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EWI vs. SOXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. SOXX

Last updated Aug 4, 2026
Documentation

EWI (iShares MSCI Italy ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy 25/50 Index (Net), while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, EWI returned 14.76%/yr vs 31.96%/yr for SOXX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EWI charges 0.50%/yr vs 0.34%/yr for SOXX.

Performance

EWI vs. SOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares Semiconductor ETF (SOXX). 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 SOXX's 68.76% return. Over the past 10 years, EWI has underperformed SOXX with an annualized return of 14.76%, while SOXX has yielded a comparatively higher 31.96% 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%

SOXX

1D
0.55%
1M
-10.35%
6M
44.10%
YTD
68.76%
1Y
114.99%
3Y*
44.68%
5Y*
27.63%
10Y*
31.96%
ALL TIME*
13.85%
*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

SOXX

iShares Semiconductor ETF
$6.22B$5.65B$5.89B

EWI vs. SOXX - 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%
SOXX
iShares Semiconductor ETF		68.76%40.74%12.92%67.12%-35.09%44.09%52.72%62.42%-6.49%39.79%

Correlation

The correlation between EWI and SOXX is 0.44, which is low. Their historical price movements had little consistent relationship.

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

0.44

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

0.40

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

0.50

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

0.50

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2001

0.51

The correlation between EWI and SOXX shifts across timeframes, from 0.40 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

EWI vs. SOXX - Sectors Allocation Comparison

Sectors
EWI
SOXX

Financial Services

50.1%

-

Utilities

18.0%

-

Industrials

10.4%

-

Consumer Cyclical

9.0%

-

Energy

6.6%

-

Communication Services

2.7%

-

Healthcare

1.3%

-

Basic Materials

1.0%

-

Consumer Defensive

0.9%

-

Real Estate

-

-

Technology

-

100.0%

Financial Services

EWI
50.1%
SOXX

-

Utilities

EWI
18.0%
SOXX

-

Industrials

EWI
10.4%
SOXX

-

Consumer Cyclical

EWI
9.0%
SOXX

-

Energy

EWI
6.6%
SOXX

-

Communication Services

EWI
2.7%
SOXX

-

Healthcare

EWI
1.3%
SOXX

-

Basic Materials

EWI
1.0%
SOXX

-

Consumer Defensive

EWI
0.9%
SOXX

-

Real Estate

EWI

-

SOXX

-

Technology

EWI

-

SOXX
100.0%

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 Semiconductor ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with SOXX:
SOXX vs. SMHSOXX vs. QQQSOXX vs. SOXLSOXX vs. SOXQSOXX vs. FSELXSOXX vs. VGTSOXX vs. VOO

Return for Risk

EWI vs. SOXX — 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
SOXX
SOXX Risk / Return Rank: 9090
Overall Rank
SOXX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
SOXX Sortino Ratio Rank: 8585
Sortino Ratio Rank
SOXX Omega Ratio Rank: 8787
Omega Ratio Rank
SOXX Calmar Ratio Rank: 9191
Calmar Ratio Rank
SOXX Martin Ratio Rank: 9292
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. SOXX - Risk-Adjusted Trends Comparison

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

EWISOXXDifference
Sharpe ratioReturn per unit of total volatility
1.91
2.61

-0.70

Sortino ratioReturn per unit of downside risk
2.63
2.89

-0.26

Omega ratioGain probability vs. loss probability

1.32

1.39

-0.07

Calmar ratioReturn relative to maximum drawdown

2.80

3.99

-1.19

Martin ratioReturn relative to average drawdown

10.48

16.43

-5.95

EWI vs. SOXX - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.91, which is comparable to the SOXX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of EWI and SOXX, 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. SOXX - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, roughly equal to the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for EWI and SOXX.

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Drawdown Indicators

EWISOXXDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-70.21%

-0.17%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-29.01%

+16.53%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-41.36%

+24.56%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-45.75%

+10.50%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-45.75%

+2.75%

Current Drawdown

Current decline from peak

0.00%

-22.49%

+22.49%

Average Drawdown

Average peak-to-trough decline

-28.79%

-19.92%

-8.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

7.02%

-3.70%

Volatility

EWI vs. SOXX - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 4.59%, while iShares Semiconductor ETF (SOXX) has a volatility of 17.11%. This indicates that EWI experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWISOXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

17.11%

-12.52%

Volatility (6M)

Calculated over the trailing 6-month period

15.66%

38.66%

-23.00%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

44.40%

-26.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

38.25%

-17.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

34.55%

-12.04%

EWI vs. SOXX - Expense Ratio Comparison

EWI has a 0.50% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

EWI vs. SOXX - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.01%, more than SOXX's 0.29% 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%
SOXX
iShares Semiconductor ETF		0.29%0.57%0.67%0.78%1.26%0.64%0.81%1.23%1.37%0.90%1.08%1.29%

Frequently Asked Questions

EWI and SOXX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXX has higher volatility (17.11%) compared to EWI (4.59%). In terms of maximum drawdown, EWI dropped -70.38% vs SOXX's -70.21%.

On 10-year performance, SOXX leads with 31.96% vs 14.76% for EWI. On fees, SOXX is cheaper at 0.34% per year. 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, SOXX has performed better with a 31.96% return vs 14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SOXX is cheaper with a 0.34% expense ratio, compared with 0.50% for EWI.

EWI has the higher dividend yield at 3.01%, compared with 0.29% for SOXX.

EWI is categorized as Europe Equities, while SOXX is Semiconductors. EWI tracks MSCI Italy 25/50 Index (Net), while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.50% for EWI and 0.34% for SOXX.

SOXX currently has the higher Sharpe Ratio (2.61 vs 1.91), 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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