PortfoliosLab logoPortfoliosLab logo

Documentation

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

EWD vs. EWO

Last updated Aug 5, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EWO tracks the MSCI Austria IMI 25/50 Index (Net). Both are passively managed. Over the past 10 years, EWD returned 10.20%/yr vs 15.32%/yr for EWO. Their 0.58 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.49%/yr for EWO.

Performance

EWD vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and iShares MSCI Austria ETF (EWO). 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 lower than EWO's 26.21% return. Over the past 10 years, EWD has underperformed EWO with an annualized return of 10.20%, while EWO has yielded a comparatively higher 15.32% 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%

EWO

1D
1.83%
1M
2.88%
6M
16.27%
YTD
26.21%
1Y
50.02%
3Y*
35.05%
5Y*
17.62%
10Y*
15.32%
ALL TIME*
7.42%
*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
$9.32M$18.47M$11.48M

EWO

iShares MSCI Austria ETF
$2.75M$3.24M$1.89M

EWD vs. EWO - 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%
EWO
iShares MSCI Austria ETF		26.21%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between EWD and EWO is 0.68, 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.

0.68

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

0.69

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

0.73

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

0.72

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

0.58

The correlation between EWD and EWO shifts across timeframes, from 0.58 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.

EWD vs. EWO - Sectors Allocation Comparison

Sectors
EWD
EWO

Industrials

46.3%
11.1%

Financial Services

24.6%
48.1%

Communication Services

12.6%

-

Technology

6.8%
5.9%

Basic Materials

2.9%
9.4%

Consumer Cyclical

2.3%
4.7%

Consumer Defensive

2.3%

-

Healthcare

1.2%

-

Real Estate

1.0%
3.7%

Energy

-

9.6%

Utilities

-

6.4%

Industrials

EWD
46.3%
EWO
11.1%

Financial Services

EWD
24.6%
EWO
48.1%

Communication Services

EWD
12.6%
EWO

-

Technology

EWD
6.8%
EWO
5.9%

Basic Materials

EWD
2.9%
EWO
9.4%

Consumer Cyclical

EWD
2.3%
EWO
4.7%

Consumer Defensive

EWD
2.3%
EWO

-

Healthcare

EWD
1.2%
EWO

-

Real Estate

EWD
1.0%
EWO
3.7%

Energy

EWD

-

EWO
9.6%

Utilities

EWD

-

EWO
6.4%

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 Austria ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOO

Return for Risk

EWD vs. EWO — 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
EWO
EWO Risk / Return Rank: 8787
Overall Rank
EWO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9191
Sortino Ratio Rank
EWO Omega Ratio Rank: 8888
Omega Ratio Rank
EWO Calmar Ratio Rank: 8585
Calmar Ratio Rank
EWO Martin Ratio Rank: 8080
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. EWO - Risk-Adjusted Trends Comparison

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

EWDEWODifference
Sharpe ratioReturn per unit of total volatility
1.26
2.52

-1.26

Sortino ratioReturn per unit of downside risk
1.81
3.54

-1.72

Omega ratioGain probability vs. loss probability

1.22

1.42

-0.21

Calmar ratioReturn relative to maximum drawdown

1.75

3.57

-1.82

Martin ratioReturn relative to average drawdown

5.30

11.91

-6.61

EWD vs. EWO - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.26, which is lower than the EWO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EWD and EWO, 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. EWO - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, roughly equal to the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EWD and EWO.

Loading charts...

Drawdown Indicators

EWDEWODifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-75.69%

+0.29%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-14.08%

-0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-16.75%

-1.09%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-41.82%

-0.51%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-58.10%

+15.77%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-19.15%

-27.98%

+8.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

4.21%

+0.57%

Volatility

EWD vs. EWO - Volatility Comparison

The current volatility for iShares MSCI Sweden ETF (EWD) is 4.96%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.25%. This indicates that EWD experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWDEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

6.25%

-1.29%

Volatility (6M)

Calculated over the trailing 6-month period

17.15%

16.90%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

20.15%

20.01%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.04%

22.06%

+1.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.20%

22.61%

+0.59%

EWD vs. EWO - Expense Ratio Comparison

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

Dividends

EWD vs. EWO - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.35%, more than EWO's 1.92% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWO
iShares MSCI Austria ETF		1.92%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%

Frequently Asked Questions

EWD and EWO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.25%) compared to EWD (4.96%). In terms of maximum drawdown, EWD dropped -75.40% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.32% vs 10.20% for EWD. On fees, EWO is cheaper at 0.49% per year. On volatility, EWD has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.32% return vs 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWD has the higher dividend yield at 3.35%, compared with 1.92% for EWO.

EWD tracks MSCI Sweden Index, while EWO tracks MSCI Austria IMI 25/50 Index (Net). Their fees differ too: 0.55% for EWD and 0.49% for EWO.

EWO currently has the higher Sharpe Ratio (2.52 vs 1.26), 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 EWO

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