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EWO vs. STEW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. STEW

Last updated Jun 14, 2026

EWO (iShares MSCI Austria ETF) and STEW (SRH Total Return Fund Inc.) are both funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while STEW is a Diversified Portfolio fund managed by SRH. Over the past 3 years, EWO returned 33.19%/yr vs 14.95%/yr for STEW. A 0.54 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 2.28%/yr for STEW.

Performance

EWO vs. STEW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and SRH Total Return Fund Inc. (STEW). 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 higher than STEW's -2.05% 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%

STEW

1D
0.23%
1M
0.62%
YTD
-2.05%
6M
-0.22%
1Y
7.81%
3Y*
14.95%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWO vs. STEW - Yearly Performance Comparison

2026 (YTD)2025202420232022
EWO
iShares MSCI Austria ETF		18.55%74.21%4.05%20.63%-9.50%
STEW
SRH Total Return Fund Inc.		-2.05%20.28%19.90%13.54%-10.14%

Correlation

The correlation between EWO and STEW is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.45

Correlation (All Time)
Calculated using the full available price history since Apr 4, 2022

0.54

The correlation between EWO and STEW shifts across timeframes, from 0.43 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

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iShares MSCI Austria ETF

SRH Total Return Fund Inc.

Often compared with EWO:
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Often compared with STEW:
STEW vs. HEQSTEW vs. ADXSTEW vs. HFROSTEW vs. PMFKXSTEW vs. AAAAXSTEW vs. DMASTEW vs. EIT-UN.TO

Return for Risk

EWO vs. STEW — 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
STEW
STEW Risk / Return Rank: 1010
Overall Rank
STEW Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
STEW Sortino Ratio Rank: 1010
Sortino Ratio Rank
STEW Omega Ratio Rank: 1010
Omega Ratio Rank
STEW Calmar Ratio Rank: 1010
Calmar Ratio Rank
STEW Martin Ratio Rank: 1010
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. STEW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and SRH Total Return Fund Inc. (STEW). 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.

EWOSTEWDifference
Sharpe ratioReturn per unit of total volatility
2.41
0.63

+1.78

Sortino ratioReturn per unit of downside risk
3.35
0.97

+2.38

Omega ratioGain probability vs. loss probability

1.41

1.12

+0.29

Calmar ratioReturn relative to maximum drawdown

3.28

0.73

+2.56

Martin ratioReturn relative to average drawdown

11.10

2.24

+8.86

EWO vs. STEW - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is higher than the STEW Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of EWO and STEW, 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. STEW - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than STEW's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for EWO and STEW.

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Drawdown Indicators

EWOSTEWDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-25.25%

-50.44%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-9.68%

-4.40%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-11.30%

-5.45%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.29%

+2.29%

Average Drawdown

Average peak-to-trough decline

-28.10%

-5.32%

-22.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

3.14%

+1.02%

Volatility

EWO vs. STEW - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to SRH Total Return Fund Inc. (STEW) at 2.82%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than STEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOSTEWDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

2.82%

+4.49%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

8.28%

+7.60%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

11.08%

+8.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.95%

15.44%

+6.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

15.44%

+7.44%

EWO vs. STEW - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than STEW's 2.28% expense ratio.

Dividends

EWO vs. STEW - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than STEW's 4.11% 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%
STEW
SRH Total Return Fund Inc.		4.11%3.56%3.43%3.60%2.83%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EWO and STEW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (7.31%) compared to STEW (2.82%). In terms of maximum drawdown, EWO dropped -75.69% vs STEW's -25.25%.

EWO currently has the higher Sharpe Ratio (2.41 vs 0.63), 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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