EWI vs. PBEU

Last updated Jun 24, 2026

EWI (iShares MSCI Italy ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while PBEU is a Financials Equities fund tracking the BITA European Banks Index. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. EWI charges 0.49%/yr vs 0.13%/yr for PBEU.

Performance

EWI vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWI achieves a 11.51% return, which is significantly lower than PBEU's 13.63% return.

EWI

• 1D: -1.72%
• 1M: 3.40%
• YTD: 11.51%
• 6M: 11.36%
• 1Y: 32.13%
• 3Y*: 29.08%
• 5Y*: 16.72%
• 10Y*: 14.84%

PBEU

• 1D: -1.42%
• 1M: 7.22%
• YTD: 13.63%
• 6M: 14.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWI vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
EWI iShares MSCI Italy ETF	11.51%	7.52%
PBEU Portfolio Building Block European Banks Index ETF	13.63%	11.42%

Correlation

The correlation between EWI and PBEU is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.89

Return for Risk

EWI vs. PBEU — Risk / Return Rank

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

EWI

EWI Risk / Return Rank: 54
EWI Sharpe Ratio Rank: 54
EWI Sortino Ratio Rank: 52
EWI Omega Ratio Rank: 49
EWI Calmar Ratio Rank: 56
EWI Martin Ratio Rank: 58

PBEU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and Portfolio Building Block European Banks Index ETF (PBEU). 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	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.75	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.59	—	—
Martin ratio: Return relative to average drawdown	9.64	—	—

Drawdowns

EWI vs. PBEU - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for EWI and PBEU.

Drawdown Indicators

	EWI	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-17.26%	-53.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	—	—
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	-2.17%	-1.42%	-0.75%
Average Drawdown Average peak-to-trough decline	-28.89%	-3.94%	-24.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	—	—

Volatility

Volatility by Period

	EWI	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	27.63%	-9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	27.63%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	27.63%	-4.97%

EWI vs. PBEU - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

EWI vs. PBEU - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.16%, more than PBEU's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	3.16%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	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 PBEU in my portfolio?

EWI and PBEU have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWI or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWI or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.49% for EWI.

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

EWI has the higher dividend yield at 3.16%, compared with 0.01% for PBEU.

What is the main difference between EWI and PBEU?

EWI is categorized as Europe Equities, while PBEU is Financials Equities. EWI tracks MSCI Italy Index, while PBEU tracks BITA European Banks Index. They also come from different issuers: iShares and Portfolio Building Block. Their fees differ too: 0.49% for EWI and 0.13% for PBEU.