EWI vs. EWO

Last updated Jun 5, 2026

EWI (iShares MSCI Italy ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EWI tracks the MSCI Italy Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EWI returned 13.06%/yr vs 14.07%/yr for EWO. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EWI vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI Austria ETF (EWO). 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 lower than EWO's 15.39% return. Over the past 10 years, EWI has underperformed EWO with an annualized return of 13.06%, while EWO has yielded a comparatively higher 14.07% 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%

EWO

• 1D: 0.76%
• 1M: 5.18%
• YTD: 15.39%
• 6M: 21.60%
• 1Y: 44.40%
• 3Y*: 33.23%
• 5Y*: 14.92%
• 10Y*: 14.07%

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

EWI vs. EWO - 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%
EWO iShares MSCI Austria ETF	15.39%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between EWI and EWO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 2, 1996	0.63

The correlation between EWI and EWO shifts across timeframes, from 0.63 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

EWI vs. EWO - Sectors Allocation Comparison

Sectors	EWI	EWO
Financial Services	47.5%	46.6%
Utilities	18.3%	7.5%
Industrials	12.5%	14.2%
Consumer Cyclical	8.7%	1.9%
Energy	7.5%	10.8%
Communication Services	2.2%	-
Healthcare	1.4%	-
Consumer Defensive	0.9%	-
Basic Materials	0.6%	8.1%
Real Estate	-	4.4%
Technology	-	6.6%

Return for Risk

EWI vs. EWO — 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

EWO

EWO Risk / Return Rank: 69
EWO Sharpe Ratio Rank: 76
EWO Sortino Ratio Rank: 75
EWO Omega Ratio Rank: 69
EWO Calmar Ratio Rank: 65
EWO Martin Ratio Rank: 61

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. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and iShares MSCI Austria ETF (EWO). 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	EWO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.41	-0.88
Sortino ratio: Return per unit of downside risk	2.14	3.31	-1.17
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.22	3.17	-0.95
Martin ratio: Return relative to average drawdown	8.27	10.75	-2.48
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. EWO - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.54, which is lower than the EWO Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of EWI and EWO, 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	EWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.41	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.69	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.62	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.28	-0.05

Drawdowns

EWI vs. EWO - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EWI and EWO.

Drawdown Indicators

	EWI	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-75.69%	+5.31%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-14.08%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-16.75%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-41.82%	+6.57%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-58.10%	+15.10%
Current Drawdown Current decline from peak	-0.89%	-1.04%	+0.15%
Average Drawdown Average peak-to-trough decline	-28.94%	-28.12%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	4.14%	-0.80%

Volatility

EWI vs. EWO - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 6.17%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.67%. This indicates that EWI experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWI	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	6.67%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	15.06%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.05%	18.48%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	21.85%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	22.86%	+0.40%

EWI vs. EWO - Expense Ratio Comparison

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

Dividends

EWI vs. EWO - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.58%, more than EWO's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EWO iShares MSCI Austria ETF	2.07%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%

Frequently Asked Questions

Can I hold both EWI and EWO in my portfolio?

EWI and EWO have a correlation of 0.79, 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 EWO?

EWO has higher volatility (6.67%) compared to EWI (6.17%). In terms of maximum drawdown, EWI dropped -70.38% vs EWO's -75.69%.

Which ETF is better, EWI or EWO?

On 10-year performance, EWO leads with 14.07% vs 13.06% for EWI. Both ETFs have the same 0.49% expense ratio. On volatility, EWI has been the lower-risk option at 6.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or EWO?

Over the 10-year period, EWO has performed better with a 14.07% return vs 13.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or EWO?

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

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

EWI has the higher dividend yield at 2.58%, compared with 2.07% for EWO.

What is the main difference between EWI and EWO?

EWI tracks MSCI Italy Index, while EWO tracks MSCI Austria Investable Market Index.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.41 vs 1.54), 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.