Data as of Oct 28, 2026.
EEM vs EFA: Differences, Returns & Fees
Over the year to Oct 28, 2026, EEM returned +16.3% to EFA's +12.1%; 0% of their weight is in the same names.
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Net assets on Oct 27, 2026: $29.1bn for iShares MSCI Emerging Markets ETF and $76.8bn for iShares MSCI EAFE ETF.
Pair scorecard
EFA costs 0.40 points a year less; their one-year returns differ by 4.2 points; EFA is 2.6 times larger.
| Measure | EEM | EFA |
|---|---|---|
| Return | ||
| Total return, 1 year | +16.3% | +12.1% |
| Drawdown | ||
| Below its high | 10.8%, high on Jun 22, 2026 | 4.7%, high on Aug 25, 2026 |
| Benchmark | ||
| What it tracks | MSCI Emerging Markets Index | MSCI EAFE Index |
| Cost and size | ||
| Expense ratio | 0.72% | 0.32% |
| Net assets, as of Oct 27, 2026 | $29.1bn | $76.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 37.2% | 14.3% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Apr 25, 2003 to Oct 23, 2026 · 1,226 weekly returnsEEM returned more: +759.1% to +506.8%. EFA swung less: 18.6% to 23.3%. EFA fell slightly less at its worst: −59.4% to −62.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EEM | EFA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +759.1% | +506.8% | EEM | Price change plus distributions, reinvested. |
| Annualized | +9.6% | +7.9% | EEM | Total return as a yearly rate. |
| Price return | +451.7% | +217.4% | EEM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 23.3% | 18.6% | EFA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.1% | 13.4% | EFA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −62.6% | −59.4% | EFA (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.43 | 0.41 | EEM (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.63 | 0.57 | EEM (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.15 | 0.13 | EEM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,226 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EEM and EFA hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
EEM and EFA on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EEM and EFA do different jobs. What does each one do in a portfolio?
- What each follows. EEM follows MSCI Emerging Markets Index and EFA follows MSCI EAFE Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EEM returned +16.3% and EFA +12.1% with distributions reinvested, a gap of 4.2 points.
Data as of Oct 28, 2026.
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EEM
EEM tracks an index of Emerging markets. Over the year to Oct 28, 2026 it returned +16.3% with distributions reinvested. The prospectus expense ratio is 0.72% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 1,186 positions, with the top ten at 37.2%. It sat 10.8% below its high of Jun 22, 2026 on Oct 28, 2026.
EFA
EFA tracks an index of Developed markets ex US. Over the year to Oct 28, 2026 it returned +12.1% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.32% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 665 positions, with the top ten at 14.3%. It sat 4.7% below its high of Aug 25, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EEM or EFA?
- In the year to Oct 28, 2026, with distributions reinvested, EEM returned +16.3% and EFA +12.1%.
- Which is cheaper, EEM or EFA?
- EFA is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, EEM against EFA, data as of Oct 28, 2026. https://etfiq.com/compare/any/eem-vs-efa
ETFIQ. (Oct 28, 2026). EEM against EFA. Retrieved from https://etfiq.com/compare/any/eem-vs-efa
[EEM against EFA (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/eem-vs-efa)
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