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

IGRO Top Performer Intra-day
Price $52.59
Today’s Change +0.89%(1.72)
9:33am 02/23/2017
GURI Bottom Performer Intra-day
Price $14.78
Today’s Change -0.09%(-0.61)
10:16am 02/23/2017
  • 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 02/22/17)

All Funds (26)

IXUS $4.35 B 4348655100 Great Coverage; Low Fee

A 99
E
99
99
T
87
87
F
99
99

VXUS $7.05 B 7049753212.74 Holds the Broadest Portfolio

A 99
E
97
97
T
87
87
F
99
99

VEU $16.02 B 16019300029.88 Most Liquid

A 97
E
94
94
T
88
88
F
97
97

ACWX $2.04 B 2036175680 Excellent Trader

A 97
E
93
93
T
89
89
F
97
97

PID $775.94 M 775939500 Holds only ADRs & GDRs

A 46
E
90
90
T
95
95
F
46
46

CWI $1.1 B 1101848550 Tracks its Index Loosely

B 97
E
85
85
T
88
88
F
97
97

IQDF $608.28 M 608284183.7611 Good AUM but wide spreads

B 86
E
81
81
T
82
82
F
86
86

DBAW $80.73 M 80733274.841 Hedges Currency Exposure

B 65
E
86
86
T
65
65
F
65
65

IQDE $75.89 M 75890122.997 Trades thinly so far

C 81
E
76
76
T
54
54
F
81
81

IQDY $50.53 M 50531025.2655 low AUM, low trade volume

C 75
E
82
82
T
51
51
F
75
75

DNL $69.19 M 69187580 Seeks Growth and Yield

C 70
E
82
82
T
63
63
F
70
70

DXUS $4.88 M 4877780 currency hedged dividends

C 57
E
79
79
T
52
52
F
57
57

VIDI $601.09 M 601088000 Complex Stock Selection Method

D 63
E
66
66
T
75
75
F
63
63

IPKW $112.34 M 112343100 tepid interest to date

D 56
E
72
72
T
55
55
F
56
56

IFV $455.27 M 455271587.41954 Highest fee

D 28
E
64
64
T
68
68
F
28
28

ALFI $2.07 M 2067000 N/A

D 22
E
60
60
T
60
60
F
22
22

GURI $1.47 M 1474616.228895 low AUM; thin trading

D 20
E
74
74
T
56
56
F
20
20

IPOS $1.93 M 1928649.2863 low asset base

F 48
E
54
54
T
25
25
F
48
48

MOTI $36.02 M 36022212 Unique selection methodology

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

FPXI $1.38 M 1382555.3 low asset base

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

VIGI $200.48 M 200479672.26 N/A

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

IGRO $17.69 M 17685605 N/A

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

HAWX $63.46 M 63464055 Ignore bad tracking

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

FLIO $5.02 M 5016000 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 02/16/17

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

Performance  [as of 02/21/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets3.30%9.14%5.85%20.29%0.48%4.12%1.41%
A 99.120692IXUS4348655100IXUSiShares Core MSCI Total International Stock ETF3.44%9.29%6.67%20.76%0.71%----
A 98.550332VXUS7049753212.74VXUSVanguard Total International Stock ETF3.45%9.22%6.65%20.91%0.95%4.39%--
A 97.359795VEU16019300029.88VEUVanguard FTSE All-World ex-US Index Fund3.27%9.10%6.59%21.15%0.99%4.26%--
A 97.289898ACWX2036175680ACWXiShares MSCI ACWI ex U.S. ETF3.28%8.67%6.23%20.22%0.24%3.77%--
A 45.783293PID775939500PIDPowerShares International Dividend Achievers Portfolio2.17%6.99%4.51%26.16%-2.39%2.89%0.90%
B 96.557717CWI1101848550CWISPDR MSCI ACWI ex-US ETF3.02%8.86%6.19%20.31%0.83%4.15%1.33%
B 85.808796IQDF608284183.7611IQDFFlexShares International Quality Dividend Index Fund3.39%9.75%5.73%21.83%-0.46%----
B 65.138984DBAW80733274.841DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF2.48%9.15%5.05%22.22%5.84%----
C 80.565621IQDE75890122.997IQDEFlexShares International Quality Dividend Defensive Index ETF3.18%8.67%5.60%16.73%-0.64%----
C 75.099383IQDY50531025.2655IQDYFlexShares International Quality Dividend Dynamic Index Fund3.26%11.98%5.94%27.25%1.13%----
C 69.531307DNL69187580DNLWisdomTree Global ex-US Quality Dividend Growth Fund4.96%9.30%6.95%18.35%1.57%1.27%0.52%
C 57.164452DXUS4877780DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund1.92%8.97%2.86%20.24%------
D 63.110061VIDI601088000VIDIVident International Equity Fund4.52%13.13%9.78%23.27%1.39%----
D 55.607197IPKW112343100IPKWPowerShares International BuyBack Achievers Portfolio4.39%11.59%7.57%26.63%------
D 28.436107IFV455271587.41954IFVFirst Trust Dorsey Wright International Focus 5 ETF7.04%15.37%14.21%24.74%------
D 21.881496ALFI2067000ALFIAlphaClone International ETF4.38%7.50%8.59%7.33%------
D 19.66779GURI1474616.228895GURIGlobal X Guru International Index ETF5.84%10.56%11.48%40.82%------
F 48.075867IPOS1928649.2863IPOSRenaissance International IPO ETF2.66%3.03%5.59%13.64%------
N/A 0MOTI36022212MOTIVanEck Vectors Morningstar International Moat ETF2.98%9.50%8.15%22.26%------
N/A 0FPXI1382555.3FPXIFirst Trust International IPO ETF4.11%6.87%8.01%19.25%------
N/A 0VIGI200479672.26VIGIVanguard International Dividend Appreciation ETF3.96%8.08%6.38%--------
N/A 0IGRO17685605IGROiShares International Dividend Growth ETF5.01%9.42%5.77%--------
N/A 0HAWX63464055HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF2.51%8.71%4.21%21.69%------
N/A 0FLIO5016000FLIOFranklin Liberty International Opportunities ETF--------------
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 02/22/17)

All Funds (26)

99
99.083417
97
96.539518
94
94.489865
93
92.681768
90
89.952179
86
85.976799
85
84.825734
82
81.969777
82
81.509542
81
81.382256
79
78.538356
76
76.463391
74
73.883801
72
71.737423
66
66.410221
64
63.621613
60
60.147708
54
54.492168
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 02/16/17

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% -- -- -- 20.00% / 39.60% Low 0
VIDI Vident International Equity Fund 0.68% -1.34% -0.03% -2.58% 20.00% / 39.60% Low 66.410221
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 63.621613
VXUS Vanguard Total International Stock ETF 0.13% -0.06% -0.01% -0.11% 20.00% / 39.60% Low 96.539518
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% 0.08% 0.31% -0.42% 20.00% / 39.60% Low 92.681768
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -0.80% 0.84% -2.74% 20.00% / 39.60% Low 71.737423
ALFI AlphaClone International ETF 0.95% -- -- -- 20.00% / 39.60% High 60.147708
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.492168
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% 0.40% 0.83% -0.46% 20.00% / 39.60% Low 84.825734
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.83% -0.35% -1.69% 20.00% / 39.60% Low 76.463391
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% -0.48% -0.23% -0.92% 20.00% / 39.60% Low 85.976799
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.65% -0.38% -1.02% 20.00% / 39.60% Low 81.382256
FLIO Franklin Liberty International Opportunities ETF 0.64% -- -- -- 20.00% / 39.60% N/A 0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.58% -0.49% -0.26% -1.30% 20.00% / 39.60% Low 81.969777
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.58% -0.42% -0.94% 20.00% / 39.60% Low 81.509542
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund 0.44% -0.40% -0.08% -0.76% 20.00% / 39.60% High 78.538356
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.25% 0.35% 0.06% 20.00% / 39.60% Low 99.083417
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% -0.73% -0.30% -1.03% 20.00% / 39.60% Low 89.952179
GURI Global X Guru International Index ETF 0.75% -0.88% -0.59% -1.37% 20.00% / 39.60% High 73.883801
VEU Vanguard FTSE All-World ex-US Index Fund 0.13% -0.02% 0.07% -0.11% 20.00% / 39.60% Low 94.489865
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 02/22/17)

