EWK vs. EPI

Last updated Jun 14, 2026

EWK (iShares MSCI Belgium ETF) and EPI (WisdomTree India Earnings Fund) are both exchange-traded funds - EWK is a Europe Equities fund tracking the MSCI Belgium Investable Market Index, while EPI is a Emerging Markets Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. Over the past 10 years, EWK returned 7.35%/yr vs 9.31%/yr for EPI. A 0.54 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.84%/yr for EPI.

Performance

EWK vs. EPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and WisdomTree India Earnings Fund (EPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWK achieves a 13.90% return, which is significantly higher than EPI's -9.12% return. Over the past 10 years, EWK has underperformed EPI with an annualized return of 7.35%, while EPI has yielded a comparatively higher 9.31% annualized return.

EWK

• 1D: 0.22%
• 1M: 5.69%
• YTD: 13.90%
• 6M: 14.48%
• 1Y: 26.95%
• 3Y*: 17.68%
• 5Y*: 6.35%
• 10Y*: 7.35%

EPI

• 1D: 0.65%
• 1M: -0.05%
• YTD: -9.12%
• 6M: -6.55%
• 1Y: -9.08%
• 3Y*: 7.36%
• 5Y*: 5.53%
• 10Y*: 9.31%

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

EWK vs. EPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	13.90%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	23.70%
EPI WisdomTree India Earnings Fund	-9.12%	2.25%	10.70%	26.03%	-4.74%	26.41%	18.55%	1.53%	-9.88%	39.14%

Correlation

The correlation between EWK and EPI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 26, 2008	0.54

The correlation between EWK and EPI shifts across timeframes, from 0.39 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWK vs. EPI - Sectors Allocation Comparison

Sectors	EWK	EPI
Healthcare	27.1%	5.8%
Consumer Defensive	24.7%	3.5%
Financial Services	16.1%	23.2%
Real Estate	10.1%	0.9%
Industrials	8.1%	9.9%
Basic Materials	5.1%	14.2%
Utilities	2.7%	8.3%
Consumer Cyclical	1.8%	7.6%
Technology	1.7%	8.3%
Communication Services	1.3%	2.0%
Energy	1.2%	16.4%

Return for Risk

EWK vs. EPI — Risk / Return Rank

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

EWK

EWK Risk / Return Rank: 49
EWK Sharpe Ratio Rank: 55
EWK Sortino Ratio Rank: 55
EWK Omega Ratio Rank: 56
EWK Calmar Ratio Rank: 38
EWK Martin Ratio Rank: 42

EPI

EPI Risk / Return Rank: 4
EPI Sharpe Ratio Rank: 4
EPI Sortino Ratio Rank: 4
EPI Omega Ratio Rank: 4
EPI Calmar Ratio Rank: 5
EPI Martin Ratio Rank: 2

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.

EWK vs. EPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and WisdomTree India Earnings Fund (EPI). 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.

	EWK	EPI	Difference
Sharpe ratio: Return per unit of total volatility	1.65	-0.69	+2.34
Sortino ratio: Return per unit of downside risk	2.33	-0.90	+3.24
Omega ratio: Gain probability vs. loss probability	1.31	0.90	+0.41
Calmar ratio: Return relative to maximum drawdown	1.66	-0.61	+2.27
Martin ratio: Return relative to average drawdown	5.95	-1.44	+7.39

EWK vs. EPI - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.65, which is higher than the EPI Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of EWK and EPI, 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

EWK vs. EPI - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than EPI's maximum drawdown of -66.21%. Use the drawdown chart below to compare losses from any high point for EWK and EPI.

Drawdown Indicators

	EWK	EPI	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-66.21%	-7.89%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-16.88%	+1.41%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-21.89%	+6.25%
Max Drawdown (5Y) Largest decline over 5 years	-34.43%	-21.89%	-12.54%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-50.29%	+7.49%
Current Drawdown Current decline from peak	0.00%	-17.00%	+17.00%
Average Drawdown Average peak-to-trough decline	-21.52%	-18.65%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	7.17%	-2.85%

Volatility

EWK vs. EPI - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 4.37% compared to WisdomTree India Earnings Fund (EPI) at 4.09%. This indicates that EWK's price experiences larger fluctuations and is considered to be riskier than EPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	EPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.09%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	12.88%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	15.07%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	16.23%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	20.35%	-1.30%

EWK vs. EPI - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than EPI's 0.84% expense ratio.

Dividends

EWK vs. EPI - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.52%, while EPI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPI WisdomTree India Earnings Fund	0.00%	0.00%	0.27%	0.15%	6.01%	1.18%	0.78%	1.17%	1.18%	0.85%	1.05%	1.20%
EWK iShares MSCI Belgium ETF	1.52%	1.73%	3.25%	2.09%	2.58%	3.64%	1.66%	2.77%	2.78%	2.91%	1.75%	2.06%

Frequently Asked Questions

Can I hold both EWK and EPI in my portfolio?

EWK and EPI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWK or EPI?

EWK has higher volatility (4.37%) compared to EPI (4.09%). In terms of maximum drawdown, EWK dropped -74.10% vs EPI's -66.21%.

Which ETF is better, EWK or EPI?

On 10-year performance, EPI leads with 9.31% vs 7.35% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, EPI has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or EPI?

Over the 10-year period, EPI has performed better with a 9.31% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or EPI?

EWK is cheaper with a 0.49% expense ratio, compared with 0.84% for EPI.

Which ETF pays a higher dividend yield, EWK or EPI?

EWK has the higher dividend yield at 1.52%, compared with 0.00% for EPI.

What is the main difference between EWK and EPI?

EWK is categorized as Europe Equities, while EPI is Emerging Markets Equities. EWK tracks MSCI Belgium Investable Market Index, while EPI tracks WisdomTree India Earnings Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for EWK and 0.84% for EPI.

Which has better risk-adjusted returns?

EWK currently has the higher Sharpe Ratio (1.65 vs -0.69), 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.