EWI vs. EUDV

Last updated Jun 5, 2026

EWI (iShares MSCI Italy ETF) and EUDV (ProShares MSCI Europe Dividend Growers ETF) are both Europe Equities funds - EWI tracks the MSCI Italy Index while EUDV tracks the MSCI Europe Dividend Masters Index. Both are passively managed. Over the past 10 years, EWI returned 13.06%/yr vs 5.32%/yr for EUDV. A 0.67 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.55%/yr for EUDV.

Performance

EWI vs. EUDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and ProShares MSCI Europe Dividend Growers ETF (EUDV). 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 higher than EUDV's 3.21% return. Over the past 10 years, EWI has outperformed EUDV with an annualized return of 13.06%, while EUDV has yielded a comparatively lower 5.32% annualized return.

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%

EUDV

• 1D: 1.98%
• 1M: 0.36%
• YTD: 3.21%
• 6M: 4.22%
• 1Y: 0.84%
• 3Y*: 8.18%
• 5Y*: 2.68%
• 10Y*: 5.32%

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

EWI vs. EUDV - 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%
EUDV ProShares MSCI Europe Dividend Growers ETF	3.21%	14.05%	0.03%	20.41%	-24.87%	19.56%	5.81%	25.89%	-11.12%	21.57%

Correlation

The correlation between EWI and EUDV is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015	0.67

The correlation between EWI and EUDV has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

EWI vs. EUDV - Sectors Allocation Comparison

Sectors	EWI	EUDV
Financial Services	47.5%	14.1%
Utilities	18.3%	9.5%
Industrials	12.5%	21.0%
Consumer Cyclical	8.7%	-
Energy	7.5%	2.2%
Communication Services	2.2%	4.2%
Healthcare	1.4%	16.1%
Consumer Defensive	0.9%	10.9%
Basic Materials	0.6%	11.0%
Real Estate	-	2.0%
Technology	-	11.3%

Return for Risk

EWI vs. EUDV — 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

EUDV

EUDV Risk / Return Rank: 10
EUDV Sharpe Ratio Rank: 10
EUDV Sortino Ratio Rank: 9
EUDV Omega Ratio Rank: 9
EUDV Calmar Ratio Rank: 10
EUDV Martin Ratio Rank: 10

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. EUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and ProShares MSCI Europe Dividend Growers ETF (EUDV). 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	EUDV	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.06	+1.48
Sortino ratio: Return per unit of downside risk	2.14	0.18	+1.96
Omega ratio: Gain probability vs. loss probability	1.26	1.02	+0.24
Calmar ratio: Return relative to maximum drawdown	2.22	0.08	+2.14
Martin ratio: Return relative to average drawdown	8.27	0.20	+8.07
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. EUDV - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.54, which is higher than the EUDV Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of EWI and EUDV, 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	EUDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	0.06	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.17	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.31	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.28	-0.05

Drawdowns

EWI vs. EUDV - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EUDV's maximum drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for EWI and EUDV.

Drawdown Indicators

	EWI	EUDV	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-37.51%	-32.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-10.63%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-13.69%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-37.51%	+2.26%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-37.51%	-5.49%
Current Drawdown Current decline from peak	-0.89%	-2.79%	+1.90%
Average Drawdown Average peak-to-trough decline	-28.94%	-8.61%	-20.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	4.22%	-0.88%

Volatility

EWI vs. EUDV - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 6.17% compared to ProShares MSCI Europe Dividend Growers ETF (EUDV) at 4.88%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than EUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWI	EUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	4.88%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	11.32%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.05%	14.17%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	16.15%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	17.42%	+5.84%

EWI vs. EUDV - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than EUDV's 0.55% expense ratio.

Dividends

EWI vs. EUDV - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.58%, more than EUDV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUDV ProShares MSCI Europe Dividend Growers ETF	1.68%	1.74%	1.92%	1.87%	1.77%	2.30%	1.27%	2.20%	2.22%	2.33%	2.53%	0.37%
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 EUDV in my portfolio?

EWI and EUDV have a correlation of 0.70, 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 EUDV?

EWI has higher volatility (6.17%) compared to EUDV (4.88%). In terms of maximum drawdown, EWI dropped -70.38% vs EUDV's -37.51%.

Which ETF is better, EWI or EUDV?

On 10-year performance, EWI leads with 13.06% vs 5.32% for EUDV. On fees, EWI is cheaper at 0.49% per year. On volatility, EUDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or EUDV?

Over the 10-year period, EWI has performed better with a 13.06% return vs 5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or EUDV?

EWI is cheaper with a 0.49% expense ratio, compared with 0.55% for EUDV.

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

EWI has the higher dividend yield at 2.58%, compared with 1.68% for EUDV.

What is the main difference between EWI and EUDV?

EWI tracks MSCI Italy Index, while EUDV tracks MSCI Europe Dividend Masters Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for EWI and 0.55% for EUDV.

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.54 vs 0.06), 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.