Data as of Oct 28, 2026.
EFA vs FENI: Differences, Returns & Fees
Over the year to Oct 28, 2026, EFA returned +12.1% to FENI's +14.2%; 43% of their weight is in the same names.
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Net assets: $76.8bn on Oct 27, 2026 for iShares MSCI EAFE ETF, and $11.5bn on Sep 30, 2026 for Fidelity Enhanced International ETF.
Pair scorecard
FENI costs 0.04 points a year less; their one-year returns differ by 2.1 points; EFA is 6.7 times larger.
| Measure | EFA | FENI |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.1% | +14.2% |
| Drawdown | ||
| Below its high | 4.7%, high on Aug 25, 2026 | 4.7%, high on Aug 13, 2026 |
| Benchmark | ||
| What it tracks | MSCI EAFE Index | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.32% | 0.28% |
| Net assets, as of Sep 30, 2026 | $76.7bn | $11.5bn |
| Holdings | ||
| Holdings in common | 43% | |
| Top ten holdings, share of the fund | 14.3% | 16.5% |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method
Risk and return
Dec 1, 2023 to Oct 23, 2026 · 151 weekly returnsEach against its own benchmark: EFA against ACWX, Apr 11, 2008 to Oct 23, 2026; FENI against EFA, Dec 1, 2023 to Oct 23, 2026.
FENI returned more: +68.2% to +54.1%. EFA and FENI swung about the same: 14.5% and 14.5%. EFA and FENI fell about the same at their worst: −11.2% and −11.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | EFA | FENI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +54.1% | +68.2% | FENI | Price change plus distributions, reinvested. |
| Annualized | +16.1% | +19.6% | FENI | Total return as a yearly rate. |
| Price return | +40.2% | +54.7% | FENI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.5% | 14.5% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.3% | 10.2% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −11.2% | −11.2% | Tie | Deepest fall from a high to the low after it. |
| Upside capture | 95.1% | 105.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 97.5% | 97.4% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.96 | 0.99 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.80 | 1.01 | FENI | Return above Treasury bills per unit of volatility. |
| Sortino | 1.12 | 1.43 | FENI | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.055 | 0.147 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.44 | 1.75 | FENI | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | ACWX | EFA | The ETF each fund is measured against. | |
| Alpha | +0.5% a year | +3.1% a year | EFA not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.53 | 2.73 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.4% to +2.4% | +0.9% to +5.4% | EFA includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.08 | 1.55 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 4.2% | 1.9% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 151 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EFA and FENI hold 43% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.
half
43% in common
Only in one fund ↓
Side by side
EFA and FENI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
No client brief for this pair: the two funds' holdings are dated 119 days apart.
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.
FENI
FENI is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +14.2% with distributions reinvested, against +12.1% for its benchmark, the MSCI EAFE Index. The prospectus expense ratio is 0.28% a year. By its holdings filed for Jun 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 386 positions, with the top ten at 16.5%. It sat 4.7% below its high of Aug 13, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EFA or FENI?
- In the year to Oct 28, 2026, with distributions reinvested, EFA returned +12.1% and FENI +14.2%.
- Which is cheaper, EFA or FENI?
- FENI is cheaper, by 0.04 percentage points a year. That is about $4 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, EFA against FENI, data as of Oct 28, 2026. https://etfiq.com/compare/any/efa-vs-feni
ETFIQ. (Oct 28, 2026). EFA against FENI. Retrieved from https://etfiq.com/compare/any/efa-vs-feni
[EFA against FENI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/efa-vs-feni)
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