EWD vs. VOO

Last updated Jun 23, 2026

EWD (iShares MSCI Sweden ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWD returned 10.29%/yr vs 15.77%/yr for VOO. A 0.71 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.03%/yr for VOO.

Performance

EWD vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWD achieves a 4.32% return, which is significantly lower than VOO's 9.75% return. Over the past 10 years, EWD has underperformed VOO with an annualized return of 10.29%, while VOO has yielded a comparatively higher 15.77% annualized return.

EWD

• 1D: -0.34%
• 1M: -2.05%
• YTD: 4.32%
• 6M: 5.24%
• 1Y: 18.68%
• 3Y*: 17.33%
• 5Y*: 5.01%
• 10Y*: 10.29%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWD iShares MSCI Sweden ETF	4.32%	36.55%	-3.90%	25.07%	-27.84%	22.84%	22.27%	21.74%	-12.78%	21.86%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between EWD and VOO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.71

The correlation between EWD and VOO has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

EWD vs. VOO - Sectors Allocation Comparison

Sectors	EWD	VOO
Industrials	45.3%	7.6%
Financial Services	24.1%	10.9%
Communication Services	13.2%	10.5%
Technology	7.5%	39.1%
Basic Materials	3.1%	1.7%
Consumer Cyclical	2.4%	9.8%
Consumer Defensive	2.2%	4.5%
Healthcare	1.2%	8.3%
Real Estate	1.1%	1.8%
Energy	-	3.2%
Utilities	-	2.5%

Return for Risk

EWD vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWD

EWD Risk / Return Rank: 27
EWD Sharpe Ratio Rank: 27
EWD Sortino Ratio Rank: 26
EWD Omega Ratio Rank: 24
EWD Calmar Ratio Rank: 27
EWD Martin Ratio Rank: 31

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWD vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.93	2.17	-1.24
Sortino ratio: Return per unit of downside risk	1.41	2.93	-1.52
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.23
Calmar ratio: Return relative to maximum drawdown	1.29	3.02	-1.73
Martin ratio: Return relative to average drawdown	4.25	13.58	-9.33

EWD vs. VOO - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.93, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of EWD and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWD vs. VOO - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EWD and VOO.

Drawdown Indicators

	EWD	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-75.40%	-33.99%	-41.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-8.90%	-5.59%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-18.69%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	-42.33%	-24.52%	-17.81%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-33.99%	-8.34%
Current Drawdown Current decline from peak	-6.15%	-1.74%	-4.41%
Average Drawdown Average peak-to-trough decline	-19.20%	-3.68%	-15.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	1.98%	+2.43%

Volatility

EWD vs. VOO - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 6.38% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWD	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	4.60%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	9.73%	+7.27%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	12.39%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.98%	16.90%	+7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.47%	18.05%	+5.42%

EWD vs. VOO - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

EWD vs. VOO - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.58%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWD iShares MSCI Sweden ETF	3.58%	3.27%	1.77%	2.41%	3.68%	5.46%	0.98%	4.15%	5.17%	3.23%	3.91%	4.08%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both EWD and VOO in my portfolio?

EWD and VOO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWD or VOO?

EWD has higher volatility (6.38%) compared to VOO (4.60%). In terms of maximum drawdown, EWD dropped -75.40% vs VOO's -33.99%.

Which ETF is better, EWD or VOO?

On 10-year performance, VOO leads with 15.77% vs 10.29% for EWD. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWD or VOO?

Over the 10-year period, VOO has performed better with a 15.77% return vs 10.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWD or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.55% for EWD.

Which ETF pays a higher dividend yield, EWD or VOO?

EWD has the higher dividend yield at 3.58%, compared with 1.04% for VOO.

What is the main difference between EWD and VOO?

EWD is categorized as Europe Equities, while VOO is S&P 500. EWD tracks MSCI Sweden Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.55% for EWD and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs 0.93), 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.