EWA vs. WIP
EWA (iShares MSCI-Australia ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both exchange-traded funds - EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index, while WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD). Both are passively managed. Over the past 10 years, EWA returned 8.75%/yr vs 1.67%/yr for WIP. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EWA vs. WIP - Performance Comparison
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Returns By Period
In the year-to-date period, EWA achieves a 11.57% return, which is significantly higher than WIP's 4.23% return. Over the past 10 years, EWA has outperformed WIP with an annualized return of 8.75%, while WIP has yielded a comparatively lower 1.67% 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%
WIP
- 1D
- 0.48%
- 1M
- -0.25%
- YTD
- 4.23%
- 6M
- 4.92%
- 1Y
- 7.91%
- 3Y*
- 4.95%
- 5Y*
- -0.77%
- 10Y*
- 1.67%
EWA vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.23% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
Correlation
The correlation between EWA and WIP is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2008 | 0.43 |
Over the past year, EWA and WIP have become more correlated (0.63) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
EWA vs. WIP — Risk / Return Rank
EWA
WIP
EWA vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.54 | -0.21 |
| Martin ratioReturn relative to average drawdown | 3.68 | 4.55 | -0.87 |
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Drawdowns
EWA vs. WIP - Drawdown Comparison
The maximum EWA drawdown since its inception was -66.98%, which is greater than WIP's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for EWA and WIP.
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Drawdown Indicators
| EWA | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.98% | -29.60% | -37.38% |
Max Drawdown (1Y)Largest decline over 1 year | -10.01% | -5.16% | -4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -21.91% | -11.16% | -10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -24.87% | -28.66% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -45.54% | -28.84% | -16.70% |
Current DrawdownCurrent decline from peak | -3.44% | -3.94% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -11.32% | -8.58% | -2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 1.74% | +1.88% |
Volatility
EWA vs. WIP - Volatility Comparison
iShares MSCI-Australia ETF (EWA) has a higher volatility of 5.80% compared to SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) at 3.18%. This indicates that EWA's price experiences larger fluctuations and is considered to be riskier than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWA | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 3.18% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.62% | 6.98% | +7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.40% | 8.83% | +8.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.80% | 11.46% | +8.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 10.16% | +12.46% |
EWA vs. WIP - Expense Ratio Comparison
Both EWA and WIP have an expense ratio of 0.50%.
Dividends
EWA vs. WIP - Dividend Comparison
EWA's dividend yield for the trailing twelve months is around 2.88%, less than WIP's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
EWA and WIP have a correlation of 0.63, 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 WIP (3.18%). In terms of maximum drawdown, EWA dropped -66.98% vs WIP's -29.60%.
On 10-year performance, EWA leads with 8.75% vs 1.67% for WIP. Both ETFs have the same 0.50% expense ratio. On volatility, WIP has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWA has performed better with a 8.75% return vs 1.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWA and WIP have the same expense ratio: 0.50% per year.
WIP has the higher dividend yield at 5.79%, compared with 2.88% for EWA.
EWA is categorized as Asia Pacific Equities, while WIP is Inflation-Protected Bonds. EWA tracks MSCI Australia Index, while WIP tracks FTSE International Inflation-Linked Securities Select (USD). They also come from different issuers: iShares and State Street.
WIP currently has the higher Sharpe Ratio (0.90 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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