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

IFV Top Performer Intra-day
Price $18.48
Today’s Change +0.31%(1.71)
4:00pm 01/23/2017
HAWX Bottom Performer Intra-day
Price $23.42
Today’s Change -0.07%(-0.30)
2:28pm 01/23/2017
  • 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 01/23/17)

All Funds (26)

IXUS $3.8 B 3802183360 Great Coverage; Low Fee

A 98
E
99
99
T
86
86
F
98
98

ACWX $2.3 B 2302693020 Excellent Trader

A 96
E
93
93
T
89
89
F
96
96

VXUS $6.69 B 6691416172.2 Holds the Broadest Portfolio

A 95
E
96
96
T
87
87
F
95
95

VEU $15.26 B 15258113927.28 Most Liquid

A 95
E
94
94
T
91
91
F
95
95

PID $744.52 M 744524800 Holds only ADRs & GDRs

A 41
E
90
90
T
95
95
F
41
41

CWI $1.03 B 1031208800 Tracks its Index Loosely

B 95
E
84
84
T
88
88
F
95
95

IQDF $540.55 M 540547252.8079 Good AUM but wide spreads

B 84
E
81
81
T
83
83
F
84
84

IQDE $73.24 M 73236262.1928 Trades thinly so far

C 82
E
76
76
T
61
61
F
82
82

DNL $65.8 M 65801400 Seeks Growth and Yield

C 74
E
83
83
T
62
62
F
74
74

IQDY $43.68 M 43680624.267 low AUM, low trade volume

C 73
E
82
82
T
53
53
F
73
73

DBAW $69.37 M 69371874.341 Hedges Currency Exposure

C 69
E
85
85
T
61
61
F
69
69

DXUS $4.8 M 4797760 currency hedged dividends

C 61
E
79
79
T
53
53
F
61
61

VIDI $574.98 M 574976000 Complex Stock Selection Method

D 64
E
56
56
T
76
76
F
64
64

IPKW $96.59 M 96593900 tepid interest to date

D 55
E
71
71
T
54
54
F
55
55

IMOM $26.05 M 26048000 N/A

D 28
E
73
73
T
33
33
F
28
28

IFV $379.04 M 379041426.09918 Highest fee

D 27
E
63
63
T
66
66
F
27
27

ALFI $1.96 M 1964000 N/A

D 21
E
60
60
T
61
61
F
21
21

GURI $1.4 M 1400405.275178 low AUM; thin trading

D 18
E
73
73
T
56
56
F
18
18

IPOS $1.86 M 1863428.6341 low asset base

F 51
E
53
53
T
26
26
F
51
51

VIGI $172.76 M 172759807.54 N/A

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

IGRO $17.06 M 17055500 N/A

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

HAWX $51.47 M 51469000 Ignore bad tracking

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

MOTI $31.88 M 31881239.5 Unique selection methodology

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

FPXI $1.32 M 1323002.918 low asset base

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 01/19/17

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

Performance  [as of 01/20/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets3.54%1.52%2.47%21.48%-0.55%4.76%1.46%
A 98.279066IXUS3802183360IXUSiShares Core MSCI Total International Stock ETF3.60%1.71%3.13%21.72%-0.40%----
A 95.957884ACWX2302693020ACWXiShares MSCI ACWI ex U.S. ETF3.03%1.71%2.86%21.03%-0.80%4.27%--
A 95.053491VXUS6691416172.2VXUSVanguard Total International Stock ETF3.43%2.04%3.10%21.52%-0.11%4.77%--
A 94.783321VEU15258113927.28VEUVanguard FTSE All-World ex-US Index Fund3.42%1.99%3.21%21.84%-0.12%4.76%--
A 40.906135PID744524800PIDPowerShares International Dividend Achievers Portfolio2.36%2.77%2.29%34.05%-2.92%3.07%0.87%
B 95.473751CWI1031208800CWISPDR MSCI ACWI ex-US ETF3.24%1.67%3.08%21.08%-0.10%4.59%1.40%
B 83.589643IQDF540547252.8079IQDFFlexShares International Quality Dividend Index Fund3.09%2.50%2.26%24.40%-1.17%----
C 81.6109IQDE73236262.1928IQDEFlexShares International Quality Dividend Defensive Index ETF2.86%0.26%2.34%20.87%-1.51%----
C 74.242303DNL65801400DNLWisdomTree Global ex-US Quality Dividend Growth Fund3.13%-3.29%1.89%19.62%0.28%1.56%0.55%
C 72.78344IQDY43680624.267IQDYFlexShares International Quality Dividend Dynamic Index Fund3.18%4.85%2.59%29.94%0.39%----
C 68.522576DBAW69371874.341DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF2.61%5.61%2.50%20.81%------
C 61.269227DXUS4797760DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund0.93%5.13%0.93%17.25%------
