EWA vs. EWD
EWA (iShares MSCI-Australia ETF) and EWD (iShares MSCI Sweden ETF) are both exchange-traded funds - EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index, while EWD is a Europe Equities fund tracking the MSCI Sweden Index. Both are passively managed. Over the past 10 years, EWA returned 8.38%/yr vs 9.98%/yr for EWD. A 0.56 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.55%/yr for EWD.
Performance
EWA vs. EWD - Performance Comparison
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Returns By Period
In the year-to-date period, EWA achieves a 8.49% return, which is significantly higher than EWD's 1.43% return. Over the past 10 years, EWA has underperformed EWD with an annualized return of 8.38%, while EWD has yielded a comparatively higher 9.98% annualized return.
EWA
- 1D
- -1.51%
- 1M
- -1.27%
- YTD
- 8.49%
- 6M
- 6.78%
- 1Y
- 12.05%
- 3Y*
- 11.88%
- 5Y*
- 5.49%
- 10Y*
- 8.38%
EWD
- 1D
- -2.77%
- 1M
- -4.76%
- YTD
- 1.43%
- 6M
- 1.47%
- 1Y
- 15.00%
- 3Y*
- 16.23%
- 5Y*
- 4.11%
- 10Y*
- 9.98%
EWA vs. EWD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWA iShares MSCI-Australia ETF | 8.49% | 13.35% | 1.60% | 13.81% | -5.92% | 8.93% | 8.29% | 22.45% | -12.04% | 19.88% |
EWD iShares MSCI Sweden ETF | 1.43% | 36.55% | -3.90% | 25.07% | -27.84% | 22.84% | 22.27% | 21.74% | -12.78% | 21.86% |
Correlation
The correlation between EWA and EWD is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.56 |
The correlation between EWA and EWD shifts across timeframes, from 0.56 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.
EWA vs. EWD - Sectors Allocation Comparison
Sectors
EWA
EWD
Financial Services
Basic Materials
Consumer Cyclical
Real Estate
Healthcare
Industrials
Energy
-
Consumer Defensive
Communication Services
Utilities
-
Technology
Financial Services
EWA
EWD
Basic Materials
EWA
EWD
Consumer Cyclical
EWA
EWD
Real Estate
EWA
EWD
Healthcare
EWA
EWD
Industrials
EWA
EWD
Energy
EWA
EWD
-
Consumer Defensive
EWA
EWD
Communication Services
EWA
EWD
Utilities
EWA
EWD
-
Technology
EWA
EWD
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Return for Risk
EWA vs. EWD — Risk / Return Rank
EWA
EWD
EWA vs. EWD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) and iShares MSCI Sweden ETF (EWD). 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.
| EWA | EWD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.14 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.04 | +0.17 |
| Martin ratioReturn relative to average drawdown | 3.29 | 3.39 | -0.10 |
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Drawdowns
EWA vs. EWD - Drawdown Comparison
The maximum EWA drawdown since its inception was -66.98%, smaller than the maximum EWD drawdown of -75.40%. Use the drawdown chart below to compare losses from any high point for EWA and EWD.
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Drawdown Indicators
| EWA | EWD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.98% | -75.40% | +8.42% |
Max Drawdown (1Y)Largest decline over 1 year | -10.01% | -14.49% | +4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -21.91% | -17.84% | -4.07% |
Max Drawdown (5Y)Largest decline over 5 years | -24.87% | -42.33% | +17.46% |
Max Drawdown (10Y)Largest decline over 10 years | -45.54% | -42.33% | -3.21% |
Current DrawdownCurrent decline from peak | -6.10% | -8.75% | +2.65% |
Average DrawdownAverage peak-to-trough decline | -11.32% | -19.20% | +7.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 4.44% | -0.77% |
Volatility
EWA vs. EWD - Volatility Comparison
The current volatility for iShares MSCI-Australia ETF (EWA) is 5.73%, while iShares MSCI Sweden ETF (EWD) has a volatility of 6.67%. This indicates that EWA experiences smaller price fluctuations and is considered to be less risky than EWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWA | EWD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 6.67% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 14.76% | 17.20% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.44% | 20.34% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.80% | 24.01% | -4.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.55% | 23.23% | -0.68% |
EWA vs. EWD - Expense Ratio Comparison
EWA has a 0.50% expense ratio, which is lower than EWD's 0.55% expense ratio.
Dividends
EWA vs. EWD - Dividend Comparison
EWA's dividend yield for the trailing twelve months is around 3.03%, less than EWD's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWA iShares MSCI-Australia ETF | 3.03% | 3.21% | 3.71% | 3.72% | 5.28% | 5.08% | 2.02% | 3.97% | 6.11% | 4.44% | 4.03% | 5.48% |
EWD iShares MSCI Sweden ETF | 3.68% | 3.27% | 1.77% | 2.41% | 3.68% | 5.46% | 0.98% | 4.15% | 5.17% | 3.23% | 3.91% | 4.08% |
Frequently Asked Questions
EWA and EWD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWD has higher volatility (6.67%) compared to EWA (5.73%). In terms of maximum drawdown, EWA dropped -66.98% vs EWD's -75.40%.
On 10-year performance, EWD leads with 9.98% vs 8.38% for EWA. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWD has performed better with a 9.98% return vs 8.38%. 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 0.55% for EWD.
EWD has the higher dividend yield at 3.68%, compared with 3.03% for EWA.
EWA is categorized as Asia Pacific Equities, while EWD is Europe Equities. EWA tracks MSCI Australia Index, while EWD tracks MSCI Sweden Index. Their fees differ too: 0.50% for EWA and 0.55% for EWD.
EWD currently has the higher Sharpe Ratio (0.74 vs 0.70), 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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