EWT vs. EWI

Last updated Jun 13, 2026

EWT (iShares MSCI Taiwan ETF) and EWI (iShares MSCI Italy ETF) are both exchange-traded funds - EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index, while EWI is a Europe Equities fund tracking the MSCI Italy Index. Both are passively managed. Over the past 10 years, EWT returned 19.56%/yr vs 14.33%/yr for EWI. At a 0.50 correlation, their price movements are largely independent. EWT charges 0.59%/yr vs 0.49%/yr for EWI.

Performance

EWT vs. EWI - Performance Comparison

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

Returns By Period

In the year-to-date period, EWT achieves a 61.53% return, which is significantly higher than EWI's 11.67% return. Over the past 10 years, EWT has outperformed EWI with an annualized return of 19.56%, while EWI has yielded a comparatively lower 14.33% annualized return.

EWT

• 1D: 0.17%
• 1M: 8.18%
• YTD: 61.53%
• 6M: 67.45%
• 1Y: 89.17%
• 3Y*: 34.98%
• 5Y*: 17.48%
• 10Y*: 19.56%

EWI

• 1D: 0.23%
• 1M: 2.99%
• YTD: 11.67%
• 6M: 14.54%
• 1Y: 29.63%
• 3Y*: 28.93%
• 5Y*: 16.23%
• 10Y*: 14.33%

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

EWT vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	61.53%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
EWI iShares MSCI Italy ETF	11.67%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between EWT and EWI is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000	0.50

The correlation between EWT and EWI has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

EWT vs. EWI - Sectors Allocation Comparison

Sectors	EWT	EWI
Technology	72.9%	-
Financial Services	13.0%	47.8%
Industrials	4.9%	11.1%
Basic Materials	3.5%	1.1%
Consumer Cyclical	1.9%	9.8%
Communication Services	1.9%	2.5%
Consumer Defensive	1.1%	1.0%
Healthcare	0.8%	1.4%
Energy	-	7.4%
Real Estate	-	-
Utilities	-	17.9%

Return for Risk

EWT vs. EWI — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 92
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 96
EWT Martin Ratio Rank: 95

EWI

EWI Risk / Return Rank: 53
EWI Sharpe Ratio Rank: 54
EWI Sortino Ratio Rank: 52
EWI Omega Ratio Rank: 49
EWI Calmar Ratio Rank: 54
EWI Martin Ratio Rank: 57

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.

EWT vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) and iShares MSCI Italy ETF (EWI). 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.

	EWT	EWI	Difference
Sharpe ratio: Return per unit of total volatility	3.36	1.61	+1.75
Sortino ratio: Return per unit of downside risk	3.88	2.24	+1.64
Omega ratio: Gain probability vs. loss probability	1.55	1.27	+0.27
Calmar ratio: Return relative to maximum drawdown	8.53	2.39	+6.14
Martin ratio: Return relative to average drawdown	25.15	8.88	+16.26

EWT vs. EWI - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 3.36, which is higher than the EWI Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of EWT and EWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWT vs. EWI - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EWT and EWI.

Drawdown Indicators

	EWT	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-70.38%	+6.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-12.48%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-16.80%	-8.86%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-35.25%	-3.63%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-43.00%	+4.12%
Current Drawdown Current decline from peak	-4.19%	0.00%	-4.19%
Average Drawdown Average peak-to-trough decline	-19.21%	-28.91%	+9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.35%	+0.21%

Volatility

EWT vs. EWI - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 13.55% compared to iShares MSCI Italy ETF (EWI) at 6.36%. This indicates that EWT's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.55%	6.36%	+7.19%
Volatility (6M) Calculated over the trailing 6-month period	22.68%	15.25%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	26.75%	18.52%	+8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	21.17%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	23.23%	-1.45%

EWT vs. EWI - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is higher than EWI's 0.49% expense ratio.

Dividends

EWT vs. EWI - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.74%, more than EWI's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	2.51%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
EWT iShares MSCI Taiwan ETF	2.74%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and EWI in my portfolio?

EWT and EWI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or EWI?

EWT has higher volatility (13.55%) compared to EWI (6.36%). In terms of maximum drawdown, EWT dropped -64.37% vs EWI's -70.38%.

Which ETF is better, EWT or EWI?

On 10-year performance, EWT leads with 19.56% vs 14.33% for EWI. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 6.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or EWI?

Over the 10-year period, EWT has performed better with a 19.56% return vs 14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWI?

EWI is cheaper with a 0.49% expense ratio, compared with 0.59% for EWT.

Which ETF pays a higher dividend yield, EWT or EWI?

EWT has the higher dividend yield at 2.74%, compared with 2.51% for EWI.

What is the main difference between EWT and EWI?

EWT is categorized as Asia Pacific Equities, while EWI is Europe Equities. EWT tracks MSCI Taiwan Index, while EWI tracks MSCI Italy Index. Their fees differ too: 0.59% for EWT and 0.49% for EWI.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.36 vs 1.61), 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.