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EWA vs. EWC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWA vs. EWC

Last updated Jun 13, 2026

EWA (iShares MSCI-Australia ETF) and EWC (iShares MSCI Canada ETF) are both exchange-traded funds - EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index, while EWC is a Canada Equities fund tracking the MSCI Canada Index. Both are passively managed. Over the past 10 years, EWA returned 8.75%/yr vs 11.42%/yr for EWC. A 0.60 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.49%/yr for EWC.

Performance

EWA vs. EWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) 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, EWA achieves a 11.57% return, which is significantly higher than EWC's 8.96% return. Over the past 10 years, EWA has underperformed EWC with an annualized return of 8.75%, while EWC has yielded a comparatively higher 11.42% 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%

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)

EWA vs. EWC - 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%
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 EWA and EWC 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

0.78

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

0.81

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

0.78

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.60

The correlation between EWA and EWC shifts across timeframes, from 0.60 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

EWA vs. EWC - Sectors Allocation Comparison

Sectors
EWA
EWC

Financial Services

43.6%
38.1%

Basic Materials

23.0%
14.8%

Consumer Cyclical

6.1%
3.8%

Real Estate

5.0%
0.2%

Healthcare

4.9%

-

Energy

4.5%
19.1%

Industrials

4.5%
9.4%

Consumer Defensive

3.6%
3.3%

Communication Services

2.0%
0.7%

Utilities

1.7%
2.3%

Technology

1.1%
8.4%

Financial Services

EWA
43.6%
EWC
38.1%

Basic Materials

EWA
23.0%
EWC
14.8%

Consumer Cyclical

EWA
6.1%
EWC
3.8%

Real Estate

EWA
5.0%
EWC
0.2%

Healthcare

EWA
4.9%
EWC

-

Energy

EWA
4.5%
EWC
19.1%

Industrials

EWA
4.5%
EWC
9.4%

Consumer Defensive

EWA
3.6%
EWC
3.3%

Communication Services

EWA
2.0%
EWC
0.7%

Utilities

EWA
1.7%
EWC
2.3%

Technology

EWA
1.1%
EWC
8.4%

Compare stocks, funds, or ETFs

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iShares MSCI-Australia ETF

iShares MSCI Canada ETF

Often compared with EWA:
EWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPYEWA vs. VPL
Often compared with EWC:
EWC vs. XIU.TOEWC vs. FLCAEWC vs. BBCAEWC vs. SPYEWC vs. VOOEWC vs. EWDEWC vs. EWN

Return for Risk

EWA vs. EWC — 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
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.

EWA vs. EWC - Risk-Adjusted Trends Comparison

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

EWAEWCDifference
Sharpe ratioReturn per unit of total volatility
0.77
2.08

-1.32

Sortino ratioReturn per unit of downside risk
1.15
2.75

-1.59

Omega ratioGain probability vs. loss probability

1.14

1.36

-0.22

Calmar ratioReturn relative to maximum drawdown

1.33

3.51

-2.18

Martin ratioReturn relative to average drawdown

3.68

14.27

-10.59

EWA vs. EWC - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.77, which is lower than the EWC Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EWA 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

EWA vs. EWC - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than EWC's maximum drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for EWA and EWC.

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Drawdown Indicators

EWAEWCDifference

Max Drawdown

Largest peak-to-trough decline

-66.98%

-60.75%

-6.23%

Max Drawdown (1Y)

Largest decline over 1 year

-10.01%

-8.51%

-1.50%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-12.97%

-8.94%

Max Drawdown (5Y)

Largest decline over 5 years

-24.87%

-24.81%

-0.06%

Max Drawdown (10Y)

Largest decline over 10 years

-45.54%

-42.66%

-2.88%

Current Drawdown

Current decline from peak

-3.44%

-1.18%

-2.26%

Average Drawdown

Average peak-to-trough decline

-11.32%

-13.13%

+1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

2.09%

+1.53%

Volatility

EWA vs. EWC - Volatility Comparison

iShares MSCI-Australia ETF (EWA) has a higher volatility of 5.80% compared to iShares MSCI Canada ETF (EWC) at 4.42%. This indicates that EWA's price experiences larger fluctuations and is considered to be riskier than EWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWAEWCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

4.42%

+1.38%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

11.32%

+3.30%

Volatility (1Y)

Calculated over the trailing 1-year period

17.40%

14.37%

+3.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.80%

17.29%

+2.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.62%

18.74%

+3.88%

EWA vs. EWC - Expense Ratio Comparison

EWA has a 0.50% expense ratio, which is higher than EWC's 0.49% expense ratio.

Dividends

EWA vs. EWC - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.88%, more than EWC's 1.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
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

EWA and EWC 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.

EWA has higher volatility (5.80%) compared to EWC (4.42%). In terms of maximum drawdown, EWA dropped -66.98% vs EWC's -60.75%.

On 10-year performance, EWC leads with 11.42% vs 8.75% for EWA. On fees, EWC is cheaper at 0.49% 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 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWC is cheaper with a 0.49% expense ratio, compared with 0.50% for EWA.

EWA has the higher dividend yield at 2.88%, compared with 1.33% for EWC.

EWA is categorized as Asia Pacific Equities, while EWC is Canada Equities. EWA tracks MSCI Australia Index, while EWC tracks MSCI Canada Index. Their fees differ too: 0.50% for EWA and 0.49% for EWC.

EWC currently has the higher Sharpe Ratio (2.08 vs 0.77), 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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