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EWI vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWA

Last updated Jun 30, 2026
See Documentation

EWI (iShares MSCI Italy ETF) and EWA (iShares MSCI-Australia ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while EWA is a Australia Equities fund tracking the MSCI Australia Index. Both are passively managed. Over the past 10 years, EWI returned 14.23%/yr vs 8.07%/yr for EWA. A 0.55 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.50%/yr for EWA.

Performance

EWI vs. EWA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI-Australia ETF (EWA). 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 10.57% return, which is significantly higher than EWA's 8.84% return. Over the past 10 years, EWI has outperformed EWA with an annualized return of 14.23%, while EWA has yielded a comparatively lower 8.07% annualized return.

EWI

1D
0.48%
1M
1.18%
YTD
10.57%
6M
10.92%
1Y
27.16%
3Y*
27.00%
5Y*
16.93%
10Y*
14.23%

EWA

1D
0.50%
1M
-2.55%
YTD
8.84%
6M
7.65%
1Y
11.12%
3Y*
11.35%
5Y*
5.85%
10Y*
8.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. EWA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		10.57%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWA
iShares MSCI-Australia ETF		8.84%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between EWI and EWA is 0.72, 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

0.72

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

0.68

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

0.72

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

0.68

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

0.55

The correlation between EWI and EWA shifts across timeframes, from 0.55 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

EWI vs. EWA - Sectors Allocation Comparison

Sectors
EWI
EWA

Financial Services

50.1%
41.4%

Utilities

17.8%
1.6%

Industrials

10.5%
4.2%

Consumer Cyclical

8.8%
6.5%

Energy

6.6%
4.2%

Communication Services

2.6%
1.9%

Healthcare

1.3%
4.3%

Basic Materials

1.0%
26.4%

Consumer Defensive

0.9%
3.6%

Real Estate

-

5.1%

Technology

-

1.0%

Financial Services

EWI
50.1%
EWA
41.4%

Utilities

EWI
17.8%
EWA
1.6%

Industrials

EWI
10.5%
EWA
4.2%

Consumer Cyclical

EWI
8.8%
EWA
6.5%

Energy

EWI
6.6%
EWA
4.2%

Communication Services

EWI
2.6%
EWA
1.9%

Healthcare

EWI
1.3%
EWA
4.3%

Basic Materials

EWI
1.0%
EWA
26.4%

Consumer Defensive

EWI
0.9%
EWA
3.6%

Real Estate

EWI

-

EWA
5.1%

Technology

EWI

-

EWA
1.0%

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-Australia ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. VOOEWA vs. ^N225EWA vs. SPY

Return for Risk

EWI vs. EWA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 4949
Overall Rank
EWI Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 4848
Sortino Ratio Rank
EWI Omega Ratio Rank: 4444
Omega Ratio Rank
EWI Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWI Martin Ratio Rank: 5454
Martin Ratio Rank
EWA
EWA Risk / Return Rank: 2121
Overall Rank
EWA Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWA Omega Ratio Rank: 1919
Omega Ratio Rank
EWA Calmar Ratio Rank: 2525
Calmar Ratio Rank
EWA Martin Ratio Rank: 2424
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. EWA - Risk-Adjusted Trends Comparison

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

EWIEWADifference
Sharpe ratioReturn per unit of total volatility
1.48
0.65

+0.84

Sortino ratioReturn per unit of downside risk
2.10
1.00

+1.10

Omega ratioGain probability vs. loss probability

1.25

1.12

+0.13

Calmar ratioReturn relative to maximum drawdown

2.19

1.12

+1.07

Martin ratioReturn relative to average drawdown

8.10

2.97

+5.13

EWI vs. EWA - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.48, which is higher than the EWA Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of EWI and EWA, 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. EWA - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EWA's maximum drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for EWI and EWA.

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Drawdown Indicators

EWIEWADifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-66.98%

-3.40%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-10.01%

-2.47%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-21.91%

+5.11%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-24.87%

-10.38%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-45.54%

+2.54%

Current Drawdown

Current decline from peak

-3.00%

-5.80%

+2.80%

Average Drawdown

Average peak-to-trough decline

-28.88%

-11.31%

-17.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

3.76%

-0.40%

Volatility

EWI vs. EWA - Volatility Comparison

iShares MSCI Italy ETF (EWI) and iShares MSCI-Australia ETF (EWA) have volatilities of 5.66% and 5.69%, 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

EWIEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.66%

5.69%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

15.43%

14.64%

+0.79%

Volatility (1Y)

Calculated over the trailing 1-year period

18.44%

17.32%

+1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.15%

19.79%

+1.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.60%

22.50%

+0.10%

EWI vs. EWA - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than EWA's 0.50% expense ratio.

Dividends

EWI vs. EWA - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.18%, more than EWA's 3.02% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		3.02%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
EWI
iShares MSCI Italy ETF		3.18%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 EWA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWA has higher volatility (5.69%) compared to EWI (5.66%). In terms of maximum drawdown, EWI dropped -70.38% vs EWA's -66.98%.

On 10-year performance, EWI leads with 14.23% vs 8.07% for EWA. On fees, EWI is cheaper at 0.49% per year. Their volatility is very similar. 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 14.23% return vs 8.07%. 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 0.50% for EWA.

EWI has the higher dividend yield at 3.18%, compared with 3.02% for EWA.

EWI is categorized as Europe Equities, while EWA is Australia Equities. EWI tracks MSCI Italy Index, while EWA tracks MSCI Australia Index. Their fees differ too: 0.49% for EWI and 0.50% for EWA.

EWI currently has the higher Sharpe Ratio (1.48 vs 0.65), 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.

Portfolio Optimizer

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