EWO vs. EWU
EWO (iShares MSCI Austria ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, EWO returned 14.90%/yr vs 8.17%/yr for EWU. A 0.58 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.50%/yr for EWU.
Performance
EWO vs. EWU - Performance Comparison
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Returns By Period
In the year-to-date period, EWO achieves a 20.31% return, which is significantly higher than EWU's 6.92% return. Over the past 10 years, EWO has outperformed EWU with an annualized return of 14.90%, while EWU has yielded a comparatively lower 8.17% annualized return.
EWO
- 1D
- -1.44%
- 1M
- 1.48%
- 6M
- 17.72%
- YTD
- 20.31%
- 1Y
- 43.73%
- 3Y*
- 32.36%
- 5Y*
- 17.10%
- 10Y*
- 14.90%
EWU
- 1D
- -0.52%
- 1M
- -0.29%
- 6M
- 4.29%
- YTD
- 6.92%
- 1Y
- 20.07%
- 3Y*
- 16.74%
- 5Y*
- 11.31%
- 10Y*
- 8.17%
EWO vs. EWU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWO iShares MSCI Austria ETF | 20.31% | 74.21% | 4.05% | 20.63% | -21.95% | 31.50% | -3.67% | 17.05% | -22.88% | 52.47% |
EWU iShares MSCI United Kingdom ETF | 6.92% | 34.95% | 6.74% | 12.40% | -4.39% | 18.19% | -11.80% | 21.29% | -14.30% | 21.54% |
Correlation
The correlation between EWO and EWU is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.58 |
The correlation between EWO and EWU shifts across timeframes, from 0.58 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.
EWO vs. EWU - Sectors Allocation Comparison
Sectors
EWO
EWU
Financial Services
Industrials
Energy
Basic Materials
Utilities
Technology
Real Estate
Consumer Cyclical
Communication Services
-
Consumer Defensive
-
Healthcare
-
Financial Services
EWO
EWU
Industrials
EWO
EWU
Energy
EWO
EWU
Basic Materials
EWO
EWU
Utilities
EWO
EWU
Technology
EWO
EWU
Real Estate
EWO
EWU
Consumer Cyclical
EWO
EWU
Communication Services
EWO
-
EWU
Consumer Defensive
EWO
-
EWU
Healthcare
EWO
-
EWU
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Return for Risk
EWO vs. EWU — Risk / Return Rank
EWO
EWU
EWO vs. EWU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI United Kingdom ETF (EWU). 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 | EWU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.03 | +1.09 |
| Martin ratioReturn relative to average drawdown | 10.48 | 6.70 | +3.78 |
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Drawdowns
EWO vs. EWU - Drawdown Comparison
The maximum EWO drawdown since its inception was -75.69%, which is greater than EWU's maximum drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for EWO and EWU.
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Drawdown Indicators
| EWO | EWU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.69% | -63.99% | -11.70% |
Max Drawdown (1Y)Largest decline over 1 year | -14.08% | -9.92% | -4.16% |
Max Drawdown (3Y)Largest decline over 3 years | -16.75% | -12.63% | -4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -41.82% | -24.91% | -16.91% |
Max Drawdown (10Y)Largest decline over 10 years | -58.10% | -43.33% | -14.77% |
Current DrawdownCurrent decline from peak | -3.06% | -3.40% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -28.03% | -14.13% | -13.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.18% | 3.00% | +1.18% |
Volatility
EWO vs. EWU - Volatility Comparison
iShares MSCI Austria ETF (EWO) has a higher volatility of 7.39% compared to iShares MSCI United Kingdom ETF (EWU) at 4.63%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWO | EWU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.39% | 4.63% | +2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 12.80% | +3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.55% | 14.90% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.00% | 16.44% | +5.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.56% | 18.22% | +4.34% |
EWO vs. EWU - Expense Ratio Comparison
EWO has a 0.49% expense ratio, which is lower than EWU's 0.50% expense ratio.
Dividends
EWO vs. EWU - Dividend Comparison
EWO's dividend yield for the trailing twelve months is around 2.01%, less than EWU's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EWU iShares MSCI United Kingdom ETF | 3.23% | 3.73% | 4.16% | 4.14% | 3.43% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% |
Frequently Asked Questions
EWO and EWU have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWO has higher volatility (7.39%) compared to EWU (4.63%). In terms of maximum drawdown, EWO dropped -75.69% vs EWU's -63.99%.
On 10-year performance, EWO leads with 14.90% vs 8.17% for EWU. On fees, EWO is cheaper at 0.49% per year. On volatility, EWU has been the lower-risk option at 4.63%. 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 14.90% return vs 8.17%. 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 0.50% for EWU.
EWU has the higher dividend yield at 3.23%, compared with 2.01% for EWO.
EWO tracks MSCI Austria Investable Market Index, while EWU tracks MSCI United Kingdom Index. Their fees differ too: 0.49% for EWO and 0.50% for EWU.
EWO currently has the higher Sharpe Ratio (2.25 vs 1.36), 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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