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EWA vs. EIDO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWA vs. EIDO

Last updated Jun 13, 2026

EWA (iShares MSCI-Australia ETF) and EIDO (iShares MSCI Indonesia ETF) are both Asia Pacific Equities funds from iShares - EWA tracks the MSCI Australia Index while EIDO tracks the MSCI Indonesia Investable Market Index. Both are passively managed. Over the past 10 years, EWA returned 8.75%/yr vs -3.71%/yr for EIDO. A 0.53 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.59%/yr for EIDO.

Performance

EWA vs. EIDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) and iShares MSCI Indonesia ETF (EIDO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWA achieves a 11.57% return, which is significantly higher than EIDO's -34.01% return. Over the past 10 years, EWA has outperformed EIDO with an annualized return of 8.75%, while EIDO has yielded a comparatively lower -3.71% annualized return.

EWA

1D
0.90%
1M
0.34%
YTD
11.57%
6M
12.06%
1Y
13.27%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%

EIDO

1D
1.82%
1M
-13.71%
YTD
-34.01%
6M
-33.58%
1Y
-32.31%
3Y*
-16.75%
5Y*
-8.51%
10Y*
-3.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWA vs. EIDO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%
EIDO
iShares MSCI Indonesia ETF		-34.01%4.90%-13.02%2.56%-0.16%-0.60%-7.13%5.30%-10.88%19.40%

Correlation

The correlation between EWA and EIDO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

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

0.42

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

0.46

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

0.49

Correlation (All Time)
Calculated using the full available price history since May 7, 2010

0.53

The correlation between EWA and EIDO shifts across timeframes, from 0.38 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

EWA vs. EIDO - Sectors Allocation Comparison

Sectors
EWA
EIDO

Financial Services

43.6%
37.8%

Basic Materials

23.0%
18.5%

Consumer Cyclical

6.1%
1.6%

Real Estate

5.0%
1.8%

Healthcare

4.9%
2.4%

Energy

4.5%
10.6%

Industrials

4.5%
6.1%

Consumer Defensive

3.6%
7.5%

Communication Services

2.0%
8.7%

Utilities

1.7%
2.4%

Technology

1.1%
2.7%

Financial Services

EWA
43.6%
EIDO
37.8%

Basic Materials

EWA
23.0%
EIDO
18.5%

Consumer Cyclical

EWA
6.1%
EIDO
1.6%

Real Estate

EWA
5.0%
EIDO
1.8%

Healthcare

EWA
4.9%
EIDO
2.4%

Energy

EWA
4.5%
EIDO
10.6%

Industrials

EWA
4.5%
EIDO
6.1%

Consumer Defensive

EWA
3.6%
EIDO
7.5%

Communication Services

EWA
2.0%
EIDO
8.7%

Utilities

EWA
1.7%
EIDO
2.4%

Technology

EWA
1.1%
EIDO
2.7%

Compare stocks, funds, or ETFs

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iShares MSCI-Australia ETF

iShares MSCI Indonesia ETF

Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY
Often compared with EIDO:
EIDO vs. IDXEIDO vs. EWYEIDO vs. INDAEIDO vs. ASEAEIDO vs. EWMEIDO vs. EWSEIDO vs. EWW

Return for Risk

EWA vs. EIDO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
Martin Ratio Rank
EIDO
EIDO Risk / Return Rank: 11
Overall Rank
EIDO Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EIDO Sortino Ratio Rank: 11
Sortino Ratio Rank
EIDO Omega Ratio Rank: 00
Omega Ratio Rank
EIDO Calmar Ratio Rank: 33
Calmar Ratio Rank
EIDO Martin Ratio Rank: 00
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.

EWA vs. EIDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) and iShares MSCI Indonesia ETF (EIDO). 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.

EWAEIDODifference
Sharpe ratioReturn per unit of total volatility
0.77
-1.29

+2.05

Sortino ratioReturn per unit of downside risk
1.15
-1.84

+2.99

Omega ratioGain probability vs. loss probability

1.14

0.76

+0.38

Calmar ratioReturn relative to maximum drawdown

1.33

-0.74

+2.07

Martin ratioReturn relative to average drawdown

3.68

-2.38

+6.06

EWA vs. EIDO - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.77, which is higher than the EIDO Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of EWA and EIDO, 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

EWA vs. EIDO - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than EIDO's maximum drawdown of -63.21%. Use the drawdown chart below to compare losses from any high point for EWA and EIDO.

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Drawdown Indicators

EWAEIDODifference

Max Drawdown

Largest peak-to-trough decline

-66.98%

-63.21%

-3.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.01%

-43.81%

+33.80%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-51.77%

+29.86%

Max Drawdown (5Y)

Largest decline over 5 years

-24.87%

-51.77%

+26.90%

Max Drawdown (10Y)

Largest decline over 10 years

-45.54%

-59.41%

+13.87%

Current Drawdown

Current decline from peak

-3.44%

-54.96%

+51.52%

Average Drawdown

Average peak-to-trough decline

-11.32%

-24.68%

+13.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

13.63%

-10.01%

Volatility

EWA vs. EIDO - Volatility Comparison

The current volatility for iShares MSCI-Australia ETF (EWA) is 5.80%, while iShares MSCI Indonesia ETF (EIDO) has a volatility of 13.82%. This indicates that EWA experiences smaller price fluctuations and is considered to be less risky than EIDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWAEIDODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

13.82%

-8.02%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

21.56%

-6.94%

Volatility (1Y)

Calculated over the trailing 1-year period

17.40%

25.14%

-7.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.80%

20.41%

-0.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.62%

25.00%

-2.38%

EWA vs. EIDO - Expense Ratio Comparison

EWA has a 0.50% expense ratio, which is lower than EIDO's 0.59% expense ratio.

Dividends

EWA vs. EIDO - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.88%, less than EIDO's 5.39% yield.

PositionTTM20252024202320222021202020192018201720162015
EIDO
iShares MSCI Indonesia ETF		5.39%3.56%5.20%2.94%2.53%1.33%1.51%1.78%1.99%1.26%1.16%1.67%
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%

Frequently Asked Questions

EWA and EIDO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIDO has higher volatility (13.82%) compared to EWA (5.80%). In terms of maximum drawdown, EWA dropped -66.98% vs EIDO's -63.21%.

On 10-year performance, EWA leads with 8.75% vs -3.71% for EIDO. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWA has performed better with a 8.75% return vs -3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWA is cheaper with a 0.50% expense ratio, compared with 0.59% for EIDO.

EIDO has the higher dividend yield at 5.39%, compared with 2.88% for EWA.

EWA tracks MSCI Australia Index, while EIDO tracks MSCI Indonesia Investable Market Index. Their fees differ too: 0.50% for EWA and 0.59% for EIDO.

EWA currently has the higher Sharpe Ratio (0.77 vs -1.29), 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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