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EFV vs. EWC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFV vs. EWC

Last updated Jun 13, 2026

EFV (iShares MSCI EAFE Value ETF) and EWC (iShares MSCI Canada ETF) are both exchange-traded funds - EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index (Net), while EWC is a Canada Equities fund tracking the MSCI Canada Index. Both are passively managed. Over the past 10 years, EFV returned 10.55%/yr vs 11.42%/yr for EWC. A 0.76 correlation means they provide meaningful diversification when combined. EFV charges 0.31%/yr vs 0.49%/yr for EWC.

Performance

EFV vs. EWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Value ETF (EFV) and iShares MSCI Canada ETF (EWC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFV achieves a 10.56% return, which is significantly higher than EWC's 8.96% return. Over the past 10 years, EFV has underperformed EWC with an annualized return of 10.55%, while EWC has yielded a comparatively higher 11.42% annualized return.

EFV

1D
0.48%
1M
0.52%
YTD
10.56%
6M
12.39%
1Y
27.62%
3Y*
21.79%
5Y*
12.36%
10Y*
10.55%

EWC

1D
0.46%
1M
1.77%
YTD
8.96%
6M
10.01%
1Y
29.74%
3Y*
21.64%
5Y*
11.33%
10Y*
11.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFV vs. EWC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFV
iShares MSCI EAFE Value ETF		10.56%42.22%5.35%18.85%-5.22%11.08%-2.97%15.80%-14.67%21.22%
EWC
iShares MSCI Canada ETF		8.96%35.92%12.38%14.73%-12.95%26.98%5.52%27.58%-17.16%15.73%

Correlation

The correlation between EFV and EWC is 0.65, 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

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Aug 5, 2005

0.76

The correlation between EFV and EWC shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

EFV vs. EWC - Sectors Allocation Comparison

Sectors
EFV
EWC

Financial Services

37.3%
38.1%

Industrials

9.6%
9.4%

Consumer Defensive

9.5%
3.3%

Healthcare

7.4%

-

Energy

6.8%
19.1%

Basic Materials

6.5%
14.8%

Consumer Cyclical

6.0%
3.8%

Utilities

5.7%
2.3%

Communication Services

4.4%
0.7%

Technology

3.2%
8.4%

Real Estate

2.7%
0.2%

Financial Services

EFV
37.3%
EWC
38.1%

Industrials

EFV
9.6%
EWC
9.4%

Consumer Defensive

EFV
9.5%
EWC
3.3%

Healthcare

EFV
7.4%
EWC

-

Energy

EFV
6.8%
EWC
19.1%

Basic Materials

EFV
6.5%
EWC
14.8%

Consumer Cyclical

EFV
6.0%
EWC
3.8%

Utilities

EFV
5.7%
EWC
2.3%

Communication Services

EFV
4.4%
EWC
0.7%

Technology

EFV
3.2%
EWC
8.4%

Real Estate

EFV
2.7%
EWC
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI EAFE Value ETF

iShares MSCI Canada ETF

Often compared with EFV:
EFV vs. VEAEFV vs. EFAVEFV vs. DFIVXEFV vs. FIVAEFV vs. VOOEFV vs. VTRIXEFV vs. SCHF
Often compared with EWC:
EWC vs. EWAEWC vs. XIU.TOEWC vs. FLCAEWC vs. BBCAEWC vs. SPYEWC vs. VOOEWC vs. EWD

Return for Risk

EFV vs. EWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFV
EFV Risk / Return Rank: 6464
Overall Rank
EFV Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EFV Sortino Ratio Rank: 6767
Sortino Ratio Rank
EFV Omega Ratio Rank: 6666
Omega Ratio Rank
EFV Calmar Ratio Rank: 5858
Calmar Ratio Rank
EFV Martin Ratio Rank: 6060
Martin Ratio Rank
EWC
EWC Risk / Return Rank: 7575
Overall Rank
EWC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EWC Sortino Ratio Rank: 7070
Sortino Ratio Rank
EWC Omega Ratio Rank: 7070
Omega Ratio Rank
EWC Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWC Martin Ratio Rank: 8282
Martin Ratio Rank
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.

