# EFA ETF: fees, returns, drawdowns and holdings

> What EFA holds, its 0.32% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares MSCI EAFE ETF (EFA) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe. It charges 0.32% a year. From August 2001 to October 2026 it returned about 6.4% a year, and its worst drop was −61.0%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.32% a year (about $32 on $10,000).
- Started trading on August 14, 2001.
- Last close: $103.55 on October 16, 2026.
- Return over the last year: 13.5%.
- Worst drop since 2001: −61.0%.
- 14 Tactfolio classic strategies hold it.

## How has EFA done since 2001?

From August 2001 to October 2026, EFA returned about 6.4% a year. The S&P 500 returned about 9.7% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $47,378 at the end, with every dividend reinvested.

| Period | EFA | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −1.4% | 1.5% |
| 3 months | −0.3% | 1.9% |
| 6 months | 2.1% | 9.3% |
| Year to date | 9.5% | 12.8% |
| 1 year | 13.5% | 16.8% |
| 3 years, per year | 18.2% | 22.0% |
| 5 years, per year | 8.7% | 12.8% |
| 10 years, per year | 9.2% | 15.4% |
| Since 2001, per year | 6.4% | 9.7% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## EFA returns by month and year

EFA rose in 184 of its 303 months (61%). Its best month was November 2020, at 14.3%. Its worst was October 2008, at −20.8%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 4.9% | 4.6% | −7.8% | 5.3% | 2.4% | 0.7% | 1.6% | 1.8% | −3.3% | −0.3% |  |  | 9.5% |
| 2025 | 4.8% | 2.9% | 0.2% | 3.7% | 4.8% | 2.4% | −2.1% | 4.5% | 2.1% | 1.2% | 0.7% | 2.7% | 31.6% |
| 2024 | −0.4% | 3.0% | 3.4% | −3.2% | 5.1% | −1.8% | 2.6% | 3.3% | 0.8% | −5.3% | −0.3% | −2.9% | 3.5% |
| 2023 | 9.0% | −3.1% | 3.1% | 2.9% | −4.0% | 4.5% | 2.7% | −3.9% | −3.6% | −2.9% | 8.2% | 5.3% | 18.4% |
| 2022 | −3.6% | −3.4% | 0.5% | −6.7% | 2.0% | −8.8% | 5.2% | −6.1% | −9.2% | 5.9% | 13.2% | −1.8% | −14.4% |
| 2021 | −0.8% | 2.2% | 2.5% | 2.9% | 3.5% | −1.1% | 0.8% | 1.5% | −3.3% | 3.2% | −4.5% | 4.4% | 11.5% |
| 2020 | −2.8% | −7.8% | −14.1% | 5.8% | 5.4% | 3.5% | 1.9% | 4.7% | −2.1% | −3.5% | 14.3% | 5.0% | 7.6% |
| 2019 | 6.6% | 2.5% | 0.9% | 2.9% | −5.0% | 5.9% | −1.9% | −1.9% | 3.2% | 3.4% | 1.1% | 3.0% | 22.0% |
| 2018 | 5.0% | −4.8% | −0.8% | 1.5% | −1.9% | −1.6% | 2.9% | −2.2% | 1.0% | −8.1% | 0.5% | −5.3% | −13.8% |
| 2017 | 3.3% | 1.2% | 3.2% | 2.4% | 3.5% | 0.3% | 2.6% | 0.0% | 2.4% | 1.7% | 0.7% | 1.4% | 25.1% |
| 2016 | −5.5% | −3.3% | 6.6% | 2.2% | −0.1% | −2.4% | 4.0% | 0.5% | 1.3% | −2.2% | −1.8% | 2.7% | 1.4% |
| 2015 | 0.6% | 6.3% | −1.4% | 3.6% | 0.2% | −3.1% | 2.0% | −7.4% | −4.4% | 6.6% | −0.8% | −2.3% | −1.0% |
| 2014 | −5.2% | 6.1% | −0.5% | 1.7% | 1.6% | 0.9% | −2.6% | 0.2% | −3.9% | −0.3% | 0.1% | −4.0% | −6.2% |
| 2013 | 3.7% | −1.3% | 1.3% | 5.0% | −3.0% | −2.7% | 5.3% | −2.0% | 7.8% | 3.3% | 0.5% | 2.2% | 21.4% |
| 2012 | 5.3% | 4.8% | 0.4% | −2.1% | −11.1% | 7.0% | 0.1% | 3.2% | 2.7% | 1.1% | 2.8% | 4.4% | 18.8% |
| 2011 | 2.1% | 3.5% | −2.4% | 5.6% | −2.2% | −1.2% | −2.4% | −8.8% | −10.8% | 9.6% | −2.2% | −2.2% | −12.2% |
| 2010 | −5.1% | 0.3% | 6.4% | −2.8% | −11.2% | −2.1% | 11.6% | −3.8% | 10.0% | 3.8% | −4.8% | 8.3% | 8.2% |
| 2009 | −13.7% | −10.4% | 8.4% | 11.5% | 13.2% | −1.4% | 10.0% | 4.5% | 3.8% | −2.5% | 3.9% | 0.7% | 27.0% |
| 2008 | −7.8% | −1.0% | 0.4% | 5.4% | 1.2% | −8.8% | −3.3% | −4.3% | −11.4% | −20.8% | −6.4% | 8.9% | −41.0% |
| 2007 | 1.4% | −0.1% | 2.9% | 3.8% | 2.4% | −0.3% | −2.3% | −0.6% | 5.3% | 4.3% | −3.6% | −3.0% | 10.0% |
| 2006 | 5.8% | −0.7% | 4.0% | 4.8% | −3.8% | −0.1% | 0.8% | 2.5% | 0.2% | 3.8% | 3.1% | 3.2% | 25.8% |
| 2005 | −1.9% | 3.8% | −2.6% | −1.6% | −0.9% | 1.4% | 3.0% | 3.8% | 3.7% | −3.2% | 2.3% | 5.2% | 13.3% |
| 2004 | 1.1% | 2.3% | 0.1% | −3.4% | 1.1% | 3.4% | −4.3% | 1.2% | 2.1% | 3.5% | 6.1% | 4.8% | 19.0% |
| 2003 | −4.3% | −2.1% | −2.3% | 10.2% | 6.5% | 1.9% | 1.5% | 3.3% | 3.0% | 6.5% | 2.5% | 8.7% | 40.3% |
| 2002 | −5.8% | 1.2% | 5.6% | 1.5% | 0.5% | −3.3% | −9.5% | −1.0% | −10.4% | 3.8% | 5.6% | −3.4% | −15.4% |
| 2001 (part) |  |  |  |  |  |  |  | −2.8% | −9.6% | 1.8% | 3.3% | 0.6% | −7.0% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is EFA compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.78.** When the S&P 500 moved 1% in a day, EFA tended to move about 0.78%.
- **Correlation 0.80.** EFA mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, EFA rose 80% as much on average. In months it fell, EFA fell 87% as much.

