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EWI vs. EIDO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EIDO

Last updated Jun 13, 2026

EWI (iShares MSCI Italy ETF) and EIDO (iShares MSCI Indonesia ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while EIDO is a Asia Pacific Equities fund tracking the MSCI Indonesia Investable Market Index. Both are passively managed. Over the past 10 years, EWI returned 14.33%/yr vs -3.71%/yr for EIDO. At a 0.46 correlation, their price movements are largely independent. EWI charges 0.49%/yr vs 0.59%/yr for EIDO.

Performance

EWI vs. EIDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI Indonesia ETF (EIDO). 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 11.67% return, which is significantly higher than EIDO's -34.01% return. Over the past 10 years, EWI has outperformed EIDO with an annualized return of 14.33%, while EIDO has yielded a comparatively lower -3.71% annualized return.

EWI

1D
0.23%
1M
2.99%
YTD
11.67%
6M
14.54%
1Y
29.63%
3Y*
28.93%
5Y*
16.23%
10Y*
14.33%

EIDO

1D
1.82%
1M
-13.71%
YTD
-34.01%
6M
-33.58%
1Y
-32.31%
3Y*
-16.75%
5Y*
-8.51%
10Y*
-3.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. EIDO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		11.67%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EIDO
iShares MSCI Indonesia ETF		-34.01%4.90%-13.02%2.56%-0.16%-0.60%-7.13%5.30%-10.88%19.40%

Correlation

The correlation between EWI and EIDO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.35

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

0.41

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

0.44

Correlation (All Time)
Calculated using the full available price history since May 7, 2010

0.46

The correlation between EWI and EIDO shifts across timeframes, from 0.30 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

EWI vs. EIDO - Sectors Allocation Comparison

Sectors
EWI
EIDO

Financial Services

47.8%
37.8%

Utilities

17.9%
2.4%

Industrials

11.1%
6.1%

Consumer Cyclical

9.8%
1.6%

Energy

7.4%
10.6%

Communication Services

2.5%
8.7%

Healthcare

1.4%
2.4%

Basic Materials

1.1%
18.5%

Consumer Defensive

1.0%
7.5%

Real Estate

-

1.8%

Technology

-

2.7%

Financial Services

EWI
47.8%
EIDO
37.8%

Utilities

EWI
17.9%
EIDO
2.4%

Industrials

EWI
11.1%
EIDO
6.1%

Consumer Cyclical

EWI
9.8%
EIDO
1.6%

Energy

EWI
7.4%
EIDO
10.6%

Communication Services

EWI
2.5%
EIDO
8.7%

Healthcare

EWI
1.4%
EIDO
2.4%

Basic Materials

EWI
1.1%
EIDO
18.5%

Consumer Defensive

EWI
1.0%
EIDO
7.5%

Real Estate

EWI

-

EIDO
1.8%

Technology

EWI

-

EIDO
2.7%

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 Indonesia ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with EIDO:
EIDO vs. IDXEIDO vs. EWYEIDO vs. INDAEIDO vs. ASEAEIDO vs. EWMEIDO vs. EWSEIDO vs. EWW

Return for Risk

EWI vs. EIDO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 5353
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: 5454
Calmar Ratio Rank
EWI Martin Ratio Rank: 5757
Martin Ratio Rank
EIDO
EIDO Risk / Return Rank: 11
Overall Rank
EIDO Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EIDO Sortino Ratio Rank: 11
Sortino Ratio Rank
EIDO Omega Ratio Rank: 00
Omega Ratio Rank
EIDO Calmar Ratio Rank: 33
Calmar Ratio Rank
EIDO Martin Ratio Rank: 00
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. EIDO - Risk-Adjusted Trends Comparison

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

EWIEIDODifference
Sharpe ratioReturn per unit of total volatility
1.61
-1.29

+2.90

Sortino ratioReturn per unit of downside risk
2.24
-1.84

+4.08

Omega ratioGain probability vs. loss probability

1.27

0.76

+0.51

Calmar ratioReturn relative to maximum drawdown

2.39

-0.74

+3.13

Martin ratioReturn relative to average drawdown

8.88

-2.38

+11.27

EWI vs. EIDO - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.61, which is higher than the EIDO Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of EWI and EIDO, 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. EIDO - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EIDO's maximum drawdown of -63.21%. Use the drawdown chart below to compare losses from any high point for EWI and EIDO.

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Drawdown Indicators

EWIEIDODifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-63.21%

-7.17%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-43.81%

+31.33%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-51.77%

+34.97%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-51.77%

+16.52%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-59.41%

+16.41%

Current Drawdown

Current decline from peak

0.00%

-54.96%

+54.96%

Average Drawdown

Average peak-to-trough decline

-28.91%

-24.68%

-4.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

13.63%

-10.28%

Volatility

EWI vs. EIDO - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 6.36%, while iShares MSCI Indonesia ETF (EIDO) has a volatility of 13.82%. This indicates that EWI experiences smaller price fluctuations and is considered to be less risky than EIDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIEIDODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.36%

13.82%

-7.46%

Volatility (6M)

Calculated over the trailing 6-month period

15.25%

21.56%

-6.31%

Volatility (1Y)

Calculated over the trailing 1-year period

18.52%

25.14%

-6.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

20.41%

+0.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.23%

25.00%

-1.77%

EWI vs. EIDO - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than EIDO's 0.59% expense ratio.

Dividends

EWI vs. EIDO - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.51%, less than EIDO's 5.39% yield.

PositionTTM20252024202320222021202020192018201720162015
EIDO
iShares MSCI Indonesia ETF		5.39%3.56%5.20%2.94%2.53%1.33%1.51%1.78%1.99%1.26%1.16%1.67%
EWI
iShares MSCI Italy ETF		2.51%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 EIDO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIDO has higher volatility (13.82%) compared to EWI (6.36%). In terms of maximum drawdown, EWI dropped -70.38% vs EIDO's -63.21%.

On 10-year performance, EWI leads with 14.33% vs -3.71% for EIDO. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 6.36%. 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 14.33% return vs -3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.49% expense ratio, compared with 0.59% for EIDO.

EIDO has the higher dividend yield at 5.39%, compared with 2.51% for EWI.

EWI is categorized as Europe Equities, while EIDO is Asia Pacific Equities. EWI tracks MSCI Italy Index, while EIDO tracks MSCI Indonesia Investable Market Index. Their fees differ too: 0.49% for EWI and 0.59% for EIDO.

EWI currently has the higher Sharpe Ratio (1.61 vs -1.29), 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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