EWI vs. DGRO

Last updated Jun 5, 2026

EWI (iShares MSCI Italy ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, EWI returned 13.06%/yr vs 13.34%/yr for DGRO. A 0.65 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.08%/yr for DGRO.

Performance

EWI vs. DGRO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWI achieves a 8.74% return, which is significantly lower than DGRO's 9.64% return. Both investments have delivered pretty close results over the past 10 years, with EWI having a 13.06% annualized return and DGRO not far ahead at 13.34%.

EWI

• 1D: 0.97%
• 1M: 2.18%
• YTD: 8.74%
• 6M: 12.61%
• 1Y: 27.58%
• 3Y*: 29.18%
• 5Y*: 15.62%
• 10Y*: 13.06%

DGRO

• 1D: 0.81%
• 1M: 3.27%
• YTD: 9.64%
• 6M: 9.87%
• 1Y: 23.89%
• 3Y*: 17.46%
• 5Y*: 10.72%
• 10Y*: 13.34%

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

EWI vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWI iShares MSCI Italy ETF	8.74%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%
DGRO iShares Core Dividend Growth ETF	9.64%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EWI and DGRO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.65

The correlation between EWI and DGRO has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

EWI vs. DGRO - Sectors Allocation Comparison

Sectors	EWI	DGRO
Financial Services	47.5%	21.2%
Utilities	18.3%	6.9%
Industrials	12.5%	10.8%
Consumer Cyclical	8.7%	5.7%
Energy	7.5%	5.6%
Communication Services	2.2%	0.1%
Healthcare	1.4%	16.4%
Consumer Defensive	0.9%	11.5%
Basic Materials	0.6%	2.5%
Real Estate	-	-
Technology	-	19.4%

Return for Risk

EWI vs. DGRO — Risk / Return Rank

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

EWI

EWI Risk / Return Rank: 45
EWI Sharpe Ratio Rank: 45
EWI Sortino Ratio Rank: 43
EWI Omega Ratio Rank: 42
EWI Calmar Ratio Rank: 46
EWI Martin Ratio Rank: 50

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 79
DGRO Sortino Ratio Rank: 83
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 75
DGRO Martin Ratio Rank: 76

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. DGRO - Risk-Adjusted Trends Comparison

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

	EWI	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.53	-1.00
Sortino ratio: Return per unit of downside risk	2.14	3.68	-1.54
Omega ratio: Gain probability vs. loss probability	1.26	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	2.22	3.71	-1.49
Martin ratio: Return relative to average drawdown	8.27	14.33	-6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWI vs. DGRO - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.54, which is lower than the DGRO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of EWI and DGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWI	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.53	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.78	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.81	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.77	-0.54

Drawdowns

EWI vs. DGRO - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWI and DGRO.

Drawdown Indicators

	EWI	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-35.10%	-35.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-6.47%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-14.03%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-19.31%	-15.94%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-35.10%	-7.90%
Current Drawdown Current decline from peak	-0.89%	0.00%	-0.89%
Average Drawdown Average peak-to-trough decline	-28.94%	-3.44%	-25.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	1.67%	+1.67%

Volatility

EWI vs. DGRO - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 6.17% compared to iShares Core Dividend Growth ETF (DGRO) at 2.24%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWI	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	2.24%	+3.93%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	6.94%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.05%	9.49%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	13.82%	+7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	16.62%	+6.64%

EWI vs. DGRO - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EWI vs. DGRO - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.58%, more than DGRO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
EWI iShares MSCI Italy ETF	2.58%	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

Can I hold both EWI and DGRO in my portfolio?

EWI and DGRO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWI or DGRO?

EWI has higher volatility (6.17%) compared to DGRO (2.24%). In terms of maximum drawdown, EWI dropped -70.38% vs DGRO's -35.10%.

Which ETF is better, EWI or DGRO?

On 10-year performance, DGRO leads with 13.34% vs 13.06% for EWI. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or DGRO?

Over the 10-year period, DGRO has performed better with a 13.34% return vs 13.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.49% for EWI.

Which ETF pays a higher dividend yield, EWI or DGRO?

EWI has the higher dividend yield at 2.58%, compared with 1.94% for DGRO.

What is the main difference between EWI and DGRO?

EWI is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EWI tracks MSCI Italy Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.49% for EWI and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.53 vs 1.54), 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.