF793123824.941IQDFFlexShares International Quality Dividend Index Fund0.07%5.21%13.98%25.20%-0.66%----
B 59.755266DBAW104184026.046DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF0.74%5.32%11.20%28.23%5.75%----
B 37.995066PID803410350PIDPowerShares International Dividend Achievers Portfolio0.83%3.68%7.25%15.76%-4.05%5.02%0.45%
C 80.72425IQDE83834823.9528IQDEFlexShares International Quality Dividend Defensive Index ETF-0.26%5.56%12.64%17.90%-1.22%----
C 78.766504IQDY67767726.0645IQDYFlexShares International Quality Dividend Dynamic Index Fund-0.20%3.51%12.08%28.28%0.12%----
C 67.070033DNL53527700DNLWisdomTree Global ex-US Quality Dividend Growth Fund1.56%6.96%17.38%20.85%2.26%5.98%2.14%
C 60.099438IPKW153988800IPKWPowerShares International BuyBack Achievers Portfolio0.06%6.33%14.49%28.69%8.51%----
C 51.614057DXUS5087040DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund0.83%4.95%8.84%21.80%------
D 60.169528VIDI669125000VIDIVident International Equity Fund1.42%6.64%20.07%31.64%1.94%----
D 38.825644GURI1478907.320654GURIGlobal X Guru International Index ETF-0.93%-0.07%11.40%19.01%-0.52%----
D 38.491712IFV667602909.3866IFVFirst Trust Dorsey Wright International Focus 5 ETF-0.73%3.32%16.06%22.86%------
D 33.823935ALFI2327000ALFIAlphaClone International ETF-0.17%8.34%21.20%23.99%------
F 52.740653IPOS2105241.0522IPOSRenaissance International IPO ETF-0.14%8.03%16.36%18.10%------
N/A 0HAWX84058590HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF0.65%5.38%10.75%24.54%------
N/A 0FLIO5406000FLIOFranklin Liberty International Opportunities ETF0.42%6.41%----------
N/A 0LVIN2557050LVINHartford Multifactor Low Volatility International Equity ETF1.42%------------
N/A 0MOTI54792399.75MOTIVanEck Vectors Morningstar International Moat ETF0.64%7.63%20.39%31.70%------
N/A 0FPXI6413264.132FPXIFirst Trust International IPO ETF4.15%13.21%26.92%36.30%------
N/A 0VIGI409471574.62VIGIVanguard International Dividend Appreciation ETF1.19%9.57%19.54%18.92%------
N/A 0IGRO29772215IGROiShares International Dividend Growth ETF1.13%6.46%15.02%21.28%------
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 06/27/17)

All Funds (27)

99
99.363792
96
96.34771
94
94.359877
93
92.68415
88
87.944099
87
86.905938
85
85.059129
82
82.011398
81
81.413872
79
79.472914
79
78.658752
78
77.918384
73
73.272676
72
71.829113
67
66.823676
62
62.465584
62
62.190261
54
54.473064
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
84.272400757714

ETF.com Grade as 06/22/17

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
MOTI VanEck Vectors Morningstar International Moat ETF 0.56% -- -- -- 20.00% / 39.60% Medium 0
FPXI First Trust International IPO ETF 0.70% -- -- -- 20.00% / 39.60% High 0
PID PowerShares International Dividend Achievers Portfolio 0.58% -0.76% -0.63% -1.21% 20.00% / 39.60% Low 87.944099
GURI Global X Guru International Index ETF 0.75% -1.11% -0.67% -1.37% 20.00% / 39.60% High 73.272676
VEU Vanguard FTSE All-World ex-US ETF 0.11% -0.02% 0.16% -0.11% 20.00% / 39.60% Low 94.359877
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -0.35% 1.96% -1.85% 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -1.24% 0.29% -2.58% 20.00% / 39.60% Low 66.823676
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 62.465584
VXUS Vanguard Total International Stock ETF 0.11% -0.05% 0.12% -0.11% 20.00% / 39.60% Low 96.34771
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% -0.20% 0.31% -0.60% 20.00% / 39.60% Low 92.68415
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -1.22% 0.84% -2.74% 20.00% / 39.60% Low 71.829113
ALFI AlphaClone International ETF 0.95% -1.42% -1.07% -1.62% 20.00% / 39.60% High 62.190261
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.473064
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% 0.08% 0.83% -0.47% 20.00% / 39.60% Low 85.059129
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.64% 0.05% -1.59% 20.00% / 39.60% Low 78.658752
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% -0.70% -0.30% -0.93% 20.00% / 39.60% Low 86.905938
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.52% 0.12% -1.02% 20.00% / 39.60% Low 82.011398
FLIO Franklin Liberty International Opportunities ETF 0.64% -- -- -- 20.00% / 39.60% Low 0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.58% -0.73% -0.26% -1.31% 20.00% / 39.60% Medium 79.472914
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.60% -0.07% -0.99% 20.00% / 39.60% Low 81.413872
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% -0.63% 20.00% / 39.60% High 77.918384
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.27% 0.35% 0.17% 20.00% / 39.60% Low 99.363792
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 06/27/17)

