PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWS vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. IWM

Last updated Jun 24, 2026

EWS (iShares MSCI Singapore ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, EWS returned 8.34%/yr vs 11.58%/yr for IWM. A 0.56 correlation means they provide meaningful diversification when combined. EWS charges 0.50%/yr vs 0.19%/yr for IWM.

Performance

EWS vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWS achieves a 9.65% return, which is significantly lower than IWM's 20.47% return. Over the past 10 years, EWS has underperformed IWM with an annualized return of 8.34%, while IWM has yielded a comparatively higher 11.58% annualized return.

EWS

1D
-0.54%
1M
2.36%
YTD
9.65%
6M
9.41%
1Y
22.70%
3Y*
22.62%
5Y*
10.27%
10Y*
8.34%

IWM

1D
-0.96%
1M
3.82%
YTD
20.47%
6M
17.64%
1Y
40.90%
3Y*
19.22%
5Y*
6.27%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWS vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWS
iShares MSCI Singapore ETF		9.65%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%
IWM
iShares Russell 2000 ETF		20.47%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between EWS and IWM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.51

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

0.58

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

0.56

Correlation (All Time)
Calculated using the full available price history since May 26, 2000

0.56

The correlation between EWS and IWM has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

EWS vs. IWM - Sectors Allocation Comparison

Sectors
EWS
IWM

Financial Services

51.6%
15.5%

Industrials

18.1%
17.3%

Real Estate

8.9%
5.5%

Consumer Cyclical

4.6%
8.0%

Technology

4.5%
20.1%

Utilities

4.3%
3.1%

Consumer Defensive

4.1%
2.0%

Communication Services

3.9%
1.7%

Basic Materials

-

4.5%

Energy

-

6.0%

Healthcare

-

15.6%

Financial Services

EWS
51.6%
IWM
15.5%

Industrials

EWS
18.1%
IWM
17.3%

Real Estate

EWS
8.9%
IWM
5.5%

Consumer Cyclical

EWS
4.6%
IWM
8.0%

Technology

EWS
4.5%
IWM
20.1%

Utilities

EWS
4.3%
IWM
3.1%

Consumer Defensive

EWS
4.1%
IWM
2.0%

Communication Services

EWS
3.9%
IWM
1.7%

Basic Materials

EWS

-

IWM
4.5%

Energy

EWS

-

IWM
6.0%

Healthcare

EWS

-

IWM
15.6%

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 Singapore ETF

iShares Russell 2000 ETF

Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. SMINEWS vs. FLGR
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. TNA

Return for Risk

EWS vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWS
EWS Risk / Return Rank: 4848
Overall Rank
EWS Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWS Omega Ratio Rank: 4343
Omega Ratio Rank
EWS Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWS Martin Ratio Rank: 4545
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6767
Overall Rank
IWM Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6464
Sortino Ratio Rank
IWM Omega Ratio Rank: 5757
Omega Ratio Rank
IWM Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWM Martin Ratio Rank: 7373
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.

EWS vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) and iShares Russell 2000 ETF (IWM). 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.

EWSIWMDifference
Sharpe ratioReturn per unit of total volatility
1.49
2.08

-0.59

Sortino ratioReturn per unit of downside risk
2.14
2.86

-0.73

Omega ratioGain probability vs. loss probability

1.27

1.34

-0.07

Calmar ratioReturn relative to maximum drawdown

2.92

3.73

-0.81

Martin ratioReturn relative to average drawdown

7.04

13.18

-6.14

EWS vs. IWM - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.49, which is comparable to the IWM Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EWS and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWS vs. IWM - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for EWS and IWM.

Loading charts...

Drawdown Indicators

EWSIWMDifference

Max Drawdown

Largest peak-to-trough decline

-75.13%

-59.05%

-16.08%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-11.03%

+3.21%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-27.50%

+11.16%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-31.91%

+2.85%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-41.13%

+0.29%

Current Drawdown

Current decline from peak

-0.54%

-0.96%

+0.42%

Average Drawdown

Average peak-to-trough decline

-21.96%

-10.75%

-11.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

3.11%

+0.12%

Volatility

EWS vs. IWM - Volatility Comparison

The current volatility for iShares MSCI Singapore ETF (EWS) is 5.13%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.56%. This indicates that EWS experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWSIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

6.56%

-1.43%

Volatility (6M)

Calculated over the trailing 6-month period

12.17%

14.31%

-2.14%

Volatility (1Y)

Calculated over the trailing 1-year period

15.28%

19.74%

-4.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

22.61%

-5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.98%

23.06%

-5.08%

EWS vs. IWM - Expense Ratio Comparison

EWS has a 0.50% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

EWS vs. IWM - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 4.00%, more than IWM's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
EWS
iShares MSCI Singapore ETF		4.00%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

EWS and IWM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (6.56%) compared to EWS (5.13%). In terms of maximum drawdown, EWS dropped -75.13% vs IWM's -59.05%.

On 10-year performance, IWM leads with 11.58% vs 8.34% for EWS. On fees, IWM is cheaper at 0.19% per year. On volatility, EWS has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.58% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.50% for EWS.

EWS has the higher dividend yield at 4.00%, compared with 0.90% for IWM.

EWS is categorized as Asia Pacific Equities, while IWM is Small Cap Blend Equities. EWS tracks MSCI Singapore Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.50% for EWS and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.08 vs 1.49), 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.

Portfolio Optimizer

Find the right allocation for EWS and IWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer