EWO vs. ESGE

Last updated Jun 19, 2026

EWO (iShares MSCI Austria ETF) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 5 years, EWO returned 17.72%/yr vs 7.73%/yr for ESGE. A 0.59 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.25%/yr for ESGE.

Performance

EWO vs. ESGE - Performance Comparison

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

Returns By Period

In the year-to-date period, EWO achieves a 23.79% return, which is significantly lower than ESGE's 29.02% return.

EWO

• 1D: 0.42%
• 1M: 13.28%
• YTD: 23.79%
• 6M: 27.16%
• 1Y: 55.76%
• 3Y*: 34.71%
• 5Y*: 17.72%
• 10Y*: 15.18%

ESGE

• 1D: 3.08%
• 1M: 10.87%
• YTD: 29.02%
• 6M: 32.41%
• 1Y: 53.45%
• 3Y*: 23.27%
• 5Y*: 7.73%
• 10Y*: —

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

EWO vs. ESGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWO iShares MSCI Austria ETF	23.79%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%
ESGE iShares ESG Aware MSCI EM ETF	29.02%	35.86%	6.63%	9.51%	-22.41%	-2.87%	18.60%	20.37%	-15.24%	38.86%

Correlation

The correlation between EWO and ESGE is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jul 20, 2016	0.59

The correlation between EWO and ESGE has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

EWO vs. ESGE - Sectors Allocation Comparison

Sectors	EWO	ESGE
Financial Services	47.3%	22.0%
Industrials	14.5%	5.7%
Energy	9.7%	1.9%
Basic Materials	8.8%	5.0%
Utilities	6.5%	1.3%
Technology	5.7%	43.9%
Real Estate	4.1%	1.0%
Consumer Cyclical	3.6%	7.5%
Communication Services	-	7.4%
Consumer Defensive	-	2.1%
Healthcare	-	2.2%

Return for Risk

EWO vs. ESGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWO

EWO Risk / Return Rank: 85
EWO Sharpe Ratio Rank: 91
EWO Sortino Ratio Rank: 91
EWO Omega Ratio Rank: 86
EWO Calmar Ratio Rank: 81
EWO Martin Ratio Rank: 76

ESGE

ESGE Risk / Return Rank: 80
ESGE Sharpe Ratio Rank: 82
ESGE Sortino Ratio Rank: 76
ESGE Omega Ratio Rank: 83
ESGE Calmar Ratio Rank: 80
ESGE Martin Ratio Rank: 80

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.

EWO vs. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares ESG Aware MSCI EM ETF (ESGE). 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	ESGE	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.44	+0.47
Sortino ratio: Return per unit of downside risk	3.97	3.12	+0.85
Omega ratio: Gain probability vs. loss probability	1.49	1.46	+0.03
Calmar ratio: Return relative to maximum drawdown	3.98	3.86	+0.11
Martin ratio: Return relative to average drawdown	13.48	14.46	-0.99

EWO vs. ESGE - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.91, which is comparable to the ESGE Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of EWO and ESGE, 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

EWO vs. ESGE - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than ESGE's maximum drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for EWO and ESGE.

Drawdown Indicators

	EWO	ESGE	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-41.07%	-34.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-13.90%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-16.71%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-41.82%	-39.18%	-2.64%
Max Drawdown (10Y) Largest decline over 10 years	-58.10%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-28.08%	-14.41%	-13.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	3.71%	+0.44%

Volatility

EWO vs. ESGE - Volatility Comparison

The current volatility for iShares MSCI Austria ETF (EWO) is 7.50%, while iShares ESG Aware MSCI EM ETF (ESGE) has a volatility of 10.89%. This indicates that EWO experiences smaller price fluctuations and is considered to be less risky than ESGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWO	ESGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	10.89%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	19.81%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	22.02%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	19.54%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.89%	20.12%	+2.77%

EWO vs. ESGE - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

EWO vs. ESGE - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.95%, less than ESGE's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESGE iShares ESG Aware MSCI EM ETF	2.00%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%	0.00%
EWO iShares MSCI Austria ETF	1.95%	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

Can I hold both EWO and ESGE in my portfolio?

EWO and ESGE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWO or ESGE?

ESGE has higher volatility (10.89%) compared to EWO (7.50%). In terms of maximum drawdown, EWO dropped -75.69% vs ESGE's -41.07%.

Which ETF is better, EWO or ESGE?

On 5-year performance, EWO leads with 17.72% vs 7.73% for ESGE. On fees, ESGE is cheaper at 0.25% per year. On volatility, EWO has been the lower-risk option at 7.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWO or ESGE?

Over the 5-year period, EWO has performed better with a 17.72% return vs 7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWO or ESGE?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.49% for EWO.

Which ETF pays a higher dividend yield, EWO or ESGE?

ESGE has the higher dividend yield at 2.00%, compared with 1.95% for EWO.

What is the main difference between EWO and ESGE?

EWO is categorized as Europe Equities, while ESGE is Emerging Markets Equities. EWO tracks MSCI Austria Investable Market Index, while ESGE tracks MSCI EM Extended ESG Focus Index. Their fees differ too: 0.49% for EWO and 0.25% for ESGE.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.91 vs 2.44), 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.