EFA vs IEFA: 86% overlap
iShares MSCI EAFE ETF and iShares Core MSCI EAFE ETF share 85.7% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
EFA and IEFA hold 677 of the same securities. The ten contributing most to the overlap figure:
| Holding | in EFA | in IEFA | Δ |
|---|---|---|---|
| ASML | 3.2% | 2.8% | 0.4% |
| HSBA | 1.6% | 1.4% | 0.2% |
| ROP | 1.4% | 1.2% | 0.2% |
| NOVN | 1.3% | 1.1% | 0.2% |
| SAN | 1.3% | 1.1% | 0.2% |
| AZN | 1.2% | 1.0% | 0.2% |
| NESN | 1.2% | 1.0% | 0.2% |
| SHEL | 1.2% | 1.0% | 0.2% |
| 8306 | 1.1% | 1.0% | 0.2% |
| SIE | 1.0% | 0.9% | 0.1% |
Where EFA and IEFA differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | EFA | IEFA | Δ |
|---|---|---|---|
| Financials | 25.8% | 24.2% | +1.6pp |
| Real Estate | 1.6% | 2.7% | −1.1pp |
| Materials | 5.8% | 6.4% | −0.6pp |
| Industrials | 19.0% | 19.6% | −0.6pp |
| Consumer Discretionary | 8.3% | 8.8% | −0.4pp |
| Health Care | 8.0% | 7.6% | +0.4pp |
| Consumer Staples | 7.0% | 6.7% | +0.3pp |
| Utilities | 4.5% | 4.2% | +0.3pp |
Δ is EFA minus IEFA, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
0.0% of EFA by weight, held in no part of IEFA.
13.7% of IEFA by weight, held in no part of EFA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| EFA | IEFA | |
|---|---|---|
| Top 10 holdings | 14.5% | 12.5% |
| Positions held | 678 | 2,567 |
| Cost per $10,000 held, per year | $33 | $7 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do EFA and IEFA overlap?
EFA and IEFA overlap 85.7% by portfolio weight — substantial duplication if you hold both. They share 677 holdings. The figure comes from current issuer holdings files (EFA as of 2026-07-23, IEFA as of 2026-07-23).
How is the overlap between EFA and IEFA calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If EFA holds a stock at 6% and IEFA holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both EFA and IEFA?
That depends on your goals — we state facts, not advice. At 85.7% overlap, most of what one fund holds, the other holds too. Expense ratios: EFA 0.33% versus IEFA 0.07%.
What does EFA own that IEFA doesn't?
EFA holds 678 positions and IEFA holds 2,567; 0 of EFA's positions don't appear in IEFA at all, and they are 0.0% of EFA by weight.
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Related comparisons
Sources: issuer holdings files, EFA as of 2026-07-23, IEFA as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.