ETFs

The Optimal ETFs For Each Market Segment

A Framework for Choosing ETFs

In one of my previous posts, I wrote about my framework for choosing ETFs since I wanted a method of choosing the optimal ETFs for expressing my market views. Generally, the framework is to choose an ETF with a low expense ratio, low trading costs, low tracking error, and a tax-advantaged structure.

One of the key insights I got from writing that post was that investors should weigh each of those elements depending on what kind of investor they are. A passive, long-term investor should heavily weight a low expense ratio and perhaps not care too much about trading costs. On the other hand, an active investor that trades often should heavily weight trading costs. At the extreme, an investor with no long or short bias should only care about trading costs and not the expense ratio because a high expense ratio is good if you are shorting the ETF.

ETF Scoring Methodology

In this post, I identify the optimal ETFs for each market segment for both a passive investor and active investor. Initially, I wanted to collect data by myself and create a scoring method to rank ETFs, but after a lot of research on this topic, I found that ETF.com has already scored ETFs across three metrics: efficiency, tradability, and fit. From the ETF website:

“In the ETF.com scoring methodology, E stands for Efficiency, which measures how well a fund delivers on its core promise, focusing on factors like tracking error, costs and systematic risk. T stands for Tradability, which measures the liquidity of the fund and the likelihood of getting a fair deal when trading an ETF. F stands for Fit, which measures how well the ETF captures the returns of the targeted market, compared against a neutral benchmark.”

I reviewed several other scoring methodologies from other providers, but I believe that ETF.com’s makes the most sense. Interested readers can learn more about their scoring methodology by looking at their FAQ and methodology.

The ETF.com scores range from 0 to 100 across the three metrics. To get a sense of the range of the scores, I plot the efficiency versus tradability scores below. Equity funds generally have the best scores, followed by fixed income, commodity, currency, and alternatives.

Optimal ETFs for Each Market Segment

Passive Score Versus Active Score

The ETF.com scoring methodology was still a little bit too confusing for me, so I wanted to mold their scoring methodology to fit my framework. All I want to know is the optimal ETF for each market segment, conditional on whether I am passively managing my investments or actively managing my investments. 

Therefore, I created weighted averages of ETF.com’s scores. For a passive investor, the weights are 70% efficiency, 20% tradability, and 10% fit. These weights were chosen because the primary cost for passive investors are the expense ratio which is captured in the efficiency score. Passive investors are less likely to trade in and out of ETFs, so trading costs captured in the tradability score are less relevant.

Along the same line of thinking, for an active investor, the weights are 20% efficiency, 70% tradability, and 10% fit.

I selected a 10% weight for fit because I wanted to slightly penalize ETFs that stray away from a broad-based market capitalization weight methodology, often seen in smart beta ETFs or ETFs with certain factor tilts.

The Optimal ETFs for Each Market Segment

Below are the various market segments ranked by assets under management and my selection on the optimal ETFs for a passive investor and active investor. For many market segments, the optimal passive ETF is not the same as the optimal active ETF.

I obtained this data from my post on scraping ETF data. You can also take a look at the code that generates these figures on my Github repository.

If you enjoyed reading this post, please consider following Signal Plot via email.

