EWD vs. EWU
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. Both are passively managed. Over the past 10 years, EWD returned 9.48%/yr vs 8.15%/yr for EWU. A 0.66 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.50%/yr for EWU.
Performance
EWD vs. EWU - Performance Comparison
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Returns By Period
In the year-to-date period, EWD achieves a 3.93% return, which is significantly lower than EWU's 6.81% return. Over the past 10 years, EWD has outperformed EWU with an annualized return of 9.48%, while EWU has yielded a comparatively lower 8.15% 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%
EWU
- 1D
- -0.11%
- 1M
- -0.40%
- 6M
- 4.43%
- YTD
- 6.81%
- 1Y
- 19.61%
- 3Y*
- 16.69%
- 5Y*
- 11.54%
- 10Y*
- 8.15%
EWD vs. EWU - 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% |
EWU iShares MSCI United Kingdom ETF | 6.81% | 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 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 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
Financial Services
Communication Services
Technology
Basic Materials
Consumer Cyclical
Consumer Defensive
Healthcare
Real Estate
Energy
-
Utilities
-
Industrials
EWD
EWU
Financial Services
EWD
EWU
Communication Services
EWD
EWU
Technology
EWD
EWU
Basic Materials
EWD
EWU
Consumer Cyclical
EWD
EWU
Consumer Defensive
EWD
EWU
Healthcare
EWD
EWU
Real Estate
EWD
EWU
Energy
EWD
-
EWU
Utilities
EWD
-
EWU
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Return for Risk
EWD vs. EWU — Risk / Return Rank
EWD
EWU
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.
| EWD | EWU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.24 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.99 | -0.99 |
| Martin ratioReturn relative to average drawdown | 3.07 | 6.54 | -3.47 |
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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
| EWD | EWU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -6.50% | -3.51% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -19.18% | -14.13% | -5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 3.01% | +1.67% |
Volatility
EWD vs. EWU - Volatility Comparison
iShares MSCI Sweden ETF (EWD) has a higher volatility of 5.28% compared to iShares MSCI United Kingdom ETF (EWU) at 4.00%. 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
| EWD | EWU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 4.00% | +1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 17.28% | 12.79% | +4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 14.87% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.02% | 16.44% | +7.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 18.22% | +4.95% |
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 3.59%, more than EWU's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EWU iShares MSCI United Kingdom ETF | 3.23% | 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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWD has higher volatility (5.28%) compared to EWU (4.00%). In terms of maximum drawdown, EWD dropped -75.40% vs EWU's -63.99%.
On 10-year performance, EWD leads with 9.48% vs 8.15% for EWU. On fees, EWU is cheaper at 0.50% per year. On volatility, EWU has been the lower-risk option at 4.00%. 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 9.48% return vs 8.15%. 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 3.59%, compared with 3.23% for EWU.
EWD tracks MSCI Sweden Index, while EWU tracks MSCI United Kingdom Index. Their fees differ too: 0.55% for EWD and 0.50% for EWU.
EWU currently has the higher Sharpe Ratio (1.32 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.
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