EWC vs. IWF

Last updated Jun 4, 2026

EWC (iShares MSCI Canada ETF) and IWF (iShares Russell 1000 Growth ETF) are both exchange-traded funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while IWF is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index. Both are passively managed. Over the past 10 years, EWC returned 11.19%/yr vs 18.49%/yr for IWF. A 0.61 correlation means they provide meaningful diversification when combined. EWC charges 0.49%/yr vs 0.18%/yr for IWF.

Performance

EWC vs. IWF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Canada ETF (EWC) and iShares Russell 1000 Growth ETF (IWF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWC achieves a 8.73% return, which is significantly higher than IWF's 7.11% return. Over the past 10 years, EWC has underperformed IWF with an annualized return of 11.19%, while IWF has yielded a comparatively higher 18.49% annualized return.

EWC

• 1D: -1.38%
• 1M: 1.30%
• YTD: 8.73%
• 6M: 12.75%
• 1Y: 31.36%
• 3Y*: 21.89%
• 5Y*: 11.19%
• 10Y*: 11.19%

IWF

• 1D: -1.29%
• 1M: 5.68%
• YTD: 7.11%
• 6M: 6.51%
• 1Y: 25.60%
• 3Y*: 24.80%
• 5Y*: 15.24%
• 10Y*: 18.49%

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

EWC vs. IWF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWC iShares MSCI Canada ETF	8.73%	35.92%	12.38%	14.73%	-12.95%	26.98%	5.52%	27.58%	-17.16%	15.73%
IWF iShares Russell 1000 Growth ETF	7.11%	18.33%	33.12%	42.59%	-29.31%	27.43%	38.25%	35.86%	-1.67%	29.95%

Correlation

The correlation between EWC and IWF is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 30, 2000	0.61

The correlation between EWC and IWF has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

EWC vs. IWF - Sectors Allocation Comparison

Sectors	EWC	IWF
Financial Services	38.1%	4.9%
Energy	19.1%	0.4%
Basic Materials	14.8%	0.3%
Industrials	9.4%	5.0%
Technology	8.4%	53.2%
Consumer Cyclical	3.8%	12.7%
Consumer Defensive	3.3%	2.5%
Utilities	2.3%	1.1%
Communication Services	0.7%	12.3%
Real Estate	0.2%	0.4%
Healthcare	-	7.0%

Return for Risk

EWC vs. IWF — Risk / Return Rank

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

EWC

EWC Risk / Return Rank: 68
EWC Sharpe Ratio Rank: 66
EWC Sortino Ratio Rank: 62
EWC Omega Ratio Rank: 62
EWC Calmar Ratio Rank: 73
EWC Martin Ratio Rank: 78

IWF

IWF Risk / Return Rank: 40
IWF Sharpe Ratio Rank: 47
IWF Sortino Ratio Rank: 45
IWF Omega Ratio Rank: 44
IWF Calmar Ratio Rank: 31
IWF Martin Ratio Rank: 34

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.

EWC vs. IWF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) and iShares Russell 1000 Growth ETF (IWF). 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.

	EWC	IWF	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.67	+0.58
Sortino ratio: Return per unit of downside risk	2.95	2.29	+0.67
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	3.70	1.58	+2.12
Martin ratio: Return relative to average drawdown	15.25	5.28	+9.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWC vs. IWF - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.24, which is higher than the IWF Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EWC and IWF, 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

	EWC	IWF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.67	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.72	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.88	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.40	+0.01

Drawdowns

EWC vs. IWF - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, smaller than the maximum IWF drawdown of -64.25%. Use the drawdown chart below to compare losses from any high point for EWC and IWF.

Drawdown Indicators

	EWC	IWF	Difference
Max Drawdown Largest peak-to-trough decline	-60.75%	-64.25%	+3.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-16.27%	+7.76%
Max Drawdown (3Y) Largest decline over 3 years	-12.97%	-23.36%	+10.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-32.72%	+7.91%
Max Drawdown (10Y) Largest decline over 10 years	-42.66%	-32.72%	-9.94%
Current Drawdown Current decline from peak	-1.38%	-1.66%	+0.28%
Average Drawdown Average peak-to-trough decline	-13.14%	-22.08%	+8.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	4.86%	-2.80%

Volatility

EWC vs. IWF - Volatility Comparison

iShares MSCI Canada ETF (EWC) and iShares Russell 1000 Growth ETF (IWF) have volatilities of 3.46% and 3.61%, 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

	EWC	IWF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.61%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	11.66%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	15.44%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	21.40%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	20.97%	-2.23%

EWC vs. IWF - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is higher than IWF's 0.18% expense ratio.

Dividends

EWC vs. IWF - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.33%, more than IWF's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWC iShares MSCI Canada ETF	1.33%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
IWF iShares Russell 1000 Growth ETF	0.33%	0.36%	0.46%	0.67%	0.91%	0.49%	0.66%	0.99%	1.27%	1.10%	1.43%	1.37%

Frequently Asked Questions

Can I hold both EWC and IWF in my portfolio?

EWC and IWF have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWC or IWF?

IWF has higher volatility (3.61%) compared to EWC (3.46%). In terms of maximum drawdown, EWC dropped -60.75% vs IWF's -64.25%.

Which ETF is better, EWC or IWF?

On 10-year performance, IWF leads with 18.49% vs 11.19% for EWC. On fees, IWF is cheaper at 0.18% per year. On volatility, EWC has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWC or IWF?

Over the 10-year period, IWF has performed better with a 18.49% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWC or IWF?

IWF is cheaper with a 0.18% expense ratio, compared with 0.49% for EWC.

Which ETF pays a higher dividend yield, EWC or IWF?

EWC has the higher dividend yield at 1.33%, compared with 0.33% for IWF.

What is the main difference between EWC and IWF?

EWC is categorized as Canada Equities, while IWF is Large Cap Growth Equities. EWC tracks MSCI Canada Index, while IWF tracks Russell 1000 Growth Index. Their fees differ too: 0.49% for EWC and 0.18% for IWF.

Which has better risk-adjusted returns?

EWC currently has the higher Sharpe Ratio (2.24 vs 1.67), 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.