All Funds (26)

95
94.951506
89
89.099534
88
88.243902
88
87.915483
87
86.84415
87
86.654073
82
82.492043
75
74.54637
68
68.095827
65
64.919314
63
62.797203
60
59.978538
56
55.666646
55
55.466251
54
53.597401
52
52.444835
51
50.845406
25
25.446649
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 02/16/17

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
VXUS Vanguard Total International Stock ETF $37.91 M 0.02% 8.02 25.00% 0.05% 0.25% None 86.84415
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $0 0.13% 0.00 25.00% 0.25% 0.18% None 52.444835
ALFI AlphaClone International ETF $0 0.33% 0.00 100.00% 0.04% 0.02% None 59.978538
VIGI Vanguard International Dividend Appreciation ETF $3.06 M 0.13% 1.12 32.00% 0.21% 1.86% None 0
FPXI First Trust International IPO ETF $97.37 K 0.31% 0.07 38.00% 0.30% 0.04% None 0
IGRO iShares International Dividend Growth ETF $116.31 K 1.89% 0.05 40.00% 0.04% 0.33% None 0
GURI Global X Guru International Index ETF $0 0.41% 0.00 100.00% 0.05% 0.10% None 55.666646
FLIO Franklin Liberty International Opportunities ETF $0 0.20% 0.00 29.00% 0.34% 0.08% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $241.62 K 0.21% 0.21 100.00% 2.83% 0.01% None 0
IFV First Trust Dorsey Wright International Focus 5 ETF $3.41 M 0.21% 3.95 100.00% 41.98% 0.05% None 68.095827
IPKW PowerShares International BuyBack Achievers Portfolio $421.31 K 0.34% 0.29 31.00% 0.75% 0.03% None 55.466251
IPOS Renaissance International IPO ETF $0 1.64% 0.00 22.00% 0.38% 0.10% None 25.446649
IQDE FlexShares International Quality Dividend Defensive Index ETF $208.79 K 0.20% 0.09 24.00% 0.41% 0.22% None 53.597401
IQDF FlexShares International Quality Dividend Index Fund $2.86 M 0.07% 1.24 23.00% 0.33% 0.21% None 82.492043
IQDY FlexShares International Quality Dividend Dynamic Index Fund $143.77 K 0.22% 0.06 26.00% 0.48% 0.20% None 50.845406
ACWX iShares MSCI ACWI ex U.S. ETF $38.78 M 0.02% 4.60 27.00% 0.07% 0.14% None 89.099534
IXUS iShares Core MSCI Total International Stock ETF $22.2 M 0.06% 4.37 30.00% 0.02% 0.28% None 86.654073
MOTI VanEck Vectors Morningstar International Moat ETF $49.59 K 0.44% 0.03 15.00% 0.16% 0.07% None 0
CWI SPDR MSCI ACWI ex-US ETF $9.57 M 0.03% 1.50 29.00% 0.08% 0.18% None 87.915483
PID PowerShares International Dividend Achievers Portfolio $3.39 M 0.07% 4.62 97.00% 0.15% 0.07% None 94.951506
VEU Vanguard FTSE All-World ex-US Index Fund $92.11 M 0.02% 6.75 25.00% 0.24% 0.11% None 88.243902
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $367.98 K 0.12% 0.29 27.00% 0.01% 0.85% None 64.919314
VIDI Vident International Equity Fund $1.03 M 0.32% 0.45 20.00% 0.06% 0.54% None 74.54637
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $322.1 K 0.18% 0.07 27.00% 0.26% 0.05% None 62.797203
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

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
IQDF
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
DNL
5
4
3
2
1
DXUS
5
4
3
2
1
GURI
5
4
3
2
1
IPKW
5
4
3
2
1
IPOS
5
4
3
2
1
IQDY
5
4
3
2
1
FPXI
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 02/22/17)

All Funds (26)

99
99.120692
99
98.550332
97
97.359795
97
97.289898
97
96.557717
86
85.808796
81
80.565621
75
75.099383
70
69.531307
65
65.138984
63
63.110061
57
57.164452
56
55.607197
48
48.075867
46
45.783293
28
28.436107
22
21.881496
20
19.66779
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 02/16/17

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