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EWM vs. IXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. IXC

Last updated Jun 14, 2026

EWM (iShares MSCI Malaysia ETF) and IXC (iShares Global Energy ETF) are both exchange-traded funds - EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index, while IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index. Both are passively managed. Over the past 10 years, EWM returned 2.79%/yr vs 10.05%/yr for IXC. At a 0.43 correlation, their price movements are largely independent. EWM charges 0.49%/yr vs 0.40%/yr for IXC.

Performance

EWM vs. IXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares Global Energy ETF (IXC). 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 lower than IXC's 29.17% return. Over the past 10 years, EWM has underperformed IXC with an annualized return of 2.79%, while IXC has yielded a comparatively higher 10.05% 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%

IXC

1D
0.28%
1M
-3.42%
YTD
29.17%
6M
28.84%
1Y
36.66%
3Y*
17.43%
5Y*
19.14%
10Y*
10.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. IXC - 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%
IXC
iShares Global Energy ETF		29.17%13.98%1.95%3.92%48.51%40.88%-31.00%12.67%-14.85%5.54%

Correlation

The correlation between EWM and IXC is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.02

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

0.12

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

0.22

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

0.33

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2001

0.43

Over the past year, the correlation between EWM and IXC has dropped to 0.02 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

EWM vs. IXC - Sectors Allocation Comparison

Sectors
EWM
IXC

Financial Services

50.5%

-

Industrials

12.2%

-

Utilities

10.9%

-

Basic Materials

9.9%

-

Communication Services

5.5%

-

Consumer Defensive

4.7%

-

Healthcare

3.4%

-

Energy

2.9%
100.0%

Consumer Cyclical

1.1%

-

Real Estate

-

-

Technology

-

-

Financial Services

EWM
50.5%
IXC

-

Industrials

EWM
12.2%
IXC

-

Utilities

EWM
10.9%
IXC

-

Basic Materials

EWM
9.9%
IXC

-

Communication Services

EWM
5.5%
IXC

-

Consumer Defensive

EWM
4.7%
IXC

-

Healthcare

EWM
3.4%
IXC

-

Energy

EWM
2.9%
IXC
100.0%

Consumer Cyclical

EWM
1.1%
IXC

-

Real Estate

EWM

-

IXC

-

Technology

EWM

-

IXC

-

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 Global Energy ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD
Often compared with IXC:
IXC vs. XLEIXC vs. VDEIXC vs. IYEIXC vs. OIHIXC vs. IUES.LIXC vs. DDMIXC vs. XDW0.DE

Return for Risk

EWM vs. IXC — 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
IXC
IXC Risk / Return Rank: 7373
Overall Rank
IXC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IXC Sortino Ratio Rank: 6969
Sortino Ratio Rank
IXC Omega Ratio Rank: 6767
Omega Ratio Rank
IXC Calmar Ratio Rank: 8585
Calmar Ratio Rank
IXC Martin Ratio Rank: 7171
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. IXC - Risk-Adjusted Trends Comparison

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

EWMIXCDifference
Sharpe ratioReturn per unit of total volatility
1.36
2.08

-0.73

Sortino ratioReturn per unit of downside risk
1.92
2.70

-0.78

Omega ratioGain probability vs. loss probability

1.24

1.34

-0.10

Calmar ratioReturn relative to maximum drawdown

2.09

4.05

-1.96

Martin ratioReturn relative to average drawdown

6.65

11.55

-4.90

EWM vs. IXC - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.36, which is lower than the IXC Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EWM and IXC, 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. IXC - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than IXC's maximum drawdown of -67.88%. Use the drawdown chart below to compare losses from any high point for EWM and IXC.

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Drawdown Indicators

EWMIXCDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-67.88%

-21.31%

Max Drawdown (1Y)

Largest decline over 1 year

-9.14%

-9.66%

+0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-19.06%

-2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-24.93%

+2.17%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-64.16%

+20.35%

Current Drawdown

Current decline from peak

-9.08%

-7.04%

-2.04%

Average Drawdown

Average peak-to-trough decline

-31.80%

-17.47%

-14.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

3.38%

-0.51%

Volatility

EWM vs. IXC - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.97%, while iShares Global Energy ETF (IXC) has a volatility of 6.44%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than IXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMIXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.97%

6.44%

-2.47%

Volatility (6M)

Calculated over the trailing 6-month period

10.95%

15.63%

-4.68%

Volatility (1Y)

Calculated over the trailing 1-year period

14.10%

18.79%

-4.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

23.53%

-9.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

26.84%

-10.57%

EWM vs. IXC - Expense Ratio Comparison

EWM has a 0.49% expense ratio, which is higher than IXC's 0.40% expense ratio.

Dividends

EWM vs. IXC - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.32%, more than IXC's 2.85% 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%
IXC
iShares Global Energy ETF		2.85%3.68%4.56%3.45%4.76%3.98%4.86%7.00%3.51%3.05%2.86%3.77%

Frequently Asked Questions

EWM and IXC have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IXC has higher volatility (6.44%) compared to EWM (3.97%). In terms of maximum drawdown, EWM dropped -89.19% vs IXC's -67.88%.

On 10-year performance, IXC leads with 10.05% vs 2.79% for EWM. On fees, IXC is cheaper at 0.40% per year. On volatility, EWM has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IXC has performed better with a 10.05% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IXC is cheaper with a 0.40% expense ratio, compared with 0.49% for EWM.

EWM has the higher dividend yield at 3.32%, compared with 2.85% for IXC.

EWM is categorized as Asia Pacific Equities, while IXC is Energy Equities. EWM tracks MSCI Malaysia Index, while IXC tracks S&P Global 1200 Energy Capped Index. Their fees differ too: 0.49% for EWM and 0.40% for IXC.

IXC currently has the higher Sharpe Ratio (2.08 vs 1.36), 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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