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EWG vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. EWI

Last updated Jul 21, 2026
Documentation

EWG (iShares MSCI Germany ETF) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds from iShares - EWG tracks the MSCI Germany Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, EWG returned 7.62%/yr vs 14.29%/yr for EWI. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EWG vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) and iShares MSCI Italy ETF (EWI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWG achieves a -1.91% return, which is significantly lower than EWI's 12.50% return. Over the past 10 years, EWG has underperformed EWI with an annualized return of 7.62%, while EWI has yielded a comparatively higher 14.29% annualized return.

EWG

1D
-0.70%
1M
-1.57%
6M
-3.81%
YTD
-1.91%
1Y
-1.05%
3Y*
14.27%
5Y*
6.25%
10Y*
7.62%
ALL TIME*
6.16%

EWI

1D
-0.53%
1M
-1.09%
6M
11.29%
YTD
12.50%
1Y
29.57%
3Y*
26.26%
5Y*
17.88%
10Y*
14.29%
ALL TIME*
6.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWG vs. EWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		-1.91%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
EWI
iShares MSCI Italy ETF		12.50%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%

Correlation

The correlation between EWG and EWI is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

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

0.76

The correlation between EWG and EWI shifts across timeframes, from 0.76 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

EWG vs. EWI - Sectors Allocation Comparison

Sectors
EWG
EWI

Industrials

30.4%
10.4%

Financial Services

22.0%
50.1%

Technology

15.1%

-

Consumer Cyclical

7.8%
9.0%

Healthcare

7.0%
1.3%

Communication Services

5.5%
2.7%

Basic Materials

5.2%
1.0%

Utilities

4.7%
18.0%

Consumer Defensive

1.5%
0.9%

Real Estate

0.9%

-

Energy

-

6.6%

Industrials

EWG
30.4%
EWI
10.4%

Financial Services

EWG
22.0%
EWI
50.1%

Technology

EWG
15.1%
EWI

-

Consumer Cyclical

EWG
7.8%
EWI
9.0%

Healthcare

EWG
7.0%
EWI
1.3%

Communication Services

EWG
5.5%
EWI
2.7%

Basic Materials

EWG
5.2%
EWI
1.0%

Utilities

EWG
4.7%
EWI
18.0%

Consumer Defensive

EWG
1.5%
EWI
0.9%

Real Estate

EWG
0.9%
EWI

-

Energy

EWG

-

EWI
6.6%

Compare stocks, funds, or ETFs

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iShares MSCI Germany ETF

iShares MSCI Italy ETF

Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. EFAEWG vs. FLGREWG vs. VOO
Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL

Return for Risk

EWG vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWG
EWG Risk / Return Rank: 99
Overall Rank
EWG Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 99
Sortino Ratio Rank
EWG Omega Ratio Rank: 99
Omega Ratio Rank
EWG Calmar Ratio Rank: 1010
Calmar Ratio Rank
EWG Martin Ratio Rank: 99
Martin Ratio Rank
EWI
EWI Risk / Return Rank: 6565
Overall Rank
EWI Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWI Omega Ratio Rank: 6262
Omega Ratio Rank
EWI Calmar Ratio Rank: 6464
Calmar Ratio Rank
EWI Martin Ratio Rank: 6868
Martin Ratio Rank
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.

EWG vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) and iShares MSCI Italy ETF (EWI). 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.

EWGEWIDifference
Sharpe ratioReturn per unit of total volatility
-0.06
1.62

-1.68

Sortino ratioReturn per unit of downside risk
0.04
2.28

-2.24

Omega ratioGain probability vs. loss probability

1.00

1.28

-0.27

Calmar ratioReturn relative to maximum drawdown

-0.07

2.38

-2.45

Martin ratioReturn relative to average drawdown

-0.20

8.86

-9.06

EWG vs. EWI - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is -0.06, which is lower than the EWI Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EWG and EWI, 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

EWG vs. EWI - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, roughly equal to the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EWG and EWI.

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Drawdown Indicators

EWGEWIDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-70.38%

+2.81%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-12.48%

-2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.81%

-16.80%

+0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-42.59%

-35.25%

-7.34%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-43.00%

-3.80%

Current Drawdown

Current decline from peak

-6.44%

-1.96%

-4.48%

Average Drawdown

Average peak-to-trough decline

-19.14%

-28.83%

+9.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

3.35%

+1.82%

Volatility

EWG vs. EWI - Volatility Comparison

iShares MSCI Germany ETF (EWG) has a higher volatility of 4.85% compared to iShares MSCI Italy ETF (EWI) at 3.97%. This indicates that EWG's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWGEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.85%

3.97%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

15.16%

15.51%

-0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

17.74%

18.38%

-0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.54%

21.09%

-0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.80%

22.50%

-1.70%

EWG vs. EWI - Expense Ratio Comparison

Both EWG and EWI have an expense ratio of 0.49%.

Dividends

EWG vs. EWI - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 2.03%, less than EWI's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		2.03%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
EWI
iShares MSCI Italy ETF		3.13%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%

Frequently Asked Questions

EWG and EWI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (4.85%) compared to EWI (3.97%). In terms of maximum drawdown, EWG dropped -67.57% vs EWI's -70.38%.

On 10-year performance, EWI leads with 14.29% vs 7.62% for EWG. Both ETFs have the same 0.49% expense ratio. On volatility, EWI has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.29% return vs 7.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWG and EWI have the same expense ratio: 0.49% per year.

EWI has the higher dividend yield at 3.13%, compared with 2.03% for EWG.

EWG tracks MSCI Germany Index, while EWI tracks MSCI Italy Index.

EWI currently has the higher Sharpe Ratio (1.62 vs -0.06), 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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