Market SegmentAUMPassive TickerPassive ScoreActive TickerActive Score
1Equity: U.S. – Large Cap451.91IVV99.65VOO99.49
2Equity: Developed Markets Ex-U.S. – Total Market140.78IEFA96.78EFA92.68
3Equity: U.S. – Total Market136.58SCHB99.74VTI99.75
4Equity: Emerging Markets – Total Market98.96IEMG94.98IEMG91.96
5Equity: U.S. – Mid Cap83.07VO99.24VO99.36
6Fixed Income: U.S. – Broad Market Investment Grade77.64AGG95.92AGG92.83
7Equity: U.S. – Large Cap Growth76.94SCHG98.52IVW98.79
8Equity: U.S. – Small Cap72.68SCHA99.26VB99.06
9Equity: U.S. – Large Cap Value71.22SCHV99.35VTV99.31
10Equity: U.S. – High Dividend Yield62.78SCHD98.81VYM99.00
11Equity: U.S. Real Estate53.28SCHH96.58VNQ98.06
12Commodities: Precious Metals Gold50.83OUNZ93.44GLD97.29
13Equity: Developed Europe – Total Market33.70VGK96.10VGK92.85
14Fixed Income: U.S. – Corporate Investment Grade33.40LQD90.87LQD90.43
15Fixed Income: U.S. – Corporate Investment Grade Short-Term32.72SCPB93.82SCPB92.92
16Equity: Global Ex-U.S. – Total Market28.40IXUS95.27VEU91.75
17Fixed Income: U.S. – Corporate High Yield28.34HYG82.60HYG85.88
18Equity: U.S. Technology27.91FTEC97.97VGT98.31
19Fixed Income: U.S. – Corporate Preferred Stock25.20PFXF79.21PFXF85.22
20Equity: Japan – Total Market22.94EWJ89.42EWJ88.08
21Equity: U.S. Health Care22.40FHLC98.96XLV98.68
22Fixed Income: U.S. – Corporate Investment Grade Intermediate22.30ITR93.83ITR93.43
23Equity: U.S. Financials21.61FNCL98.63VFH98.02
24Equity: U.S. Energy20.81XLE98.01XLE98.82
25Fixed Income: U.S. Government TIPS20.56SCHP97.91SCHP97.73
26Equity: U.S. – Small Cap Value20.52VBR99.16VBR99.05
27Equity: U.S. – Mid Cap Value19.34VOE98.00VOE98.10
28Fixed Income: U.S. – Government/Credit Investment Grade Short-Term18.57BSV87.08BSV77.89
29Equity: Global – Total Market18.48VT94.98VT95.01
30Equity: U.S. – Mid Cap Growth17.07VOT97.81VOT98.24
31Fixed Income: Emerging Markets – Sovereign16.64EMB83.35EMB82.52
32Fixed Income: U.S. Government Treasury Intermediate16.56ITE96.26IEI96.02
33Equity: U.S. Consumer Non-cyclicals16.49VDC97.85VDC98.49
34Equity: U.S. – Small Cap Growth16.39VBK98.59VBK98.66
35Equity: Global Gold Miners16.33RING91.03SGDM90.20
36Equity: U.S. Consumer Cyclicals14.07VCR98.03XLY98.60
37Equity: U.S. Utilities12.79VPU97.92VPU97.88
38Fixed Income: U.S. – Government/Credit Investment Grade Intermediate12.79GVI94.58GVI94.59
39Fixed Income: U.S. Government Agency MBS12.34VMBS92.84MBB94.50
40Fixed Income: U.S. Government Treasury Short-Term11.79SCHO97.55SCHO98.84
41Fixed Income: U.S. – Municipals Investment Grade11.42MUB87.89MUB78.93
42Equity: U.S. Industrials10.99XLI98.25XLI98.92
43Equity: U.S. Biotech10.91IBB92.50IBB95.45
44Fixed Income: U.S. Government Treasury Long-Term9.43TLO96.14TLT96.85
45Equity: Developed Markets Ex-U.S. – Small Cap9.21SCHC94.06SCZ89.75
46Equity: Global Ex-U.S. Real Estate9.14VNQI93.17VNQI88.33
47Fixed Income: U.S. – Corporate High Yield Short-Term8.00SHYG86.80SJNK82.24
48Commodities: Precious Metals Silver7.42SIVR96.29SIVR97.35
49Fixed Income: U.S. – Broad Market Investment Grade Short-Term7.26NEAR77.41NEAR76.36
50Fixed Income: Global – Broad Market6.23RIGS75.99BOND71.57
51Commodities: Broad Market6.05GCC75.90GSG88.90
52Fixed Income: U.S. – Corporate High Yield Floating Rate5.91BKLN69.88BKLN70.61
53Fixed Income: Global Ex-U.S. – Broad Market Investment Grade5.85BNDX83.99BNDX77.60
