EWA vs. EWI

Last updated Jun 30, 2026

EWA (iShares MSCI-Australia ETF) and EWI (iShares MSCI Italy ETF) are both exchange-traded funds - EWA is a Australia Equities fund tracking the MSCI Australia Index, while EWI is a Europe Equities fund tracking the MSCI Italy Index. Both are passively managed. Over the past 10 years, EWA returned 8.07%/yr vs 14.23%/yr for EWI. A 0.55 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.49%/yr for EWI.

Performance

EWA vs. EWI - Performance Comparison

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

Returns By Period

In the year-to-date period, EWA achieves a 8.84% return, which is significantly lower than EWI's 10.57% return. Over the past 10 years, EWA has underperformed EWI with an annualized return of 8.07%, while EWI has yielded a comparatively higher 14.23% annualized return.

EWA

• 1D: 0.50%
• 1M: -2.55%
• YTD: 8.84%
• 6M: 7.65%
• 1Y: 11.12%
• 3Y*: 11.35%
• 5Y*: 5.85%
• 10Y*: 8.07%

EWI

• 1D: 0.48%
• 1M: 1.18%
• YTD: 10.57%
• 6M: 10.92%
• 1Y: 27.16%
• 3Y*: 27.00%
• 5Y*: 16.93%
• 10Y*: 14.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWA vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWA iShares MSCI-Australia ETF	8.84%	13.35%	1.60%	13.81%	-5.92%	8.93%	8.29%	22.45%	-12.04%	19.88%
EWI iShares MSCI Italy ETF	10.57%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between EWA and EWI is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.55

The correlation between EWA and EWI shifts across timeframes, from 0.55 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

EWA vs. EWI - Sectors Allocation Comparison

Sectors	EWA	EWI
Financial Services	41.4%	50.1%
Basic Materials	26.4%	1.0%
Consumer Cyclical	6.5%	8.8%
Real Estate	5.1%	-
Healthcare	4.3%	1.3%
Industrials	4.2%	10.5%
Energy	4.2%	6.6%
Consumer Defensive	3.6%	0.9%
Communication Services	1.9%	2.6%
Utilities	1.6%	17.8%
Technology	1.0%	-

Return for Risk

EWA vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWA

EWA Risk / Return Rank: 21
EWA Sharpe Ratio Rank: 20
EWA Sortino Ratio Rank: 19
EWA Omega Ratio Rank: 19
EWA Calmar Ratio Rank: 25
EWA Martin Ratio Rank: 24

EWI

EWI Risk / Return Rank: 49
EWI Sharpe Ratio Rank: 49
EWI Sortino Ratio Rank: 48
EWI Omega Ratio Rank: 44
EWI Calmar Ratio Rank: 51
EWI Martin Ratio Rank: 54

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. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) and iShares MSCI Italy ETF (EWI). 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	EWI	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.48	-0.84
Sortino ratio: Return per unit of downside risk	1.00	2.10	-1.10
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	1.12	2.19	-1.07
Martin ratio: Return relative to average drawdown	2.97	8.10	-5.13

EWA vs. EWI - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.65, which is lower than the EWI Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWA and EWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWA vs. EWI - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, roughly equal to the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EWA and EWI.

Drawdown Indicators

	EWA	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-70.38%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-12.48%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-16.80%	-5.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.87%	-35.25%	+10.38%
Max Drawdown (10Y) Largest decline over 10 years	-45.54%	-43.00%	-2.54%
Current Drawdown Current decline from peak	-5.80%	-3.00%	-2.80%
Average Drawdown Average peak-to-trough decline	-11.31%	-28.88%	+17.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.36%	+0.40%

Volatility

EWA vs. EWI - Volatility Comparison

iShares MSCI-Australia ETF (EWA) and iShares MSCI Italy ETF (EWI) have volatilities of 5.69% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWA	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	5.66%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	15.43%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	18.44%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	21.15%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	22.60%	-0.10%

EWA vs. EWI - Expense Ratio Comparison

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

Dividends

EWA vs. EWI - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 3.02%, less than EWI's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWA iShares MSCI-Australia ETF	3.02%	3.21%	3.71%	3.72%	5.28%	5.08%	2.02%	3.97%	6.11%	4.44%	4.03%	5.48%
EWI iShares MSCI Italy ETF	3.18%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%

Frequently Asked Questions

Can I hold both EWA and EWI in my portfolio?

EWA and EWI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWA or EWI?

EWA has higher volatility (5.69%) compared to EWI (5.66%). In terms of maximum drawdown, EWA dropped -66.98% vs EWI's -70.38%.

Which ETF is better, EWA or EWI?

On 10-year performance, EWI leads with 14.23% vs 8.07% for EWA. On fees, EWI is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWA or EWI?

Over the 10-year period, EWI has performed better with a 14.23% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWA or EWI?

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

Which ETF pays a higher dividend yield, EWA or EWI?

EWI has the higher dividend yield at 3.18%, compared with 3.02% for EWA.

What is the main difference between EWA and EWI?

EWA is categorized as Australia Equities, while EWI is Europe Equities. EWA tracks MSCI Australia Index, while EWI tracks MSCI Italy Index. Their fees differ too: 0.50% for EWA and 0.49% for EWI.

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.48 vs 0.65), 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.