EFV vs. EWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Value ETF (EFV) and iShares MSCI Canada ETF (EWC). 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.

EFVEWCDifference
Sharpe ratioReturn per unit of total volatility
1.90
2.08

-0.18

Sortino ratioReturn per unit of downside risk
2.65
2.75

-0.10

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

2.55

3.51

-0.96

Martin ratioReturn relative to average drawdown

9.40

14.27

-4.87

EFV vs. EWC - Sharpe Ratio Comparison

The current EFV Sharpe Ratio is 1.90, which is comparable to the EWC Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EFV and EWC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EFV vs. EWC - Drawdown Comparison

The maximum EFV drawdown since its inception was -63.94%, which is greater than EWC's maximum drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for EFV and EWC.

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Drawdown Indicators

EFVEWCDifference

Max Drawdown

Largest peak-to-trough decline

-63.94%

-60.75%

-3.19%

Max Drawdown (1Y)

Largest decline over 1 year

-10.90%

-8.51%

-2.39%

Max Drawdown (3Y)

Largest decline over 3 years

-13.72%

-12.97%

-0.75%

Max Drawdown (5Y)

Largest decline over 5 years

-25.84%

-24.81%

-1.03%

Max Drawdown (10Y)

Largest decline over 10 years

-43.16%

-42.66%

-0.50%

Current Drawdown

Current decline from peak

-1.24%

-1.18%

-0.06%

Average Drawdown

Average peak-to-trough decline

-14.81%

-13.13%

-1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

2.09%

+0.87%

Volatility

EFV vs. EWC - Volatility Comparison

iShares MSCI EAFE Value ETF (EFV) and iShares MSCI Canada ETF (EWC) have volatilities of 4.62% and 4.42%, 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.

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Volatility by Period

EFVEWCDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

4.42%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

11.98%

11.32%

+0.66%

Volatility (1Y)

Calculated over the trailing 1-year period

14.58%

14.37%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.02%

17.29%

-1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.85%

18.74%

-0.89%

EFV vs. EWC - Expense Ratio Comparison

EFV has a 0.31% expense ratio, which is lower than EWC's 0.49% expense ratio.

Dividends

EFV vs. EWC - Dividend Comparison

EFV's dividend yield for the trailing twelve months is around 3.76%, more than EWC's 1.33% yield.

PositionTTM20252024202320222021202020192018201720162015
EFV
iShares MSCI EAFE Value ETF		3.76%4.16%4.66%4.36%4.17%4.07%2.42%4.62%4.56%3.56%3.28%3.59%
EWC
iShares MSCI Canada ETF		1.33%1.45%2.23%2.27%2.34%1.85%2.09%2.16%2.65%1.97%1.75%2.34%

Frequently Asked Questions

EFV and EWC have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFV has higher volatility (4.62%) compared to EWC (4.42%). In terms of maximum drawdown, EFV dropped -63.94% vs EWC's -60.75%.

On 10-year performance, EWC leads with 11.42% vs 10.55% for EFV. On fees, EFV is cheaper at 0.31% per year. On volatility, EWC has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWC has performed better with a 11.42% return vs 10.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFV is cheaper with a 0.31% expense ratio, compared with 0.49% for EWC.

EFV has the higher dividend yield at 3.76%, compared with 1.33% for EWC.

EFV is categorized as Foreign Large Cap Equities, while EWC is Canada Equities. EFV tracks MSCI EAFE Value Index (Net), while EWC tracks MSCI Canada Index. Their fees differ too: 0.31% for EFV and 0.49% for EWC.

EWC currently has the higher Sharpe Ratio (2.08 vs 1.90), 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.

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