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

FPXI Top Performer Intra-day
Price $28.70
Today’s Change +0.25%(0.88)
3:51pm 03/24/2017
IPKW Bottom Performer Intra-day
Price $30.45
Today’s Change -0.53%(-1.71)
3:59pm 03/24/2017
  • 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 03/24/17)

All Funds (26)

IXUS $4.75 B 4751983440 Great Coverage; Low Fee

A 99
E
99
99
T
87
87
F
99
99

VXUS $7.39 B 7392096354.27 Holds the Broadest Portfolio

A 98
E
97
97
T
87
87
F
98
98

ACWX $2.06 B 2063874120 Excellent Trader

A 97
E
93
93
T
89
89
F
97
97

VEU $16.75 B 16751298774.6 Most Liquid

A 97
E
95
95
T
88
88
F
97
97

PID $780.6 M 780595200 Holds only ADRs & GDRs

A 46
E
90
90
T
95
95
F
46
46

CWI $1.2 B 1204625893.6 Tracks its Index Loosely

B 96
E
85
85
T
88
88
F
96
96

IQDF $643.12 M 643120254.0869 Good AUM but wide spreads

B 86
E
81
81
T
84
84
F
86
86

DBAW $91.38 M 91377775.035 Hedges Currency Exposure

B 62
E
86
86
T
67
67
F
62
62

IQDE $76.78 M 76780133.2667 Trades thinly so far

C 81
E
76
76
T
53
53
F
81
81

IQDY $51.13 M 51125825.5629 low AUM, low trade volume

C 76
E
82
82
T
53
53
F
76
76

DNL $55.28 M 55276980 Seeks Growth and Yield

C 70
E
83
83
T
60
60
F
70
70

DXUS $4.92 M 4915000 currency hedged dividends

C 54
E
80
80
T
54
54
F
54
54

VIDI $615.85 M 615846000 Complex Stock Selection Method

D 63
E
66
66
T
74
74
F
63
63

IPKW $118.7 M 118703200 tepid interest to date

D 57
E
72
72
T
55
55
F
57
57

IFV $523.17 M 523170488.04876 Highest fee

D 29
E
64
64
T
68
68
F
29
29

ALFI $2.09 M 2094000 N/A

D 28
E
60
60
T
60
60
F
28
28

GURI $1.46 M 1459391.558133 low AUM; thin trading

D 23
E
74
74
T
57
57
F
23
23

IPOS $1.97 M 1972239.7222 low asset base

F 48
E
54
54
T
26
26
F
48
48

MOTI $38.38 M 38383075 Unique selection methodology

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

FPXI $1.42 M 1420556.82 low asset base

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

VIGI $245.84 M 245841012.9 N/A

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

IGRO $20.51 M 20512480 N/A

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

HAWX $71.24 M 71243975 Ignore bad tracking

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

FLIO $5.1 M 5096000 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 03/16/17

