EIRL vs. EWI

Last updated Jun 23, 2026

EIRL (iShares MSCI Ireland ETF) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds from iShares - EIRL tracks the MSCI Ireland Investable Market 25/50 Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, EIRL returned 9.70%/yr vs 15.04%/yr for EWI. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EIRL vs. EWI - Performance Comparison

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

Returns By Period

In the year-to-date period, EIRL achieves a 7.44% return, which is significantly lower than EWI's 13.46% return. Over the past 10 years, EIRL has underperformed EWI with an annualized return of 9.70%, while EWI has yielded a comparatively higher 15.04% annualized return.

EIRL

• 1D: 0.67%
• 1M: 5.40%
• YTD: 7.44%
• 6M: 6.55%
• 1Y: 22.04%
• 3Y*: 14.34%
• 5Y*: 7.99%
• 10Y*: 9.70%

EWI

• 1D: -0.25%
• 1M: 5.21%
• YTD: 13.46%
• 6M: 13.65%
• 1Y: 34.70%
• 3Y*: 29.83%
• 5Y*: 17.47%
• 10Y*: 15.04%

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

EIRL vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIRL iShares MSCI Ireland ETF	7.44%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%
EWI iShares MSCI Italy ETF	13.46%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between EIRL and EWI is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 11, 2010	0.66

The correlation between EIRL and EWI shifts across timeframes, from 0.66 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

EIRL vs. EWI - Sectors Allocation Comparison

Sectors	EIRL	EWI
Financial Services	38.6%	47.9%
Consumer Defensive	19.0%	1.0%
Industrials	15.8%	11.1%
Healthcare	10.3%	1.4%
Consumer Cyclical	8.5%	9.8%
Energy	4.5%	7.4%
Real Estate	2.3%	-
Basic Materials	0.7%	1.1%
Technology	0.3%	-
Communication Services	-	2.5%
Utilities	-	18.0%

Return for Risk

EIRL vs. EWI — Risk / Return Rank

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

EIRL

EIRL Risk / Return Rank: 35
EIRL Sharpe Ratio Rank: 35
EIRL Sortino Ratio Rank: 37
EIRL Omega Ratio Rank: 35
EIRL Calmar Ratio Rank: 32
EIRL Martin Ratio Rank: 35

EWI

EWI Risk / Return Rank: 57
EWI Sharpe Ratio Rank: 58
EWI Sortino Ratio Rank: 56
EWI Omega Ratio Rank: 53
EWI Calmar Ratio Rank: 58
EWI Martin Ratio Rank: 60

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.

EIRL vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) and iShares MSCI Italy ETF (EWI). 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.

	EIRL	EWI	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.90	-0.67
Sortino ratio: Return per unit of downside risk	1.86	2.60	-0.74
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.55	2.79	-1.24
Martin ratio: Return relative to average drawdown	5.10	10.43	-5.33

EIRL vs. EWI - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.23, which is lower than the EWI Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EIRL and EWI, 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

EIRL vs. EWI - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EIRL and EWI.

Drawdown Indicators

	EIRL	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-46.48%	-70.38%	+23.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-12.48%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-23.04%	-16.80%	-6.24%
Max Drawdown (5Y) Largest decline over 5 years	-40.14%	-35.25%	-4.89%
Max Drawdown (10Y) Largest decline over 10 years	-46.48%	-43.00%	-3.48%
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-9.08%	-28.90%	+19.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	3.34%	+0.99%

Volatility

EIRL vs. EWI - Volatility Comparison

The current volatility for iShares MSCI Ireland ETF (EIRL) is 3.52%, while iShares MSCI Italy ETF (EWI) has a volatility of 5.44%. This indicates that EIRL experiences smaller price fluctuations and is considered to be less risky than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIRL	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	5.44%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	15.29%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	18.39%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	21.15%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	23.15%	-1.46%

EIRL vs. EWI - Expense Ratio Comparison

Both EIRL and EWI have an expense ratio of 0.49%.

Dividends

EIRL vs. EWI - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.42%, less than EWI's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIRL iShares MSCI Ireland ETF	2.42%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%
EWI iShares MSCI Italy ETF	3.10%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%

Frequently Asked Questions

Can I hold both EIRL and EWI in my portfolio?

EIRL and EWI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIRL or EWI?

EWI has higher volatility (5.44%) compared to EIRL (3.52%). In terms of maximum drawdown, EIRL dropped -46.48% vs EWI's -70.38%.

Which ETF is better, EIRL or EWI?

On 10-year performance, EWI leads with 15.04% vs 9.70% for EIRL. Both ETFs have the same 0.49% expense ratio. On volatility, EIRL has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIRL or EWI?

Over the 10-year period, EWI has performed better with a 15.04% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIRL or EWI?

EIRL and EWI have the same expense ratio: 0.49% per year.

Which ETF pays a higher dividend yield, EIRL or EWI?

EWI has the higher dividend yield at 3.10%, compared with 2.42% for EIRL.

What is the main difference between EIRL and EWI?

EIRL tracks MSCI Ireland Investable Market 25/50 Index, while EWI tracks MSCI Italy Index.

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.90 vs 1.23), 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.