54Equity: India – Total Market5.81INDA86.20INDA85.73
55Equity: U.S. Banks5.48KBWB94.48KBWB96.24
56Equity: Global Natural Resources5.39GNR89.65IGE92.94
57Equity: U.S. Basic Materials5.32XLB97.47XLB97.64
58Equity: U.S. – Extended Market5.27VXF97.01VXF97.20
59Equity: Developed Europe – Large Cap5.16FEZ93.76FEZ90.79
60Fixed Income: U.S. Government Treasury Cash Equivalents5.00SHV96.42SHV97.81
61Fixed Income: U.S. – Municipals Investment Grade Short-Term4.79SHM86.80SHM77.90
62Commodities: Energy Crude Oil4.43USO89.50USO94.36
63Equity: Germany – Total Market4.42EWG92.27EWG92.47
64Fixed Income: U.S. Government TIPS Short-Term4.27STIP96.66VTIP97.93
65Equity: Brazil – Total Market3.86EWZ88.15EWZ93.00
66Equity: U.S. Internet3.84FDN88.03FDN93.21
67Equity: China – Large Cap3.83FXI78.83FXI83.00
68Equity: Global Technology3.80IXN91.35SKYY91.47
69Equity: Developed Asia-Pacific – Total Market3.78VPL94.91VPL90.05
70Equity: China – Total Market3.69PGJ80.22MCHI80.81
71Fixed Income: U.S. – Broad Market Investment Grade Floating Rate3.63FLOT90.20FLOT80.89
72Equity: South Korea – Total Market3.45EWY87.12EWY87.91
73Equity: Developed Markets Ex-U.S. – High Dividend Yield3.30IDV88.55IDV88.82
74Equity: Canada – Total Market3.03EWC93.33EWC96.24
75Equity: Developed Markets Ex-U.S. – Total Market Value2.96EFV90.77EFV89.00
76Equity: Global Real Estate2.95REET87.74RWO86.49
77Fixed Income: U.S. – Municipals High Yield2.89HYD78.25HYD74.20
78Equity: Asia-Pacific Ex-Japan – Total Market2.85AAXJ86.06AAXJ87.94
79Fixed Income: U.S. – Corporate Investment Grade Long-Term2.80CLY87.52VCLT83.31
80Fixed Income: U.S. – Convertibles2.76CWB67.79CWB66.96
81Fixed Income: U.S. Government Treasury2.69GOVT96.20GOVT97.58
82Equity: Taiwan – Total Market2.67EWT83.92EWT85.82
83Equity: Global Ex-U.S. – Small Cap2.62VSS91.52VSS85.92
84Fixed Income: U.S. Government TIPS Intermediate2.50TIPX87.31TDTF92.93
85Equity: U.S. Homebuilding2.41ITB91.44ITB95.05
86Equity: Developed Markets Ex-U.S. – Total Market Growth2.35EFG91.12EFG88.49
87Fixed Income: U.S. – Municipals Investment Grade Intermediate2.35ITM87.12ITM78.96
88Equity: Developed Asia-Pacific Ex-Japan – Total Market2.31EPP89.99EPP89.62
89Alternatives: Volatility2.25VXX82.45VXX89.50
90Alternatives: Absolute Returns2.21QAI76.91QAI88.41
91Equity: U.S. Pharmaceuticals2.20XPH89.22PJP91.12
92Equity: Developed Markets Ex-U.S. – Large Cap2.18FNDF90.61FNDF86.67
93Equity: U.S. Telecommunications2.13FCOM94.47VOX92.65
94Equity: Emerging Markets – High Dividend Yield2.11DEM83.37DEM85.46
95Equity: U.K. – Total Market2.10EWU91.04EWU90.65
96Equity: Russia – Total Market2.09RSX84.71RSX87.26
97Equity: U.S. Oil & Gas Exploration & Production2.04XOP93.19XOP95.45
98Equity: Hong Kong – Total Market2.00EWH87.53EWH87.84
99Equity: Global – Large Cap1.85IOO90.59IOO88.03
100Fixed Income: U.S. – Government/Credit Investment Grade Long-Term1.85BLV79.56BLV77.40
101Equity: Global Infrastructure1.83IGF89.34IGF91.44
102Equity: U.S. – Total Market Value1.72IUSV98.28IUSV95.53
103Equity: Australia – Total Market1.62EWA90.85EWA89.10
104Equity: Global Health Care1.57IXJ91.63IXJ94.12
105Equity: Emerging Markets – Small Cap1.52DGS78.94DGS81.06
106Fixed Income: Global Ex-U.S. – Sovereign Investment Grade1.52BWX82.05BWX77.79
107Equity: Global Water1.46CGW88.43CGW88.63
108Equity: U.S. Health Care Equipment & Supplies1.45IHI93.43IHI97.08
109Equity: Global – High Dividend Yield1.37SDIV81.67SDIV84.87
110Equity: U.S. Aerospace & Defense1.36ITA92.47ITA95.88
111Fixed Income: Global – Corporate High Yield Floating Rate1.35SRLN69.14SRLN69.92
112Equity: U.S. Mortgages1.33MORT88.55REM94.18
113Equity: Switzerland – Total Market1.22EWL89.64EWL91.61
114Fixed Income: Global – Corporate1.20FPE70.29FPE81.66
115Equity: India – Large Cap1.17PIN73.31PIN81.43
116Equity: Global Energy1.14IXC91.14IXC92.25
117Equity: Global Ex-U.S. – High Dividend Yield1.10DWX82.32DWX84.80
118Fixed Income: U.S. – Municipals Build America Bonds1.07BAB80.80BAB73.88
119Fixed Income: U.S. Government Short-Term1.06VGSH96.51VGSH98.29
120Equity: Developed Europe – Small Cap1.05IEUS84.47DFE86.31
121Fixed Income: Global – Broad Market High Yield1.02HYLS62.13HYLS70.62
122Inverse Currency: Basket – Global Ex-US1.02UUP84.94UUP93.23
123Equity: U.S. – Total Market Growth1.01IUSG98.51IUSG96.19
124Fixed Income: Global Cash Equivalents1.01GSY76.98GSY76.28
125Commodities: Agriculture0.95DBA76.26DBA85.87
126Equity: Mexico – Total Market0.93EWW94.20EWW97.94
127Equity: North America Technology0.92IGM91.35IGM93.68
128Equity: Global Agriculture0.91MOO89.74MOO90.96
129Fixed Income: U.S. – Broad Market0.91IUSB82.23IUSB72.64
130Fixed Income: U.S. – Broad Market Short-Term0.89ISTB92.98ISTB85.49
131Fixed Income: U.S. Government Intermediate0.89VGIT90.55VGIT92.35
132Equity: U.S. Financial Services0.86IYG92.53IYG95.95
133Fixed Income: California – Municipals Investment Grade0.85CMF87.34CMF76.44
134Equity: Latin America – Large Cap0.84ILF89.98ILF95.34
135Equity: U.S. – Micro Cap0.84IWC87.48IWC90.07
136Fixed Income: U.S. – Corporate Preferred Stock Floating Rate0.83VRP69.41VRP81.89
137Equity: Emerging Markets – Large Cap0.78ADRE83.19FNDE83.58
138Fixed Income: U.S. – Corporate High Yield Intermediate0.77BSJK71.57BSJK69.97
139Equity: U.S. Insurance0.75KIE92.54KIE95.00
140Equity: Indonesia – Total Market0.74EIDO88.49EIDO88.02
141Equity: U.S. Transportation0.74IYT92.14IYT96.67
142Fixed Income: Developed Markets Ex-U.S. – Sovereign0.73IGOV77.92IGOV71.54
143Equity: Emerging Asia-Pacific – Total Market0.71EEMA85.22GMF80.21
144Equity: Global Oil & Gas Equipment & Services0.70OIH91.61OIH93.48
145Equity: Emerging Markets Consumer Cyclicals0.69ECON71.12ECON80.85
146Equity: U.S. Health Care Providers & Services0.69IHF91.74IHF92.96
147Equity: Global Renewable Energy0.68QCLN78.52TAN78.30
148Equity: U.S. Semiconductors0.68SOXX91.91SOXX96.35
149Equity: North America Software0.67IGV89.63IGV93.62
150Equity: Global Consumer Non-cyclicals0.64KXI89.97KXI88.70
151Fixed Income: U.S. Government Agencies0.62AGZ89.06AGZ76.05
152Equity: Global Biotech0.61BBH94.03BBH96.02
153Equity: Global Silver Miners0.61SLVP87.89SLVP85.58
154Equity: Japan – Small Cap0.61SCJ89.94SCJ86.62
155Fixed Income: Global Ex-U.S. – Sovereign Inflation-Protected0.61WIP70.84WIP63.54
156Equity: Spain – Total Market0.60EWP91.28EWP91.39
157Commodities: Energy Natural Gas0.59UNG81.19UNG90.57
158Commodities: Precious Metals0.57GLTR85.32DBP90.62
159Equity: Singapore – Total Market0.56EWS87.36EWS85.70
160Commodities: Precious Metals Platinum0.54PPLT92.04PPLT95.49
161Equity: U.S. Metals & Mining0.54XME92.05XME94.72
162Equity: U.S. Retail0.53XRT90.15XRT92.76
163Fixed Income: U.S. Government Long-Term0.53VGLT84.29VGLT90.99
164Equity: Frontier Markets – Total Market0.50FM56.80FM71.24
165Fixed Income: U.S. – Broad Market Intermediate0.48VBND63.28VBND66.75
166Equity: Developed Markets – Total Market0.47URTH92.16URTH85.08
167Equity: U.S. Oil & Gas Equipment & Services0.45IEZ91.76IEZ92.22
168Equity: Italy – Total Market0.43EWI90.14EWI90.41
169Equity: South Africa – Total Market0.42EZA89.07EZA88.89
170Equity: Thailand – Total Market0.42THD87.13THD87.06
171Equity: Global Metals & Mining0.37PICK86.67PICK83.37
172Equity: Global Private Equity0.37PSP49.34PSP78.77
173Equity: Global Telecommunications0.37IXP89.64IXP87.81
174Fixed Income: Emerging Markets – Broad Market0.37ELD68.01ELD62.31
175Equity: Turkey – Total Market0.36TUR90.18TUR88.91
176Equity: Asia-Pacific Ex-Japan – Large Cap0.35AIA82.67AIA82.56
177Equity: Global Timber0.35WOOD80.04WOOD68.40
178Equity: Global Consumer Cyclicals0.34RXI89.12RXI86.26
179Equity: Developed Europe Financials0.33EUFN88.32EUFN88.60
180Equity: Malaysia – Total Market0.33EWM86.67EWM84.45
181Equity: Vietnam – Total Market0.33VNM72.30VNM76.75
182Fixed Income: U.S. – Corporate Asset-backed0.33CMBS90.04CMBS85.03
183Equity: Chile – Total Market0.32ECH88.80ECH91.18
184Fixed Income: Global – Broad Market Short-Term0.32MINC67.83MINC70.02
185Fixed Income: Emerging Markets – Corporate High Yield0.31HYEM70.36HYEM65.11
186Fixed Income: New York – Municipals Investment Grade0.30NYF85.12NYF70.08
187Equity: France – Total Market0.29EWQ91.48EWQ91.73
188Equity: India – Small Cap0.29SMIN78.48SCIF69.00
189Equity: Sweden – Total Market0.29EWD86.28EWD88.98
190Equity: China Technology0.28KWEB76.63KWEB84.51
191Equity: Global Semiconductors0.27SMH92.21SMH95.44
192Fixed Income: U.S. – Government/Credit Investment Grade0.27GBF91.81GBF86.07
193Currency: Euro0.26FXE86.35FXE95.86
194Equity: Global Pharmaceuticals0.25PPH90.52PPH91.09
195Equity: Philippines – Total Market0.25EPHE87.70EPHE87.89
196Equity: Greece – Total Market0.24GREK73.31GREK77.73
197Equity: U.S. Natural Gas0.24FCG92.15FCG96.21
198Fixed Income: North America – Corporate Preferred Stock0.24SPFF71.55SPFF78.04
199Fixed Income: U.S. – Municipals Investment Grade Long-Term0.24MLN85.37MLN73.89
200Currency: Pound Sterling0.23FXB86.37FXB95.86
201Equity: Global Financials0.23IXG89.20IXG83.77
202Equity: Global Basic Materials0.22MXI88.05MXI79.63
203Equity: Peru – Total Market0.21EPU77.93EPU83.49
204Commodities: Industrial Metals0.20DBB81.75DBB90.00
205Currency: Canadian Dollar0.20FXC86.07FXC94.94
206Fixed Income: U.S. – Broad Market Long-Term0.20ILTB90.99ILTB80.98
207Fixed Income: U.S. – Municipals0.20FMB66.51FMB49.15
208Commodities: Agriculture Coffee0.19JO75.21JO90.11
209Commodities: Precious Metals Palladium0.19PALL91.28PALL92.73
210Equity: Poland – Total Market0.19EPOL88.54EPOL89.50
211Fixed Income: Developed Markets Ex-U.S. – Corporate Investment Grade0.19PICB75.44PICB69.26
212Currency: Australian Dollar0.18FXA85.73FXA93.28
213Equity: Developed Europe – High Dividend Yield0.18FDD73.06FDD77.95
214Equity: Global Industrials0.18EXI86.32EXI76.19
215Equity: Netherlands – Total Market0.18EWN89.75EWN90.78
216Equity: New Zealand – Total Market0.18ENZL89.29ENZL84.28
217Fixed Income: Developed Markets Ex-U.S. – Corporate High Yield0.18HYXU70.36HYXU46.61
