EWI vs. GSIB

Last updated Jun 19, 2026

EWI (iShares MSCI Italy ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while GSIB is a Financials Equities fund actively managed by Themes. EWI is passively managed, while GSIB is actively managed. Over the past year, EWI returned 34.75% vs 49.03% for GSIB. A 0.74 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.35%/yr for GSIB.

Performance

EWI vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWI achieves a 13.74% return, which is significantly lower than GSIB's 15.97% return.

EWI

• 1D: 0.73%
• 1M: 7.68%
• YTD: 13.74%
• 6M: 14.84%
• 1Y: 34.75%
• 3Y*: 28.73%
• 5Y*: 17.62%
• 10Y*: 13.75%

GSIB

• 1D: 0.20%
• 1M: 10.04%
• YTD: 15.97%
• 6M: 18.23%
• 1Y: 49.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWI vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWI iShares MSCI Italy ETF	13.74%	55.72%	10.23%	0.74%
GSIB Themes Global Systemically Important Banks ETF	15.97%	61.67%	32.86%	1.75%

Correlation

The correlation between EWI and GSIB is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.74

The correlation between EWI and GSIB has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

EWI vs. GSIB - Sectors Allocation Comparison

Sectors	EWI	GSIB
Financial Services	47.9%	100.0%
Utilities	18.0%	-
Industrials	11.1%	-
Consumer Cyclical	9.8%	-
Energy	7.4%	-
Communication Services	2.5%	-
Healthcare	1.4%	-
Basic Materials	1.1%	-
Consumer Defensive	1.0%	-
Real Estate	-	-
Technology	-	-

Return for Risk

EWI vs. GSIB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWI

EWI Risk / Return Rank: 59
EWI Sharpe Ratio Rank: 61
EWI Sortino Ratio Rank: 59
EWI Omega Ratio Rank: 55
EWI Calmar Ratio Rank: 60
EWI Martin Ratio Rank: 62

GSIB

GSIB Risk / Return Rank: 82
GSIB Sharpe Ratio Rank: 91
GSIB Sortino Ratio Rank: 90
GSIB Omega Ratio Rank: 85
GSIB Calmar Ratio Rank: 75
GSIB Martin Ratio Rank: 72

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. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and Themes Global Systemically Important Banks ETF (GSIB). 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.

	EWI	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.83	-0.93
Sortino ratio: Return per unit of downside risk	2.60	3.89	-1.29
Omega ratio: Gain probability vs. loss probability	1.32	1.47	-0.15
Calmar ratio: Return relative to maximum drawdown	2.80	3.54	-0.75
Martin ratio: Return relative to average drawdown	10.44	12.48	-2.04

EWI vs. GSIB - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.90, which is lower than the GSIB Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of EWI and GSIB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWI vs. GSIB - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for EWI and GSIB.

Drawdown Indicators

	EWI	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-17.71%	-52.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-13.90%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-28.90%	-2.03%	-26.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.94%	-0.60%

Volatility

EWI vs. GSIB - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 5.72% compared to Themes Global Systemically Important Banks ETF (GSIB) at 5.27%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWI	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	5.27%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	15.29%	14.36%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	17.39%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	18.47%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.20%	18.47%	+4.73%

EWI vs. GSIB - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

EWI vs. GSIB - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.10%, more than GSIB's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	3.10%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
GSIB Themes Global Systemically Important Banks ETF	1.64%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWI and GSIB in my portfolio?

EWI and GSIB have a correlation of 0.78, 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 GSIB?

EWI has higher volatility (5.72%) compared to GSIB (5.27%). In terms of maximum drawdown, EWI dropped -70.38% vs GSIB's -17.71%.

Which ETF is better, EWI or GSIB?

On 1-year performance, GSIB leads with 49.03% vs 34.75% for EWI. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or GSIB?

Over the 1-year period, GSIB has performed better with a 49.03% return vs 34.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.49% for EWI.

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

EWI has the higher dividend yield at 3.10%, compared with 1.64% for GSIB.

What is the main difference between EWI and GSIB?

EWI is categorized as Europe Equities, while GSIB is Financials Equities. They also come from different issuers: iShares and Themes. Their fees differ too: 0.49% for EWI and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.83 vs 1.90), 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.