EWD vs. EPOL

Last updated Jul 15, 2026

EWD (iShares MSCI Sweden ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, EWD returned 9.48%/yr vs 12.16%/yr for EPOL. A 0.65 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.61%/yr for EPOL.

Performance

EWD vs. EPOL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWD achieves a 3.93% return, which is significantly lower than EPOL's 16.75% return. Over the past 10 years, EWD has underperformed EPOL with an annualized return of 9.48%, while EPOL has yielded a comparatively higher 12.16% annualized return.

EWD

• 1D: 0.68%
• 1M: -0.94%
• 6M: 0.91%
• YTD: 3.93%
• 1Y: 14.34%
• 3Y*: 14.98%
• 5Y*: 4.42%
• 10Y*: 9.48%

EPOL

• 1D: 1.54%
• 1M: 0.32%
• 6M: 13.83%
• YTD: 16.75%
• 1Y: 32.13%
• 3Y*: 32.16%
• 5Y*: 17.70%
• 10Y*: 12.16%

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

EWD vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWD iShares MSCI Sweden ETF	3.93%	36.55%	-3.90%	25.07%	-27.84%	22.84%	22.27%	21.74%	-12.78%	21.86%
EPOL iShares MSCI Poland ETF	16.75%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between EWD and EPOL is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 26, 2010	0.65

The correlation between EWD and EPOL has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

EWD vs. EPOL - Sectors Allocation Comparison

Sectors	EWD	EPOL
Industrials	45.3%	1.7%
Financial Services	24.1%	44.6%
Communication Services	13.2%	5.7%
Technology	7.5%	2.0%
Basic Materials	3.1%	7.3%
Consumer Cyclical	2.4%	13.1%
Consumer Defensive	2.2%	5.8%
Healthcare	1.2%	0.6%
Real Estate	1.1%	-
Energy	-	14.5%
Utilities	-	4.8%

Return for Risk

EWD vs. EPOL — Risk / Return Rank

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

EWD

EWD Risk / Return Rank: 25
EWD Sharpe Ratio Rank: 24
EWD Sortino Ratio Rank: 24
EWD Omega Ratio Rank: 22
EWD Calmar Ratio Rank: 25
EWD Martin Ratio Rank: 28

EPOL

EPOL Risk / Return Rank: 55
EPOL Sharpe Ratio Rank: 50
EPOL Sortino Ratio Rank: 50
EPOL Omega Ratio Rank: 44
EPOL Calmar Ratio Rank: 72
EPOL Martin Ratio Rank: 57

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. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and iShares MSCI Poland ETF (EPOL). 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	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.39	-0.68
Sortino ratio: Return per unit of downside risk	1.12	2.01	-0.90
Omega ratio: Gain probability vs. loss probability	1.13	1.23	-0.10
Calmar ratio: Return relative to maximum drawdown	0.99	2.92	-1.93
Martin ratio: Return relative to average drawdown	3.07	7.78	-4.71

EWD vs. EPOL - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.71, which is lower than the EPOL Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EWD and EPOL, 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. EPOL - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EPOL's maximum drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for EWD and EPOL.

Drawdown Indicators

	EWD	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-75.40%	-63.72%	-11.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-11.04%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-21.81%	+3.97%
Max Drawdown (5Y) Largest decline over 5 years	-42.33%	-54.21%	+11.88%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-61.41%	+19.08%
Current Drawdown Current decline from peak	-6.50%	0.00%	-6.50%
Average Drawdown Average peak-to-trough decline	-19.18%	-26.73%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	4.14%	+0.54%

Volatility

EWD vs. EPOL - Volatility Comparison

The current volatility for iShares MSCI Sweden ETF (EWD) is 5.28%, while iShares MSCI Poland ETF (EPOL) has a volatility of 6.05%. This indicates that EWD experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWD	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	6.05%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	17.28%	18.43%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	23.27%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.02%	29.14%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	27.42%	-4.25%

EWD vs. EPOL - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

EWD vs. EPOL - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.59%, which matches EPOL's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	3.61%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
EWD iShares MSCI Sweden ETF	3.59%	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 EPOL in my portfolio?

EWD and EPOL have a correlation of 0.61, 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 EPOL?

EPOL has higher volatility (6.05%) compared to EWD (5.28%). In terms of maximum drawdown, EWD dropped -75.40% vs EPOL's -63.72%.

Which ETF is better, EWD or EPOL?

On 10-year performance, EPOL leads with 12.16% vs 9.48% for EWD. On fees, EWD is cheaper at 0.55% per year. On volatility, EWD has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWD or EPOL?

Over the 10-year period, EPOL has performed better with a 12.16% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWD or EPOL?

EWD is cheaper with a 0.55% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 3.61%, compared with 3.59% for EWD.

What is the main difference between EWD and EPOL?

EWD tracks MSCI Sweden Index, while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.55% for EWD and 0.61% for EPOL.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.39 vs 0.71), 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.