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EIRL vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EIRL vs. EWO

Last updated Aug 4, 2026
Documentation

EIRL (iShares MSCI Ireland ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EIRL tracks the MSCI Ireland Investable Market 25/50 Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EIRL returned 9.76%/yr vs 15.11%/yr for EWO. Their 0.66 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.49% expense ratio.

Performance

EIRL vs. EWO - Performance Comparison

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

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Returns By Period

In the year-to-date period, EIRL achieves a 10.04% return, which is significantly lower than EWO's 23.93% return. Over the past 10 years, EIRL has underperformed EWO with an annualized return of 9.76%, while EWO has yielded a comparatively higher 15.11% annualized return.

EIRL

1D
0.12%
1M
0.25%
6M
6.83%
YTD
10.04%
1Y
25.72%
3Y*
12.88%
5Y*
8.34%
10Y*
9.76%
ALL TIME*
9.90%

EWO

1D
1.41%
1M
1.03%
6M
16.20%
YTD
23.93%
1Y
49.93%
3Y*
34.23%
5Y*
17.28%
10Y*
15.11%
ALL TIME*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EIRL

iShares MSCI Ireland ETF
$628.14K$449.36K$1.15M

EWO

iShares MSCI Austria ETF
$1.81M$2.91M$1.73M

EIRL vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EIRL
iShares MSCI Ireland ETF		10.04%28.82%-1.64%35.13%-18.83%13.72%9.63%28.15%-21.92%29.82%
EWO
iShares MSCI Austria ETF		23.93%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between EIRL and EWO is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.63

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.68

Correlation (All Time)
Calculated using the full available price history since May 11, 2010

0.66

The correlation between EIRL and EWO has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

EIRL vs. EWO - Sectors Allocation Comparison

Sectors
EIRL
EWO

Financial Services

39.6%
48.1%

Consumer Defensive

19.5%

-

Healthcare

10.9%

-

Industrials

10.4%
11.1%

Consumer Cyclical

8.5%
4.7%

Basic Materials

4.3%
9.4%

Energy

4.3%
9.6%

Utilities

4.3%
6.4%

Real Estate

2.0%
3.7%

Technology

0.2%
5.9%

Communication Services

0.0%

-

Financial Services

EIRL
39.6%
EWO
48.1%

Consumer Defensive

EIRL
19.5%
EWO

-

Healthcare

EIRL
10.9%
EWO

-

Industrials

EIRL
10.4%
EWO
11.1%

Consumer Cyclical

EIRL
8.5%
EWO
4.7%

Basic Materials

EIRL
4.3%
EWO
9.4%

Energy

EIRL
4.3%
EWO
9.6%

Utilities

EIRL
4.3%
EWO
6.4%

Real Estate

EIRL
2.0%
EWO
3.7%

Technology

EIRL
0.2%
EWO
5.9%

Communication Services

EIRL
0.0%
EWO

-

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 Ireland ETF

iShares MSCI Austria ETF

Often compared with EIRL:
EIRL vs. EPOLEIRL vs. EUFNEIRL vs. EWQEIRL vs. EWIEIRL vs. EWPEIRL vs. ENZLEIRL vs. EWZS
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOO

Return for Risk

EIRL vs. EWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EIRL
EIRL Risk / Return Rank: 5555
Overall Rank
EIRL Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EIRL Sortino Ratio Rank: 6060
Sortino Ratio Rank
EIRL Omega Ratio Rank: 5959
Omega Ratio Rank
EIRL Calmar Ratio Rank: 4848
Calmar Ratio Rank
EIRL Martin Ratio Rank: 5151
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 9090
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EIRL vs. EWO - Risk-Adjusted Trends Comparison

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

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.

EIRLEWODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.52

-1.08

Sortino ratioReturn per unit of downside risk
2.13
3.53

-1.41

Omega ratioGain probability vs. loss probability

1.27

1.42

-0.16

Calmar ratioReturn relative to maximum drawdown

1.81

3.56

-1.75

Martin ratioReturn relative to average drawdown

6.05

11.89

-5.83

EIRL vs. EWO - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.44, which is lower than the EWO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EIRL 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.

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Drawdowns

EIRL vs. EWO - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EIRL and EWO.

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Drawdown Indicators

EIRLEWODifference

Max Drawdown

Largest peak-to-trough decline

-46.48%

-75.69%

+29.21%

Max Drawdown (1Y)

Largest decline over 1 year

-14.28%

-14.08%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-23.04%

-16.75%

-6.29%

Max Drawdown (5Y)

Largest decline over 5 years

-40.14%

-41.82%

+1.68%

Max Drawdown (10Y)

Largest decline over 10 years

-46.48%

-58.10%

+11.62%

Current Drawdown

Current decline from peak

-1.05%

-0.14%

-0.91%

Average Drawdown

Average peak-to-trough decline

-9.02%

-27.98%

+18.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.26%

4.21%

+0.05%

Volatility

EIRL vs. EWO - Volatility Comparison

The current volatility for iShares MSCI Ireland ETF (EIRL) is 4.26%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.04%. This indicates that EIRL experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EIRLEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.26%

6.04%

-1.78%

Volatility (6M)

Calculated over the trailing 6-month period

15.30%

16.83%

-1.53%

Volatility (1Y)

Calculated over the trailing 1-year period

17.96%

19.98%

-2.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.10%

22.04%

-0.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.20%

22.61%

-1.41%

EIRL vs. EWO - Expense Ratio Comparison

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

Dividends

EIRL vs. EWO - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.37%, more than EWO's 1.95% yield.

PositionTTM20252024202320222021202020192018201720162015
EIRL
iShares MSCI Ireland ETF		2.37%2.71%2.56%1.00%1.13%0.82%0.50%2.11%1.52%1.44%1.34%1.70%
EWO
iShares MSCI Austria ETF		1.95%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

EIRL and EWO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.04%) compared to EIRL (4.26%). In terms of maximum drawdown, EIRL dropped -46.48% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.11% vs 9.76% for EIRL. Both ETFs have the same 0.49% expense ratio. On volatility, EIRL has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.11% return vs 9.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EIRL has the higher dividend yield at 2.37%, compared with 1.95% for EWO.

EIRL tracks MSCI Ireland Investable Market 25/50 Index, while EWO tracks MSCI Austria Investable Market Index.

EWO currently has the higher Sharpe Ratio (2.52 vs 1.44), 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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