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EWW vs. ECH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. ECH

Last updated Aug 2, 2026
Documentation

EWW (iShares MSCI Mexico ETF) and ECH (iShares MSCI Chile ETF) are both Latin America Equities funds from iShares - EWW tracks the MSCI Mexico IMI 25/50 Index while ECH tracks the MSCI Chile Investable Market Index. Both are passively managed. Over the past 10 years, EWW returned 7.35%/yr vs 3.52%/yr for ECH. Their 0.58 correlation means they have sometimes moved together and sometimes differently. EWW charges 0.50%/yr vs 0.59%/yr for ECH.

Performance

EWW vs. ECH - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWW achieves a 12.42% return, which is significantly higher than ECH's -1.11% return. Over the past 10 years, EWW has outperformed ECH with an annualized return of 7.35%, while ECH has yielded a comparatively lower 3.52% annualized return.

EWW

1D
-0.39%
1M
1.74%
6M
3.75%
YTD
12.42%
1Y
33.28%
3Y*
10.30%
5Y*
13.01%
10Y*
7.35%
ALL TIME*
8.93%

ECH

1D
-1.23%
1M
0.51%
6M
-11.69%
YTD
-1.11%
1Y
33.73%
3Y*
11.11%
5Y*
12.16%
10Y*
3.52%
ALL TIME*
1.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ECH

iShares MSCI Chile ETF
$9.62M$13.53M$17.14M

EWW

iShares MSCI Mexico ETF
$76.09M$75.24M$92.91M

EWW vs. ECH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		12.42%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
ECH
iShares MSCI Chile ETF		-1.11%65.41%-8.67%9.01%25.12%-19.80%-7.13%-17.79%-18.98%41.79%

Correlation

The correlation between EWW and ECH is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.52

Correlation (3Y)
Balances recent behavior with more history.

0.52

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.49

Correlation (10Y)
Provides a long-term view across more market conditions.

0.53

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2007

0.58

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

EWW vs. ECH - Sectors Allocation Comparison

Sectors
EWW
ECH

Basic Materials

24.7%
18.4%

Consumer Defensive

24.4%
7.5%

Financial Services

19.7%
22.9%

Industrials

12.5%
16.6%

Communication Services

10.1%
1.7%

Real Estate

6.5%
7.6%

Consumer Cyclical

1.1%
12.4%

Healthcare

0.5%

-

Energy

-

-

Technology

-

-

Utilities

-

13.0%

Basic Materials

EWW
24.7%
ECH
18.4%

Consumer Defensive

EWW
24.4%
ECH
7.5%

Financial Services

EWW
19.7%
ECH
22.9%

Industrials

EWW
12.5%
ECH
16.6%

Communication Services

EWW
10.1%
ECH
1.7%

Real Estate

EWW
6.5%
ECH
7.6%

Consumer Cyclical

EWW
1.1%
ECH
12.4%

Healthcare

EWW
0.5%
ECH

-

Energy

EWW

-

ECH

-

Technology

EWW

-

ECH

-

Utilities

EWW

-

ECH
13.0%

Compare stocks, funds, or ETFs

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iShares MSCI Mexico ETF

iShares MSCI Chile ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. EIDO
Often compared with ECH:
ECH vs. EWZECH vs. EPUECH vs. EWZSECH vs. EPOLECH vs. EWYECH vs. SCHDECH vs. SMIN

Return for Risk

EWW vs. ECH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWW
EWW Risk / Return Rank: 6363
Overall Rank
EWW Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWW Omega Ratio Rank: 6060
Omega Ratio Rank
EWW Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWW Martin Ratio Rank: 6262
Martin Ratio Rank
ECH
ECH Risk / Return Rank: 4949
Overall Rank
ECH Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
ECH Sortino Ratio Rank: 5454
Sortino Ratio Rank
ECH Omega Ratio Rank: 5252
Omega Ratio Rank
ECH Calmar Ratio Rank: 4949
Calmar Ratio Rank
ECH Martin Ratio Rank: 3535
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWW vs. ECH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares MSCI Chile ETF (ECH). 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.

EWWECHDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.35

+0.12

Sortino ratioReturn per unit of downside risk
2.08
1.88

+0.20

Omega ratioGain probability vs. loss probability

1.26

1.23

+0.03

Calmar ratioReturn relative to maximum drawdown

2.30

1.75

+0.55

Martin ratioReturn relative to average drawdown

7.47

3.55

+3.91

EWW vs. ECH - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.46, which is comparable to the ECH Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of EWW and ECH, 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

EWW vs. ECH - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, smaller than the maximum ECH drawdown of -74.08%. Use the drawdown chart below to compare losses from any high point for EWW and ECH.

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Drawdown Indicators

EWWECHDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-74.08%

+9.14%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-19.74%

+5.76%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-20.51%

-10.66%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-25.59%

-5.58%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-66.89%

+13.27%

Current Drawdown

Current decline from peak

-4.05%

-26.52%

+22.47%

Average Drawdown

Average peak-to-trough decline

-18.45%

-37.41%

+18.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.31%

9.71%

-5.40%

Volatility

EWW vs. ECH - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 5.24%, while iShares MSCI Chile ETF (ECH) has a volatility of 6.38%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than ECH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWWECHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

6.38%

-1.14%

Volatility (6M)

Calculated over the trailing 6-month period

18.57%

21.15%

-2.58%

Volatility (1Y)

Calculated over the trailing 1-year period

22.04%

25.69%

-3.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.58%

27.49%

-4.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.25%

27.22%

-1.97%

EWW vs. ECH - Expense Ratio Comparison

EWW has a 0.50% expense ratio, which is lower than ECH's 0.59% expense ratio.

Dividends

EWW vs. ECH - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.21%, more than ECH's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
ECH
iShares MSCI Chile ETF		2.00%2.01%3.12%4.77%6.73%5.49%2.16%2.47%2.37%1.42%1.85%2.13%
EWW
iShares MSCI Mexico ETF		3.21%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%

Frequently Asked Questions

EWW and ECH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ECH has higher volatility (6.38%) compared to EWW (5.24%). In terms of maximum drawdown, EWW dropped -64.94% vs ECH's -74.08%.

On 10-year performance, EWW leads with 7.35% vs 3.52% for ECH. On fees, EWW is cheaper at 0.50% per year. On volatility, EWW has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWW has performed better with a 7.35% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.50% expense ratio, compared with 0.59% for ECH.

EWW has the higher dividend yield at 3.21%, compared with 2.00% for ECH.

EWW tracks MSCI Mexico IMI 25/50 Index, while ECH tracks MSCI Chile Investable Market Index. Their fees differ too: 0.50% for EWW and 0.59% for ECH.

EWW currently has the higher Sharpe Ratio (1.46 vs 1.35), 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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