IVAL: Alpha Architect International Quantitative Value ETF
Alpha Architect International Quantitative Value ETF (IVAL) is an exchange-traded fund (ETF) run by Alpha Architect. This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. It charges 0.38% a year. From December 2014 to October 2026 it returned about 6.7% a year, and its worst drop was −46.1%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.38%
- about $38 on $10,000
- Return per year
- 6.7%
- since December 2014
- Worst drop
- −46.1%
- since 2014
- Started trading
- Dec 2014
- Alpha Architect
Key points
- Expense ratio: 0.38% a year (about $38 on $10,000).
- Started trading on December 16, 2014.
- Worst drop since 2014: −46.1%.
- 2 Tactfolio classic strategies hold it.
What does IVAL hold?#
This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. A set of rules picks the ones that look cheap compared with their business profits. Its results can differ a lot from the overall international market.
It does not track an index. Its managers choose what it holds. It had 50 holdings as of October 16, 2026, according to Alpha Architect.
| Fact | IVAL |
|---|---|
| Full name | Alpha Architect International Quantitative Value ETF |
| Issuer | Alpha Architect |
| Expense ratio | 0.38% a year |
| Started trading | December 16, 2014 |
| Tracks | No index (actively managed) |
| Type | International stocks, ETF |
| Holdings | 50 holdings as of October 16, 2026 |
| Facts checked | October 16, 2026 on the Alpha Architect fund page |
What is the IVAL expense ratio?#
IVAL charges 0.38% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.38% fee comes to about $38 a year.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
How has IVAL done since 2014?#
From December 2014 to October 2026, IVAL returned about 6.7% a year. Say you put in $10,000 at the start. It would have been worth about $21,509 at the end, with every dividend reinvested.
| Measure | IVAL |
|---|---|
| Total return | 115.1% |
| Return per year (CAGR) | 6.7% |
| Worst drop from a high | −46.1% |
| Volatility (how much it swings) | 18.6% |
| Last 12 months | 24.9% |
| Last 3 years, per year | 20.5% |
| Last 5 years, per year | 11.1% |
| Last 10 years, per year | 8.0% |
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.
IVAL returns by year#
| Year | IVAL return |
|---|---|
| 2026 (part of the year) | 19.6% |
| 2025 | 34.9% |
| 2024 | −0.7% |
| 2023 | 20.6% |
| 2022 | −10.1% |
| 2021 | −0.2% |
| 2020 | −4.9% |
| 2019 | 21.3% |
| 2018 | −22.5% |
| 2017 | 31.0% |
| 2016 | 9.4% |
| 2015 | −3.6% |
| 2014 (part of the year) | 0.4% |
What was IVAL’s worst drop?#
A drawdown is how far a fund falls from its last high point. IVAL’s worst fall was −46.1%, from January 24, 2018 to March 23, 2020. It got back to that high on March 19, 2025.
The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
Which Tactfolio strategies hold IVAL?#
2 classic strategies hold IVAL at least some of the time. Each is a set of written rules you can open, test and copy.
- Robust Asset Allocation Balanced (Alpha Architect RAA), by Wesley Gray (Alpha Architect), 2014
- Robust Asset Allocation Aggressive (Alpha Architect RAA), by Wesley Gray (Alpha Architect), 2014
How does IVAL compare with similar ETFs?#
Funds that can stand in for IVAL:
- EFV: iShares MSCI EAFE Value ETF, 0.31% a year
- SCHF: Schwab International Equity ETF, 0.03% a year
- VEA: Vanguard FTSE Developed Markets ETF, 0.03% a year
- IEFA: iShares Core MSCI EAFE ETF, 0.07% a year
See all 5 IVAL alternatives, compared on the same dates as IVAL.
Test IVAL 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, add IVAL, 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 IVAL. 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.
Fund facts come from Alpha Architect. We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of IVAL?#
IVAL charges 0.38% a year, according to Alpha Architect as of October 16, 2026. That is about $38 a year for every $10,000 you hold.
When did IVAL start trading?#
IVAL started trading on December 16, 2014. It is run by Alpha Architect.
What does IVAL track?#
IVAL does not track an index. Its managers choose what it holds.
How much has IVAL returned per year?#
From December 2014 to October 2026, IVAL returned about 6.7% a year with dividends reinvested. Its worst drop was −46.1%. Past returns do not tell you what it will do next.
Which strategies use IVAL?#
2 of Tactfolio’s classic strategies hold IVAL, including Robust Asset Allocation Balanced (Alpha Architect RAA), Robust Asset Allocation Aggressive (Alpha Architect RAA).