EFA vs PPIE
iShares MSCI EAFE ETF vs Putnam PanAgora ESG International Equity ETF
Which is better, EFA or PPIE?
Nearly the same fund. EFA costs less.
EFA has a lower expense ratio. PPIE led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. EFA is less concentrated, with 14.1% of the fund in its ten largest positions against 26.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EFA | PPIE |
|---|---|---|
| Expense Ratio | 0.32%Best | 0.49% |
| AUM | $76.7B | $4M |
| Dividend Yield | 3.24% | 12.07% |
| Holdings | 682 | 142 |
| Volatility (annualized) | 12.5% | 12.1%Best |
| Max Drawdown | -14.1% | -13.6%Best |
| $10,000 over 3.4 years | $15,998 | $17,025Best |
| Top 10 Weight | 14.1%Best | 26.8% |
| Fund Family | iShares by BlackRock (US) | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 14, 2001 | Jan 19, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 127 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. EFA has data through Oct 14, 2026 and PPIE through Jun 9, 2026.
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Jan 20, 2023 to Jun 9, 2026 (3.4 years).
Risk: Volatility and Drawdowns
EFA has been the more volatile fund, with annualized monthly volatility of 12.5% compared with 12.1% for PPIE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.1% for EFA and -13.6% for PPIE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
EFA charges 0.32% per year while PPIE charges 0.49%. On a $10,000 position that is $32 vs $49 annually, a gap of $17 per year that compounds over a long holding period. On income, EFA currently yields 3.24% against 12.07% for PPIE.
Holdings Overlap
22.1% of EFA's money is in holdings PPIE also owns. 55.1% of PPIE's money is in holdings EFA also owns.
The two portfolios partly overlap.
The two holdings books were reported 216 days apart, EFA as of Oct 1, 2026 and PPIE as of Feb 27, 2026, so some of the difference between them is the time between the two reports rather than the funds.
73 positions in common, counted across the 655 positions we hold weights for in EFA and 137 in PPIE, against full books of 682 and 142.
What only one of them owns
Our book lists 0 positions for PPIE that do not appear in our book for EFA (1.3% of the fund), and 8 for EFA that do not appear in PPIE (3.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in EFA | Weight in PPIE | Difference |
|---|---|---|---|
| ASML:ASASML HOLDING NV | 3.27% | 3.63% | 0.36% |
| ISP:MIIntesa Sanpaolo SpA Shs | 0.48% | 2.75% | 2.27% |
| TSCO:LNTesco Plc | 0.19% | 2.92% | 2.73% |
| 8001:JPItochu Corp | 0.36% | 2.37% | 2.01% |
| SIE:SGSiemens Ag | 1.04% | 1.65% | 0.61% |
| 8306:JPMitsubishi Ufj Financial Group, Inc. | 1.14% | 1.28% | 0.14% |
| BHP:AUBhp Group Ltd | 0.99% | 1.29% | 0.30% |
| III:LN3I Group PLC | 0.15% | 2.10% | 1.95% |
| HSBA:LNHsbc Holdings Plc | 1.53% | 0.36% | 1.17% |
| UCG:MIUnicredit Spa | 0.57% | 1.22% | 0.65% |
55.1% of PPIE is already inside EFA.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EFA or PPIE?
EFA has an expense ratio of 0.32% while PPIE charges 0.49%. EFA is the cheaper option, by $17 a year on a $10,000 investment.
Which is riskier, EFA or PPIE?
EFA has been the more volatile fund at 12.5% annualized versus 12.1% for PPIE. Worst drawdown: EFA -14.1% vs PPIE -13.6%.
Should I hold both EFA and PPIE?
EFA and PPIE have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between EFA and PPIE?
55.1% of PPIE's money is in holdings EFA also owns. 55.1% of PPIE's is in holdings EFA also owns. They hold 73 positions in common, counted across the 655 positions we hold weights for in EFA and 137 in PPIE.
Which pays a higher dividend, EFA or PPIE?
EFA yields 3.24% while PPIE yields 12.07%, so PPIE currently pays the higher dividend yield.
Is PPIE better than EFA?
EFA has a lower expense ratio. PPIE led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. EFA is less concentrated, with 14.1% of the fund in its ten largest positions against 26.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.