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EWK vs. EPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. EPI

Last updated Aug 2, 2026
Documentation

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 India Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. Over the past 10 years, EWK returned 6.96%/yr vs 8.68%/yr for EPI. Their 0.53 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

In the year-to-date period, EWK achieves a 12.20% return, which is significantly higher than EPI's -7.13% return. Over the past 10 years, EWK has underperformed EPI with an annualized return of 6.96%, while EPI has yielded a comparatively higher 8.68% annualized return.

EWK

1D
-0.04%
1M
-1.14%
6M
4.55%
YTD
12.20%
1Y
25.57%
3Y*
15.40%
5Y*
6.99%
10Y*
6.96%
ALL TIME*
6.09%

EPI

1D
0.07%
1M
0.16%
6M
-4.00%
YTD
-7.13%
1Y
-3.95%
3Y*
5.78%
5Y*
6.02%
10Y*
8.68%
ALL TIME*
3.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPI

WisdomTree India Earnings Fund
$17.75M$16.45M$21.29M

EWK

iShares MSCI Belgium ETF
$780.75K$885.37K$1.28M

EWK vs. EPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWK
iShares MSCI Belgium ETF		12.20%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-20.40%23.70%
EPI
WisdomTree India Earnings Fund		-7.13%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 0.38, which is low. Their historical price movements had little consistent relationship.

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

0.38

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

0.38

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

0.45

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

0.48

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2008

0.53

The correlation between EWK and EPI shifts across timeframes, from 0.38 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

EWK vs. EPI - Sectors Allocation Comparison

Sectors
EWK
EPI

Healthcare

28.5%
6.1%

Consumer Defensive

25.2%
3.4%

Financial Services

15.9%
24.3%

Real Estate

9.7%
0.9%

Industrials

7.4%
10.1%

Basic Materials

4.8%
14.3%

Utilities

2.7%
8.0%

Consumer Cyclical

1.8%
7.7%

Technology

1.6%
7.5%

Communication Services

1.3%
2.0%

Energy

1.1%
15.6%

Healthcare

EWK
28.5%
EPI
6.1%

Consumer Defensive

EWK
25.2%
EPI
3.4%

Financial Services

EWK
15.9%
EPI
24.3%

Real Estate

EWK
9.7%
EPI
0.9%

Industrials

EWK
7.4%
EPI
10.1%

Basic Materials

EWK
4.8%
EPI
14.3%

Utilities

EWK
2.7%
EPI
8.0%

Consumer Cyclical

EWK
1.8%
EPI
7.7%

Technology

EWK
1.6%
EPI
7.5%

Communication Services

EWK
1.3%
EPI
2.0%

Energy

EWK
1.1%
EPI
15.6%

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 Belgium ETF

WisdomTree India Earnings Fund

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. EDENEWK vs. BILEWK vs. SPYEWK vs. VOO
Often compared with EPI:
EPI vs. INDAEPI vs. FLINEPI vs. INDYEPI vs. SMINEPI vs. NFTYEPI vs. GLINEPI vs. INCO

Return for Risk

EWK vs. EPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWK
EWK Risk / Return Rank: 6464
Overall Rank
EWK Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWK Omega Ratio Rank: 7474
Omega Ratio Rank
EWK Calmar Ratio Rank: 4747
Calmar Ratio Rank
EWK Martin Ratio Rank: 5151
Martin Ratio Rank
EPI
EPI Risk / Return Rank: 77
Overall Rank
EPI Sharpe Ratio Rank: 77
Sharpe Ratio Rank
EPI Sortino Ratio Rank: 77
Sortino Ratio Rank
EPI Omega Ratio Rank: 77
Omega Ratio Rank
EPI Calmar Ratio Rank: 88
Calmar Ratio Rank
EPI Martin Ratio Rank: 77
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.

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.

EWKEPIDifference
Sharpe ratioReturn per unit of total volatility
1.67
-0.26

+1.93

Sortino ratioReturn per unit of downside risk
2.39
-0.27

+2.66

Omega ratioGain probability vs. loss probability

1.31

0.97

+0.34

Calmar ratioReturn relative to maximum drawdown

1.68

-0.25

+1.93

Martin ratioReturn relative to average drawdown

5.92

-0.59

+6.51

EWK vs. EPI - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.67, which is higher than the EPI Sharpe Ratio of -0.26. 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.

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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.

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Drawdown Indicators

EWKEPIDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-66.21%

-7.89%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-15.69%

+0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-21.89%

+6.42%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-21.89%

-11.35%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-50.29%

+7.49%

Current Drawdown

Current decline from peak

-1.49%

-15.19%

+13.70%

Average Drawdown

Average peak-to-trough decline

-21.43%

-18.63%

-2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

6.67%

-2.30%

Volatility

EWK vs. EPI - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 3.81% compared to WisdomTree India Earnings Fund (EPI) at 3.62%. 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.

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Volatility by Period

EWKEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

3.62%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

13.23%

13.01%

+0.22%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

15.28%

+0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

16.29%

+1.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.78%

20.27%

-1.49%

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 1.83%, while EPI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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		1.83%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

EWK and EPI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWK has higher volatility (3.81%) compared to EPI (3.62%). In terms of maximum drawdown, EWK dropped -74.10% vs EPI's -66.21%.

On 10-year performance, EPI leads with 8.68% vs 6.96% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, EPI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPI has performed better with a 8.68% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWK has the higher dividend yield at 1.83%, compared with 0.00% for EPI.

EWK is categorized as Europe Equities, while EPI is India 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.

EWK currently has the higher Sharpe Ratio (1.67 vs -0.26), 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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