What if you invested monthly in a Developed ex-US ETF (EFA) for 15 years?
See what a 15-year monthly plan into EFA—large-cap stocks in developed markets outside the U.S. like Europe, Japan, and Australia—would have looked like using real price data, and how it compares with the U.S. over the long run.
Investment conditions
Asset · Developed ex-US ETF (EFA)
Method · Recurring monthly investment
Period · 2011-07-01 ~ 2026-07-01
Amount · $222 / month
As of · 2026-07-01
Key metrics
These results do not reflect taxes. Based on historical data.
Risk & recovery
As important as returns. This service does not hide maximum drawdown or loss periods.
Maximum drawdown (MDD)
-32.9%
Largest drop from peak
Longest loss period
6months
Months in loss: 10
Recovery period
5months
Growth over time
Invested principal (dashed) and portfolio value (solid). Values below match the calculation.
Total invested $40,222 → Final value $80,546 (+100.3%), Maximum drawdown (MDD) -32.9%
Why this period and asset
EFA tracks the MSCI EAFE Index, diversifying across large-cap developed-market stocks outside the U.S.—Europe, Japan, Australia, and more. The 2011–2026 window saw a widening performance gap between the U.S. and the rest of the developed world. The 2011–2012 European debt crisis (fears over Greek, Spanish, and Italian bonds) rattled European equities, followed by years of low growth, low and even negative interest rates. Japan had Abenomics and a weaker yen but could not match the strength of U.S. tech. As a result, EFA lagged U.S. markets over this period—a frequently cited example in the 'U.S. exceptionalism' debate.
Interpreting the result
This scenario shows that 'developed markets outside the U.S.' are a diversifier, yet in certain periods they can lag the U.S. substantially. On the results screen, be sure to check the maximum drawdown, the underwater period, and the recovery time. Europe and Japan run on different economic and currency cycles than the U.S., which can help diversification, but in low-growth stretches they may underperform for long or recover slowly. Monthly investing buys more units during declines but does not remove regional and currency risk.
Caveats & limits
Even developed markets carry currency swings (euro, yen) and regional economic risk. As a foreign asset, USD/KRW changes affect returns in won terms, and the ETF's expense ratio, trading costs, and taxes erode real performance. Country and sector weightings within the index shape the result. Past behavior does not guarantee future results, and this page does not recommend buying any specific asset.
Data sources & limits
- Price data source: Yahoo Finance / FinanceDataReader
- Collected on: 2026-07-23
- Effective trading date: 2026-07-01
- Price basis: Adjusted close (reflects dividends and stock splits)
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
Why did buying developed markets ex-U.S. perform differently?
Over this period the U.S. was strong, led by large-cap tech, while Europe faced a debt crisis and low growth and Japan was slowly emerging from a long slump. Even among 'developed markets,' different compositions and sector weights drove different outcomes.
Does holding EFA alongside a U.S. ETF provide diversification?
It runs on different regional, currency, and economic cycles than the U.S., so it offers some diversification. But in global crises (such as the pandemic) they can fall together, so compare the maximum drawdown and underwater period with a U.S. scenario.
Do events like the European debt crisis affect monthly investing?
Yes. In large declines your balance can drop below what you invested. Dollar-cost averaging does buy more units during those periods, so it is important to review the underwater period and recovery time together.
Related scenarios
📋 Results are based on historical data; past returns do not guarantee future returns.
📋 This service is provided for educational purposes to help you understand investing, not as investment advice.