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EWI vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWM

Last updated Jun 9, 2026

EWI (iShares MSCI Italy ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EWI returned 13.44%/yr vs 2.62%/yr for EWM. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

EWI vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI Malaysia ETF (EWM). 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 7.95% return, which is significantly higher than EWM's 1.72% return. Over the past 10 years, EWI has outperformed EWM with an annualized return of 13.44%, while EWM has yielded a comparatively lower 2.62% annualized return.

EWI

1D
1.05%
1M
-0.81%
YTD
7.95%
6M
12.15%
1Y
25.19%
3Y*
28.16%
5Y*
15.36%
10Y*
13.44%

EWM

1D
-0.29%
1M
-8.18%
YTD
1.72%
6M
7.42%
1Y
19.09%
3Y*
14.69%
5Y*
4.38%
10Y*
2.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		7.95%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWM
iShares MSCI Malaysia ETF		1.72%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EWI and EWM is 0.52, 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

0.52

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

0.41

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

0.44

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

0.46

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.41

The correlation between EWI and EWM shifts across timeframes, from 0.41 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWI vs. EWM - Sectors Allocation Comparison

Sectors
EWI
EWM

Financial Services

47.8%
46.6%

Utilities

17.9%
10.8%

Industrials

11.1%
11.1%

Consumer Cyclical

9.8%
1.1%

Energy

7.4%
3.9%

Communication Services

2.5%
6.6%

Healthcare

1.4%
3.8%

Basic Materials

1.1%
8.9%

Consumer Defensive

1.0%
7.3%

Real Estate

-

-

Technology

-

-

Financial Services

EWI
47.8%
EWM
46.6%

Utilities

EWI
17.9%
EWM
10.8%

Industrials

EWI
11.1%
EWM
11.1%

Consumer Cyclical

EWI
9.8%
EWM
1.1%

Energy

EWI
7.4%
EWM
3.9%

Communication Services

EWI
2.5%
EWM
6.6%

Healthcare

EWI
1.4%
EWM
3.8%

Basic Materials

EWI
1.1%
EWM
8.9%

Consumer Defensive

EWI
1.0%
EWM
7.3%

Real Estate

EWI

-

EWM

-

Technology

EWI

-

EWM

-

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iShares MSCI Italy ETF

iShares MSCI Malaysia ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. SCHDEWM vs. VOO

Return for Risk

EWI vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 4444
Overall Rank
EWI Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWI Omega Ratio Rank: 4141
Omega Ratio Rank
EWI Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWI Martin Ratio Rank: 4949
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4545
Overall Rank
EWM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4242
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWM Martin Ratio Rank: 4747
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. EWM - Risk-Adjusted Trends Comparison

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

EWIEWMDifference
Sharpe ratioReturn per unit of total volatility
1.39
1.37

+0.03

Sortino ratioReturn per unit of downside risk
1.96
1.93

+0.03

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

2.03

2.25

-0.22

Martin ratioReturn relative to average drawdown

7.54

7.15

+0.39

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. EWM - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.39, which is comparable to the EWM Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EWI and EWM, 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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Sharpe Ratios by Period

EWIEWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.39

1.37

+0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.32

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.16

+0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.07

+0.16

Drawdowns

EWI vs. EWM - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EWI and EWM.

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Drawdown Indicators

EWIEWMDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-89.19%

+18.81%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-8.51%

-3.97%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-21.31%

+4.51%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-22.76%

-12.49%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-43.81%

+0.81%

Current Drawdown

Current decline from peak

-1.61%

-10.11%

+8.50%

Average Drawdown

Average peak-to-trough decline

-28.93%

-31.82%

+2.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.68%

+0.67%

Volatility

EWI vs. EWM - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 5.33% compared to iShares MSCI Malaysia ETF (EWM) at 3.44%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.33%

3.44%

+1.89%

Volatility (6M)

Calculated over the trailing 6-month period

14.83%

10.91%

+3.92%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

14.05%

+4.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

13.71%

+7.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.26%

16.28%

+6.98%

EWI vs. EWM - Expense Ratio Comparison

Both EWI and EWM have an expense ratio of 0.49%.

Dividends

EWI vs. EWM - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.60%, less than EWM's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		2.60%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
EWM
iShares MSCI Malaysia ETF		3.35%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EWI and EWM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (5.33%) compared to EWM (3.44%). In terms of maximum drawdown, EWI dropped -70.38% vs EWM's -89.19%.

On 10-year performance, EWI leads with 13.44% vs 2.62% for EWM. Both ETFs have the same 0.49% expense ratio. On volatility, EWM has been the lower-risk option at 3.44%. 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 13.44% return vs 2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI and EWM have the same expense ratio: 0.49% per year.

EWM has the higher dividend yield at 3.35%, compared with 2.60% for EWI.

EWI is categorized as Europe Equities, while EWM is Asia Pacific Equities. EWI tracks MSCI Italy Index, while EWM tracks MSCI Malaysia Index.

EWI currently has the higher Sharpe Ratio (1.39 vs 1.37), 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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