| Measure | EFA | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 8.8% | 12.8% |
| Volatility | 16.6% | 17.1% |
| Worst drop | −29.3% | −24.5% |
| Sharpe ratio | 0.59 | 0.79 |
| Sortino ratio | 0.87 | 1.15 |
| Calmar ratio | 0.30 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is EFA above its 200-day average?

EFA closed 1.4% above its 200-day average on October 16, 2026. A rule that holds EFA only above that average would hold it today.

- Its 50-day average is 3.9% above its 200-day average.
- It closed 4.8% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for EFA](https://tactfolio.com/builder) and backtest it in a minute.

## What was EFA's worst drop?

A drawdown is how far a fund falls from its last high point. EFA's worst fall was −61.0%, from October 31, 2007 to March 9, 2009. It got back to that high on June 6, 2014. On October 16, 2026 it was 4.8% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −61.0% | Oct 31, 2007 | Mar 9, 2009 | Jun 6, 2014 | 16 months | 5.2 years |
| −34.2% | Jan 26, 2018 | Mar 23, 2020 | Nov 16, 2020 | 2.2 years | 8 months |
| −31.3% | Aug 27, 2001 | Mar 12, 2003 | Oct 14, 2003 | 18 months | 7 months |
| −29.5% | Sep 7, 2021 | Sep 27, 2022 | Feb 20, 2024 | 13 months | 17 months |
| −23.1% | Jul 3, 2014 | Feb 11, 2016 | May 4, 2017 | 19 months | 15 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does EFA hold?

This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe. Its value can go up or down with those stock markets. Changes in foreign currency values can also change what the fund is worth in US dollars.

It tracks the MSCI EAFE Index (Net). It had 657 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | EFA |
| --- | --- |
| Full name | iShares MSCI EAFE ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.32% a year |
| Started trading | August 14, 2001 |
| Tracks | MSCI EAFE Index (Net) |
| Type | International stocks, ETF |
| Holdings | 657 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) |

## What is the EFA expense ratio?

EFA charges 0.32% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.32% fee comes to about $32 a year. Of the 162 ETFs on Tactfolio, 23% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold EFA?

14 classic strategies hold EFA at least some of the time. Each is a set of written rules you can open, test and copy.

- [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017
- [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012
- [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013
- [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009
- [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020
- [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018
- [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018
- [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018
- [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014
- [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014
- [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009

## How does EFA compare with similar ETFs?

Funds that can stand in for EFA:

- [SCHF](https://tactfolio.com/etf/SCHF.md): Schwab International Equity ETF, 0.03% a year
- [VEA](https://tactfolio.com/etf/VEA.md): Vanguard FTSE Developed Markets ETF, 0.03% a year
- [IEFA](https://tactfolio.com/etf/IEFA.md): iShares Core MSCI EAFE ETF, 0.07% a year
- [VEU](https://tactfolio.com/etf/VEU.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year

See [all 8 EFA alternatives](https://tactfolio.com/alternatives/EFA.md), compared on the same dates as EFA.

## Test EFA in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add EFA, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for EFA and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of EFA?

EFA charges 0.32% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $32 a year for every $10,000 you hold.

### When did EFA start trading?

EFA started trading on August 14, 2001. It is run by iShares (BlackRock).

### What does EFA track?

EFA tracks the MSCI EAFE Index (Net). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe.

### How much has EFA returned per year?

From August 2001 to October 2026, EFA returned about 6.4% a year with dividends reinvested. Its worst drop was −61.0%. Past returns do not tell you what it will do next.

### Is EFA above its 200-day moving average?

On October 16, 2026, EFA closed 1.4% above its 200-day moving average. This page updates after each US market close.

### Which strategies use EFA?

14 of Tactfolio's classic strategies hold EFA, including Vigilant Asset Allocation (VAA), Composite Dual Momentum, Global Tactical Asset Allocation (GTAA 5).

## Sources

- [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.