D 63.580587VIDI574976000VIDIVident International Equity Fund5.53%4.08%5.03%24.99%-0.15%----
D 55.090597IPKW96593900IPKWPowerShares International BuyBack Achievers Portfolio4.44%4.73%3.04%29.00%------
D 27.815451IMOM26048000IMOMMomentumShares International Quantitative Momentum ETF5.99%-4.84%4.07%5.69%------
D 27.186171IFV379041426.09918IFVFirst Trust Dorsey Wright International Focus 5 ETF9.86%0.63%6.69%17.20%------
D 20.65507ALFI1964000ALFIAlphaClone International ETF4.02%-2.77%4.03%1.30%------
D 17.909192GURI1400405.275178GURIGlobal X Guru International Index ETF6.40%3.55%5.33%34.56%------
F 50.696037IPOS1863428.6341IPOSRenaissance International IPO ETF2.37%-6.74%2.85%2.44%------
N/A 0VIGI172759807.54VIGIVanguard International Dividend Appreciation ETF3.15%-2.96%2.33%--------
N/A 0IGRO17055500IGROiShares International Dividend Growth ETF1.54%-0.09%0.73%--------
N/A 0HAWX51469000HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF1.27%4.35%1.66%17.09%------
N/A 0MOTI31881239.5MOTIVanEck Vectors Morningstar International Moat ETF5.31%6.22%5.02%22.81%------
N/A 0FPXI1323002.918FPXIFirst Trust International IPO ETF3.93%-1.59%3.75%14.21%------
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 01/23/17)

All Funds (26)

99
99.100344
96
96.218757
94
94.330503
93
92.6828
90
89.93584
85
84.884292
84
84.449636
83
83.298142
82
81.650068
81
81.270675
79
79.251584
76
76.117056
73
72.894677
73
72.706102
71
71.167142
63
63.305231
60
59.987447
56
56.354068
53
53.490725
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 01/19/17

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
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.58% -0.48% -0.26% -0.91% 20.00% / 39.60% Low 83.298142
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.58% -0.42% -0.94% 20.00% / 39.60% Low 81.650068
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund 0.44% -0.40% -0.08% -0.63% 20.00% / 39.60% High 79.251584
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.24% 0.35% -0.01% 20.00% / 39.60% Low 99.100344
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% -0.71% -0.30% -1.00% 20.00% / 39.60% Low 89.93584
GURI Global X Guru International Index ETF 0.75% -0.79% -0.58% -1.32% 20.00% / 39.60% High 72.894677
VEU Vanguard FTSE All-World ex-US Index Fund 0.13% -0.03% 0.05% -1.43% 20.00% / 39.60% Low 94.330503
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -- -- -- 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -1.38% -0.03% -2.58% 20.00% / 39.60% Low 56.354068
IFV First Trust Dorsey Wright International Focus 5 ETF 1.08% -- -- -- 20.00% / 39.60% Low 63.305231
VXUS Vanguard Total International Stock ETF 0.13% -0.09% -0.03% -1.38% 20.00% / 39.60% Low 96.218757
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% 0.08% 0.31% -0.40% 20.00% / 39.60% Low 92.6828
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -0.78% 0.84% -2.12% 20.00% / 39.60% Low 71.167142
ALFI AlphaClone International ETF 0.95% -- -- -- 20.00% / 39.60% High 59.987447
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 53.490725
IMOM MomentumShares International Quantitative Momentum ETF 0.79% -- -- -- 20.00% / 39.60% Medium 72.706102
CWI SPDR MSCI ACWI ex-US ETF 0.30% 0.41% 0.83% -0.32% 20.00% / 39.60% Low 84.449636
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -1.06% -0.35% -1.69% 20.00% / 39.60% Low 76.117056
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF 0.40% -0.48% -0.23% -0.83% 20.00% / 39.60% Low 84.884292
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.67% -0.38% -1.02% 20.00% / 39.60% Low 81.270675
IGRO iShares International Dividend Growth ETF 0.22% -- -- -- 20.00% / 39.60% Medium 0
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 01/23/17)

