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EWO vs. EWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EWY

Last updated Jun 13, 2026

EWO (iShares MSCI Austria ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, EWO returned 15.10%/yr vs 16.84%/yr for EWY. At a 0.47 correlation, their price movements are largely independent. EWO charges 0.49%/yr vs 0.59%/yr for EWY.

Performance

EWO vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and iShares MSCI South Korea ETF (EWY). 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 lower than EWY's 103.10% return. Over the past 10 years, EWO has underperformed EWY with an annualized return of 15.10%, while EWY has yielded a comparatively higher 16.84% annualized return.

EWO

1D
1.37%
1M
6.75%
YTD
18.55%
6M
23.71%
1Y
48.35%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%

EWY

1D
-0.75%
1M
3.64%
YTD
103.10%
6M
117.85%
1Y
203.95%
3Y*
46.46%
5Y*
18.80%
10Y*
16.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWO vs. EWY - 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%
EWY
iShares MSCI South Korea ETF		103.10%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%

Correlation

The correlation between EWO and EWY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.47

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

0.53

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

0.54

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.47

The correlation between EWO and EWY shifts across timeframes, from 0.40 (1 year) to 0.54 (10 years), reflecting how their relationship changes across market environments.

EWO vs. EWY - Sectors Allocation Comparison

Sectors
EWO
EWY

Financial Services

46.5%
9.6%

Industrials

14.3%
20.4%

Basic Materials

10.5%
2.0%

Energy

9.5%
1.4%

Utilities

6.4%
0.4%

Technology

5.6%
52.4%

Real Estate

4.0%

-

Consumer Cyclical

1.7%
5.7%

Communication Services

-

2.9%

Consumer Defensive

-

1.7%

Healthcare

-

3.5%

Financial Services

EWO
46.5%
EWY
9.6%

Industrials

EWO
14.3%
EWY
20.4%

Basic Materials

EWO
10.5%
EWY
2.0%

Energy

EWO
9.5%
EWY
1.4%

Utilities

EWO
6.4%
EWY
0.4%

Technology

EWO
5.6%
EWY
52.4%

Real Estate

EWO
4.0%
EWY

-

Consumer Cyclical

EWO
1.7%
EWY
5.7%

Communication Services

EWO

-

EWY
2.9%

Consumer Defensive

EWO

-

EWY
1.7%

Healthcare

EWO

-

EWY
3.5%

Compare stocks, funds, or ETFs

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iShares MSCI Austria ETF

iShares MSCI South Korea ETF

Often compared with EWO:
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Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH

Return for Risk

EWO vs. EWY — 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
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
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. EWY - Risk-Adjusted Trends Comparison

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

EWOEWYDifference
Sharpe ratioReturn per unit of total volatility
2.41
4.29

-1.88

Sortino ratioReturn per unit of downside risk
3.35
4.08

-0.73

Omega ratioGain probability vs. loss probability

1.41

1.59

-0.18

Calmar ratioReturn relative to maximum drawdown

3.28

8.65

-5.36

Martin ratioReturn relative to average drawdown

11.10

30.24

-19.14

EWO vs. EWY - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of EWO and EWY, 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. EWY - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, roughly equal to the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EWO and EWY.

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Drawdown Indicators

EWOEWYDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-74.14%

-1.55%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-23.08%

+9.00%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-27.36%

+10.61%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-48.55%

+6.73%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-49.73%

-8.37%

Current Drawdown

Current decline from peak

0.00%

-8.88%

+8.88%

Average Drawdown

Average peak-to-trough decline

-28.10%

-20.11%

-7.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

6.59%

-2.43%

Volatility

EWO vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Austria ETF (EWO) is 7.31%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that EWO experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOEWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

25.64%

-18.33%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

42.65%

-26.77%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

46.51%

-27.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.95%

30.15%

-8.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

28.06%

-5.18%

EWO vs. EWY - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

EWO vs. EWY - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, more than EWY's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWY
iShares MSCI South Korea ETF		1.03%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%

Frequently Asked Questions

EWO and EWY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (25.64%) compared to EWO (7.31%). In terms of maximum drawdown, EWO dropped -75.69% vs EWY's -74.14%.

On 10-year performance, EWY leads with 16.84% vs 15.10% for EWO. On fees, EWO is cheaper at 0.49% per year. On volatility, EWO has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWY has performed better with a 16.84% return vs 15.10%. 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 0.59% for EWY.

EWO has the higher dividend yield at 2.01%, compared with 1.03% for EWY.

EWO is categorized as Europe Equities, while EWY is Asia Pacific Equities. EWO tracks MSCI Austria Investable Market Index, while EWY tracks MSCI Korea Index. Their fees differ too: 0.49% for EWO and 0.59% for EWY.

EWY currently has the higher Sharpe Ratio (4.29 vs 2.41), 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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