ARGT vs. EWS

Last updated Jun 13, 2026

ARGT (Global X MSCI Argentina ETF) and EWS (iShares MSCI Singapore ETF) are both exchange-traded funds - ARGT is a Latin America Equities fund tracking the MSCI All Argentina 25/50, while EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index. Both are passively managed. Over the past 10 years, ARGT returned 17.70%/yr vs 7.88%/yr for EWS. At a 0.49 correlation, their price movements are largely independent. ARGT charges 0.60%/yr vs 0.50%/yr for EWS.

Performance

ARGT vs. EWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Argentina ETF (ARGT) and iShares MSCI Singapore ETF (EWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARGT achieves a 7.11% return, which is significantly higher than EWS's 5.96% return. Over the past 10 years, ARGT has outperformed EWS with an annualized return of 17.70%, while EWS has yielded a comparatively lower 7.88% annualized return.

ARGT

• 1D: -0.06%
• 1M: 10.92%
• YTD: 7.11%
• 6M: 9.09%
• 1Y: 12.55%
• 3Y*: 33.30%
• 5Y*: 27.23%
• 10Y*: 17.70%

EWS

• 1D: 0.07%
• 1M: -0.82%
• YTD: 5.96%
• 6M: 7.68%
• 1Y: 17.42%
• 3Y*: 20.28%
• 5Y*: 8.93%
• 10Y*: 7.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARGT vs. EWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARGT Global X MSCI Argentina ETF	7.11%	11.51%	63.46%	53.64%	11.80%	3.83%	14.58%	14.50%	-32.62%	53.87%
EWS iShares MSCI Singapore ETF	5.96%	31.35%	22.10%	6.15%	-9.80%	5.47%	-8.47%	14.54%	-11.34%	34.78%

Correlation

The correlation between ARGT and EWS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 3, 2011	0.49

ARGT vs. EWS - Sectors Allocation Comparison

Sectors	ARGT	EWS
Consumer Cyclical	26.3%	3.5%
Energy	22.2%	-
Financial Services	13.7%	52.2%
Basic Materials	13.3%	-
Industrials	8.3%	18.1%
Consumer Defensive	6.9%	4.6%
Utilities	5.1%	4.7%
Communication Services	2.9%	4.2%
Real Estate	1.3%	8.6%
Healthcare	-	-
Technology	-	4.0%

Return for Risk

ARGT vs. EWS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARGT

ARGT Risk / Return Rank: 17
ARGT Sharpe Ratio Rank: 15
ARGT Sortino Ratio Rank: 17
ARGT Omega Ratio Rank: 17
ARGT Calmar Ratio Rank: 17
ARGT Martin Ratio Rank: 16

EWS

EWS Risk / Return Rank: 39
EWS Sharpe Ratio Rank: 35
EWS Sortino Ratio Rank: 36
EWS Omega Ratio Rank: 35
EWS Calmar Ratio Rank: 51
EWS Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARGT vs. EWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Argentina ETF (ARGT) and iShares MSCI Singapore ETF (EWS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ARGT	EWS	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.15	-0.81
Sortino ratio: Return per unit of downside risk	0.83	1.69	-0.86
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.57	2.24	-1.67
Martin ratio: Return relative to average drawdown	1.25	5.40	-4.15

ARGT vs. EWS - Sharpe Ratio Comparison

The current ARGT Sharpe Ratio is 0.34, which is lower than the EWS Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of ARGT and EWS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARGT vs. EWS - Drawdown Comparison

The maximum ARGT drawdown since its inception was -61.68%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for ARGT and EWS.

Drawdown Indicators

	ARGT	EWS	Difference
Max Drawdown Largest peak-to-trough decline	-61.68%	-75.13%	+13.45%
Max Drawdown (1Y) Largest decline over 1 year	-22.25%	-7.82%	-14.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.46%	-16.34%	-12.12%
Max Drawdown (5Y) Largest decline over 5 years	-35.14%	-29.06%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-61.68%	-40.84%	-20.84%
Current Drawdown Current decline from peak	-4.89%	-2.77%	-2.12%
Average Drawdown Average peak-to-trough decline	-22.02%	-21.98%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.34%	3.23%	+7.11%

Volatility

ARGT vs. EWS - Volatility Comparison

Global X MSCI Argentina ETF (ARGT) has a higher volatility of 11.28% compared to iShares MSCI Singapore ETF (EWS) at 5.05%. This indicates that ARGT's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARGT	EWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.28%	5.05%	+6.23%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	12.11%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	37.19%	15.24%	+21.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.06%	17.34%	+14.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.50%	18.04%	+13.46%

ARGT vs. EWS - Expense Ratio Comparison

ARGT has a 0.60% expense ratio, which is higher than EWS's 0.50% expense ratio.

Dividends

ARGT vs. EWS - Dividend Comparison

ARGT's dividend yield for the trailing twelve months is around 0.79%, less than EWS's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGT Global X MSCI Argentina ETF	0.79%	0.84%	1.41%	1.59%	2.45%	0.93%	0.28%	1.21%	1.34%	0.49%	0.36%	0.89%
EWS iShares MSCI Singapore ETF	3.87%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%

Frequently Asked Questions

Can I hold both ARGT and EWS in my portfolio?

ARGT and EWS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARGT or EWS?

ARGT has higher volatility (11.28%) compared to EWS (5.05%). In terms of maximum drawdown, ARGT dropped -61.68% vs EWS's -75.13%.

Which ETF is better, ARGT or EWS?

On 10-year performance, ARGT leads with 17.70% vs 7.88% for EWS. On fees, EWS is cheaper at 0.50% per year. On volatility, EWS has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARGT or EWS?

Over the 10-year period, ARGT has performed better with a 17.70% return vs 7.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARGT or EWS?

EWS is cheaper with a 0.50% expense ratio, compared with 0.60% for ARGT.

Which ETF pays a higher dividend yield, ARGT or EWS?

EWS has the higher dividend yield at 3.87%, compared with 0.79% for ARGT.

What is the main difference between ARGT and EWS?

ARGT is categorized as Latin America Equities, while EWS is Asia Pacific Equities. ARGT tracks MSCI All Argentina 25/50, while EWS tracks MSCI Singapore Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.60% for ARGT and 0.50% for EWS.

Which has better risk-adjusted returns?

EWS currently has the higher Sharpe Ratio (1.15 vs 0.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.