EWD vs. EFNL

Last updated Jun 25, 2026

EWD (iShares MSCI Sweden ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWD returned 9.99%/yr vs 10.03%/yr for EFNL. A 0.77 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.53%/yr for EFNL.

Performance

EWD vs. EFNL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWD achieves a 1.51% return, which is significantly lower than EFNL's 10.90% return. Both investments have delivered pretty close results over the past 10 years, with EWD having a 9.99% annualized return and EFNL not far ahead at 10.03%.

EWD

• 1D: 0.08%
• 1M: -4.68%
• YTD: 1.51%
• 6M: 1.35%
• 1Y: 12.56%
• 3Y*: 16.27%
• 5Y*: 4.08%
• 10Y*: 9.99%

EFNL

• 1D: -0.72%
• 1M: -6.54%
• YTD: 10.90%
• 6M: 11.50%
• 1Y: 32.66%
• 3Y*: 19.52%
• 5Y*: 5.18%
• 10Y*: 10.03%

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

EWD vs. EFNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWD iShares MSCI Sweden ETF	1.51%	36.55%	-3.90%	25.07%	-27.84%	22.84%	22.27%	21.74%	-12.78%	21.86%
EFNL iShares MSCI Finland ETF	10.90%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%

Correlation

The correlation between EWD and EFNL is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
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 Jan 26, 2012	0.77

The correlation between EWD and EFNL has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

EWD vs. EFNL - Sectors Allocation Comparison

Sectors	EWD	EFNL
Industrials	45.3%	20.3%
Financial Services	24.1%	25.9%
Communication Services	13.2%	2.3%
Technology	7.5%	23.3%
Basic Materials	3.1%	8.9%
Consumer Cyclical	2.4%	4.2%
Consumer Defensive	2.2%	2.8%
Healthcare	1.2%	3.5%
Real Estate	1.1%	0.7%
Energy	-	4.1%
Utilities	-	3.6%

Return for Risk

EWD vs. EFNL — Risk / Return Rank

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

EWD

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

EFNL

EFNL Risk / Return Rank: 65
EFNL Sharpe Ratio Rank: 59
EFNL Sortino Ratio Rank: 55
EFNL Omega Ratio Rank: 54
EFNL Calmar Ratio Rank: 80
EFNL Martin Ratio Rank: 75

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.

EWD vs. EFNL - Risk-Adjusted Trends Comparison

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

	EWD	EFNL	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.75	-1.13
Sortino ratio: Return per unit of downside risk	1.00	2.34	-1.34
Omega ratio: Gain probability vs. loss probability	1.12	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.87	3.69	-2.82
Martin ratio: Return relative to average drawdown	2.81	12.36	-9.55

EWD vs. EFNL - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.62, which is lower than the EFNL Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of EWD and EFNL, 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

EWD vs. EFNL - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EFNL's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for EWD and EFNL.

Drawdown Indicators

	EWD	EFNL	Difference
Max Drawdown Largest peak-to-trough decline	-75.40%	-38.70%	-36.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-8.88%	-5.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-15.93%	-1.91%
Max Drawdown (5Y) Largest decline over 5 years	-42.33%	-38.70%	-3.63%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-38.70%	-3.63%
Current Drawdown Current decline from peak	-8.67%	-8.88%	+0.21%
Average Drawdown Average peak-to-trough decline	-19.20%	-10.91%	-8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.65%	+1.82%

Volatility

EWD vs. EFNL - Volatility Comparison

The current volatility for iShares MSCI Sweden ETF (EWD) is 6.65%, while iShares MSCI Finland ETF (EFNL) has a volatility of 8.69%. This indicates that EWD experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWD	EFNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	8.69%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	17.18%	15.82%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	20.33%	18.72%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.00%	19.88%	+4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	19.93%	+3.29%

EWD vs. EFNL - Expense Ratio Comparison

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

Dividends

EWD vs. EFNL - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.68%, more than EFNL's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.03%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
EWD iShares MSCI Sweden ETF	3.68%	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

Can I hold both EWD and EFNL in my portfolio?

EWD and EFNL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWD or EFNL?

EFNL has higher volatility (8.69%) compared to EWD (6.65%). In terms of maximum drawdown, EWD dropped -75.40% vs EFNL's -38.70%.

Which ETF is better, EWD or EFNL?

On 10-year performance, EFNL leads with 10.03% vs 9.99% for EWD. On fees, EFNL is cheaper at 0.53% per year. On volatility, EWD has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWD or EFNL?

Over the 10-year period, EFNL has performed better with a 10.03% return vs 9.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWD or EFNL?

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

Which ETF pays a higher dividend yield, EWD or EFNL?

EWD has the higher dividend yield at 3.68%, compared with 1.03% for EFNL.

What is the main difference between EWD and EFNL?

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

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (1.75 vs 0.62), 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.