Two Core-Shell, Ru(core)-Pt(Shell) and IrNi(Core)-PtRu(Shell). XC72-supported catalyst were synthesized in a two-step deposition process with NaBH(4) as reducing agent. The structure and composition of the Core-Shell catalysts were determined by EDS, XPS and XRD. Electrochemical characterization was performed with the use of cyclic voltammetry. Methanol and ethylene glycol oxidation activities of the Core-Shell catalysts (in terms of surface and mass activities) were studied at 80 degrees C and compared to those of a commercial Pt-Ru alloy catalyst. The surface activity of the alloy based catalyst, in the case of methanol oxidation, was found to be superior as a result of optimized surface Pt:Ru composition. However, the mass activity of the PtRu/IrNi/XC72 was higher than that of the alloy based catalyst by similar to 50%. Regarding ethylene glycol oxidation, while the surface activity of the alloy based catalyst was slightly higher than that of the Pt/Ru/XC72 catalyst, the latter showed similar to 66% higher activities in terms of A g(-1) of Pt. These results show the potential of Core-Shell catalysts for reducing the cost of catalysts for DMFC and DEGFC. (C) 2011 Elsevier B.V. All rights reserved.