All Funds (26)

95
94.779011
91
90.585304
89
89.036783
88
87.862573
87
87.26664
86
86.270365
83
82.595581
76
75.776423
66
66.321467
62
62.254768
61
61.265881
61
61.239908
61
60.623746
56
55.568797
54
53.874706
53
53.302169
53
52.520948
33
33.468912
26
25.849751
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 01/19/17

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
ALFI AlphaClone International ETF $0 0.28% 0.00 100.00% 0.04% 0.02% None 61.239908
FPXI First Trust International IPO ETF $196.25 K 0.22% 0.15 37.00% 0.24% 0.04% None 0
IMOM MomentumShares International Quantitative Momentum ETF $25.86 K 0.80% 0.01 21.00% 0.27% 0.17% None 33.468912
GURI Global X Guru International Index ETF $0 0.41% 0.00 100.00% 0.05% 0.11% None 55.568797
VIGI Vanguard International Dividend Appreciation ETF $2.45 M 0.13% 0.94 33.00% 0.21% 1.93% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $150.31 K 0.22% 0.08 100.00% 2.66% 0.01% None 0
IGRO iShares International Dividend Growth ETF $101.96 K 1.75% 0.04 39.00% 0.03% 0.34% None 0
IFV First Trust Dorsey Wright International Focus 5 ETF $2.85 M 0.27% 3.34 100.00% 45.95% 0.05% None 66.321467
IPKW PowerShares International BuyBack Achievers Portfolio $321.64 K 0.35% 0.22 30.00% 0.62% 0.03% None 53.874706
IPOS Renaissance International IPO ETF $0 1.62% 0.00 22.00% 0.34% 0.11% None 25.849751
IQDE FlexShares International Quality Dividend Defensive Index ETF $490.88 K 0.19% 0.23 23.00% 0.43% 0.22% None 60.623746
IQDF FlexShares International Quality Dividend Index Fund $2.42 M 0.08% 1.05 23.00% 0.28% 0.22% None 82.595581
IQDY FlexShares International Quality Dividend Dynamic Index Fund $190.35 K 0.21% 0.08 26.00% 0.38% 0.21% None 53.302169
ACWX iShares MSCI ACWI ex U.S. ETF $43.54 M 0.03% 5.42 27.00% 0.05% 0.14% None 89.036783
IXUS iShares Core MSCI Total International Stock ETF $19.22 M 0.07% 3.73 30.00% 0.02% 0.29% None 86.270365
MOTI VanEck Vectors Morningstar International Moat ETF $28.26 K 0.55% 0.02 15.00% 0.15% 0.07% None 0
CWI SPDR MSCI ACWI ex-US ETF $10.02 M 0.04% 1.60 29.00% 0.07% 0.19% None 87.862573
PID PowerShares International Dividend Achievers Portfolio $3.2 M 0.08% 4.43 97.00% 0.15% 0.07% None 94.779011
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $238.41 K 0.13% 0.20 27.00% 0.01% 0.86% None 61.265881
VEU Vanguard FTSE All-World ex-US Index Fund $101.93 M 0.02% 7.74 25.00% 0.16% 0.11% None 90.585304
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $359.62 K 0.18% 0.08 26.00% 0.24% 0.05% None 62.254768
VIDI Vident International Equity Fund $1.02 M 0.28% 0.48 20.00% 0.06% 0.55% None 75.776423
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $0 0.13% 0.00 25.00% 0.23% 0.18% None 52.520948
VXUS Vanguard Total International Stock ETF $38.71 M 0.03% 8.30 25.00% 0.05% 0.25% None 87.26664
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

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
ACWX
5
4
3
2
1
CWI
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
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
IPOS
5
4
3
2
1
IMOM
5
4
3
2
1
IPKW
5
4
3
2
1
IFV
5
4
3
2
1
HAWX
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 01/23/17)

All Funds (26)

98
98.279066
96
95.957884
95
95.473751
95
95.053491
95
94.783321
84
83.589643
82
81.6109
74
74.242303
73
72.78344
69
68.522576
64
63.580587
61
61.269227
55
55.090597
51
50.696037
41
40.906135
28
27.815451
27
27.186171
21
20.65507
18
17.909192
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 01/19/17

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