EWO vs. CII
EWO (iShares MSCI Austria ETF) and CII (BlackRock Enhanced Large Cap Core Fund) are both funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while CII is a Derivative Income fund actively managed by BlackRock. EWO is passively managed, while CII is actively managed. Over the past 10 years, EWO returned 15.10%/yr vs 14.94%/yr for CII. A 0.50 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.91%/yr for CII.
Performance
EWO vs. CII - Performance Comparison
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Returns By Period
In the year-to-date period, EWO achieves a 18.55% return, which is significantly higher than CII's 7.72% return. Both investments have delivered pretty close results over the past 10 years, with EWO having a 15.10% annualized return and CII not far behind at 14.94%.
EWO
- 1D
- 1.37%
- 1M
- 6.75%
- YTD
- 18.55%
- 6M
- 23.71%
- 1Y
- 48.35%
- 3Y*
- 33.19%
- 5Y*
- 15.56%
- 10Y*
- 15.10%
CII
- 1D
- 0.58%
- 1M
- -1.09%
- YTD
- 7.72%
- 6M
- 10.66%
- 1Y
- 39.37%
- 3Y*
- 20.94%
- 5Y*
- 13.51%
- 10Y*
- 14.94%
EWO vs. CII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWO iShares MSCI Austria ETF | 18.55% | 74.21% | 4.05% | 20.63% | -21.95% | 31.50% | -3.67% | 17.05% | -22.88% | 52.47% |
CII BlackRock Enhanced Large Cap Core Fund | 7.72% | 37.78% | 12.70% | 18.47% | -13.21% | 34.26% | 8.11% | 30.46% | -8.60% | 27.73% |
Correlation
The correlation between EWO and CII is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 26, 2004 | 0.50 |
The correlation between EWO and CII has been stable across timeframes, ranging from 0.44 to 0.54 - a consistent structural relationship.
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Return for Risk
EWO vs. CII — Risk / Return Rank
EWO
CII
EWO vs. CII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and BlackRock Enhanced Large Cap Core Fund (CII). 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.
| EWO | CII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.43 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 3.33 | -0.05 |
| Martin ratioReturn relative to average drawdown | 11.10 | 12.71 | -1.62 |
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Drawdowns
EWO vs. CII - Drawdown Comparison
The maximum EWO drawdown since its inception was -75.69%, which is greater than CII's maximum drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for EWO and CII.
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Drawdown Indicators
| EWO | CII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.69% | -56.43% | -19.26% |
Max Drawdown (1Y)Largest decline over 1 year | -14.08% | -11.67% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -16.75% | -21.05% | +4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -41.82% | -22.32% | -19.50% |
Max Drawdown (10Y)Largest decline over 10 years | -58.10% | -40.56% | -17.54% |
Current DrawdownCurrent decline from peak | 0.00% | -6.33% | +6.33% |
Average DrawdownAverage peak-to-trough decline | -28.10% | -6.17% | -21.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 3.05% | +1.11% |
Volatility
EWO vs. CII - Volatility Comparison
iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to BlackRock Enhanced Large Cap Core Fund (CII) at 5.22%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than CII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWO | CII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 5.22% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 15.88% | 12.09% | +3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 15.40% | +3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.95% | 17.16% | +4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.88% | 18.54% | +4.34% |
EWO vs. CII - Expense Ratio Comparison
EWO has a 0.49% expense ratio, which is lower than CII's 0.91% expense ratio.
Dividends
EWO vs. CII - Dividend Comparison
EWO's dividend yield for the trailing twelve months is around 2.01%, less than CII's 15.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CII BlackRock Enhanced Large Cap Core Fund | 15.35% | 16.65% | 6.15% | 6.28% | 12.27% | 4.98% | 6.03% | 5.79% | 7.06% | 6.07% | 8.38% | 8.49% |
EWO iShares MSCI Austria ETF | 2.01% | 2.38% | 7.40% | 5.66% | 4.75% | 2.42% | 0.98% | 3.11% | 4.04% | 2.03% | 1.99% | 1.51% |
Frequently Asked Questions
EWO and CII have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWO has higher volatility (7.31%) compared to CII (5.22%). In terms of maximum drawdown, EWO dropped -75.69% vs CII's -56.43%.
CII currently has the higher Sharpe Ratio (2.52 vs 2.41), 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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