EWO vs. IAU

Last updated Jun 4, 2026

EWO (iShares MSCI Austria ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EWO returned 14.00%/yr vs 13.31%/yr for IAU. At a 0.18 correlation, their price movements are largely independent. EWO charges 0.49%/yr vs 0.25%/yr for IAU.

Performance

EWO vs. IAU - Performance Comparison

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

Returns By Period

In the year-to-date period, EWO achieves a 14.52% return, which is significantly higher than IAU's 2.98% return. Both investments have delivered pretty close results over the past 10 years, with EWO having a 14.00% annualized return and IAU not far behind at 13.31%.

EWO

• 1D: -1.79%
• 1M: 5.62%
• YTD: 14.52%
• 6M: 21.29%
• 1Y: 43.71%
• 3Y*: 33.18%
• 5Y*: 14.75%
• 10Y*: 14.00%

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

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

EWO vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWO iShares MSCI Austria ETF	14.52%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between EWO and IAU is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 31, 2005	0.18

The correlation between EWO and IAU shifts across timeframes, from 0.16 (10 years) to 0.30 (1 year), reflecting how their relationship changes across market environments.

EWO vs. IAU - Sectors Allocation Comparison

Sectors	EWO	IAU
Financial Services	46.6%	-
Industrials	14.2%	-
Energy	10.8%	-
Basic Materials	8.1%	-
Utilities	7.5%	-
Technology	6.6%	-
Real Estate	4.4%	100.0%
Consumer Cyclical	1.9%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

EWO vs. IAU — Risk / Return Rank

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

EWO

EWO Risk / Return Rank: 66
EWO Sharpe Ratio Rank: 72
EWO Sortino Ratio Rank: 71
EWO Omega Ratio Rank: 65
EWO Calmar Ratio Rank: 63
EWO Martin Ratio Rank: 59

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU Martin Ratio Rank: 29

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. IAU - Risk-Adjusted Trends Comparison

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

	EWO	IAU	Difference
Sharpe ratio Return per unit of total volatility	2.38	1.23	+1.15
Sortino ratio Return per unit of downside risk	3.27	1.62	+1.65
Omega ratio Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio Return relative to maximum drawdown	3.12	1.69	+1.43
Martin ratio Return relative to average drawdown	10.58	4.19	+6.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWO vs. IAU - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.38, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EWO and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWO	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	1.23	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	1.03	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.84	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.62	-0.35

Drawdowns

EWO vs. IAU - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EWO and IAU.

Drawdown Indicators

	EWO	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-45.14%	-30.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-19.18%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-19.18%	+2.43%
Max Drawdown (5Y) Largest decline over 5 years	-41.82%	-20.93%	-20.89%
Max Drawdown (10Y) Largest decline over 10 years	-58.10%	-21.82%	-36.28%
Current Drawdown Current decline from peak	-1.79%	-17.70%	+15.91%
Average Drawdown Average peak-to-trough decline	-28.12%	-15.96%	-12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	7.71%	-3.57%

Volatility

EWO vs. IAU - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 6.71% compared to iShares Gold Trust (IAU) at 5.50%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWO	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	5.50%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	23.02%	-7.94%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	26.42%	-7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.84%	17.95%	+3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	15.90%	+6.96%

EWO vs. IAU - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

EWO vs. IAU - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.08%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.08%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWO and IAU in my portfolio?

EWO and IAU have a correlation of 0.30, 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 IAU?

EWO has higher volatility (6.71%) compared to IAU (5.50%). In terms of maximum drawdown, EWO dropped -75.69% vs IAU's -45.14%.

Which ETF is better, EWO or IAU?

On 10-year performance, EWO leads with 14.00% vs 13.31% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWO or IAU?

Over the 10-year period, EWO has performed better with a 14.00% return vs 13.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWO or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.49% for EWO.

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

EWO has the higher dividend yield at 2.08%, compared with 0.00% for IAU.

What is the main difference between EWO and IAU?

EWO is categorized as Europe Equities, while IAU is Gold. EWO tracks MSCI Austria Investable Market Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.49% for EWO and 0.25% for IAU.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.38 vs 1.23), 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.