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EWO vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. IEUR

Last updated Jul 14, 2026
Documentation

EWO (iShares MSCI Austria ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWO returned 14.90%/yr vs 9.69%/yr for IEUR. Their correlation of 0.81 suggests significant overlap in exposure. EWO charges 0.49%/yr vs 0.09%/yr for IEUR.

Performance

EWO vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and iShares Core MSCI Europe ETF (IEUR). 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 20.31% return, which is significantly higher than IEUR's 7.18% return. Over the past 10 years, EWO has outperformed IEUR with an annualized return of 14.90%, while IEUR has yielded a comparatively lower 9.69% 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%

IEUR

1D
-0.79%
1M
-0.44%
6M
4.03%
YTD
7.18%
1Y
16.12%
3Y*
15.04%
5Y*
8.63%
10Y*
9.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWO vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEUR
iShares Core MSCI Europe ETF		7.18%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between EWO and IEUR is 0.77, 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

0.77

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

0.78

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

0.81

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

0.80

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.81

The correlation between EWO and IEUR has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

EWO vs. IEUR - Sectors Allocation Comparison

Sectors
EWO
IEUR

Financial Services

47.3%
22.5%

Industrials

14.5%
20.3%

Energy

9.7%
4.9%

Basic Materials

8.8%
5.8%

Utilities

6.5%
4.4%

Technology

5.7%
9.4%

Real Estate

4.1%
1.5%

Consumer Cyclical

3.6%
7.0%

Communication Services

-

3.9%

Consumer Defensive

-

7.7%

Healthcare

-

12.5%

Financial Services

EWO
47.3%
IEUR
22.5%

Industrials

EWO
14.5%
IEUR
20.3%

Energy

EWO
9.7%
IEUR
4.9%

Basic Materials

EWO
8.8%
IEUR
5.8%

Utilities

EWO
6.5%
IEUR
4.4%

Technology

EWO
5.7%
IEUR
9.4%

Real Estate

EWO
4.1%
IEUR
1.5%

Consumer Cyclical

EWO
3.6%
IEUR
7.0%

Communication Services

EWO

-

IEUR
3.9%

Consumer Defensive

EWO

-

IEUR
7.7%

Healthcare

EWO

-

IEUR
12.5%

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 Core MSCI Europe ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. IBZL.LEWO vs. EWGEWO vs. EEMEWO vs. VOO
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

EWO vs. IEUR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWO
EWO Risk / Return Rank: 8181
Overall Rank
EWO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8888
Sortino Ratio Rank
EWO Omega Ratio Rank: 8181
Omega Ratio Rank
EWO Calmar Ratio Rank: 7676
Calmar Ratio Rank
EWO Martin Ratio Rank: 7272
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 3636
Overall Rank
IEUR Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3636
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3333
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3333
Calmar Ratio Rank
IEUR Martin Ratio Rank: 4040
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. IEUR - Risk-Adjusted Trends Comparison

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

EWOIEURDifference
Sharpe ratioReturn per unit of total volatility
2.25
1.02

+1.23

Sortino ratioReturn per unit of downside risk
3.17
1.55

+1.62

Omega ratioGain probability vs. loss probability

1.38

1.18

+0.20

Calmar ratioReturn relative to maximum drawdown

3.12

1.34

+1.78

Martin ratioReturn relative to average drawdown

10.48

5.03

+5.45

EWO vs. IEUR - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.25, which is higher than the IEUR Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of EWO and IEUR, 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. IEUR - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWO and IEUR.

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Drawdown Indicators

EWOIEURDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-36.96%

-38.73%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-12.04%

-2.04%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-14.25%

-2.50%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-32.75%

-9.07%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-36.96%

-21.14%

Current Drawdown

Current decline from peak

-3.06%

-2.40%

-0.66%

Average Drawdown

Average peak-to-trough decline

-28.03%

-8.16%

-19.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.18%

3.21%

+0.97%

Volatility

EWO vs. IEUR - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.39% compared to iShares Core MSCI Europe ETF (IEUR) at 4.77%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.39%

4.77%

+2.62%

Volatility (6M)

Calculated over the trailing 6-month period

16.64%

13.60%

+3.04%

Volatility (1Y)

Calculated over the trailing 1-year period

19.55%

15.83%

+3.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.00%

17.81%

+4.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.56%

18.21%

+4.35%

EWO vs. IEUR - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EWO vs. IEUR - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than IEUR's 3.21% 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%
IEUR
iShares Core MSCI Europe ETF		3.21%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

EWO and IEUR have a correlation of 0.77, 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 IEUR (4.77%). In terms of maximum drawdown, EWO dropped -75.69% vs IEUR's -36.96%.

On 10-year performance, EWO leads with 14.90% vs 9.69% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.77%. 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 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.49% for EWO.

IEUR has the higher dividend yield at 3.21%, compared with 2.01% for EWO.

EWO tracks MSCI Austria Investable Market Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.49% for EWO and 0.09% for IEUR.

EWO currently has the higher Sharpe Ratio (2.25 vs 1.02), 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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