EWA vs. IPAC

Last updated Jun 4, 2026

EWA (iShares MSCI-Australia ETF) and IPAC (iShares Core MSCI Pacific ETF) are both Asia Pacific Equities funds from iShares - EWA tracks the MSCI Australia Index while IPAC tracks the MSCI Pacific Investable Market Index. Both are passively managed. Over the past 10 years, EWA returned 8.41%/yr vs 9.13%/yr for IPAC. A 0.79 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.09%/yr for IPAC.

Performance

EWA vs. IPAC - Performance Comparison

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

Returns By Period

In the year-to-date period, EWA achieves a 11.26% return, which is significantly lower than IPAC's 13.73% return. Over the past 10 years, EWA has underperformed IPAC with an annualized return of 8.41%, while IPAC has yielded a comparatively higher 9.13% annualized return.

EWA

• 1D: -1.12%
• 1M: 0.90%
• YTD: 11.26%
• 6M: 13.42%
• 1Y: 15.43%
• 3Y*: 12.60%
• 5Y*: 5.51%
• 10Y*: 8.41%

IPAC

• 1D: -0.11%
• 1M: 4.62%
• YTD: 13.73%
• 6M: 15.39%
• 1Y: 28.03%
• 3Y*: 17.03%
• 5Y*: 7.65%
• 10Y*: 9.13%

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

EWA vs. IPAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWA iShares MSCI-Australia ETF	11.26%	13.35%	1.60%	13.81%	-5.92%	8.93%	8.29%	22.45%	-12.04%	19.88%
IPAC iShares Core MSCI Pacific ETF	13.73%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%

Correlation

The correlation between EWA and IPAC is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.79

The correlation between EWA and IPAC has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

EWA vs. IPAC - Sectors Allocation Comparison

Sectors	EWA	IPAC
Financial Services	43.6%	22.9%
Basic Materials	23.0%	8.2%
Consumer Cyclical	6.1%	10.8%
Real Estate	5.0%	5.5%
Healthcare	4.9%	5.3%
Energy	4.5%	1.8%
Industrials	4.5%	21.3%
Consumer Defensive	3.6%	4.0%
Communication Services	2.0%	5.7%
Utilities	1.7%	1.9%
Technology	1.1%	12.9%

Return for Risk

EWA vs. IPAC — Risk / Return Rank

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

EWA

EWA Risk / Return Rank: 27
EWA Sharpe Ratio Rank: 25
EWA Sortino Ratio Rank: 24
EWA Omega Ratio Rank: 24
EWA Calmar Ratio Rank: 31
EWA Martin Ratio Rank: 30

IPAC

IPAC Risk / Return Rank: 50
IPAC Sharpe Ratio Rank: 49
IPAC Sortino Ratio Rank: 50
IPAC Omega Ratio Rank: 50
IPAC Calmar Ratio Rank: 49
IPAC Martin Ratio Rank: 52

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. IPAC - Risk-Adjusted Trends Comparison

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

	EWA	IPAC	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.72	-0.80
Sortino ratio: Return per unit of downside risk	1.36	2.45	-1.10
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio: Return relative to maximum drawdown	1.55	2.45	-0.90
Martin ratio: Return relative to average drawdown	4.43	8.83	-4.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWA vs. IPAC - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.92, which is lower than the IPAC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of EWA and IPAC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWA	IPAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.72	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.46	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.55	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.45	-0.15

Drawdowns

EWA vs. IPAC - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than IPAC's maximum drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for EWA and IPAC.

Drawdown Indicators

	EWA	IPAC	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-30.99%	-35.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-11.49%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-15.45%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.87%	-29.64%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-45.54%	-30.99%	-14.55%
Current Drawdown Current decline from peak	-3.70%	-0.56%	-3.14%
Average Drawdown Average peak-to-trough decline	-11.33%	-7.48%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.18%	+0.31%

Volatility

EWA vs. IPAC - Volatility Comparison

iShares MSCI-Australia ETF (EWA) has a higher volatility of 5.46% compared to iShares Core MSCI Pacific ETF (IPAC) at 4.00%. This indicates that EWA's price experiences larger fluctuations and is considered to be riskier than IPAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWA	IPAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	4.00%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	13.09%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	16.41%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	16.62%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	16.58%	+6.03%

EWA vs. IPAC - Expense Ratio Comparison

EWA has a 0.50% expense ratio, which is higher than IPAC's 0.09% expense ratio.

Dividends

EWA vs. IPAC - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.89%, less than IPAC's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IPAC iShares Core MSCI Pacific ETF	3.80%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%

Frequently Asked Questions

Can I hold both EWA and IPAC in my portfolio?

EWA and IPAC have a correlation of 0.76, 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 IPAC?

EWA has higher volatility (5.46%) compared to IPAC (4.00%). In terms of maximum drawdown, EWA dropped -66.98% vs IPAC's -30.99%.

Which ETF is better, EWA or IPAC?

On 10-year performance, IPAC leads with 9.13% vs 8.41% for EWA. On fees, IPAC is cheaper at 0.09% per year. On volatility, IPAC has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWA or IPAC?

Over the 10-year period, IPAC has performed better with a 9.13% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWA or IPAC?

IPAC is cheaper with a 0.09% expense ratio, compared with 0.50% for EWA.

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

IPAC has the higher dividend yield at 3.80%, compared with 2.89% for EWA.

What is the main difference between EWA and IPAC?

EWA tracks MSCI Australia Index, while IPAC tracks MSCI Pacific Investable Market Index. Their fees differ too: 0.50% for EWA and 0.09% for IPAC.

Which has better risk-adjusted returns?

IPAC currently has the higher Sharpe Ratio (1.72 vs 0.92), 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.