All Funds (27)

95
95.145901
89
89.469976
89
89.178074
88
88.303513
87
87.041636
87
86.861597
84
84.147917
73
72.703727
69
68.992673
66
66.269796
64
64.027395
60
59.76414
58
57.940534
56
56.164851
55
55.105786
54
53.829494
52
52.257398
26
25.900133
N/A
0
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 06/22/17

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
IQDE FlexShares International Quality Dividend Defensive Index ETF $108.4 K 0.19% 0.05 23.00% 0.29% 0.21% None 52.257398
IQDF FlexShares International Quality Dividend Index Fund $2.75 M 0.07% 1.07 23.00% 0.20% 0.20% None 84.147917
IQDY FlexShares International Quality Dividend Dynamic Index Fund $220.63 K 0.19% 0.08 23.00% 0.34% 0.19% None 55.105786
ACWX iShares MSCI ACWI ex U.S. ETF $14.86 M 0.02% 1.60 27.00% 0.07% 0.13% None 89.178074
IXUS iShares Core MSCI Total International Stock ETF $24.2 M 0.03% 4.18 25.00% 0.02% 0.26% None 86.861597
MOTI VanEck Vectors Morningstar International Moat ETF $375.23 K 0.51% 0.22 17.00% 0.16% 0.03% None 0
CWI SPDR MSCI ACWI ex-US ETF $7.44 M 0.03% 1.03 28.00% 0.05% 0.17% None 88.303513
PID PowerShares International Dividend Achievers Portfolio $2.82 M 0.08% 3.67 95.00% 0.11% 0.07% None 95.145901
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $340.66 K 0.14% 0.26 26.00% 0.00% 0.81% None 64.027395
VEU Vanguard FTSE All-World ex-US ETF $85.71 M 0.02% 5.74 25.00% 0.07% 0.10% None 89.469976
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $115.13 K 0.14% 0.02 26.00% 0.24% 0.05% None 57.940534
VIDI Vident International Equity Fund $866.84 K 0.30% 0.34 19.00% 0.05% 0.49% None 72.703727
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $2.52 K 0.12% 0.00 25.00% 0.17% 0.17% None 53.829494
VXUS Vanguard Total International Stock ETF $34.15 M 0.02% 6.53 23.00% 0.04% 0.23% None 87.041636
ALFI AlphaClone International ETF $497.65 0.33% 0.00 100.00% 0.04% 0.02% None 59.76414
FPXI First Trust International IPO ETF $101.2 K 0.40% 0.06 42.00% 0.31% 0.03% None 0
VIGI Vanguard International Dividend Appreciation ETF $4.92 M 0.15% 1.66 32.00% 0.17% 1.67% None 0
GURI Global X Guru International Index ETF $1.47 K 0.40% 0.00 95.00% 0.05% 0.07% None 56.164851
IGRO iShares International Dividend Growth ETF $176.41 K 1.30% 0.06 36.00% 0.03% 0.31% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $304.36 K 0.16% 0.24 100.00% 5.64% 0.01% None 0
FLIO Franklin Liberty International Opportunities ETF $0 0.18% 0.00 30.00% 0.29% 0.07% None 0
IFV First Trust Dorsey Wright International Focus 5 ETF $2.69 M 0.19% 2.72 100.00% 49.01% 0.05% None 68.992673
LVIN Hartford Multifactor Low Volatility International Equity ETF $0 0.36% 0.00 21.00% -- 0.10% None 0
IPKW PowerShares International BuyBack Achievers Portfolio $647.62 K 0.22% 0.40 35.00% 0.71% 0.03% None 66.269796
IPOS Renaissance International IPO ETF $0 1.49% 0.00 23.00% 0.36% 0.10% None 25.900133
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
FLIO
5
4
3
2
1
IPKW
5
4
3
2
1
IPOS
5
4
3
2
1
HAWX
5
4
3
2
1
IFV
5
4
3
2
1
LVIN
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 06/27/17)

All Funds (27)

99
98.790151
98
98.186796
97
97.098814
97
97.025027
97
96.780871
86
86.431096
81
80.72425
79
78.766504
67
67.070033
60
60.169528
60
60.099438
60
59.755266
53
52.740653
52
51.614057
39
38.825644
38
38.491712
38
37.995066
34
33.823935
N/A
0
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 06/22/17

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