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EWO vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EUFN

Last updated Jun 13, 2026

EWO (iShares MSCI Austria ETF) and EUFN (iShares MSCI Europe Financials ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index. Both are passively managed. Over the past 10 years, EWO returned 15.10%/yr vs 13.48%/yr for EUFN. Their correlation of 0.80 suggests significant overlap in exposure. EWO charges 0.49%/yr vs 0.48%/yr for EUFN.

Performance

EWO vs. EUFN - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWO achieves a 18.55% return, which is significantly higher than EUFN's 4.75% return. Over the past 10 years, EWO has outperformed EUFN with an annualized return of 15.10%, while EUFN has yielded a comparatively lower 13.48% annualized return.

EWO

1D
1.37%
1M
6.33%
YTD
18.55%
6M
23.71%
1Y
46.00%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%

EUFN

1D
1.20%
1M
3.32%
YTD
4.75%
6M
9.10%
1Y
26.28%
3Y*
32.04%
5Y*
18.43%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWO vs. EUFN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EUFN
iShares MSCI Europe Financials ETF		4.75%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between EWO and EUFN is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.81

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

0.80

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

0.83

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

0.80

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2010

0.80

The correlation between EWO and EUFN has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

EWO vs. EUFN - Sectors Allocation Comparison

Sectors
EWO
EUFN

Financial Services

46.5%
97.1%

Industrials

14.3%
0.4%

Basic Materials

10.5%

-

Energy

9.5%

-

Utilities

6.4%

-

Technology

5.6%
1.0%

Real Estate

4.0%

-

Consumer Cyclical

1.7%
0.2%

Communication Services

-

-

Consumer Defensive

-

-

Healthcare

-

-

Financial Services

EWO
46.5%
EUFN
97.1%

Industrials

EWO
14.3%
EUFN
0.4%

Basic Materials

EWO
10.5%
EUFN

-

Energy

EWO
9.5%
EUFN

-

Utilities

EWO
6.4%
EUFN

-

Technology

EWO
5.6%
EUFN
1.0%

Real Estate

EWO
4.0%
EUFN

-

Consumer Cyclical

EWO
1.7%
EUFN
0.2%

Communication Services

EWO

-

EUFN

-

Consumer Defensive

EWO

-

EUFN

-

Healthcare

EWO

-

EUFN

-

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iShares MSCI Austria ETF

iShares MSCI Europe Financials ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. IBZL.LEWO vs. EEMEWO vs. EWGEWO vs. VOO
Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL

Return for Risk

EWO vs. EUFN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWO
EWO Risk / Return Rank: 7979
Overall Rank
EWO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWO Omega Ratio Rank: 7979
Omega Ratio Rank
EWO Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWO Martin Ratio Rank: 6969
Martin Ratio Rank
EUFN
EUFN Risk / Return Rank: 4242
Overall Rank
EUFN Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4242
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3939
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4141
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4444
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.

EWO vs. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI Europe Financials ETF (EUFN). 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.

EWOEUFNDifference
Sharpe ratioReturn per unit of total volatility
2.41
1.31

+1.10

Sortino ratioReturn per unit of downside risk
3.35
1.92

+1.43

Omega ratioGain probability vs. loss probability

1.41

1.23

+0.18

Calmar ratioReturn relative to maximum drawdown

3.28

1.79

+1.50

Martin ratioReturn relative to average drawdown

11.10

6.24

+4.86

EWO vs. EUFN - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is higher than the EUFN Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of EWO and EUFN, 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

EWO vs. EUFN - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EUFN's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for EWO and EUFN.

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Drawdown Indicators

EWOEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-53.25%

-22.44%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-14.77%

+0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-15.95%

-0.80%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-35.15%

-6.67%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-53.25%

-4.85%

Current Drawdown

Current decline from peak

0.00%

-0.10%

+0.10%

Average Drawdown

Average peak-to-trough decline

-28.10%

-14.53%

-13.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

4.23%

-0.07%

Volatility

EWO vs. EUFN - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to iShares MSCI Europe Financials ETF (EUFN) at 6.96%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

6.96%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

17.05%

-1.17%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

20.17%

-0.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.95%

21.88%

+0.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

24.53%

-1.65%

EWO vs. EUFN - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is higher than EUFN's 0.48% expense ratio.

Dividends

EWO vs. EUFN - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than EUFN's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		3.41%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
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 EUFN have a correlation of 0.81, 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 EUFN (6.96%). In terms of maximum drawdown, EWO dropped -75.69% vs EUFN's -53.25%.

On 10-year performance, EWO leads with 15.10% vs 13.48% for EUFN. On fees, EUFN is cheaper at 0.48% per year. On volatility, EUFN has been the lower-risk option at 6.96%. 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 15.10% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.48% expense ratio, compared with 0.49% for EWO.

EUFN has the higher dividend yield at 3.41%, compared with 2.01% for EWO.

EWO is categorized as Europe Equities, while EUFN is Financials Equities. EWO tracks MSCI Austria Investable Market Index, while EUFN tracks MSCI Europe Financials Index. Their fees differ too: 0.49% for EWO and 0.48% for EUFN.

EWO currently has the higher Sharpe Ratio (2.41 vs 1.31), 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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