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EWI vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. ACWI

Last updated Jun 24, 2026

EWI (iShares MSCI Italy ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWI returned 14.84%/yr vs 13.09%/yr for ACWI. A 0.79 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.32%/yr for ACWI.

Performance

EWI vs. ACWI - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWI achieves a 11.51% return, which is significantly higher than ACWI's 9.86% return. Over the past 10 years, EWI has outperformed ACWI with an annualized return of 14.84%, while ACWI has yielded a comparatively lower 13.09% annualized return.

EWI

1D
-1.72%
1M
3.40%
YTD
11.51%
6M
11.36%
1Y
32.13%
3Y*
29.08%
5Y*
16.72%
10Y*
14.84%

ACWI

1D
-2.00%
1M
-0.35%
YTD
9.86%
6M
9.11%
1Y
25.60%
3Y*
20.00%
5Y*
10.74%
10Y*
13.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		11.51%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
ACWI
iShares MSCI ACWI ETF		9.86%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between EWI and ACWI is 0.76, 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

0.76

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

0.70

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

0.76

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

0.75

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2008

0.79

The correlation between EWI and ACWI has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

EWI vs. ACWI - Sectors Allocation Comparison

Sectors
EWI
ACWI

Financial Services

47.9%
15.9%

Utilities

18.0%
2.7%

Industrials

11.1%
10.3%

Consumer Cyclical

9.8%
8.6%

Energy

7.4%
3.6%

Communication Services

2.5%
8.0%

Healthcare

1.4%
7.7%

Basic Materials

1.1%
3.6%

Consumer Defensive

1.0%
4.7%

Real Estate

-

1.6%

Technology

-

33.0%

Financial Services

EWI
47.9%
ACWI
15.9%

Utilities

EWI
18.0%
ACWI
2.7%

Industrials

EWI
11.1%
ACWI
10.3%

Consumer Cyclical

EWI
9.8%
ACWI
8.6%

Energy

EWI
7.4%
ACWI
3.6%

Communication Services

EWI
2.5%
ACWI
8.0%

Healthcare

EWI
1.4%
ACWI
7.7%

Basic Materials

EWI
1.1%
ACWI
3.6%

Consumer Defensive

EWI
1.0%
ACWI
4.7%

Real Estate

EWI

-

ACWI
1.6%

Technology

EWI

-

ACWI
33.0%

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 Italy ETF

iShares MSCI ACWI ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

EWI vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 5454
Overall Rank
EWI Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWI Omega Ratio Rank: 4949
Omega Ratio Rank
EWI Calmar Ratio Rank: 5656
Calmar Ratio Rank
EWI Martin Ratio Rank: 5858
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 5858
Overall Rank
ACWI Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 5656
Sortino Ratio Rank
ACWI Omega Ratio Rank: 5858
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5555
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6565
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.

EWI vs. ACWI - Risk-Adjusted Trends Comparison

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

EWIACWIDifference
Sharpe ratioReturn per unit of total volatility
1.75
1.89

-0.14

Sortino ratioReturn per unit of downside risk
2.42
2.60

-0.18

Omega ratioGain probability vs. loss probability

1.30

1.34

-0.05

Calmar ratioReturn relative to maximum drawdown

2.59

2.64

-0.06

Martin ratioReturn relative to average drawdown

9.64

11.51

-1.86

EWI vs. ACWI - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.75, which is comparable to the ACWI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWI and ACWI, 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

EWI vs. ACWI - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWI and ACWI.

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Drawdown Indicators

EWIACWIDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-56.00%

-14.38%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-9.73%

-2.75%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-16.55%

-0.25%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-26.42%

-8.83%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-33.53%

-9.47%

Current Drawdown

Current decline from peak

-2.17%

-2.83%

+0.66%

Average Drawdown

Average peak-to-trough decline

-28.89%

-8.59%

-20.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

2.23%

+1.11%

Volatility

EWI vs. ACWI - Volatility Comparison

iShares MSCI Italy ETF (EWI) and iShares MSCI ACWI ETF (ACWI) have volatilities of 5.76% and 5.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.76%

5.57%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

15.40%

11.38%

+4.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.44%

13.64%

+4.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.16%

16.20%

+4.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.66%

17.08%

+5.58%

EWI vs. ACWI - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EWI vs. ACWI - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.16%, more than ACWI's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.45%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
EWI
iShares MSCI Italy ETF		3.16%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

EWI and ACWI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (5.76%) compared to ACWI (5.57%). In terms of maximum drawdown, EWI dropped -70.38% vs ACWI's -56.00%.

On 10-year performance, EWI leads with 14.84% vs 13.09% for ACWI. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.57%. 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 14.84% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.49% for EWI.

EWI has the higher dividend yield at 3.16%, compared with 1.45% for ACWI.

EWI is categorized as Europe Equities, while ACWI is Global Equities. EWI tracks MSCI Italy Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.49% for EWI and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.89 vs 1.75), 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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