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EWG vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. EWM

Last updated Jun 13, 2026

EWG (iShares MSCI Germany ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EWG returned 8.18%/yr vs 2.79%/yr for EWM. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

EWG vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) and iShares MSCI Malaysia ETF (EWM). 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 -0.45% return, which is significantly lower than EWM's 2.89% return. Over the past 10 years, EWG has outperformed EWM with an annualized return of 8.18%, while EWM has yielded a comparatively lower 2.79% annualized return.

EWG

1D
0.09%
1M
0.36%
YTD
-0.45%
6M
0.31%
1Y
1.88%
3Y*
15.78%
5Y*
5.72%
10Y*
8.18%

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWG vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		-0.45%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EWG and EWM is 0.56, 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

0.56

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

0.44

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

0.45

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

0.49

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

0.45

The correlation between EWG and EWM shifts across timeframes, from 0.44 (3 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

EWG vs. EWM - Sectors Allocation Comparison

Sectors
EWG
EWM

Industrials

30.3%
11.1%

Financial Services

21.6%
46.6%

Technology

13.8%

-

Consumer Cyclical

8.2%
1.1%

Communication Services

6.6%
6.6%

Healthcare

6.1%
3.8%

Basic Materials

5.8%
8.9%

Utilities

4.9%
10.8%

Consumer Defensive

1.4%
7.3%

Real Estate

1.3%

-

Energy

-

3.9%

Industrials

EWG
30.3%
EWM
11.1%

Financial Services

EWG
21.6%
EWM
46.6%

Technology

EWG
13.8%
EWM

-

Consumer Cyclical

EWG
8.2%
EWM
1.1%

Communication Services

EWG
6.6%
EWM
6.6%

Healthcare

EWG
6.1%
EWM
3.8%

Basic Materials

EWG
5.8%
EWM
8.9%

Utilities

EWG
4.9%
EWM
10.8%

Consumer Defensive

EWG
1.4%
EWM
7.3%

Real Estate

EWG
1.3%
EWM

-

Energy

EWG

-

EWM
3.9%

Compare stocks, funds, or ETFs

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iShares MSCI Germany ETF

iShares MSCI Malaysia ETF

Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

EWG vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWG
EWG Risk / Return Rank: 1111
Overall Rank
EWG Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWG Omega Ratio Rank: 1111
Omega Ratio Rank
EWG Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWG Martin Ratio Rank: 1111
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
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. EWM - Risk-Adjusted Trends Comparison

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

EWGEWMDifference
Sharpe ratioReturn per unit of total volatility
0.11
1.36

-1.25

Sortino ratioReturn per unit of downside risk
0.27
1.92

-1.65

Omega ratioGain probability vs. loss probability

1.03

1.24

-0.21

Calmar ratioReturn relative to maximum drawdown

0.13

2.09

-1.96

Martin ratioReturn relative to average drawdown

0.38

6.65

-6.27

EWG vs. EWM - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.11, which is lower than the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EWG and EWM, 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. EWM - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EWG and EWM.

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Drawdown Indicators

EWGEWMDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-89.19%

+21.62%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-9.14%

-5.40%

Max Drawdown (3Y)

Largest decline over 3 years

-15.81%

-21.31%

+5.50%

Max Drawdown (5Y)

Largest decline over 5 years

-43.23%

-22.76%

-20.47%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-43.81%

-2.99%

Current Drawdown

Current decline from peak

-5.05%

-9.08%

+4.03%

Average Drawdown

Average peak-to-trough decline

-19.18%

-31.80%

+12.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.97%

2.87%

+2.10%

Volatility

EWG vs. EWM - Volatility Comparison

iShares MSCI Germany ETF (EWG) has a higher volatility of 6.22% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that EWG's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWGEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.22%

3.97%

+2.25%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

10.95%

+3.66%

Volatility (1Y)

Calculated over the trailing 1-year period

17.66%

14.10%

+3.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.54%

13.72%

+6.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.10%

16.27%

+4.83%

EWG vs. EWM - Expense Ratio Comparison

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

Dividends

EWG vs. EWM - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.61%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.61%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EWG and EWM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (6.22%) compared to EWM (3.97%). In terms of maximum drawdown, EWG dropped -67.57% vs EWM's -89.19%.

On 10-year performance, EWG leads with 8.18% vs 2.79% for EWM. Both ETFs have the same 0.49% expense ratio. On volatility, EWM 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, EWG has performed better with a 8.18% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWM has the higher dividend yield at 3.32%, compared with 1.61% for EWG.

EWG is categorized as Europe Equities, while EWM is Asia Pacific Equities. EWG tracks MSCI Germany Index, while EWM tracks MSCI Malaysia Index.

EWM currently has the higher Sharpe Ratio (1.36 vs 0.11), 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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