218Fixed Income: Global Ex-U.S. – Sovereign Investment Grade Short-Term0.18BWZ72.00BWZ51.37
219Fixed Income: Global Ex-U.S. – Corporate Investment Grade0.17IBND80.47IBND68.41
220Currency: Swiss Franc0.16FXF84.90FXF90.58
221Equity: Developed Markets Ex-Japan – Total Market0.16TOK89.08TOK68.62
222Equity: Developed Markets Ex-U.S. – Extended Market0.16PDN68.99PDN57.50
223Equity: Developed Markets Ex-U.S. – Mid Cap0.16DIM81.78DIM67.57
224Equity: Global – Extended Market0.16WBIC67.00WBIC66.53
225Equity: U.S. Banking and Investment Services0.16IAI90.59IAI85.83
226Equity: U.S. Food0.16PBJ87.18PBJ88.45
227Equity: Brazil – Small Cap0.15EWZS80.52BRF80.42
228Equity: China – Small Cap0.15HAO65.45HAO62.70
229Equity: Global Nuclear Energy0.15NLR71.38URA75.40
230Equity: Global Utilities0.15JXI91.03JXI87.13
231Fixed Income: Australia and New Zealand – Sovereign Intermediate0.15AUNZ63.93AUNZ38.23
232Commodities: Energy0.14DBE74.89DBE83.98
233Currency: Japanese Yen0.14FXY83.55FXY95.06
234Equity: Belgium – Total Market0.14EWK89.68EWK89.14
235Fixed Income: U.S. – Municipals High Yield Intermediate0.14SHYD67.30SHYD52.47
236Equity: Israel – Total Market0.13EIS77.77EIS60.75
237Equity: Latin America – Total Market0.13GML63.62GML62.63
238Equity: Norway – Total Market0.13NORW88.98NORW67.85
239Equity: U.S. Software0.13XSW83.24XSW70.01
240Fixed Income: Global Ex-U.S. – Corporate High Yield0.13IHY76.13IHY60.72
241Equity: Global Retail0.12RTH91.49RTH92.66
242Equity: Ireland – Total Market0.12EIRL81.09EIRL83.67
243Equity: Asia-Pacific – High Dividend Yield0.11DVYA80.15DVYA72.21
244Equity: U.S. Leisure & Recreation0.11PEJ80.94PEJ81.14
245Equity: U.S. Private Equity0.11BIZD66.30BIZD76.71
246Equity: Colombia – Total Market0.10GXG68.69GXG67.91
247Equity: Global Steel0.10SLX80.31SLX84.25
248Fixed Income: Developed Markets – Corporate High Yield0.10GHYG71.67GHYG52.13
249Fixed Income: Developed Markets Ex-U.S. – Corporate Preferred Stock0.10IPFF74.83IPFF70.95
250Fixed Income: U.S. Government TIPS Long-Term0.10LTPZ73.36LTPZ69.09
251Commodities: Agriculture Grains0.09JJG79.26JJG90.60
252Equity: Global Environment0.09EVX68.51EVX63.87
253Fixed Income: Developed Markets Ex-U.S. – Sovereign Short-Term0.09ISHG80.39ISHG57.47
254Fixed Income: Emerging Markets – Broad Market High Yield0.09EMHY68.37EMHY51.08
255Commodities: Agriculture Corn0.08CORN52.93CORN76.00
256Equity: Global – Small Cap0.08SMCP64.59SMCP58.23
257Equity: Global Coal0.08KOL79.04KOL77.31
258Equity: India Consumer Cyclicals0.08INCO66.02INCO61.38
259Equity: U.S. Construction & Engineering0.08PKB80.49PKB71.43
260Equity: U.S. Media & Publishing0.08PBS82.64PBS73.51
261Fixed Income: Emerging Markets – Corporate0.08CEMB64.29CEMB44.18
262Fixed Income: Global – Sovereign Inflation-Protected0.08ILB59.91ILB33.37
263Fixed Income: U.S. – Corporate0.08FCOR69.24FCOR58.55
264Fixed Income: U.S. – Corporate Investment Grade Floating Rate0.08FLTR80.39FLTR56.64
265Currency: Chinese Renminbi0.07CYB73.62CYB64.56
266Equity: Africa – Total Market0.07AFK63.29AFK46.50
267Equity: Argentina – Total Market0.07ARGT63.31ARGT65.37
268Equity: Austria – Total Market0.07EWO85.58EWO77.70
269Equity: China Consumer Cyclicals0.07CHIQ74.61CHIQ58.37
270Equity: Developed Europe Real Estate0.07IFEU83.08IFEU64.15
271Equity: Developed Markets Real Estate0.07FFR67.35FFR56.04
272Equity: Emerging Markets Infrastructure0.07PXR59.97EMIF56.28
273Equity: Global – Extended Market Growth0.07WBIA67.00WBIA65.16
274Equity: Global – Extended Market Value0.07WBIB66.29WBIB64.16
275Equity: Global – Total Market Value0.07GVAL63.10GVAL54.88
276Equity: North America Communications Equipment0.07IGN86.64IGN79.61
277Fixed Income: Global – Broad Market Investment Grade Short-Term0.07LDUR68.19LDUR56.15
278Commodities: Agriculture Sugar0.06SGG75.66SGG89.75
279Equity: Global – Large Cap Growth0.06WBIE67.35WBIE65.74
280Equity: Global – Large Cap Value0.06WBIF66.15WBIF63.80
281Equity: Global Oil & Gas0.06FRAK78.69FRAK67.77
282Equity: Russia – Small Cap0.06RSXJ62.50RSXJ56.44
283Fixed Income: U.S. – Broad Market High Yield Short-Term0.06PGHY60.52PGHY49.47
284Fixed Income: U.S. – Municipals VRDO Floating Rate0.06PVI83.82PVI59.32
285Commodities: Agriculture Wheat0.05WEAT49.57WEAT69.23
286Commodities: Industrial Metals Copper0.05JJC75.38JJC80.37
287Currency: Basket – Emerging Markets0.05CEW71.15CEW56.79
288Equity: Denmark – Total Market0.05EDEN86.62EDEN83.93
289Equity: Global Ex-U.S. Health Care0.05IRY74.99IRY65.99
290Equity: Global Ex-U.S. Utilities0.05IPU82.96IPU63.49
291Equity: Global Shipping0.05SEA72.67SEA68.63
292Equity: Qatar – Total Market0.05QAT72.06QAT44.81
293Fixed Income: China – Broad Market Intermediate0.05DSUM64.87DSUM35.21
294Currency: Basket – Global Ex-US0.04UDN75.19UDN75.32
295Equity: Australia – High Dividend Yield0.04AUSE75.56AUSE49.56
296Equity: China Real Estate0.04TAO73.37TAO75.06
297Equity: Global Ex-U.S. Energy0.04IPW81.66IPW69.07
298Equity: Japan Real Estate0.04DXJR76.98DXJR71.87
299Equity: Nordic – Total Market0.04GXF71.12GXF63.71
300Equity: United Arab Emirates – Total Market0.04UAE67.73UAE42.81
301Fixed Income: Global – Broad Market Intermediate0.04DI57.49DI36.69
302Fixed Income: U.S. – Broad Market Investment Grade Ultra-Short Term0.04ULST69.26ULST47.97
303Fixed Income: U.S. Government Agency MBS Intermediate0.04MBSD71.89MBSD58.12
304Equity: Canada Oil & Gas Exploration & Production0.03ENY78.39ENY71.36
305Equity: Emerging Europe – Total Market0.03GUR65.42GUR57.80
306Equity: Emerging Middle East & Africa – Total Market0.03GAF78.79GAF54.93
307Equity: Finland – Total Market0.03EFNL81.53EFNL68.03
308Equity: Frontier Middle East & Africa – Total Market0.03GULF68.27GULF49.74
309Equity: Global Ex-U.S. – Large Cap0.03RTR71.86RTR63.18
310Equity: Global Ex-U.S. – Total Market Value0.03IVAL65.64IVAL46.26
311Equity: Global Ex-U.S. Consumer Non-cyclicals0.03IPS78.79IPS60.55
312Equity: Global Ex-U.S. Telecommunications0.03IST71.45IST61.43
313Equity: Global Oil & Gas Exploration & Production0.03FILL76.61FILL53.74
314Equity: Portugal – Total Market0.03PGAL77.67PGAL56.09
315Equity: U.K. – Small Cap0.03EWUS80.76EWUS64.02
316Fixed Income: Asia-Pacific – Broad Market Intermediate0.03ALD60.83ALD39.02
317Commodities: Agriculture Cocoa0.02NIB75.96NIB75.45
318Commodities: Agriculture Cotton0.02BAL76.08BAL83.77
319Commodities: Agriculture Livestock0.02COW72.62COW70.81
320Currency: Brazilian Real0.02BZF77.94BZF68.46
321Currency: Swedish Krona0.02FXS78.39FXS73.49
322Equity: Asia-Pacific – Large Cap0.02ADRA77.33ADRA60.43
323Equity: China Financials0.02CHIX75.54CHIX59.90
324Equity: Egypt – Total Market0.02EGPT60.27EGPT47.73
325Equity: Emerging Markets Internet0.02EMQQ63.62EMQQ61.02
