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EWO vs. EWG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EWG

Last updated Aug 2, 2026
Documentation

EWO (iShares MSCI Austria ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EWO returned 15.04%/yr vs 7.90%/yr for EWG. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.49% expense ratio.

Performance

EWO vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and iShares MSCI Germany ETF (EWG). 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 22.21% return, which is significantly higher than EWG's 2.84% return. Over the past 10 years, EWO has outperformed EWG with an annualized return of 15.04%, while EWG has yielded a comparatively lower 7.90% 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%

EWG

1D
-0.07%
1M
1.28%
6M
1.39%
YTD
2.84%
1Y
7.26%
3Y*
16.35%
5Y*
7.08%
10Y*
7.90%
ALL TIME*
6.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWG

iShares MSCI Germany ETF
$53.81M$49.56M$49.69M

EWO

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

EWO vs. EWG - 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%
EWG
iShares MSCI Germany ETF		2.84%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%

Correlation

The correlation between EWO and EWG is 0.74, 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.

0.74

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

0.76

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

0.79

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

0.77

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.64

The correlation between EWO and EWG shifts across timeframes, from 0.64 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.

EWO vs. EWG - Sectors Allocation Comparison

Sectors
EWO
EWG

Financial Services

48.1%
22.0%

Industrials

11.1%
30.4%

Energy

9.6%

-

Basic Materials

9.4%
5.2%

Utilities

6.4%
4.7%

Technology

5.9%
15.1%

Consumer Cyclical

4.7%
7.8%

Real Estate

3.7%
0.9%

Communication Services

-

5.5%

Consumer Defensive

-

1.5%

Healthcare

-

7.0%

Financial Services

EWO
48.1%
EWG
22.0%

Industrials

EWO
11.1%
EWG
30.4%

Energy

EWO
9.6%
EWG

-

Basic Materials

EWO
9.4%
EWG
5.2%

Utilities

EWO
6.4%
EWG
4.7%

Technology

EWO
5.9%
EWG
15.1%

Consumer Cyclical

EWO
4.7%
EWG
7.8%

Real Estate

EWO
3.7%
EWG
0.9%

Communication Services

EWO

-

EWG
5.5%

Consumer Defensive

EWO

-

EWG
1.5%

Healthcare

EWO

-

EWG
7.0%

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 Germany ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. IBZL.LEWO vs. EEMEWO vs. VOOEWO vs. IUSV
Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. EWD

Return for Risk

EWO vs. EWG — 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
EWG
EWG Risk / Return Rank: 1919
Overall Rank
EWG Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1818
Sortino Ratio Rank
EWG Omega Ratio Rank: 1818
Omega Ratio Rank
EWG Calmar Ratio Rank: 1818
Calmar Ratio Rank
EWG Martin Ratio Rank: 2020
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. EWG - Risk-Adjusted Trends Comparison

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

EWOEWGDifference
Sharpe ratioReturn per unit of total volatility
2.40
0.35

+2.04

Sortino ratioReturn per unit of downside risk
3.39
0.62

+2.77

Omega ratioGain probability vs. loss probability

1.41

1.07

+0.33

Calmar ratioReturn relative to maximum drawdown

3.38

0.43

+2.96

Martin ratioReturn relative to average drawdown

11.29

1.28

+10.01

EWO vs. EWG - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.40, which is higher than the EWG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of EWO and EWG, 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. EWG - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EWG's maximum drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EWO and EWG.

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Drawdown Indicators

EWOEWGDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-67.57%

-8.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-14.54%

+0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-15.49%

-1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-42.59%

+0.77%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-46.80%

-11.30%

Current Drawdown

Current decline from peak

-1.53%

-1.91%

+0.38%

Average Drawdown

Average peak-to-trough decline

-27.98%

-19.12%

-8.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

4.86%

-0.65%

Volatility

EWO vs. EWG - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 6.23% compared to iShares MSCI Germany ETF (EWG) at 5.38%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOEWGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

5.38%

+0.85%

Volatility (6M)

Calculated over the trailing 6-month period

16.88%

15.32%

+1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

19.92%

17.71%

+2.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.03%

20.57%

+1.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.60%

20.81%

+1.79%

EWO vs. EWG - Expense Ratio Comparison

Both EWO and EWG have an expense ratio of 0.49%.

Dividends

EWO vs. EWG - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, more than EWG's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.94%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
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 EWG have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.23%) compared to EWG (5.38%). In terms of maximum drawdown, EWO dropped -75.69% vs EWG's -67.57%.

On 10-year performance, EWO leads with 15.04% vs 7.90% for EWG. Both ETFs have the same 0.49% expense ratio. On volatility, EWG has been the lower-risk option at 5.38%. 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 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO and EWG have the same expense ratio: 0.49% per year.

EWO has the higher dividend yield at 1.98%, compared with 1.94% for EWG.

EWO tracks MSCI Austria Investable Market Index, while EWG tracks MSCI Germany Index.

EWO currently has the higher Sharpe Ratio (2.40 vs 0.35), 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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