EWO vs. EZU

Last updated Jun 14, 2026

EWO (iShares MSCI Austria ETF) and EZU (iShares MSCI Eurozone ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while EZU tracks the MSCI EMU. Both are passively managed. Over the past 10 years, EWO returned 15.10%/yr vs 10.85%/yr for EZU. A 0.74 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.51%/yr for EZU.

Performance

EWO vs. EZU - Performance Comparison

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

Returns By Period

In the year-to-date period, EWO achieves a 18.55% return, which is significantly higher than EZU's 9.10% return. Over the past 10 years, EWO has outperformed EZU with an annualized return of 15.10%, while EZU has yielded a comparatively lower 10.85% annualized return.

EWO

• 1D: 1.37%
• 1M: 7.96%
• YTD: 18.55%
• 6M: 23.71%
• 1Y: 48.35%
• 3Y*: 33.19%
• 5Y*: 15.56%
• 10Y*: 15.10%

EZU

• 1D: 0.00%
• 1M: 6.05%
• YTD: 9.10%
• 6M: 10.35%
• 1Y: 22.18%
• 3Y*: 18.40%
• 5Y*: 9.24%
• 10Y*: 10.85%

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

EWO vs. EZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EZU iShares MSCI Eurozone ETF	9.10%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%

Correlation

The correlation between EWO and EZU 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.74

The correlation between EWO and EZU has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

EWO vs. EZU - Sectors Allocation Comparison

Sectors	EWO	EZU
Financial Services	47.3%	23.6%
Industrials	14.5%	20.5%
Energy	9.7%	4.0%
Basic Materials	8.8%	4.0%
Utilities	6.5%	6.4%
Technology	5.7%	16.5%
Real Estate	4.1%	0.7%
Consumer Cyclical	3.6%	7.8%
Communication Services	-	5.0%
Consumer Defensive	-	5.5%
Healthcare	-	5.8%

Return for Risk

EWO vs. EZU — Risk / Return Rank

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

EWO

EWO Risk / Return Rank: 79
EWO Sharpe Ratio Rank: 86
EWO Sortino Ratio Rank: 85
EWO Omega Ratio Rank: 79
EWO Calmar Ratio Rank: 74
EWO Martin Ratio Rank: 69

EZU

EZU Risk / Return Rank: 37
EZU Sharpe Ratio Rank: 36
EZU Sortino Ratio Rank: 36
EZU Omega Ratio Rank: 35
EZU Calmar Ratio Rank: 35
EZU Martin Ratio Rank: 40

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. EZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI Eurozone ETF (EZU). 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	EZU	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.15	+1.26
Sortino ratio: Return per unit of downside risk	3.35	1.71	+1.64
Omega ratio: Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	3.28	1.55	+1.73
Martin ratio: Return relative to average drawdown	11.10	5.60	+5.49

EWO vs. EZU - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is higher than the EZU Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of EWO and EZU, 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. EZU - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EZU's maximum drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for EWO and EZU.

Drawdown Indicators

	EWO	EZU	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-65.32%	-10.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-13.06%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-15.02%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-41.82%	-36.11%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	-58.10%	-41.37%	-16.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-28.10%	-19.21%	-8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.61%	+0.55%

Volatility

EWO vs. EZU - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to iShares MSCI Eurozone ETF (EZU) at 6.52%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWO	EZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	6.52%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	14.88%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	17.57%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	19.96%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	20.50%	+2.38%

EWO vs. EZU - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than EZU's 0.51% expense ratio.

Dividends

EWO vs. EZU - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than EZU's 2.61% 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%
EZU iShares MSCI Eurozone ETF	2.61%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%

Frequently Asked Questions

Can I hold both EWO and EZU in my portfolio?

EWO and EZU 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.

Which is riskier, EWO or EZU?

EWO has higher volatility (7.31%) compared to EZU (6.52%). In terms of maximum drawdown, EWO dropped -75.69% vs EZU's -65.32%.

Which ETF is better, EWO or EZU?

On 10-year performance, EWO leads with 15.10% vs 10.85% for EZU. On fees, EWO is cheaper at 0.49% per year. On volatility, EZU has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWO or EZU?

Over the 10-year period, EWO has performed better with a 15.10% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWO or EZU?

EWO is cheaper with a 0.49% expense ratio, compared with 0.51% for EZU.

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

EZU has the higher dividend yield at 2.61%, compared with 2.01% for EWO.

What is the main difference between EWO and EZU?

EWO tracks MSCI Austria Investable Market Index, while EZU tracks MSCI EMU. Their fees differ too: 0.49% for EWO and 0.51% for EZU.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.41 vs 1.15), 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.