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Ex-US stocks are a bargain right now after a big 2022 drop, but that doesn't mean traders and investors should buy EFA. EFA features big relative weakness since the June 16 stock market bottom.
While U.S. equity markets are down in 2022, advisors have not experienced significant benefits of diversification through international equity markets, particularly if they ignored the small suite of currency-hedged products available. Indeed, the iShares MSCI EAFE ETF (EFA) was down 12% year-to-date through June 8, with the Japan segment of the index down 15%.
EFA provides exposure to large and mid-cap stocks in developed markets, excluding the US and Canada. The fund is well-diversified both across industries and constituents. Based on the fundamentals of developed markets in Japan and Europe, I believe EFA is poised to underperform the S&P 500 going forward.
