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

IFV Top Performer Intra-day
Price $19.37
Today’s Change +0.11%(0.57)
4:00pm 04/28/2017
FPXI Bottom Performer Intra-day
Price $29.73
Today’s Change -0.32%(-1.06)
3:59pm 04/28/2017
  • 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 04/28/17)

All Funds (26)

IXUS $5.45 B 5450295600 Great Coverage; Low Fee

A 99
E
99
99
T
87
87
F
99
99

VXUS $7.86 B 7857554281.02 Holds the Broadest Portfolio

A 99
E
97
97
T
87
87
F
99
99

ACWX $2.12 B 2124259480 Excellent Trader

A 97
E
93
93
T
89
89
F
97
97

VEU $17.47 B 17470449196.2 Most Liquid

A 97
E
95
95
T
89
89
F
97
97

CWI $1.24 B 1238872595.2 Tracks its Index Loosely

B 97
E
85
85
T
88
88
F
97
97

IQDF $709.19 M 709191364.7969 Good AUM but wide spreads

B 86
E
81
81
T
83
83
F
86
86

DBAW $93.95 M 93954675.741 Hedges Currency Exposure

B 62
E
87
87
T
63
63
F
62
62

PID $806.95 M 806948000 Holds only ADRs & GDRs

B 41
E
87
87
T
95
95
F
41
41

IQDE $78.81 M 78812603.8826 Trades thinly so far

C 80
E
76
76
T
52
52
F
80
80

IQDY $57.71 M 57709766.2317 low AUM, low trade volume

C 78
E
82
82
T
54
54
F
78
78

DNL $51.5 M 51500100 Seeks Growth and Yield

C 70
E
84
84
T
58
58
F
70
70

DXUS $5.0 M 4996140 currency hedged dividends

C 54
E
79
79
T
54
54
F
54
54

VIDI $637.52 M 637520000 Complex Stock Selection Method

D 62
E
67
67
T
72
72
F
62
62

IPKW $129.9 M 129899150 tepid interest to date

D 57
E
72
72
T
55
55
F
57
57

ALFI $2.17 M 2168000 N/A

D 32
E
60
60
T
60
60
F
32
32

IFV $568.88 M 568878333.56802 Highest fee

D 29
E
64
64
T
68
68
F
29
29

GURI $1.47 M 1473083.295837 low AUM; thin trading

D 22
E
74
74
T
57
57
F
22
22

IPOS $2.05 M 2051280.5126 low asset base

F 53
E
54
54
T
26
26
F
53
53

FPXI $1.5 M 1496159.844 low asset base

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

VIGI $298.55 M 298548561.78 N/A

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

IGRO $21.05 M 21046840 N/A

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

HAWX $71.81 M 71808350 Ignore bad tracking

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

FLIO $5.25 M 5246000 N/A

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

MOTI $40.86 M 40855367.8 Unique selection methodology

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 04/20/17

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

Performance Dispersion
Performance  [as of 04/27/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI All Country World Ex-USA Investable Markets2.20%6.12%10.48%12.63%1.46%5.46%1.37%
A 99.226525IXUS5450295600IXUSiShares Core MSCI Total International Stock ETF2.09%6.35%11.09%12.36%1.59%----
A 98.516915VXUS7857554281.02VXUSVanguard Total International Stock ETF1.81%6.08%10.86%12.16%1.78%5.60%--
A 97.396294ACWX2124259480ACWXiShares MSCI ACWI ex U.S. ETF1.96%6.08%10.67%11.79%1.08%4.91%--
A 97.390885VEU17470449196.2VEUVanguard FTSE All-World ex-US Index Fund1.84%6.10%10.88%12.48%1.81%5.45%1.36%
B 96.702493CWI1238872595.2CWISPDR MSCI ACWI ex-US ETF1.73%5.78%10.48%11.62%1.54%5.29%1.28%
B 85.700966IQDF709191364.7969IQDFFlexShares International Quality Dividend Index Fund1.77%6.68%10.42%12.51%-0.21%----
B 61.740033DBAW93954675.741DBAWDeutsche X-trackers MSCI All World ex-US Hedged Equity ETF2.40%4.21%7.76%16.06%6.12%----
B 40.722867PID806948000PIDPowerShares International Dividend Achievers Portfolio1.27%1.32%4.98%5.96%-2.98%2.96%0.33%
C 80.442862IQDE78812603.8826IQDEFlexShares International Quality Dividend Defensive Index ETF1.29%5.55%9.38%8.53%-0.76%----
C 77.556795IQDY57709766.2317IQDYFlexShares International Quality Dividend Dynamic Index Fund1.63%5.90%10.12%17.37%1.48%----
C 69.830342DNL51500100DNLWisdomTree Global ex-US Quality Dividend Growth Fund2.35%7.17%11.97%9.73%2.10%2.56%1.39%
