PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWO vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EEM

Last updated Aug 2, 2026
Documentation

EWO (iShares MSCI Austria ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while EEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, EWO returned 15.04%/yr vs 8.32%/yr for EEM. Their 0.63 correlation means they have sometimes moved together and sometimes differently. EWO charges 0.49%/yr vs 0.72%/yr for EEM.

Performance

EWO vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWO achieves a 22.21% return, which is significantly higher than EEM's 17.75% return. Over the past 10 years, EWO has outperformed EEM with an annualized return of 15.04%, while EEM has yielded a comparatively lower 8.32% annualized return.

EWO

1D
-0.06%
1M
-0.38%
6M
15.38%
YTD
22.21%
1Y
47.85%
3Y*
33.11%
5Y*
17.22%
10Y*
15.04%
ALL TIME*
7.31%

EEM

1D
0.79%
1M
-2.45%
6M
9.01%
YTD
17.75%
1Y
35.57%
3Y*
18.45%
5Y*
6.91%
10Y*
8.32%
ALL TIME*
9.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EEM

iShares MSCI Emerging Markets ETF
$1.56B$1.60B$1.90B

EWO

iShares MSCI Austria ETF
$1.47M$2.78M$1.63M

EWO vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		22.21%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%
EEM
iShares MSCI Emerging Markets ETF		17.75%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between EWO and EEM is 0.59, 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.

0.59

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

0.60

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

0.64

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

0.62

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2003

0.63

The correlation between EWO and EEM has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

EWO vs. EEM - Sectors Allocation Comparison

Sectors
EWO
EEM

Financial Services

48.1%
18.2%

Industrials

11.1%
6.2%

Energy

9.6%
3.2%

Basic Materials

9.4%
5.4%

Utilities

6.4%
1.8%

Technology

5.9%
45.9%

Consumer Cyclical

4.7%
7.4%

Real Estate

3.7%
1.0%

Communication Services

-

6.0%

Consumer Defensive

-

2.5%

Healthcare

-

2.5%

Financial Services

EWO
48.1%
EEM
18.2%

Industrials

EWO
11.1%
EEM
6.2%

Energy

EWO
9.6%
EEM
3.2%

Basic Materials

EWO
9.4%
EEM
5.4%

Utilities

EWO
6.4%
EEM
1.8%

Technology

EWO
5.9%
EEM
45.9%

Consumer Cyclical

EWO
4.7%
EEM
7.4%

Real Estate

EWO
3.7%
EEM
1.0%

Communication Services

EWO

-

EEM
6.0%

Consumer Defensive

EWO

-

EEM
2.5%

Healthcare

EWO

-

EEM
2.5%

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 Austria ETF

iShares MSCI Emerging Markets ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. VOOEWO vs. IUSV
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. VXUSEEM vs. IS3N.DEEEM vs. EEMSEEM vs. SPEM

Return for Risk

EWO vs. EEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 8989
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8383
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 6363
Overall Rank
EEM Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 5656
Sortino Ratio Rank
EEM Omega Ratio Rank: 6464
Omega Ratio Rank
EEM Calmar Ratio Rank: 7171
Calmar Ratio Rank
EEM Martin Ratio Rank: 6363
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.

EWO vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI Emerging Markets ETF (EEM). 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.

EWOEEMDifference
Sharpe ratioReturn per unit of total volatility
2.40
1.42

+0.97

Sortino ratioReturn per unit of downside risk
3.39
1.93

+1.46

Omega ratioGain probability vs. loss probability

1.41

1.27

+0.13

Calmar ratioReturn relative to maximum drawdown

3.38

2.44

+0.95

Martin ratioReturn relative to average drawdown

11.29

7.49

+3.80

EWO vs. EEM - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.40, which is higher than the EEM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of EWO and EEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWO vs. EEM - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EEM's maximum drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for EWO and EEM.

Loading charts...

Drawdown Indicators

EWOEEMDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-66.43%

-9.26%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-14.24%

+0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-17.29%

+0.54%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-35.01%

-6.81%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-39.82%

-18.28%

Current Drawdown

Current decline from peak

-1.53%

-10.00%

+8.47%

Average Drawdown

Average peak-to-trough decline

-27.98%

-15.95%

-12.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

4.63%

-0.42%

Volatility

EWO vs. EEM - Volatility Comparison

The current volatility for iShares MSCI Austria ETF (EWO) is 6.23%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 9.09%. This indicates that EWO experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWOEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

9.09%

-2.86%

Volatility (6M)

Calculated over the trailing 6-month period

16.88%

22.40%

-5.52%

Volatility (1Y)

Calculated over the trailing 1-year period

19.92%

24.46%

-4.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.03%

19.83%

+2.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.60%

20.80%

+1.80%

EWO vs. EEM - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

EWO vs. EEM - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, more than EEM's 1.74% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.74%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
EWO
iShares MSCI Austria ETF		1.98%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 EEM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (9.09%) compared to EWO (6.23%). In terms of maximum drawdown, EWO dropped -75.69% vs EEM's -66.43%.

On 10-year performance, EWO leads with 15.04% vs 8.32% for EEM. On fees, EWO is cheaper at 0.49% per year. On volatility, EWO has been the lower-risk option at 6.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.04% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO is cheaper with a 0.49% expense ratio, compared with 0.72% for EEM.

EWO has the higher dividend yield at 1.98%, compared with 1.74% for EEM.

EWO is categorized as Europe Equities, while EEM is Emerging Markets Equities. EWO tracks MSCI Austria Investable Market Index, while EEM tracks MSCI Emerging Markets Index (Net). Their fees differ too: 0.49% for EWO and 0.72% for EEM.

EWO currently has the higher Sharpe Ratio (2.40 vs 1.42), 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.

Portfolio Optimizer

Find the right allocation for EWO and EEM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer