EWN vs. VOO

Last updated Aug 2, 2026

EWN (iShares MSCI Netherlands ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EWN is a Europe Equities fund tracking the MSCI Netherlands Investable Market Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWN returned 13.34%/yr vs 15.14%/yr for VOO. Their 0.77 correlation means they have sometimes moved together and sometimes differently. EWN charges 0.50%/yr vs 0.03%/yr for VOO.

Performance

EWN vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWN achieves a 18.31% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, EWN has underperformed VOO with an annualized return of 13.34%, while VOO has yielded a comparatively higher 15.14% annualized return.

EWN

• 1D: -0.93%
• 1M: -1.10%
• 6M: 8.36%
• YTD: 18.31%
• 1Y: 37.76%
• 3Y*: 17.97%
• 5Y*: 8.59%
• 10Y*: 13.34%
• ALL TIME*: 7.52%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWN iShares MSCI Netherlands ETF	$20.58M	$19.47M	$16.07M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

EWN vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.31%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between EWN and VOO is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.77

The correlation between EWN and VOO has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

EWN vs. VOO - Sectors Allocation Comparison

Sectors	EWN	VOO
Technology	37.8%	38.6%
Financial Services	17.3%	11.4%
Industrials	10.4%	8.5%
Consumer Defensive	9.9%	4.5%
Communication Services	9.8%	9.9%
Consumer Cyclical	5.4%	9.5%
Basic Materials	4.7%	1.7%
Healthcare	2.5%	8.9%
Energy	1.8%	3.0%
Real Estate	0.7%	1.8%
Utilities	-	2.2%

Return for Risk

EWN vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWN

EWN Risk / Return Rank: 74
EWN Sharpe Ratio Rank: 73
EWN Sortino Ratio Rank: 73
EWN Omega Ratio Rank: 66
EWN Calmar Ratio Rank: 78
EWN Martin Ratio Rank: 79

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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.

EWN vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and Vanguard S&P 500 ETF (VOO). 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.

	EWN	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.53	+0.12
Sortino ratio: Return per unit of downside risk	2.36	2.13	+0.23
Omega ratio: Gain probability vs. loss probability	1.28	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.78	2.21	+0.57
Martin ratio: Return relative to average drawdown	10.09	9.44	+0.65

EWN vs. VOO - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.65, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of EWN and VOO, 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

EWN vs. VOO - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EWN and VOO.

Drawdown Indicators

	EWN	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-33.99%	-31.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-8.90%	-4.34%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-18.69%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-24.52%	-19.05%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-33.99%	-9.58%
Current Drawdown Current decline from peak	-5.67%	-1.38%	-4.29%
Average Drawdown Average peak-to-trough decline	-16.28%	-3.67%	-12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	2.08%	+1.56%

Volatility

EWN vs. VOO - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.40% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	3.54%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	19.19%	10.10%	+9.09%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	12.82%	+9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	16.93%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	18.01%	+3.30%

EWN vs. VOO - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

EWN vs. VOO - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.25%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.25%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both EWN and VOO in my portfolio?

EWN and VOO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or VOO?

EWN has higher volatility (7.40%) compared to VOO (3.54%). In terms of maximum drawdown, EWN dropped -65.22% vs VOO's -33.99%.

Which ETF is better, EWN or VOO?

On 10-year performance, VOO leads with 15.14% vs 13.34% for EWN. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.50% for EWN.

Which ETF pays a higher dividend yield, EWN or VOO?

EWN has the higher dividend yield at 4.25%, compared with 1.07% for VOO.

What is the main difference between EWN and VOO?

EWN is categorized as Europe Equities, while VOO is S&P 500. EWN tracks MSCI Netherlands Investable Market Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWN and 0.03% for VOO.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.65 vs 1.53), 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.