C 53.777924DXUS4996140DXUSWisdomTree Global ex-U.S. Hedged Dividend Fund2.84%4.03%6.00%15.43%------
D 62.349892VIDI637520000VIDIVident International Equity Fund1.67%8.13%14.32%16.87%1.76%----
D 56.650138IPKW129899150IPKWPowerShares International BuyBack Achievers Portfolio2.56%3.56%10.75%12.90%9.88%----
D 32.325494ALFI2168000ALFIAlphaClone International ETF2.65%8.24%14.84%10.64%------
D 29.163162IFV568878333.56802IFVFirst Trust Dorsey Wright International Focus 5 ETF0.84%2.72%13.09%10.98%------
D 22.476893GURI1473083.295837GURIGlobal X Guru International Index ETF-1.35%4.41%9.98%13.67%1.78%----
F 52.51667IPOS2051280.5126IPOSRenaissance International IPO ETF4.12%6.21%12.14%7.07%------
N/A 0FPXI1496159.844FPXIFirst Trust International IPO ETF4.74%11.00%17.38%16.36%------
N/A 0VIGI298548561.78VIGIVanguard International Dividend Appreciation ETF3.09%9.14%13.11%9.06%------
N/A 0IGRO21046840IGROiShares International Dividend Growth ETF2.90%7.78%10.73%--------
N/A 0HAWX71808350HAWXiShares Currency Hedged MSCI ACWI ex U.S. ETF2.14%4.29%7.29%16.08%------
N/A 0FLIO5246000FLIOFranklin Liberty International Opportunities ETF2.43%7.26%----------
N/A 0MOTI40855367.8MOTIVanEck Vectors Morningstar International Moat ETF1.63%7.27%14.23%13.45%------
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 04/28/17)

All Funds (26)

99
99.046143
97
96.959647
95
94.906061
93
92.89611
87
86.971648
87
86.951037
85
85.121959
84
83.61504
82
81.600198
81
81.108464
79
79.416318
76
76.253621
74
73.668677
72
71.739969
67
66.951683
64
63.532173
60
60.340875
54
54.494399
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 04/20/17

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
IQDF FlexShares International Quality Dividend Index Fund 0.47% -0.58% -0.38% -1.02% 20.00% / 39.60% Low 81.108464
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% -0.61% -0.26% -1.03% 20.00% / 39.60% Low 83.61504
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.47% -0.58% -0.42% -0.94% 20.00% / 39.60% Low 81.600198
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund 0.44% -0.37% -0.08% -0.63% 20.00% / 39.60% High 79.416318
IXUS iShares Core MSCI Total International Stock ETF 0.11% 0.27% 0.35% 0.15% 20.00% / 39.60% Low 99.046143
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% -1.21% 20.00% / 39.60% Low 86.951037
GURI Global X Guru International Index ETF 0.75% -1.07% -0.59% -1.37% 20.00% / 39.60% High 73.668677
VEU Vanguard FTSE All-World ex-US Index Fund 0.11% -0.02% 0.07% -0.11% 20.00% / 39.60% Low 94.906061
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF 0.36% -0.28% 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 66.951683
IFV First Trust Dorsey Wright International Focus 5 ETF 1.06% -- -- -- 20.00% / 39.60% Low 63.532173
VXUS Vanguard Total International Stock ETF 0.11% -0.06% -0.01% -0.11% 20.00% / 39.60% Low 96.959647
ACWX iShares MSCI ACWI ex U.S. ETF 0.33% -0.08% 0.31% -0.51% 20.00% / 39.60% Low 92.89611
IPKW PowerShares International BuyBack Achievers Portfolio 0.55% -1.01% 0.84% -2.74% 20.00% / 39.60% Low 71.739969
ALFI AlphaClone International ETF 0.95% -- -- -- 20.00% / 39.60% High 60.340875
IPOS Renaissance International IPO ETF 0.80% -- -- -- 20.00% / 39.60% High 54.494399
VIGI Vanguard International Dividend Appreciation ETF 0.25% -- -- -- 20.00% / 39.60% Low 0
CWI SPDR MSCI ACWI ex-US ETF 0.30% 0.27% 0.83% -0.47% 20.00% / 39.60% Low 85.121959
IQDE FlexShares International Quality Dividend Defensive Index ETF 0.47% -0.69% -0.35% -1.59% 20.00% / 39.60% Low 76.253621
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% -0.58% -0.30% -0.93% 20.00% / 39.60% Low 86.971648
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 04/28/17)

