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EWA vs. EWD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWA vs. EWD

Last updated Aug 4, 2026
Documentation

EWA (iShares MSCI-Australia ETF) and EWD (iShares MSCI Sweden ETF) are both exchange-traded funds - EWA is a Australia 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 7.87%/yr vs 10.00%/yr for EWD. Their 0.56 correlation means they have sometimes moved together and sometimes differently. EWA charges 0.50%/yr vs 0.55%/yr for EWD.

Performance

EWA vs. EWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) and iShares MSCI Sweden ETF (EWD). 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 13.83% return, which is significantly higher than EWD's 9.37% return. Over the past 10 years, EWA has underperformed EWD with an annualized return of 7.87%, while EWD has yielded a comparatively higher 10.00% annualized return.

EWA

1D
0.20%
1M
4.66%
6M
6.67%
YTD
13.83%
1Y
17.03%
3Y*
13.16%
5Y*
6.67%
10Y*
7.87%
ALL TIME*
7.65%

EWD

1D
0.48%
1M
4.20%
6M
1.82%
YTD
9.37%
1Y
24.80%
3Y*
18.69%
5Y*
4.82%
10Y*
10.00%
ALL TIME*
8.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWA

iShares MSCI-Australia ETF
$47.54M$51.86M$65.19M

EWD

iShares MSCI Sweden ETF
$9.77M$18.97M$11.41M

EWA vs. EWD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWA
iShares MSCI-Australia ETF		13.83%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%
EWD
iShares MSCI Sweden ETF		9.37%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 0.68, 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.

0.68

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

0.70

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

0.73

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

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

43.1%
24.6%

Basic Materials

23.7%
2.9%

Consumer Cyclical

7.0%
2.3%

Energy

5.2%

-

Real Estate

4.8%
1.0%

Healthcare

4.7%
1.2%

Industrials

4.2%
46.3%

Consumer Defensive

3.9%
2.3%

Communication Services

1.8%
12.6%

Technology

0.8%
6.8%

Utilities

0.7%

-

Financial Services

EWA
43.1%
EWD
24.6%

Basic Materials

EWA
23.7%
EWD
2.9%

Consumer Cyclical

EWA
7.0%
EWD
2.3%

Energy

EWA
5.2%
EWD

-

Real Estate

EWA
4.8%
EWD
1.0%

Healthcare

EWA
4.7%
EWD
1.2%

Industrials

EWA
4.2%
EWD
46.3%

Consumer Defensive

EWA
3.9%
EWD
2.3%

Communication Services

EWA
1.8%
EWD
12.6%

Technology

EWA
0.8%
EWD
6.8%

Utilities

EWA
0.7%
EWD

-

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-Australia ETF

iShares MSCI Sweden ETF

Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. VOOEWA vs. ^N225EWA vs. SPY
Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ

Return for Risk

EWA vs. EWD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWA
EWA Risk / Return Rank: 4040
Overall Rank
EWA Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWA Omega Ratio Rank: 3636
Omega Ratio Rank
EWA Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWA Martin Ratio Rank: 4040
Martin Ratio Rank
EWD
EWD Risk / Return Rank: 4646
Overall Rank
EWD Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 4747
Sortino Ratio Rank
EWD Omega Ratio Rank: 4444
Omega Ratio Rank
EWD Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWD Martin Ratio Rank: 4545
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.

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.

EWAEWDDifference
Sharpe ratioReturn per unit of total volatility
0.98
1.24

-0.27

Sortino ratioReturn per unit of downside risk
1.43
1.79

-0.35

Omega ratioGain probability vs. loss probability

1.18

1.21

-0.04

Calmar ratioReturn relative to maximum drawdown

1.71

1.72

-0.01

Martin ratioReturn relative to average drawdown

4.32

5.20

-0.88

EWA vs. EWD - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.98, which is comparable to the EWD Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of EWA and EWD, 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. 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

EWAEWDDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-1.48%

-1.60%

+0.12%

Average Drawdown

Average peak-to-trough decline

-11.29%

-19.15%

+7.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

4.78%

-0.83%

Volatility

EWA vs. EWD - Volatility Comparison

The current volatility for iShares MSCI-Australia ETF (EWA) is 4.43%, while iShares MSCI Sweden ETF (EWD) has a volatility of 4.80%. 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

EWAEWDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.43%

4.80%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

14.71%

17.10%

-2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

17.58%

20.11%

-2.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.80%

24.02%

-4.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.50%

23.19%

-0.69%

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 2.89%, less than EWD's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.89%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		3.41%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 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (4.80%) compared to EWA (4.43%). In terms of maximum drawdown, EWA dropped -66.98% vs EWD's -75.40%.

On 10-year performance, EWD leads with 10.00% vs 7.87% for EWA. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 4.43%. 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 10.00% return vs 7.87%. 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 3.41%, compared with 2.89% for EWA.

EWA is categorized as Australia 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 (1.24 vs 0.97), 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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