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

AADR Top Performer Intra-day
Price $57.35
Today’s Change +0.44%(0.77)
3:59pm 10/20/2017
VIGI Bottom Performer Intra-day
Price $64.57
Today’s Change -0.31%(-0.48)
4:00pm 10/20/2017
  • 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 10/20/17)

All Funds (28)

IXUS $7.79 B 7791726600 Great Coverage; Low Fee

A 99
E
98
98
T
87
87
F
99
99

VXUS $9.54 B 9536530532.55 Holds the Broadest Portfolio

A 98
E
96
96
T
88
88
F
98
98

ACWX $2.8 B 2795889900 Excellent Trader

A 96
E
91
91
T
89
89
F
96
96

VEU $21.41 B 21409492005.6 Most Liquid

A 95
E
94
94
T
90
90
F
95
95

CWI $1.53 B 1534474960 Tracks its Index Loosely

B 94
E
86
86
T
83
83
F
94
94

IQDF $974.94 M 974938616.4211 Good AUM but wide spreads

B 80
E
84
84
T
85
85
F
80
80

DBAW $119.93 M 119933877.571 Hedges Currency Exposure

B 50
E
86
86
T
62
62
F
50
50

PID $884.83 M 884827200 Holds only ADRs & GDRs

B 32
E
88
88
T
94
94
F
32
32

IQDE $96.06 M 96062505.2796 Trades thinly so far

C 77
E
82
82
T
54
54
F
77
77

IQDY $92.42 M 92415208.0046 low AUM, low trade volume

C 77
E
81
81
T
55
55
F
77
77

DNL $57.6 M 57597100 Seeks Growth and Yield

C 67
E
79
79
T
53
53
F
67
67

IPKW $194.57 M 194573500 tepid interest to date

C 40
E
72
72
T
72
72
F
40
40

FLIO $5.83 M 5828000 N/A

D 56
E
73
73
T
47
47
F
56
56

VIDI $725.32 M 725319000 Complex Stock Selection Method

D 50
E
67
67
T
75
75
F
50
50

DXUS $7.93 M 7931880 currency hedged dividends

D 43
E
76
76
T
47
47
F
43
43

IFV $816.7 M 816697611.44136 Highest fee

D 42
E
63
63
T
69
69
F
42
42

AADR $123.94 M 123942396.75 Actively picks ADRs

D 40
E
68
68
T
75
75
F
40
40

ALFI $4.95 M 4950000 N/A

D 38
E
64
64
T
60
60
F
38
38

IPOS $2.32 M 2322323.223 low asset base

F 35
E
54
54
T
26
26
F
35
35

LVIN $5.41 M 5411480 N/A

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

MOTI $82.31 M 82312680.6 Unique selection methodology

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

FPXI $22.79 M 22792320.13 low asset base

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

VIGI $626.93 M 626927753.22 N/A

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

IGRO $48.22 M 48224240 N/A

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

HAWX $93.14 M 93138150 Ignore bad tracking

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

GURI $1.58 M 1583249.549993 low AUM; thin trading

D 35
E
64
64
T
56
56
F
35
35

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 10/12/17

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

Performance  [as of 10/19/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets1.39%5.14%23.84%22.53%7.75%7.36%1.62%
A 98.969688IXUS7791726600IXUSiShares Core MSCI Total International Stock ETF--------------
A 97.898122VXUS9536530532.55VXUSVanguard Total International Stock ETF--------------
A 95.778487ACWX2795889900ACWXiShares MSCI ACWI ex U.S. ETF--------------
A 94.831537VEU21409492005.6VEUVanguard FTSE All-World ex-US ETF--------------
B 94.212109CWI1534474960CWISPDR MSCI ACWI ex-US ETF--------------
B 80.049391IQDF974938616.4211IQDFFlexShares International Quality Dividend Index Fund--------------
B 50.070073DBAW119933877.571DBAWXtrackers MSCI All World ex-US Hedged Equity ETF--------------
B 31.50772PID884827200PIDPowerShares International Dividend Achievers Portfolio--------------
C 77.332749IQDE96062505.2796IQDEFlexShares International Quality Dividend Defensive Index ETF--------------
C 77.332447IQDY92415208.0046IQDYFlexShares International Quality Dividend Dynamic Index Fund--------------
C 66.973501DNL57597100DNLWisdomTree Global ex-US Quality Dividend Growth Fund--------------
C 40.375747IPKW194573500IPKWPowerShares International BuyBack Achievers Portfolio--------------
D 56.263866FLIO5828000FLIOFranklin Liberty International Opportunities ETF--------------
D 49.894957VIDI725319000VIDIVident International Equity Fund--------------
D 43.218092DXUS7931880DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund--------------
D 41.797145IFV816697611.44136IFVFirst Trust Dorsey Wright International Focus 5 ETF--------------
D 39.685956AADR123942396.75AADRAdvisorShares Dorsey Wright ADR ETF--------------
D 38.479708ALFI4950000ALFIAlphaClone International ETF--------------
F 34.655565IPOS2322323.223IPOSRenaissance International IPO ETF--------------
N/A 0LVIN5411480LVINHartford Multifactor Low Volatility International Equity ETF--------------
N/A 0MOTI82312680.6MOTIVanEck Vectors Morningstar International Moat ETF--------------
N/A 0FPXI22792320.13FPXIFirst Trust International IPO ETF--------------
N/A 0VIGI626927753.22VIGIVanguard International Dividend Appreciation ETF--------------
N/A 0IGRO48224240IGROiShares International Dividend Growth ETF--------------
N/A 0HAWX93138150HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF--------------
D 35.313651GURI1583249.549993GURIGlobal X Guru International Index ETF1.61%6.33%18.45%14.38%2.30%----
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 10/20/17)

All Funds (28)

98
97.954021
96
95.897835
94
94.085443
91
91.201867
88
87.539533
86
86.280144
86
85.846581
84
83.637512
82
81.502193
81
80.682755
79
78.870475
76
76.428911
73
72.835227
72
72.403452
68
67.828192
67
66.896545
64
63.939835
63
63.394044
54
54.466156
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
64
63.617802
N/A
0
84
84.272400757714

ETF.com Grade as 10/12/17

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
AADR AdvisorShares Dorsey Wright ADR ETF 1.27% -- -- -- 20.00% / 39.60% Low 67.828192
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 63.394044
VXUS Vanguard Total International Stock ETF 0.11% -0.05% 0.06% -0.12% 20.00% / 39.60% Low 95.897835
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% -0.40% -0.06% -0.72% 20.00% / 39.60% Low 91.201867
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -1.21% 0.84% -2.74% 20.00% / 39.60% Low 72.403452
ALFI AlphaClone International ETF 0.95% -1.38% -1.07% -1.62% 20.00% / 39.60% High 63.939835
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.466156
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% -0.33% 0.36% -0.72% 20.00% / 39.60% Low 85.846581
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.53% 0.05% -0.85% 20.00% / 39.60% Low 81.502193
IGRO iShares International Dividend Growth ETF 0.22% -- -- -- 20.00% / 39.60% Medium 0
DBAW Xtrackers MSCI All World ex-US Hedged Equity ETF 0.40% -0.75% -0.54% -0.93% 20.00% / 39.60% Low 86.280144
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.45% 0.12% -0.65% 20.00% / 39.60% Low 83.637512
FLIO Franklin Liberty International Opportunities ETF 0.60% -- -- -- 20.00% / 39.60% High 72.835227
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.58% -0.93% -0.44% -1.33% 20.00% / 39.60% Medium 78.870475
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.63% -0.07% -0.99% 20.00% / 39.60% Low 80.682755
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% -0.41% -0.08% -0.74% 20.00% / 39.60% High 76.428911
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.25% 0.35% 0.16% 20.00% / 39.60% Low 97.954021
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% -0.79% -0.65% -1.21% 20.00% / 39.60% Low 87.539533
VEU Vanguard FTSE All-World ex-US ETF 0.11% -0.03% 0.08% -0.13% 20.00% / 39.60% Low 94.085443
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -0.39% 1.96% -1.79% 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -0.76% 0.29% -2.58% 20.00% / 39.60% Low 66.896545
GURI Global X Guru International Index ETF -1.15% -0.98% -3.60% 20.00% / 39.60% High 63.617802
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 10/20/17)

All Funds (28)

94
94.469753
90
89.578441
89
89.040613
88
87.505163
87
86.996279
85
84.516955
83
83.227655
75
75.000733
75
74.685448
72
71.97582
69
69.244119
62
61.760298
60
59.75369
55
54.552997
54
53.681978
53
53.44036
47
47.324527
47
47.140489
26
26.495861
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
56
55.927109
N/A
0
25
25.269808845509

