EFA: iShares MSCI EAFE ETF returns, drawdowns and risk
Funds on developed markets outside the United States: Europe, Japan, Australia, Canada.
Data updated October 2026
EFA · US exchange · USDCategory: International developed markets ETFsData from October 2006
From October 2006 to October 2026 EFA returned 5.1% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $27,133.
Its deepest fall was 61.0%, from October 2007 to March 2009, and it took about 79 months to get back to the previous high. Annual volatility was 21.5%; at the last close it was 4.7% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.87: they usually moved together. Beta was 0.97. In months when SPY rose, EFA moved 86% as much on average; in months when SPY fell, 110% as much.
Key figures
- Annual return (CAGR)
- +5.1%
- 1-year return
- +12.5%
- 5 years, a year
- +8.6%
- 10 years, a year
- +9.1%
- Annual volatility
- 21.5%
- Maximum drawdown
- −61.0%
- Sharpe ratio
- 0.27
- Worst year
- 2008: −41.0%
Trailing returns
| Period | EFA | SPY |
|---|---|---|
| 1 year | +12.5% | +16.6% |
| 3 years, a year | +19.6% | +23.1% |
| 5 years, a year | +8.6% | +12.7% |
| 10 years, a year | +9.1% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: EFA vs SPY
Month-end values from November 2006, the first month both funds have data.
EFA drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | EFA | SPY |
|---|---|---|
| 2026(partial) | +9.7% | +13.3% |
| 2025 | +31.6% | +17.7% |
| 2024 | +3.5% | +24.9% |
| 2023 | +18.4% | +26.2% |
| 2022 | −14.3% | −18.2% |
| 2021 | +11.5% | +28.7% |
| 2020 | +7.6% | +18.3% |
| 2019 | +22.0% | +31.2% |
| 2018 | −13.8% | −4.6% |
| 2017 | +25.1% | +21.7% |
| 2016 | +1.4% | +12.0% |
| 2015 | −1.0% | +1.2% |
| 2014 | −6.2% | +13.5% |
| 2013 | +21.4% | +32.3% |
| 2012 | +18.8% | +16.0% |
| 2011 | −12.2% | +1.9% |
| 2010 | +8.2% | +15.1% |
| 2009 | +27.0% | +26.4% |
| 2008 | −41.0% | −36.8% |
| 2007 | +10.0% | +5.1% |
| 2006(partial) | +7.0% | — |
EFA compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of EFA?
From October 2006 to October 2026 EFA returned 5.1% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +8.6% a year. Over the last 12 months: +12.5%.
What was the worst drawdown of EFA?
61.0%, from October 2007 to March 2009; it took about 79 months from the previous high to get back to it.
How volatile is EFA?
Annual volatility was 21.5% over the period. Its worst month was −20.8% and 59% of months were positive. Worst calendar year: 2008 (−41.0%).
How closely does EFA follow SPY?
Over 240 months the correlation of monthly returns was 0.87, so they usually moved together, with a beta of 0.97.
Use EFA in a free tool
Other International developed markets ETFs
- All International developed markets ETFsReturns and risk side by side
- VXUS — Vanguard Total International Stock ETFCAGR +6.5%
- VEA — Vanguard FTSE Developed Markets ETFCAGR +12.9%
- IEFA — iShares Core MSCI EAFE ETFCAGR +8.3%
- IXUS — iShares Core MSCI Total International Stock ETFCAGR +7.7%
- SCZ — iShares MSCI EAFE Small-Cap ETFCAGR +5.4%
- VSS — Vanguard FTSE All-World ex-US Small-Cap ETFCAGR +10.8%
- EWJ — iShares MSCI Japan ETFCAGR +6.8%
- EWC — iShares MSCI Canada ETFCAGR +6.8%
- EWA — iShares MSCI Australia ETFCAGR +6.0%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.