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EWD vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. EWU

Last updated Aug 5, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - EWD tracks the MSCI Sweden Index while EWU tracks the MSCI United Kingdom Index (Net). Both are passively managed. Over the past 10 years, EWD returned 10.20%/yr vs 8.54%/yr for EWU. Their 0.66 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.50%/yr for EWU.

Performance

EWD vs. EWU - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EWD having a 11.35% return and EWU slightly higher at 11.49%. Over the past 10 years, EWD has outperformed EWU with an annualized return of 10.20%, while EWU has yielded a comparatively lower 8.54% 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%

EWU

1D
0.23%
1M
2.50%
6M
5.51%
YTD
11.49%
1Y
24.30%
3Y*
18.84%
5Y*
12.00%
10Y*
8.54%
ALL TIME*
6.08%
*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

EWU

iShares MSCI United Kingdom ETF
$58.72M$68.87M$65.85M

EWD vs. EWU - 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%
EWU
iShares MSCI United Kingdom ETF		11.49%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between EWD and EWU is 0.71, 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.

0.71

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

0.71

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

0.75

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

0.77

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

0.66

The correlation between EWD and EWU shifts across timeframes, from 0.66 (all time) to 0.77 (10 years), reflecting how their relationship changes across market environments.

EWD vs. EWU - Sectors Allocation Comparison

Sectors
EWD
EWU

Industrials

46.3%
14.0%

Financial Services

24.6%
27.5%

Communication Services

12.6%
2.2%

Technology

6.8%
0.6%

Basic Materials

2.9%
7.7%

Consumer Cyclical

2.3%
3.9%

Consumer Defensive

2.3%
13.9%

Healthcare

1.2%
13.2%

Real Estate

1.0%
0.7%

Energy

-

11.2%

Utilities

-

4.5%

Industrials

EWD
46.3%
EWU
14.0%

Financial Services

EWD
24.6%
EWU
27.5%

Communication Services

EWD
12.6%
EWU
2.2%

Technology

EWD
6.8%
EWU
0.6%

Basic Materials

EWD
2.9%
EWU
7.7%

Consumer Cyclical

EWD
2.3%
EWU
3.9%

Consumer Defensive

EWD
2.3%
EWU
13.9%

Healthcare

EWD
1.2%
EWU
13.2%

Real Estate

EWD
1.0%
EWU
0.7%

Energy

EWD

-

EWU
11.2%

Utilities

EWD

-

EWU
4.5%

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 United Kingdom ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

EWD vs. EWU — 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
EWU
EWU Risk / Return Rank: 6161
Overall Rank
EWU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWU Omega Ratio Rank: 5959
Omega Ratio Rank
EWU Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWU Martin Ratio Rank: 6060
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. EWU - Risk-Adjusted Trends Comparison

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

EWDEWUDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.63

-0.37

Sortino ratioReturn per unit of downside risk
1.81
2.35

-0.54

Omega ratioGain probability vs. loss probability

1.22

1.29

-0.07

Calmar ratioReturn relative to maximum drawdown

1.75

2.46

-0.71

Martin ratioReturn relative to average drawdown

5.30

8.07

-2.77

EWD vs. EWU - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.26, which is comparable to the EWU Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EWD and EWU, 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. EWU - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than EWU's maximum drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for EWD and EWU.

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Drawdown Indicators

EWDEWUDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-63.99%

-11.41%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-9.92%

-4.57%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-12.63%

-5.21%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-24.91%

-17.42%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-43.33%

+1.00%

Current Drawdown

Current decline from peak

0.00%

-0.70%

+0.70%

Average Drawdown

Average peak-to-trough decline

-19.15%

-14.10%

-5.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

3.02%

+1.76%

Volatility

EWD vs. EWU - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 4.96% compared to iShares MSCI United Kingdom ETF (EWU) at 3.70%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWDEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

3.70%

+1.26%

Volatility (6M)

Calculated over the trailing 6-month period

17.15%

12.88%

+4.27%

Volatility (1Y)

Calculated over the trailing 1-year period

20.15%

14.95%

+5.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.04%

16.39%

+7.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.20%

18.23%

+4.97%

EWD vs. EWU - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than EWU's 0.50% expense ratio.

Dividends

EWD vs. EWU - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.35%, more than EWU's 3.09% 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%
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

EWD and EWU have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (4.96%) compared to EWU (3.70%). In terms of maximum drawdown, EWD dropped -75.40% vs EWU's -63.99%.

On 10-year performance, EWD leads with 10.20% vs 8.54% for EWU. On fees, EWU is cheaper at 0.50% per year. On volatility, EWU has been the lower-risk option at 3.70%. 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 10.20% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWU is cheaper with a 0.50% expense ratio, compared with 0.55% for EWD.

EWD has the higher dividend yield at 3.35%, compared with 3.09% for EWU.

EWD tracks MSCI Sweden Index, while EWU tracks MSCI United Kingdom Index (Net). Their fees differ too: 0.55% for EWD and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.63 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.

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