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EWG vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. EWO

Last updated Aug 4, 2026
Documentation

EWG (iShares MSCI Germany ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EWG tracks the MSCI Germany Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EWG returned 7.95%/yr vs 15.11%/yr for EWO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.49% expense ratio.

Performance

EWG vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) and iShares MSCI Austria ETF (EWO). 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 4.12% return, which is significantly lower than EWO's 23.93% return. Over the past 10 years, EWG has underperformed EWO with an annualized return of 7.95%, while EWO has yielded a comparatively higher 15.11% annualized return.

EWG

1D
1.24%
1M
2.53%
6M
1.77%
YTD
4.12%
1Y
8.59%
3Y*
17.75%
5Y*
7.19%
10Y*
7.95%
ALL TIME*
6.37%

EWO

1D
1.41%
1M
1.03%
6M
16.20%
YTD
23.93%
1Y
49.93%
3Y*
34.23%
5Y*
17.28%
10Y*
15.11%
ALL TIME*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWG

iShares MSCI Germany ETF
$53.17M$48.20M$48.04M

EWO

iShares MSCI Austria ETF
$1.81M$2.91M$1.73M

EWG vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		4.12%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
EWO
iShares MSCI Austria ETF		23.93%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between EWG and EWO is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.74

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.77

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

0.64

The correlation between EWG and EWO shifts across timeframes, from 0.64 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.

EWG vs. EWO - Sectors Allocation Comparison

Sectors
EWG
EWO

Industrials

30.4%
11.1%

Financial Services

22.0%
48.1%

Technology

15.1%
5.9%

Consumer Cyclical

7.8%
4.7%

Healthcare

7.0%

-

Communication Services

5.5%

-

Basic Materials

5.2%
9.4%

Utilities

4.7%
6.4%

Consumer Defensive

1.5%

-

Real Estate

0.9%
3.7%

Energy

-

9.6%

Industrials

EWG
30.4%
EWO
11.1%

Financial Services

EWG
22.0%
EWO
48.1%

Technology

EWG
15.1%
EWO
5.9%

Consumer Cyclical

EWG
7.8%
EWO
4.7%

Healthcare

EWG
7.0%
EWO

-

Communication Services

EWG
5.5%
EWO

-

Basic Materials

EWG
5.2%
EWO
9.4%

Utilities

EWG
4.7%
EWO
6.4%

Consumer Defensive

EWG
1.5%
EWO

-

Real Estate

EWG
0.9%
EWO
3.7%

Energy

EWG

-

EWO
9.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Germany ETF

iShares MSCI Austria ETF

Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. EWD
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. IBZL.LEWO vs. EEMEWO vs. VOOEWO vs. IUSV

Return for Risk

EWG vs. EWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWG
EWG Risk / Return Rank: 2222
Overall Rank
EWG Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 2222
Sortino Ratio Rank
EWG Omega Ratio Rank: 2222
Omega Ratio Rank
EWG Calmar Ratio Rank: 2121
Calmar Ratio Rank
EWG Martin Ratio Rank: 2424
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 9090
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWG vs. EWO - Risk-Adjusted Trends Comparison

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

EWGEWODifference
Sharpe ratioReturn per unit of total volatility
0.49
2.52

-2.03

Sortino ratioReturn per unit of downside risk
0.80
3.53

-2.73

Omega ratioGain probability vs. loss probability

1.10

1.42

-0.33

Calmar ratioReturn relative to maximum drawdown

0.59

3.56

-2.97

Martin ratioReturn relative to average drawdown

1.77

11.89

-10.11

EWG vs. EWO - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.49, which is lower than the EWO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EWG and EWO, 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. EWO - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EWG and EWO.

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Drawdown Indicators

EWGEWODifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-75.69%

+8.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-14.08%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-15.49%

-16.75%

+1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-42.59%

-41.82%

-0.77%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-58.10%

+11.30%

Current Drawdown

Current decline from peak

-0.70%

-0.14%

-0.56%

Average Drawdown

Average peak-to-trough decline

-19.12%

-27.98%

+8.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.86%

4.21%

+0.65%

Volatility

EWG vs. EWO - Volatility Comparison

The current volatility for iShares MSCI Germany ETF (EWG) is 4.87%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.04%. This indicates that EWG experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWGEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.87%

6.04%

-1.17%

Volatility (6M)

Calculated over the trailing 6-month period

15.35%

16.83%

-1.48%

Volatility (1Y)

Calculated over the trailing 1-year period

17.72%

19.98%

-2.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.59%

22.04%

-1.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.82%

22.61%

-1.79%

EWG vs. EWO - Expense Ratio Comparison

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

Dividends

EWG vs. EWO - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.92%, less than EWO's 1.95% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.92%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
EWO
iShares MSCI Austria ETF		1.95%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%

Frequently Asked Questions

EWG and EWO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.04%) compared to EWG (4.87%). In terms of maximum drawdown, EWG dropped -67.57% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.11% vs 7.95% for EWG. Both ETFs have the same 0.49% expense ratio. On volatility, EWG has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.11% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWO has the higher dividend yield at 1.95%, compared with 1.92% for EWG.

EWG tracks MSCI Germany Index, while EWO tracks MSCI Austria Investable Market Index.

EWO currently has the higher Sharpe Ratio (2.52 vs 0.49), 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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