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EWI vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. INDY

Last updated Jun 14, 2026

EWI (iShares MSCI Italy ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, EWI returned 14.33%/yr vs 6.65%/yr for INDY. A 0.54 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.65%/yr for INDY.

Performance

EWI vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares India 50 ETF (INDY). 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 11.67% return, which is significantly higher than INDY's -13.37% return. Over the past 10 years, EWI has outperformed INDY with an annualized return of 14.33%, while INDY has yielded a comparatively lower 6.65% annualized return.

EWI

1D
0.23%
1M
5.22%
YTD
11.67%
6M
14.54%
1Y
31.87%
3Y*
28.93%
5Y*
16.23%
10Y*
14.33%

INDY

1D
1.16%
1M
0.71%
YTD
-13.37%
6M
-11.62%
1Y
-12.55%
3Y*
1.97%
5Y*
1.75%
10Y*
6.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		11.67%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
INDY
iShares India 50 ETF		-13.37%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%

Correlation

The correlation between EWI and INDY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

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

0.41

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

0.52

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

0.50

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2009

0.54

The correlation between EWI and INDY shifts across timeframes, from 0.41 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWI vs. INDY - Sectors Allocation Comparison

Sectors
EWI
INDY

Financial Services

47.9%
35.2%

Utilities

18.0%
2.9%

Industrials

11.1%
8.0%

Consumer Cyclical

9.8%
11.0%

Energy

7.4%
11.0%

Communication Services

2.5%
5.2%

Healthcare

1.4%
4.7%

Basic Materials

1.1%
7.7%

Consumer Defensive

1.0%
6.0%

Real Estate

-

-

Technology

-

8.5%

Financial Services

EWI
47.9%
INDY
35.2%

Utilities

EWI
18.0%
INDY
2.9%

Industrials

EWI
11.1%
INDY
8.0%

Consumer Cyclical

EWI
9.8%
INDY
11.0%

Energy

EWI
7.4%
INDY
11.0%

Communication Services

EWI
2.5%
INDY
5.2%

Healthcare

EWI
1.4%
INDY
4.7%

Basic Materials

EWI
1.1%
INDY
7.7%

Consumer Defensive

EWI
1.0%
INDY
6.0%

Real Estate

EWI

-

INDY

-

Technology

EWI

-

INDY
8.5%

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 India 50 ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN

Return for Risk

EWI vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 5353
Overall Rank
EWI Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWI Omega Ratio Rank: 4949
Omega Ratio Rank
EWI Calmar Ratio Rank: 5454
Calmar Ratio Rank
EWI Martin Ratio Rank: 5757
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 22
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 22
Sortino Ratio Rank
INDY Omega Ratio Rank: 22
Omega Ratio Rank
INDY Calmar Ratio Rank: 33
Calmar Ratio Rank
INDY Martin Ratio Rank: 11
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. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and iShares India 50 ETF (INDY). 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.

EWIINDYDifference
Sharpe ratioReturn per unit of total volatility
1.61
-0.97

+2.58

Sortino ratioReturn per unit of downside risk
2.24
-1.37

+3.62

Omega ratioGain probability vs. loss probability

1.27

0.85

+0.43

Calmar ratioReturn relative to maximum drawdown

2.39

-0.73

+3.12

Martin ratioReturn relative to average drawdown

8.88

-1.59

+10.47

EWI vs. INDY - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.61, which is higher than the INDY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EWI and INDY, 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. INDY - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for EWI and INDY.

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Drawdown Indicators

EWIINDYDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-44.74%

-25.64%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-18.95%

+6.47%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-22.40%

+5.60%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-22.40%

-12.85%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-43.50%

+0.50%

Current Drawdown

Current decline from peak

0.00%

-19.12%

+19.12%

Average Drawdown

Average peak-to-trough decline

-28.91%

-12.23%

-16.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

8.72%

-5.37%

Volatility

EWI vs. INDY - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 6.36% compared to iShares India 50 ETF (INDY) at 3.98%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWIINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.36%

3.98%

+2.38%

Volatility (6M)

Calculated over the trailing 6-month period

15.25%

12.35%

+2.90%

Volatility (1Y)

Calculated over the trailing 1-year period

18.52%

14.31%

+4.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

14.96%

+6.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.23%

19.58%

+3.65%

EWI vs. INDY - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than INDY's 0.65% expense ratio.

Dividends

EWI vs. INDY - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.51%, less than INDY's 9.36% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		2.51%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
INDY
iShares India 50 ETF		9.36%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

EWI and INDY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (6.36%) compared to INDY (3.98%). In terms of maximum drawdown, EWI dropped -70.38% vs INDY's -44.74%.

On 10-year performance, EWI leads with 14.33% vs 6.65% for INDY. On fees, EWI is cheaper at 0.49% per year. On volatility, INDY has been the lower-risk option at 3.98%. 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 14.33% return vs 6.65%. 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 0.65% for INDY.

INDY has the higher dividend yield at 9.36%, compared with 2.51% for EWI.

EWI is categorized as Europe Equities, while INDY is Emerging Markets Equities. EWI tracks MSCI Italy Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.49% for EWI and 0.65% for INDY.

EWI currently has the higher Sharpe Ratio (1.61 vs -0.97), 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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