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EWI vs. EWN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWN

Last updated Aug 4, 2026
Documentation

EWI (iShares MSCI Italy ETF) and EWN (iShares MSCI Netherlands ETF) are both Europe Equities funds from iShares - EWI tracks the MSCI Italy 25/50 Index (Net) while EWN tracks the MSCI Netherlands Investable Market Index. Both are passively managed. Over the past 10 years, EWI returned 14.76%/yr vs 13.33%/yr for EWN. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWI vs. EWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI Netherlands ETF (EWN). 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 17.10% return, which is significantly lower than EWN's 19.54% return. Over the past 10 years, EWI has outperformed EWN with an annualized return of 14.76%, while EWN has yielded a comparatively lower 13.33% annualized return.

EWI

1D
1.28%
1M
2.90%
6M
12.86%
YTD
17.10%
1Y
34.75%
3Y*
29.05%
5Y*
18.17%
10Y*
14.76%
ALL TIME*
6.64%

EWN

1D
1.03%
1M
-0.07%
6M
8.61%
YTD
19.54%
1Y
39.18%
3Y*
19.37%
5Y*
8.56%
10Y*
13.33%
ALL TIME*
7.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWI

iShares MSCI Italy ETF
$27.89M$24.69M$25.33M

EWN

iShares MSCI Netherlands ETF
$20.87M$19.30M$16.22M

EWI vs. EWN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		17.10%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWN
iShares MSCI Netherlands ETF		19.54%34.87%1.67%22.08%-24.43%22.74%23.23%32.45%-15.37%33.73%

Correlation

The correlation between EWI and EWN is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.76

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

0.72

The correlation between EWI and EWN has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

EWI vs. EWN - Sectors Allocation Comparison

Sectors
EWI
EWN

Financial Services

50.1%
17.3%

Utilities

18.0%

-

Industrials

10.4%
10.4%

Consumer Cyclical

9.0%
5.4%

Energy

6.6%
1.8%

Communication Services

2.7%
9.8%

Healthcare

1.3%
2.5%

Basic Materials

1.0%
4.7%

Consumer Defensive

0.9%
9.9%

Real Estate

-

0.7%

Technology

-

37.8%

Financial Services

EWI
50.1%
EWN
17.3%

Utilities

EWI
18.0%
EWN

-

Industrials

EWI
10.4%
EWN
10.4%

Consumer Cyclical

EWI
9.0%
EWN
5.4%

Energy

EWI
6.6%
EWN
1.8%

Communication Services

EWI
2.7%
EWN
9.8%

Healthcare

EWI
1.3%
EWN
2.5%

Basic Materials

EWI
1.0%
EWN
4.7%

Consumer Defensive

EWI
0.9%
EWN
9.9%

Real Estate

EWI

-

EWN
0.7%

Technology

EWI

-

EWN
37.8%

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 Netherlands ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with EWN:
EWN vs. EDENEWN vs. FEZEWN vs. EWQEWN vs. EWCEWN vs. EWDEWN vs. VOOEWN vs. ICLN

Return for Risk

EWI vs. EWN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWI
EWI Risk / Return Rank: 7878
Overall Rank
EWI Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7979
Sortino Ratio Rank
EWI Omega Ratio Rank: 7575
Omega Ratio Rank
EWI Calmar Ratio Rank: 7777
Calmar Ratio Rank
EWI Martin Ratio Rank: 7979
Martin Ratio Rank
EWN
EWN Risk / Return Rank: 7575
Overall Rank
EWN Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EWN Sortino Ratio Rank: 7373
Sortino Ratio Rank
EWN Omega Ratio Rank: 6868
Omega Ratio Rank
EWN Calmar Ratio Rank: 7979
Calmar Ratio Rank
EWN Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWI vs. EWN - Risk-Adjusted Trends Comparison

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

EWIEWNDifference
Sharpe ratioReturn per unit of total volatility
1.91
1.77

+0.14

Sortino ratioReturn per unit of downside risk
2.63
2.49

+0.14

Omega ratioGain probability vs. loss probability

1.32

1.30

+0.03

Calmar ratioReturn relative to maximum drawdown

2.80

2.97

-0.18

Martin ratioReturn relative to average drawdown

10.48

10.75

-0.27

EWI vs. EWN - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.91, which is comparable to the EWN Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of EWI and EWN, 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. EWN - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EWN's maximum drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for EWI and EWN.

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Drawdown Indicators

EWIEWNDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-65.22%

-5.16%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-13.24%

+0.76%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-19.77%

+2.97%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-43.57%

+8.32%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-43.57%

+0.57%

Current Drawdown

Current decline from peak

0.00%

-4.70%

+4.70%

Average Drawdown

Average peak-to-trough decline

-28.79%

-16.28%

-12.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

3.66%

-0.34%

Volatility

EWI vs. EWN - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 4.59%, while iShares MSCI Netherlands ETF (EWN) has a volatility of 7.41%. This indicates that EWI experiences smaller price fluctuations and is considered to be less risky than EWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIEWNDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

7.41%

-2.82%

Volatility (6M)

Calculated over the trailing 6-month period

15.66%

19.11%

-3.45%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

22.32%

-3.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

23.36%

-2.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

21.32%

+1.19%

EWI vs. EWN - Expense Ratio Comparison

Both EWI and EWN have an expense ratio of 0.50%.

Dividends

EWI vs. EWN - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.01%, less than EWN's 4.20% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.01%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
EWN
iShares MSCI Netherlands ETF		4.20%5.03%2.18%1.79%1.98%1.01%0.78%2.57%2.40%1.68%2.71%1.92%

Frequently Asked Questions

EWI and EWN 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.

EWN has higher volatility (7.41%) compared to EWI (4.59%). In terms of maximum drawdown, EWI dropped -70.38% vs EWN's -65.22%.

On 10-year performance, EWI leads with 14.76% vs 13.33% for EWN. Both ETFs have the same 0.50% expense ratio. On volatility, EWI has been the lower-risk option at 4.59%. 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 14.76% return vs 13.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI and EWN have the same expense ratio: 0.50% per year.

EWN has the higher dividend yield at 4.20%, compared with 3.01% for EWI.

EWI tracks MSCI Italy 25/50 Index (Net), while EWN tracks MSCI Netherlands Investable Market Index.

EWI currently has the higher Sharpe Ratio (1.91 vs 1.77), 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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