EWD vs. IAU
EWD (iShares MSCI Sweden ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EWD returned 10.20%/yr vs 11.52%/yr for IAU. Their 0.19 correlation means their historical movements had little consistent relationship. EWD charges 0.55%/yr vs 0.25%/yr for IAU.
Performance
EWD vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, EWD achieves a 11.35% return, which is significantly higher than IAU's -5.52% return. Over the past 10 years, EWD has underperformed IAU with an annualized return of 10.20%, while IAU has yielded a comparatively higher 11.52% 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%
IAU
- 1D
- 0.66%
- 1M
- -1.06%
- 6M
- -17.56%
- YTD
- -5.52%
- 1Y
- 20.51%
- 3Y*
- 27.77%
- 5Y*
- 17.43%
- 10Y*
- 11.52%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.32M | $18.47M | $11.48M | |
| $375.17M | $380.53M | $472.45M |
EWD vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | -5.52% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between EWD and IAU is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.19 |
Over the past year, EWD and IAU have become more correlated (0.45) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
EWD vs. IAU — Risk / Return Rank
EWD
IAU
EWD vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 0.78 | +0.97 |
| Martin ratioReturn relative to average drawdown | 5.30 | 1.66 | +3.64 |
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Drawdowns
EWD vs. IAU - Drawdown Comparison
The maximum EWD drawdown since its inception was -75.40%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EWD and IAU.
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Drawdown Indicators
| EWD | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.40% | -45.14% | -30.26% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -26.36% | +11.87% |
Max Drawdown (3Y)Largest decline over 3 years | -17.84% | -26.36% | +8.52% |
Max Drawdown (5Y)Largest decline over 5 years | -42.33% | -26.36% | -15.97% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -26.36% | -15.97% |
Current DrawdownCurrent decline from peak | 0.00% | -24.50% | +24.50% |
Average DrawdownAverage peak-to-trough decline | -19.15% | -16.02% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.78% | 12.36% | -7.58% |
Volatility
EWD vs. IAU - Volatility Comparison
The current volatility for iShares MSCI Sweden ETF (EWD) is 4.96%, while iShares Gold Trust (IAU) has a volatility of 5.93%. This indicates that EWD experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWD | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 5.93% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 17.15% | 20.43% | -3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 27.85% | -7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.04% | 18.43% | +5.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.20% | 16.07% | +7.13% |
EWD vs. IAU - Expense Ratio Comparison
EWD has a 0.55% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
EWD vs. IAU - Dividend Comparison
EWD's dividend yield for the trailing twelve months is around 3.35%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWD and IAU have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (5.93%) compared to EWD (4.96%). In terms of maximum drawdown, EWD dropped -75.40% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.52% vs 10.20% for EWD. On fees, IAU is cheaper at 0.25% 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, IAU has performed better with a 11.52% return vs 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.55% for EWD.
EWD has the higher dividend yield at 3.35%, compared with 0.00% for IAU.
EWD is categorized as Europe Equities, while IAU is Gold. EWD tracks MSCI Sweden Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.55% for EWD and 0.25% for IAU.
EWD currently has the higher Sharpe Ratio (1.26 vs 0.74), 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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