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EWD vs. EWG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. EWG

Last updated Aug 2, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EWD returned 10.04%/yr vs 7.90%/yr for EWG. Their 0.72 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.49%/yr for EWG.

Performance

EWD vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and iShares MSCI Germany ETF (EWG). 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 8.85% return, which is significantly higher than EWG's 2.84% return. Over the past 10 years, EWD has outperformed EWG with an annualized return of 10.04%, while EWG has yielded a comparatively lower 7.90% annualized return.

EWD

1D
-0.27%
1M
3.70%
6M
2.52%
YTD
8.85%
1Y
24.21%
3Y*
17.77%
5Y*
4.93%
10Y*
10.04%
ALL TIME*
8.44%

EWG

1D
-0.07%
1M
1.28%
6M
1.39%
YTD
2.84%
1Y
7.26%
3Y*
16.35%
5Y*
7.08%
10Y*
7.90%
ALL TIME*
6.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWD

iShares MSCI Sweden ETF
$9.54M$19.57M$11.38M

EWG

iShares MSCI Germany ETF
$53.81M$49.56M$49.69M

EWD vs. EWG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		8.85%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
EWG
iShares MSCI Germany ETF		2.84%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%

Correlation

The correlation between EWD and EWG is 0.84, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.84

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

0.82

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

0.85

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

0.84

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.72

The correlation between EWD and EWG shifts across timeframes, from 0.72 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.

EWD vs. EWG - Sectors Allocation Comparison

Sectors
EWD
EWG

Industrials

46.3%
30.4%

Financial Services

24.6%
22.0%

Communication Services

12.6%
5.5%

Technology

6.8%
15.1%

Basic Materials

2.9%
5.2%

Consumer Cyclical

2.3%
7.8%

Consumer Defensive

2.3%
1.5%

Healthcare

1.2%
7.0%

Real Estate

1.0%
0.9%

Energy

-

-

Utilities

-

4.7%

Industrials

EWD
46.3%
EWG
30.4%

Financial Services

EWD
24.6%
EWG
22.0%

Communication Services

EWD
12.6%
EWG
5.5%

Technology

EWD
6.8%
EWG
15.1%

Basic Materials

EWD
2.9%
EWG
5.2%

Consumer Cyclical

EWD
2.3%
EWG
7.8%

Consumer Defensive

EWD
2.3%
EWG
1.5%

Healthcare

EWD
1.2%
EWG
7.0%

Real Estate

EWD
1.0%
EWG
0.9%

Energy

EWD

-

EWG

-

Utilities

EWD

-

EWG
4.7%

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 Germany ETF

Often compared with EWD:
EWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQEWD vs. QQQ
Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO

Return for Risk

EWD vs. EWG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWD
EWD Risk / Return Rank: 4646
Overall Rank
EWD Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 4848
Sortino Ratio Rank
EWD Omega Ratio Rank: 4545
Omega Ratio Rank
EWD Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWD Martin Ratio Rank: 4545
Martin Ratio Rank
EWG
EWG Risk / Return Rank: 1919
Overall Rank
EWG Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1818
Sortino Ratio Rank
EWG Omega Ratio Rank: 1818
Omega Ratio Rank
EWG Calmar Ratio Rank: 1818
Calmar Ratio Rank
EWG Martin Ratio Rank: 2020
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. EWG - Risk-Adjusted Trends Comparison

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

EWDEWGDifference
Sharpe ratioReturn per unit of total volatility
1.19
0.35

+0.83

Sortino ratioReturn per unit of downside risk
1.72
0.62

+1.10

Omega ratioGain probability vs. loss probability

1.21

1.07

+0.13

Calmar ratioReturn relative to maximum drawdown

1.64

0.43

+1.21

Martin ratioReturn relative to average drawdown

4.97

1.28

+3.69

EWD vs. EWG - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.19, which is higher than the EWG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of EWD and EWG, 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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Drawdowns

EWD vs. EWG - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EWG's maximum drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EWD and EWG.

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Drawdown Indicators

EWDEWGDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-67.57%

-7.83%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-14.54%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-15.49%

-2.35%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-42.59%

+0.26%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-46.80%

+4.47%

Current Drawdown

Current decline from peak

-2.07%

-1.91%

-0.16%

Average Drawdown

Average peak-to-trough decline

-19.15%

-19.12%

-0.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

4.86%

-0.08%

Volatility

EWD vs. EWG - Volatility Comparison

The current volatility for iShares MSCI Sweden ETF (EWD) is 5.01%, while iShares MSCI Germany ETF (EWG) has a volatility of 5.38%. This indicates that EWD experiences smaller price fluctuations and is considered to be less risky than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWDEWGDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

5.38%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

17.24%

15.32%

+1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

20.14%

17.71%

+2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.01%

20.57%

+3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.18%

20.81%

+2.37%

EWD vs. EWG - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

EWD vs. EWG - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.43%, more than EWG's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.43%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
EWG
iShares MSCI Germany ETF		1.94%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%

Frequently Asked Questions

EWD and EWG have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (5.38%) compared to EWD (5.01%). In terms of maximum drawdown, EWD dropped -75.40% vs EWG's -67.57%.

On 10-year performance, EWD leads with 10.04% vs 7.90% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWD has been the lower-risk option at 5.01%. 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 10.04% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWG is cheaper with a 0.49% expense ratio, compared with 0.55% for EWD.

EWD has the higher dividend yield at 3.43%, compared with 1.94% for EWG.

EWD tracks MSCI Sweden Index, while EWG tracks MSCI Germany Index. Their fees differ too: 0.55% for EWD and 0.49% for EWG.

EWD currently has the higher Sharpe Ratio (1.19 vs 0.35), 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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