326Equity: Germany – Small Cap0.02EWGS81.23EWGS65.87
327Equity: Global Autos0.02CARZ64.96CARZ58.56
328Equity: Global Casinos / Gaming0.02BJK65.53BJK58.73
329Equity: Nigeria – Total Market0.02NGE60.46NGE50.26
330Fixed Income: U.S. Government Treasury Floating Rate0.02TFLO88.91TFLO75.36
331Commodities: Agriculture Softs0.01GRWN70.06GRWN64.66
332Commodities: Agriculture Soybeans0.01SOYB48.13SOYB67.31
333Commodities: Broad Market Metals0.01RJZ53.44RJZ54.77
334Commodities: Industrial Metals Nickel0.01NINI70.77NINI64.14
335Currency: Indian Rupee0.01ICN68.44ICN56.52
336Equity: Australia – Small Cap0.01KROO67.94KROO42.62
337Equity: Brazil – Mid Cap0.01BRAZ57.30BRAZ45.55
338Equity: Brazil Consumer Cyclicals0.01BRAQ50.87BRAQ41.21
339Equity: Canada – Small Cap0.01CNDA73.14CNDA61.46
340Equity: Global Construction & Engineering0.01FLM63.58FLM58.55
341Equity: Global Ex-U.S. – Total Market Growth0.01AADR55.47AADR44.39
342Equity: Global Ex-U.S. Basic Materials0.01IRV69.97IRV46.85
343Equity: Global Ex-U.S. Consumer Cyclicals0.01IPD68.02IPD53.52
344Equity: Global Ex-U.S. Financials0.01IPF69.55IPF51.77
345Equity: Global Ex-U.S. Industrials0.01IPN69.71IPN60.60
346Equity: Global Ex-U.S. Technology0.01IPK63.46IPK46.96
347Equity: Global Internet0.01ARKW67.46ARKW61.48
348Equity: Global Phones & Handheld Devices0.01FONE54.53FONE39.79
349Equity: Indonesia – Small Cap0.01IDXJ49.74IDXJ34.39
350Equity: Japan Financials0.01DXJF66.97DXJF59.61
351Equity: Japan Health Care0.01DXJH73.54DXJH62.65
352Equity: Southeast Asia – Total Market0.01ASEA63.87ASEA53.08
353Fixed Income: Emerging Markets – Sovereign Short-Term0.01EMSH52.38EMSH29.98
354Fixed Income: Germany – Sovereign Investment Grade Intermediate0.01BUNL65.46BUNL42.40
355Fixed Income: Global – Corporate Intermediate0.01CRDT58.70CRDT39.49
356Fixed Income: U.S. – Municipals Intermediate0.01GMMB62.31GMMB41.23
357Commodities: Energy Carbon Credits0.00GRN50.02GRN40.21
358Commodities: Energy Heating Oil0.00UHN75.49UHN64.67
359Commodities: Industrial Metals Aluminum0.00FOIL69.88FOIL61.83
360Commodities: Industrial Metals Lead0.00LEDD71.67LEDD61.54
361Commodities: Industrial Metals Tin0.00JJT64.02JJT50.86
362Currency: Singapore Dollar0.00FXSG66.90FXSG49.30
363Equity: China Basic Materials0.00CHIM56.36CHIM43.80
364Equity: China Energy0.00CHIE67.65CHIE49.69
365Equity: China Industrials0.00CHII50.68CHII37.21
366Equity: Emerging Markets Real Estate0.00EMRE63.09EMRE56.70
367Equity: Japan Industrials0.00DXJC69.70DXJC57.32
368Equity: Japan Technology0.00DXJT60.91DXJT55.96
369Fixed Income: Germany – Sovereign Investment Grade0.00GGOV57.45GGOV31.82
370Fixed Income: Japan – Sovereign Investment Grade Intermediate0.00JGBL65.60JGBL45.74

About

I am interested in building investing systems, and this blog contains my research and analysis on this topic. I previously worked as an analyst at Bridgewater Associates, a hedge fund that utilizes a systematic, global macro investing style.

  1. Hey Kevin, this is a great list. I was testing my trading strategies with different ETFs and this helps a lot.

  2. Pingback: News Worth Reading: September 30, 2016 | Eqira

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  4. That is truly a great list, a goldmine. Thanks for making the effort and for sharing

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