EFNL vs. EWO

Last updated Jun 4, 2026

EFNL (iShares MSCI Finland ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EFNL tracks the MSCI Finland IMI 25/50 Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EFNL returned 10.07%/yr vs 14.00%/yr for EWO. A 0.73 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.49%/yr for EWO.

Performance

EFNL vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and iShares MSCI Austria ETF (EWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 21.03% return, which is significantly higher than EWO's 14.52% return. Over the past 10 years, EFNL has underperformed EWO with an annualized return of 10.07%, while EWO has yielded a comparatively higher 14.00% annualized return.

EFNL

• 1D: -0.44%
• 1M: 6.63%
• YTD: 21.03%
• 6M: 25.68%
• 1Y: 48.56%
• 3Y*: 21.52%
• 5Y*: 6.67%
• 10Y*: 10.07%

EWO

• 1D: -1.79%
• 1M: 5.62%
• YTD: 14.52%
• 6M: 21.29%
• 1Y: 43.71%
• 3Y*: 33.18%
• 5Y*: 14.75%
• 10Y*: 14.00%

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

EFNL vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	21.03%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
EWO iShares MSCI Austria ETF	14.52%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between EFNL and EWO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.73

The correlation between EFNL and EWO has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

EFNL vs. EWO - Sectors Allocation Comparison

Sectors	EFNL	EWO
Financial Services	26.0%	46.6%
Technology	21.4%	6.6%
Industrials	20.8%	14.2%
Consumer Cyclical	6.6%	1.9%
Basic Materials	6.3%	8.1%
Energy	5.2%	10.8%
Utilities	4.0%	7.5%
Healthcare	3.5%	-
Consumer Defensive	2.9%	-
Communication Services	2.6%	-
Real Estate	0.7%	4.4%

Return for Risk

EFNL vs. EWO — Risk / Return Rank

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

EFNL

EFNL Risk / Return Rank: 86
EFNL Sharpe Ratio Rank: 86
EFNL Sortino Ratio Rank: 82
EFNL Omega Ratio Rank: 79
EFNL Calmar Ratio Rank: 92
EFNL Martin Ratio Rank: 91

EWO

EWO Risk / Return Rank: 66
EWO Sharpe Ratio Rank: 72
EWO Sortino Ratio Rank: 71
EWO Omega Ratio Rank: 65
EWO Calmar Ratio Rank: 63
EWO Martin Ratio Rank: 59

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.

EFNL vs. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and iShares MSCI Austria ETF (EWO). 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.

	EFNL	EWO	Difference
Sharpe ratio Return per unit of total volatility	2.83	2.38	+0.46
Sortino ratio Return per unit of downside risk	3.69	3.27	+0.42
Omega ratio Gain probability vs. loss probability	1.47	1.40	+0.07
Calmar ratio Return relative to maximum drawdown	6.16	3.12	+3.04
Martin ratio Return relative to average drawdown	21.80	10.58	+11.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFNL vs. EWO - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 2.83, which is comparable to the EWO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EFNL and EWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFNL	EWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.38	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.68	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.61	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.27	+0.19

Drawdowns

EFNL vs. EWO - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EFNL and EWO.

Drawdown Indicators

	EFNL	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-75.69%	+36.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-14.08%	+6.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-16.75%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-41.82%	+3.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-58.10%	+19.40%
Current Drawdown Current decline from peak	-0.44%	-1.79%	+1.35%
Average Drawdown Average peak-to-trough decline	-10.93%	-28.12%	+17.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	4.14%	-1.91%

Volatility

EFNL vs. EWO - Volatility Comparison

iShares MSCI Finland ETF (EFNL) and iShares MSCI Austria ETF (EWO) have volatilities of 6.77% and 6.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	6.71%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	15.08%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	18.52%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	21.84%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	22.86%	-2.77%

EFNL vs. EWO - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than EWO's 0.49% expense ratio.

Dividends

EFNL vs. EWO - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 2.81%, more than EWO's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	2.81%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
EWO iShares MSCI Austria ETF	2.08%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%

Frequently Asked Questions

Can I hold both EFNL and EWO in my portfolio?

EFNL and EWO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or EWO?

EFNL has higher volatility (6.77%) compared to EWO (6.71%). In terms of maximum drawdown, EFNL dropped -38.70% vs EWO's -75.69%.

Which ETF is better, EFNL or EWO?

On 10-year performance, EWO leads with 14.00% vs 10.07% for EFNL. On fees, EWO is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or EWO?

Over the 10-year period, EWO has performed better with a 14.00% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or EWO?

EWO is cheaper with a 0.49% expense ratio, compared with 0.53% for EFNL.

Which ETF pays a higher dividend yield, EFNL or EWO?

EFNL has the higher dividend yield at 2.81%, compared with 2.08% for EWO.

What is the main difference between EFNL and EWO?

EFNL tracks MSCI Finland IMI 25/50 Index, while EWO tracks MSCI Austria Investable Market Index. Their fees differ too: 0.53% for EFNL and 0.49% for EWO.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (2.83 vs 2.38), 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.