PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWD vs. EDEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. EDEN

Last updated Aug 5, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and EDEN (iShares MSCI Denmark ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EDEN tracks the MSCI Denmark IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWD returned 10.20%/yr vs 9.10%/yr for EDEN. Their 0.66 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.53%/yr for EDEN.

Performance

EWD vs. EDEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and iShares MSCI Denmark ETF (EDEN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWD achieves a 11.35% return, which is significantly higher than EDEN's -0.77% return. Over the past 10 years, EWD has outperformed EDEN with an annualized return of 10.20%, while EDEN has yielded a comparatively lower 9.10% annualized return.

EWD

1D
1.81%
1M
6.08%
6M
2.98%
YTD
11.35%
1Y
25.27%
3Y*
19.40%
5Y*
5.21%
10Y*
10.20%
ALL TIME*
8.52%

EDEN

1D
-1.12%
1M
-2.63%
6M
-4.03%
YTD
-0.77%
1Y
9.04%
3Y*
4.57%
5Y*
1.10%
10Y*
9.10%
ALL TIME*
12.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EDEN

iShares MSCI Denmark ETF
$680.43K$1.22M$1.03M

EWD

iShares MSCI Sweden ETF
$9.32M$18.47M$11.48M

EWD vs. EDEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		11.35%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
EDEN
iShares MSCI Denmark ETF		-0.77%10.58%-3.94%17.99%-11.47%14.81%42.56%24.37%-14.43%35.39%

Correlation

The correlation between EWD and EDEN is 0.60, 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.

0.60

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

0.62

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

0.69

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

0.66

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.66

The correlation between EWD and EDEN has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

EWD vs. EDEN - Sectors Allocation Comparison

Sectors
EWD
EDEN

Industrials

46.3%
29.0%

Financial Services

24.6%
15.5%

Communication Services

12.6%

-

Technology

6.8%
0.9%

Basic Materials

2.9%
4.8%

Consumer Cyclical

2.3%
2.8%

Consumer Defensive

2.3%
4.7%

Healthcare

1.2%
38.3%

Real Estate

1.0%

-

Energy

-

0.9%

Utilities

-

3.2%

Industrials

EWD
46.3%
EDEN
29.0%

Financial Services

EWD
24.6%
EDEN
15.5%

Communication Services

EWD
12.6%
EDEN

-

Technology

EWD
6.8%
EDEN
0.9%

Basic Materials

EWD
2.9%
EDEN
4.8%

Consumer Cyclical

EWD
2.3%
EDEN
2.8%

Consumer Defensive

EWD
2.3%
EDEN
4.7%

Healthcare

EWD
1.2%
EDEN
38.3%

Real Estate

EWD
1.0%
EDEN

-

Energy

EWD

-

EDEN
0.9%

Utilities

EWD

-

EDEN
3.2%

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 Sweden ETF

iShares MSCI Denmark ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ
Often compared with EDEN:
EDEN vs. EWNEDEN vs. ARGTEDEN vs. FNORXEDEN vs. EWIEDEN vs. ENZLEDEN vs. ENOREDEN vs. EWQ

Return for Risk

EWD vs. EDEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWD
EWD Risk / Return Rank: 4343
Overall Rank
EWD Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWD Omega Ratio Rank: 4141
Omega Ratio Rank
EWD Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWD Martin Ratio Rank: 4343
Martin Ratio Rank
EDEN
EDEN Risk / Return Rank: 1919
Overall Rank
EDEN Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EDEN Sortino Ratio Rank: 2020
Sortino Ratio Rank
EDEN Omega Ratio Rank: 2020
Omega Ratio Rank
EDEN Calmar Ratio Rank: 1717
Calmar Ratio Rank
EDEN Martin Ratio Rank: 1717
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.

EWD vs. EDEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and iShares MSCI Denmark ETF (EDEN). 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.

EWDEDENDifference
Sharpe ratioReturn per unit of total volatility
1.26
0.46

+0.80

Sortino ratioReturn per unit of downside risk
1.81
0.79

+1.02

Omega ratioGain probability vs. loss probability

1.22

1.10

+0.12

Calmar ratioReturn relative to maximum drawdown

1.75

0.43

+1.32

Martin ratioReturn relative to average drawdown

5.30

1.00

+4.30

EWD vs. EDEN - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.26, which is higher than the EDEN Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of EWD and EDEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWD vs. EDEN - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EDEN's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for EWD and EDEN.

Loading charts...

Drawdown Indicators

EWDEDENDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-36.61%

-38.79%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-21.17%

+6.68%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-29.31%

+11.47%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-36.61%

-5.72%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-36.61%

-5.72%

Current Drawdown

Current decline from peak

0.00%

-11.53%

+11.53%

Average Drawdown

Average peak-to-trough decline

-19.15%

-7.41%

-11.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

9.08%

-4.30%

Volatility

EWD vs. EDEN - Volatility Comparison

iShares MSCI Sweden ETF (EWD) and iShares MSCI Denmark ETF (EDEN) have volatilities of 4.96% and 5.04%, 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.

Loading charts...

Volatility by Period

EWDEDENDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

5.04%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

17.15%

15.54%

+1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.15%

19.64%

+0.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.04%

20.37%

+3.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.20%

19.20%

+4.00%

EWD vs. EDEN - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than EDEN's 0.53% expense ratio.

Dividends

EWD vs. EDEN - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.35%, more than EDEN's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EDEN
iShares MSCI Denmark ETF		3.09%2.79%1.50%1.92%1.47%0.74%0.42%2.36%2.01%2.03%1.28%1.46%
EWD
iShares MSCI Sweden ETF		3.35%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

EWD and EDEN have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EDEN has higher volatility (5.04%) compared to EWD (4.96%). In terms of maximum drawdown, EWD dropped -75.40% vs EDEN's -36.61%.

On 10-year performance, EWD leads with 10.20% vs 9.10% for EDEN. On fees, EDEN is cheaper at 0.53% per year. Their volatility is very similar. 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 10.20% return vs 9.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EDEN is cheaper with a 0.53% expense ratio, compared with 0.55% for EWD.

EWD has the higher dividend yield at 3.35%, compared with 3.09% for EDEN.

EWD tracks MSCI Sweden Index, while EDEN tracks MSCI Denmark IMI 25/50 Index. Their fees differ too: 0.55% for EWD and 0.53% for EDEN.

EWD currently has the higher Sharpe Ratio (1.26 vs 0.46), 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.

Portfolio Optimizer

Find the right allocation for EWD and EDEN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer