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EWS vs. UAE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. UAE

Last updated Jun 4, 2026

EWS (iShares MSCI Singapore ETF) and UAE (iShares MSCI UAE ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped Index. Both are passively managed. Over the past 10 years, EWS returned 7.91%/yr vs 5.59%/yr for UAE. At a 0.32 correlation, their price movements are largely independent. EWS charges 0.50%/yr vs 0.59%/yr for UAE.

Performance

EWS vs. UAE - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWS achieves a 8.22% return, which is significantly higher than UAE's -2.82% return. Over the past 10 years, EWS has outperformed UAE with an annualized return of 7.91%, while UAE has yielded a comparatively lower 5.59% annualized return.

EWS

1D
-0.70%
1M
4.60%
YTD
8.22%
6M
8.37%
1Y
19.41%
3Y*
21.86%
5Y*
9.39%
10Y*
7.91%

UAE

1D
-1.38%
1M
-2.11%
YTD
-2.82%
6M
-0.47%
1Y
4.41%
3Y*
12.18%
5Y*
8.83%
10Y*
5.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWS vs. UAE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWS
iShares MSCI Singapore ETF		8.22%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%
UAE
iShares MSCI UAE ETF		-2.82%21.35%15.25%2.91%-5.36%44.16%-7.23%1.59%-14.42%4.99%

Correlation

The correlation between EWS and UAE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.32

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

0.28

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

0.31

Correlation (All Time)
Calculated using the full available price history since May 2, 2014

0.32

EWS vs. UAE - Sectors Allocation Comparison

Sectors
EWS
UAE

Financial Services

52.2%
38.0%

Industrials

18.1%
11.4%

Real Estate

8.6%
20.5%

Utilities

4.7%
4.3%

Consumer Defensive

4.6%
1.7%

Communication Services

4.2%
9.6%

Technology

4.0%
1.0%

Consumer Cyclical

3.5%
5.2%

Basic Materials

-

0.1%

Energy

-

8.3%

Healthcare

-

-

Financial Services

EWS
52.2%
UAE
38.0%

Industrials

EWS
18.1%
UAE
11.4%

Real Estate

EWS
8.6%
UAE
20.5%

Utilities

EWS
4.7%
UAE
4.3%

Consumer Defensive

EWS
4.6%
UAE
1.7%

Communication Services

EWS
4.2%
UAE
9.6%

Technology

EWS
4.0%
UAE
1.0%

Consumer Cyclical

EWS
3.5%
UAE
5.2%

Basic Materials

EWS

-

UAE
0.1%

Energy

EWS

-

UAE
8.3%

Healthcare

EWS

-

UAE

-

Compare stocks, funds, or ETFs

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iShares MSCI Singapore ETF

iShares MSCI UAE ETF

Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. SMINEWS vs. FLGREWS vs. VOO
Often compared with UAE:
UAE vs. KSAUAE vs. QATUAE vs. SPYUAE vs. VOOUAE vs. STLAUAE vs. EWZUAE vs. XLP

Return for Risk

EWS vs. UAE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWS
EWS Risk / Return Rank: 3939
Overall Rank
EWS Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 3737
Sortino Ratio Rank
EWS Omega Ratio Rank: 3535
Omega Ratio Rank
EWS Calmar Ratio Rank: 5050
Calmar Ratio Rank
EWS Martin Ratio Rank: 3838
Martin Ratio Rank
UAE
UAE Risk / Return Rank: 1111
Overall Rank
UAE Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UAE Sortino Ratio Rank: 1111
Sortino Ratio Rank
UAE Omega Ratio Rank: 1111
Omega Ratio Rank
UAE Calmar Ratio Rank: 1111
Calmar Ratio Rank
UAE Martin Ratio Rank: 1111
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. UAE - Risk-Adjusted Trends Comparison

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

EWSUAEDifference
Sharpe ratioReturn per unit of total volatility
1.32
0.20

+1.12

Sortino ratioReturn per unit of downside risk
1.96
0.44

+1.51

Omega ratioGain probability vs. loss probability

1.24

1.06

+0.18

Calmar ratioReturn relative to maximum drawdown

2.49

0.21

+2.29

Martin ratioReturn relative to average drawdown

6.08

0.53

+5.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWS vs. UAE - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.32, which is higher than the UAE Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of EWS and UAE, 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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Sharpe Ratios by Period

EWSUAEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

0.20

+1.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

0.47

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.29

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.15

0.06

+0.09

Drawdowns

EWS vs. UAE - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.00%, which is greater than UAE's maximum drawdown of -60.49%. Use the drawdown chart below to compare losses from any high point for EWS and UAE.

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Drawdown Indicators

EWSUAEDifference

Max Drawdown

Largest peak-to-trough decline

-75.00%

-60.49%

-14.51%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-21.50%

+13.68%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-21.50%

+5.16%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-27.47%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-49.71%

+8.87%

Current Drawdown

Current decline from peak

-0.70%

-16.42%

+15.72%

Average Drawdown

Average peak-to-trough decline

-21.88%

-23.91%

+2.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

8.37%

-5.17%

Volatility

EWS vs. UAE - Volatility Comparison

The current volatility for iShares MSCI Singapore ETF (EWS) is 3.68%, while iShares MSCI UAE ETF (UAE) has a volatility of 6.49%. This indicates that EWS experiences smaller price fluctuations and is considered to be less risky than UAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWSUAEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.68%

6.49%

-2.81%

Volatility (6M)

Calculated over the trailing 6-month period

11.45%

19.05%

-7.60%

Volatility (1Y)

Calculated over the trailing 1-year period

14.73%

21.99%

-7.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.25%

18.77%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

19.54%

-1.51%

EWS vs. UAE - Expense Ratio Comparison

EWS has a 0.50% expense ratio, which is lower than UAE's 0.59% expense ratio.

Dividends

EWS vs. UAE - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.79%, less than UAE's 4.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EWS
iShares MSCI Singapore ETF		3.79%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%
UAE
iShares MSCI UAE ETF		4.22%4.10%3.32%3.25%2.67%4.88%4.75%3.54%5.56%3.38%4.74%3.77%

Frequently Asked Questions

EWS and UAE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UAE has higher volatility (6.49%) compared to EWS (3.68%). In terms of maximum drawdown, EWS dropped -75.00% vs UAE's -60.49%.

On 10-year performance, EWS leads with 7.91% vs 5.59% for UAE. On fees, EWS is cheaper at 0.50% per year. On volatility, EWS has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWS has performed better with a 7.91% return vs 5.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWS is cheaper with a 0.50% expense ratio, compared with 0.59% for UAE.

UAE has the higher dividend yield at 4.22%, compared with 3.79% for EWS.

EWS is categorized as Asia Pacific Equities, while UAE is Emerging Markets Equities. EWS tracks MSCI Singapore Index, while UAE tracks MSCI All UAE Capped Index. Their fees differ too: 0.50% for EWS and 0.59% for UAE.

EWS currently has the higher Sharpe Ratio (1.32 vs 0.20), 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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