Developed ex-US (EFA) vs Nasdaq 100 (QQQ)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
EFA skews value (financials, industrials, staples); QQQ is pure growth. When EFA outperforms QQQ, global value leadership, rising rates, or dollar weakness are dominant. When QQQ outperforms EFA, US growth and tech earnings power overwhelm all other factors. The ratio is one of the cleanest growth-vs-value global signals.
Cross-Asset Analysis
This page pairs EAFE Developed (EFA) (iShares MSCI EAFE ETF, developed markets excluding US and Canada) against Nasdaq 100 ETF (QQQ) (invesco QQQ tracking the Nasdaq 100, tech-heavy growth index) to surface the specific macro signal that lives in the peer pair relationship. Structural changes inside EAFE Developed (EFA) or Nasdaq 100 ETF (QQQ), such as index reconstitution or methodology shifts, can break historical spread relationships in discrete jumps. Liquidity differences between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) produce asymmetric spread moves during risk-off episodes.
Mid-cycle stretches see the EAFE Developed (EFA)-Nasdaq 100 ETF (QQQ) spread compress as macro volatility stays low and factor returns normalize. Sector, style, and geographic dominance cycles each produce multi-year relative performance episodes between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ). In bull markets the more aggressive peer between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) typically leads, while bear markets shift leadership toward the more defensive peer.
Flows matter for the EAFE Developed (EFA)-Nasdaq 100 ETF (QQQ) relationship: when one peer attracts more capital, it outperforms on demand pressure that often mean-reverts. Factor exposures embedded inside EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) drive their relative performance, with growth-value, large-small, and domestic-international all surfacing in the spread.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ)?+
EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) captures the specific macro signal that flows through this relationship.
When does EAFE Developed (EFA) typically lead Nasdaq 100 ETF (QQQ)?+
EAFE Developed (EFA) tends to lead Nasdaq 100 ETF (QQQ) during rotation episodes between the two factor exposures. In those periods, moves in EAFE Developed (EFA) precede corresponding moves in Nasdaq 100 ETF (QQQ) by days to weeks, depending on the transmission channel and the depth of each market.
How are EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) historically correlated?+
Long-run correlation between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the EAFE Developed (EFA)-Nasdaq 100 ETF (QQQ) relationship.
What macro conditions drive divergence between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ)?+
Divergence between EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in EAFE Developed (EFA) or Nasdaq 100 ETF (QQQ).
Is EAFE Developed (EFA) a hedge for Nasdaq 100 ETF (QQQ)?+
Peers like EAFE Developed (EFA) and Nasdaq 100 ETF (QQQ) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the EAFE Developed (EFA)-Nasdaq 100 ETF (QQQ) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.