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

Performance  [as of 03/23/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets1.42%9.18%7.95%14.39%1.83%4.67%1.57%
A 99.1476IXUS4751983440IXUSiShares Core MSCI Total International Stock ETF1.48%9.21%8.46%15.09%1.95%----
A 98.300386VXUS7392096354.27VXUSVanguard Total International Stock ETF1.47%9.08%8.35%15.23%2.17%4.82%--
A 97.29927ACWX2063874120ACWXiShares MSCI ACWI ex U.S. ETF1.45%8.48%8.00%14.69%1.53%4.13%--
A 97.155338VEU16751298774.6VEUVanguard FTSE All-World ex-US Index Fund1.51%8.90%8.38%15.36%2.31%4.72%1.59%
A 46.497436PID780595200PIDPowerShares International Dividend Achievers Portfolio-1.43%3.68%2.96%13.48%-2.57%2.65%0.66%
B 96.401058CWI1204625893.6CWISPDR MSCI ACWI ex-US ETF1.34%8.62%8.03%14.75%2.08%4.61%1.48%
B 86.111568IQDF643120254.0869IQDFFlexShares International Quality Dividend Index Fund1.65%8.85%7.84%15.75%0.68%----
B 61.984497DBAW91377775.035DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF0.54%5.59%5.32%17.47%6.00%----
C 80.947503IQDE76780133.2667IQDEFlexShares International Quality Dividend Defensive Index ETF0.22%7.52%6.70%10.86%-0.64%----
C 76.209066IQDY51125825.5629IQDYFlexShares International Quality Dividend Dynamic Index Fund0.70%9.11%8.11%20.56%1.92%----
C 69.688813DNL55276980DNLWisdomTree Global ex-US Quality Dividend Growth Fund1.38%10.38%8.97%12.01%2.21%2.16%0.48%
C 54.122761DXUS4915000DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund0.82%3.82%3.71%15.53%------
D 63.477144VIDI615846000VIDIVident International Equity Fund1.61%12.91%12.17%17.42%2.26%----
D 56.650138IPKW118703200IPKWPowerShares International BuyBack Achievers Portfolio1.21%10.12%9.55%18.43%10.38%----
D 29.244103IFV523170488.04876IFVFirst Trust Dorsey Wright International Focus 5 ETF-1.35%13.41%11.74%14.42%------
D 28.495118ALFI2094000ALFIAlphaClone International ETF3.03%11.86%11.87%11.16%------
D 22.734453GURI1459391.558133GURIGlobal X Guru International Index ETF1.71%12.62%11.48%23.97%2.08%----
F 47.875269IPOS1972239.7222IPOSRenaissance International IPO ETF2.01%7.71%7.71%4.23%------
N/A 0MOTI38383075MOTIVanEck Vectors Morningstar International Moat ETF1.78%12.86%11.99%13.71%------
N/A 0FPXI1420556.82FPXIFirst Trust International IPO ETF2.78%11.48%11.13%12.44%------
N/A 0VIGI245841012.9VIGIVanguard International Dividend Appreciation ETF1.90%9.94%8.73%9.04%------
N/A 0IGRO20512480IGROiShares International Dividend Growth ETF0.19%7.12%6.71%--------
N/A 0HAWX71243975HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF0.62%4.80%4.82%15.68%------
N/A 0FLIO5096000FLIOFranklin Liberty International Opportunities ETF3.08%------------
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 03/24/17)

All Funds (26)

99
99.051712
97
96.960204
95
94.907306
93
92.7581
90
90.007375
86
86.419997
85
84.828697
83
83.396201
82
81.56644
81
81.321395
80
79.561329
76
76.212624
74
73.816052
72
71.739969
66
66.439898
64
63.549085
60
60.225542
54
54.493055
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 03/16/17

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
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -0.22% 1.96% -1.85% 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -1.30% 0.29% -2.58% 20.00% / 39.60% Low 66.439898
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 63.549085
VXUS Vanguard Total International Stock ETF 0.11% -0.06% -0.01% -0.11% 20.00% / 39.60% Low 96.960204
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% 0.01% 0.31% -0.50% 20.00% / 39.60% Low 92.7581
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -0.88% 0.84% -2.74% 20.00% / 39.60% Low 71.739969
ALFI AlphaClone International ETF 0.95% -- -- -- 20.00% / 39.60% High 60.225542
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.493055
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% 0.37% 0.83% -0.46% 20.00% / 39.60% Low 84.828697
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.73% -0.35% -1.59% 20.00% / 39.60% Low 76.212624
IGRO iShares International Dividend Growth ETF 0.22% -- -- -- 20.00% / 39.60% Medium 0
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF 0.40% -0.51% -0.23% -0.93% 20.00% / 39.60% Low 86.419997
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.63% -0.38% -1.02% 20.00% / 39.60% Low 81.321395
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% -0.53% -0.26% -0.98% 20.00% / 39.60% Low 83.396201
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.58% -0.42% -0.94% 20.00% / 39.60% Low 81.56644
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund 0.44% -0.38% -0.08% -0.63% 20.00% / 39.60% High 79.561329
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.26% 0.35% 0.08% 20.00% / 39.60% Low 99.051712
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% -0.74% -0.46% -1.03% 20.00% / 39.60% Low 90.007375
GURI Global X Guru International Index ETF 0.75% -0.99% -0.59% -1.37% 20.00% / 39.60% High 73.816052
VEU Vanguard FTSE All-World ex-US Index Fund 0.11% -0.02% 0.07% -0.11% 20.00% / 39.60% Low 94.907306
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 03/24/17)

All Funds (26)

95
95.043569
89
89.036536
88
88.143253
88
87.967249
87
86.965978
87
86.82617
84
84.101885
74
74.022576
68
68.299063
67
67.219965
60
59.997553
60
59.730091
57
56.583704
55
55.459334
54
53.826443
53
53.391619
53
53.279741
26
25.957112
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 03/16/17

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
CWI SPDR MSCI ACWI ex-US ETF $8.31 M 0.03% 1.26 29.00% 0.06% 0.18% None 88.143253
PID PowerShares International Dividend Achievers Portfolio $3.13 M 0.07% 4.15 97.00% 0.10% 0.07% None 95.043569
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $461.68 K 0.12% 0.38 26.00% 0.00% 0.84% None 67.219965
VEU Vanguard FTSE All-World ex-US Index Fund $83.19 M 0.02% 5.90 25.00% 0.07% 0.11% None 87.967249
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $234.64 K 0.20% 0.05 27.00% 0.23% 0.05% None 59.997553
VIDI Vident International Equity Fund $898.22 K 0.33% 0.39 20.00% 0.05% 0.52% None 74.022576
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $0 0.13% 0 24.00% 0.13% 0.18% None 53.826443
VXUS Vanguard Total International Stock ETF $33.51 M 0.02% 6.83 25.00% 0.04% 0.24% None 86.965978
ALFI AlphaClone International ETF $0 0.33% 0 100.00% 0.04% 0.02% None 59.730091
FPXI First Trust International IPO ETF $43.26 K 0.43% 0.02 37.00% 0.31% 0.04% None 0
VIGI Vanguard International Dividend Appreciation ETF $3.03 M 0.14% 1.08 33.00% 0.17% 1.82% None 0
GURI Global X Guru International Index ETF $2.96 K 0.39% 0.00 100.00% 0.05% 0.07% None 56.583704
IGRO iShares International Dividend Growth ETF $131.27 K 2.23% 0.05 38.00% 0.03% 0.33% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $283.36 K 0.19% 0.24 100.00% 5.07% 0.01% None 0
FLIO Franklin Liberty International Opportunities ETF $0 0.20% 0.00 29.00% 0.27% 0.08% None 0
IFV First Trust Dorsey Wright International Focus 5 ETF $4.52 M 0.21% 4.65 100.00% 40.07% 0.05% None 68.299063
IPKW PowerShares International BuyBack Achievers Portfolio $437.09 K 0.31% 0.29 30.00% 0.64% 0.03% None 55.459334
IPOS Renaissance International IPO ETF $0 1.50% 0 21.00% 0.35% 0.10% None 25.957112
IQDE FlexShares International Quality Dividend Defensive Index ETF $139.0 K 0.20% 0.06 24.00% 0.27% 0.21% None 53.279741
IQDF FlexShares International Quality Dividend Index Fund $2.59 M 0.07% 1.11 23.00% 0.19% 0.21% None 84.101885
IQDY FlexShares International Quality Dividend Dynamic Index Fund $154.05 K 0.20% 0.06 25.00% 0.31% 0.20% None 53.391619
ACWX iShares MSCI ACWI ex U.S. ETF $23.31 M 0.02% 2.77 27.00% 0.07% 0.13% None 89.036536
IXUS iShares Core MSCI Total International Stock ETF $21.46 M 0.05% 4.05 30.00% 0.02% 0.28% None 86.82617
MOTI VanEck Vectors Morningstar International Moat ETF $103.94 K 0.47% 0.07 17.00% 0.15% 0.07% None 0
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
DNL
5
4
3
2
1
DXUS
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
DBAW
5
4
3
2
1
FPXI
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
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 03/24/17)

All Funds (26)

99
99.1476
98
98.300386
97
97.29927
97
97.155338
96
96.401058
86
86.111568
81
80.947503
76
76.209066
70
69.688813
63
63.477144
62
61.984497
57
56.650138
54
54.122761
48
47.875269
46
46.497436
29
29.244103
28
28.495118
23
22.734453
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 03/16/17

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