All Funds (26)

95
95.460366
89
89.451136
89
89.068962
88
88.231203
87
86.902929
87
86.593937
83
83.476139
72
72.096479
68
68.490581
63
63.235564
60
59.708723
58
57.532831
57
56.695236
55
55.459334
54
54.467203
54
53.630946
52
52.318864
26
25.682685
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 04/20/17

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
DXUS WisdomTree Global ex-U.S. Hedged Dividend Fund $0 0.13% 0 26.00% 0.17% 0.18% None 53.630946
VXUS Vanguard Total International Stock ETF $30.87 M 0.02% 6.24 24.00% 0.04% 0.24% None 86.902929
ALFI AlphaClone International ETF $0 0.33% 0 100.00% 0.04% 0.02% None 59.708723
FPXI First Trust International IPO ETF $19.2 K 0.35% 0.01 38.00% 0.31% 0.03% None 0
VIGI Vanguard International Dividend Appreciation ETF $3.71 M 0.18% 1.29 35.00% 0.17% 1.81% None 0
GURI Global X Guru International Index ETF $2.73 K 0.39% 0.00 98.00% 0.05% 0.07% None 56.695236
IGRO iShares International Dividend Growth ETF $127.1 K 1.72% 0.05 36.00% 0.03% 0.33% None 0
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF $296.96 K 0.19% 0.25 100.00% 5.64% 0.01% None 0
FLIO Franklin Liberty International Opportunities ETF $0 0.20% 0 29.00% 0.29% 0.08% None 0
IFV First Trust Dorsey Wright International Focus 5 ETF $2.83 M 0.19% 2.98 100.00% 49.01% 0.05% None 68.490581
IPKW PowerShares International BuyBack Achievers Portfolio $437.09 K 0.21% 0.29 35.00% 0.71% 0.03% None 55.459334
IPOS Renaissance International IPO ETF $0 1.47% 0.00 22.00% 0.36% 0.10% None 25.682685
IQDE FlexShares International Quality Dividend Defensive Index ETF $124.73 K 0.19% 0.05 23.00% 0.29% 0.21% None 52.318864
IQDF FlexShares International Quality Dividend Index Fund $2.32 M 0.08% 0.95 23.00% 0.20% 0.21% None 83.476139
IQDY FlexShares International Quality Dividend Dynamic Index Fund $212.21 K 0.20% 0.08 24.00% 0.34% 0.20% None 54.467203
ACWX iShares MSCI ACWI ex U.S. ETF $23.08 M 0.02% 2.65 27.00% 0.07% 0.13% None 89.068962
IXUS iShares Core MSCI Total International Stock ETF $24.36 M 0.04% 4.45 25.00% 0.02% 0.27% None 86.593937
MOTI VanEck Vectors Morningstar International Moat ETF $131.42 K 0.43% 0.08 17.00% 0.16% 0.03% None 0
CWI SPDR MSCI ACWI ex-US ETF $6.28 M 0.04% 0.94 28.00% 0.05% 0.18% None 88.231203
PID PowerShares International Dividend Achievers Portfolio $2.7 M 0.08% 3.62 99.00% 0.11% 0.07% None 95.460366
DBAW Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF $347.64 K 0.17% 0.28 26.00% 0.00% 0.83% None 63.235564
VEU Vanguard FTSE All-World ex-US Index Fund $80.0 M 0.02% 5.65 25.00% 0.07% 0.10% None 89.451136
DNL WisdomTree Global ex-US Quality Dividend Growth Fund $184.28 K 0.23% 0.04 26.00% 0.24% 0.05% None 57.532831
VIDI Vident International Equity Fund $766.15 K 0.31% 0.32 20.00% 0.05% 0.52% None 72.096479
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
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
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 04/28/17)

All Funds (26)

99
99.226525
99
98.516915
97
97.396294
97
97.390885
97
96.702493
86
85.700966
80
80.442862
78
77.556795
70
69.830342
62
62.349892
62
61.740033
57
56.650138
54
53.777924
53
52.51667
41
40.722867
32
32.325494
29
29.163162
22
22.476893
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 04/20/17

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