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EWM vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. INDY

Last updated Jun 14, 2026

EWM (iShares MSCI Malaysia ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, EWM returned 2.79%/yr vs 6.65%/yr for INDY. A 0.53 correlation means they provide meaningful diversification when combined. EWM charges 0.49%/yr vs 0.65%/yr for INDY.

Performance

EWM vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) 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, EWM achieves a 2.89% return, which is significantly higher than INDY's -13.37% return. Over the past 10 years, EWM has underperformed INDY with an annualized return of 2.79%, while INDY has yielded a comparatively higher 6.65% annualized return.

EWM

1D
0.25%
1M
-5.22%
YTD
2.89%
6M
6.00%
1Y
20.41%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%

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)

EWM vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
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 EWM and INDY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.36

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

0.38

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

0.46

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

0.53

The correlation between EWM and INDY shifts across timeframes, from 0.36 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

EWM vs. INDY - Sectors Allocation Comparison

Sectors
EWM
INDY

Financial Services

50.5%
35.2%

Industrials

12.2%
8.0%

Utilities

10.9%
2.9%

Basic Materials

9.9%
7.7%

Communication Services

5.5%
5.2%

Consumer Defensive

4.7%
6.0%

Healthcare

3.4%
4.7%

Energy

2.9%
11.0%

Consumer Cyclical

1.1%
11.0%

Real Estate

-

-

Technology

-

8.5%

Financial Services

EWM
50.5%
INDY
35.2%

Industrials

EWM
12.2%
INDY
8.0%

Utilities

EWM
10.9%
INDY
2.9%

Basic Materials

EWM
9.9%
INDY
7.7%

Communication Services

EWM
5.5%
INDY
5.2%

Consumer Defensive

EWM
4.7%
INDY
6.0%

Healthcare

EWM
3.4%
INDY
4.7%

Energy

EWM
2.9%
INDY
11.0%

Consumer Cyclical

EWM
1.1%
INDY
11.0%

Real Estate

EWM

-

INDY

-

Technology

EWM

-

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 Malaysia ETF

iShares India 50 ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN

Return for Risk

EWM vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
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.

EWM vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Malaysia ETF (EWM) 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.

EWMINDYDifference
Sharpe ratioReturn per unit of total volatility
1.36
-0.97

+2.33

Sortino ratioReturn per unit of downside risk
1.92
-1.37

+3.30

Omega ratioGain probability vs. loss probability

1.24

0.85

+0.39

Calmar ratioReturn relative to maximum drawdown

2.09

-0.73

+2.82

Martin ratioReturn relative to average drawdown

6.65

-1.59

+8.24

EWM vs. INDY - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.36, which is higher than the INDY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EWM 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

EWM vs. INDY - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for EWM and INDY.

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Drawdown Indicators

EWMINDYDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-44.74%

-44.45%

Max Drawdown (1Y)

Largest decline over 1 year

-9.14%

-18.95%

+9.81%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-22.40%

+1.09%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-22.40%

-0.36%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-43.50%

-0.31%

Current Drawdown

Current decline from peak

-9.08%

-19.12%

+10.04%

Average Drawdown

Average peak-to-trough decline

-31.80%

-12.23%

-19.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

8.72%

-5.85%

Volatility

EWM vs. INDY - Volatility Comparison

iShares MSCI Malaysia ETF (EWM) and iShares India 50 ETF (INDY) have volatilities of 3.97% and 3.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.97%

3.98%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

10.95%

12.35%

-1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

14.10%

14.31%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

14.96%

-1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

19.58%

-3.31%

EWM vs. INDY - Expense Ratio Comparison

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

Dividends

EWM vs. INDY - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.32%, less than INDY's 9.36% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
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

EWM and INDY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDY has higher volatility (3.98%) compared to EWM (3.97%). In terms of maximum drawdown, EWM dropped -89.19% vs INDY's -44.74%.

On 10-year performance, INDY leads with 6.65% vs 2.79% for EWM. On fees, EWM is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDY has performed better with a 6.65% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM 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 3.32% for EWM.

EWM is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. EWM tracks MSCI Malaysia Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.49% for EWM and 0.65% for INDY.

EWM currently has the higher Sharpe Ratio (1.36 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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