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EWD vs. EIS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. EIS

Last updated Jun 5, 2026

EWD (iShares MSCI Sweden ETF) and EIS (iShares MSCI Israel ETF) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden Index, while EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net). Both are passively managed. Over the past 10 years, EWD returned 9.31%/yr vs 11.80%/yr for EIS. A 0.60 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.59%/yr for EIS.

Performance

EWD vs. EIS - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWD achieves a 6.28% return, which is significantly lower than EIS's 17.63% return. Over the past 10 years, EWD has underperformed EIS with an annualized return of 9.31%, while EIS has yielded a comparatively higher 11.80% annualized return.

EWD

1D
1.32%
1M
2.83%
YTD
6.28%
6M
10.14%
1Y
17.94%
3Y*
17.14%
5Y*
4.52%
10Y*
9.31%

EIS

1D
-0.47%
1M
-4.22%
YTD
17.63%
6M
21.45%
1Y
53.46%
3Y*
36.83%
5Y*
15.21%
10Y*
11.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. EIS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		6.28%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
EIS
iShares MSCI Israel ETF		17.63%45.11%34.50%5.48%-27.05%22.83%12.01%20.93%-4.84%12.77%

Correlation

The correlation between EWD and EIS is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2008

0.60

The correlation between EWD and EIS shifts across timeframes, from 0.46 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

EWD vs. EIS - Sectors Allocation Comparison

Sectors
EWD
EIS

Industrials

46.5%
10.9%

Financial Services

24.1%
34.6%

Communication Services

12.3%
2.7%

Technology

7.2%
17.8%

Basic Materials

3.2%
1.8%

Consumer Cyclical

2.4%
2.5%

Consumer Defensive

2.1%
2.3%

Healthcare

1.2%
9.8%

Real Estate

1.2%
9.1%

Energy

-

2.0%

Utilities

-

6.6%

Industrials

EWD
46.5%
EIS
10.9%

Financial Services

EWD
24.1%
EIS
34.6%

Communication Services

EWD
12.3%
EIS
2.7%

Technology

EWD
7.2%
EIS
17.8%

Basic Materials

EWD
3.2%
EIS
1.8%

Consumer Cyclical

EWD
2.4%
EIS
2.5%

Consumer Defensive

EWD
2.1%
EIS
2.3%

Healthcare

EWD
1.2%
EIS
9.8%

Real Estate

EWD
1.2%
EIS
9.1%

Energy

EWD

-

EIS
2.0%

Utilities

EWD

-

EIS
6.6%

Compare stocks, funds, or ETFs

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iShares MSCI Sweden ETF

iShares MSCI Israel ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. QQQ
Often compared with EIS:
EIS vs. ISRAEIS vs. IZRLEIS vs. SPYEIS vs. VOOEIS vs. ITEQEIS vs. QQQEIS vs. EGPT

Return for Risk

EWD vs. EIS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWD
EWD Risk / Return Rank: 2727
Overall Rank
EWD Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWD Omega Ratio Rank: 2525
Omega Ratio Rank
EWD Calmar Ratio Rank: 2626
Calmar Ratio Rank
EWD Martin Ratio Rank: 3030
Martin Ratio Rank
EIS
EIS Risk / Return Rank: 7676
Overall Rank
EIS Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EIS Sortino Ratio Rank: 7474
Sortino Ratio Rank
EIS Omega Ratio Rank: 6969
Omega Ratio Rank
EIS Calmar Ratio Rank: 8383
Calmar Ratio Rank
EIS Martin Ratio Rank: 8181
Martin Ratio Rank
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. EIS - Risk-Adjusted Trends Comparison

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

EWDEISDifference
Sharpe ratioReturn per unit of total volatility
0.92
2.38

-1.47

Sortino ratioReturn per unit of downside risk
1.39
3.29

-1.89

Omega ratioGain probability vs. loss probability

1.16

1.41

-0.24

Calmar ratioReturn relative to maximum drawdown

1.24

4.33

-3.09

Martin ratioReturn relative to average drawdown

4.26

16.01

-11.75

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWD vs. EIS - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.92, which is lower than the EIS Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EWD and EIS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EWDEISDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

2.38

-1.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.70

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.56

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.33

-0.05

Drawdowns

EWD vs. EIS - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EIS's maximum drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for EWD and EIS.

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Drawdown Indicators

EWDEISDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-51.94%

-23.46%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-12.40%

-2.09%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-24.10%

+6.26%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-41.88%

-0.45%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-41.88%

-0.45%

Current Drawdown

Current decline from peak

-4.39%

-6.00%

+1.61%

Average Drawdown

Average peak-to-trough decline

-19.22%

-13.90%

-5.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.22%

3.35%

+0.87%

Volatility

EWD vs. EIS - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 7.28% compared to iShares MSCI Israel ETF (EIS) at 6.37%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than EIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWDEISDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.28%

6.37%

+0.91%

Volatility (6M)

Calculated over the trailing 6-month period

16.50%

16.00%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

19.76%

22.57%

-2.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.93%

21.80%

+2.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.50%

21.08%

+2.42%

EWD vs. EIS - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is lower than EIS's 0.59% expense ratio.

Dividends

EWD vs. EIS - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.08%, more than EIS's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EIS
iShares MSCI Israel ETF		1.22%1.44%1.38%1.39%1.66%1.04%0.16%2.06%0.87%2.02%1.78%2.55%
EWD
iShares MSCI Sweden ETF		3.08%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 EIS have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (7.28%) compared to EIS (6.37%). In terms of maximum drawdown, EWD dropped -75.40% vs EIS's -51.94%.

On 10-year performance, EIS leads with 11.80% vs 9.31% for EWD. On fees, EWD is cheaper at 0.55% per year. On volatility, EIS has been the lower-risk option at 6.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EIS has performed better with a 11.80% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWD is cheaper with a 0.55% expense ratio, compared with 0.59% for EIS.

EWD has the higher dividend yield at 3.08%, compared with 1.22% for EIS.

EWD is categorized as Europe Equities, while EIS is Foreign Large Cap Equities. EWD tracks MSCI Sweden Index, while EIS tracks MSCI Israel Capped Investable Market Index (Net). Their fees differ too: 0.55% for EWD and 0.59% for EIS.

EIS currently has the higher Sharpe Ratio (2.38 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.

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