ETF.com Grade as 10/12/17

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
AADR AdvisorShares Dorsey Wright ADR ETF $1.71 M 0.22% 1.24 97.00% 1.39% 0.04% None 75.000733
IQDY FlexShares International Quality Dividend Dynamic Index Fund $89.76 K 0.17% 0.03 23.00% 0.16% 0.18% None 54.552997
ACWX iShares MSCI ACWI ex U.S. ETF $15.5 M 0.03% 1.57 27.00% 0.07% 0.12% None 89.040613
IXUS iShares Core MSCI Total International Stock ETF $17.38 M 0.04% 2.86 25.00% 0.02% 0.24% None 86.996279
MOTI VanEck Vectors Morningstar International Moat ETF $341.23 K 0.47% 0.19 26.00% 0.12% 0.03% None 0
CWI SPDR MSCI ACWI ex-US ETF $2.67 M 0.06% 0.36 29.00% 0.16% 0.16% None 83.227655
PID PowerShares International Dividend Achievers Portfolio $2.1 M 0.09% 2.62 98.00% 0.13% 0.06% None 94.469753
DBAW Xtrackers MSCI All World ex-US Hedged Equity ETF $256.99 K 0.12% 0.19 26.00% 0.00% 0.76% None 61.760298
VEU Vanguard FTSE All-World ex-US ETF $76.62 M 0.02% 4.90 23.00% 0.07% 0.09% None 89.578441
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $152.79 K 0.13% 0.03 26.00% 0.67% 0.04% None 53.44036
VIDI Vident International Equity Fund $1.05 M 0.27% 0.38 22.00% 0.06% 0.18% None 74.685448
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $18.12 K 0.30% 0.00 26.00% 0.29% 0.17% None 47.324527
VXUS Vanguard Total International Stock ETF $30.11 M 0.03% 5.47 24.00% 0.01% 0.22% None 87.505163
ALFI AlphaClone International ETF $26.43 K 0.35% 0.02 100.00% 0.05% 0.02% None 59.75369
FPXI First Trust International IPO ETF $151.33 K 0.43% 0.09 40.00% 0.20% 0.03% None 0
VIGI Vanguard International Dividend Appreciation ETF $4.33 M 0.19% 1.37 29.00% 0.31% 1.60% None 0
IGRO iShares International Dividend Growth ETF $196.43 K 1.20% 0.07 38.00% 0.04% 0.29% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $171.96 K 0.14% 0.13 100.00% 8.61% 0.01% None 0
FLIO Franklin Liberty International Opportunities ETF $10.02 K 0.17% 0.00 31.00% 0.84% 0.07% None 47.140489
IFV First Trust Dorsey Wright International Focus 5 ETF $2.84 M 0.18% 2.67 100.00% 65.65% 0.05% None 69.244119
LVIN Hartford Multifactor Low Volatility International Equity ETF $0 0.39% 0 23.00% 0.12% 0.08% None 0
IPKW PowerShares International BuyBack Achievers Portfolio $858.02 K 0.21% 0.50 30.00% 0.60% 0.03% None 71.97582
IPOS Renaissance International IPO ETF $2.51 K 2.34% 0.00 24.00% 0.33% 0.09% None 26.495861
IQDE FlexShares International Quality Dividend Defensive Index ETF $88.84 K 0.18% 0.03 22.00% 0.18% 0.20% None 53.681978
IQDF FlexShares International Quality Dividend Index Fund $2.28 M 0.07% 0.87 22.00% 0.15% 0.19% None 84.516955
GURI Global X Guru International Index ETF $2.38 K 0.00 92.00% 0.08% 0.06% None 55.927109
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
IPKW
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
IPOS
5
4
3
2
1
FLIO
5
4
3
2
1
AADR
5
4
3
2
1
IFV
5
4
3
2
1
HAWX
5
4
3
2
1
GURI
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 10/20/17)

All Funds (28)

99
98.969688
98
97.898122
96
95.778487
95
94.831537
94
94.212109
80
80.049391
77
77.332749
77
77.332447
67
66.973501
56
56.263866
50
50.070073
50
49.894957
43
43.218092
42
41.797145
40
40.375747
40
39.685956
38
38.479708
35
34.655565
32
31.50772
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
35
35.313651
N/A
0
45
44.7436298236

ETF.com Grade as 10/12/17

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