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EWW vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. EFAV

Last updated Jun 24, 2026

EWW (iShares MSCI Mexico ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, EWW returned 7.46%/yr vs 6.31%/yr for EFAV. A 0.58 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.20%/yr for EFAV.

Performance

EWW vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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 9.37% return, which is significantly higher than EFAV's 2.67% return. Over the past 10 years, EWW has outperformed EFAV with an annualized return of 7.46%, while EFAV has yielded a comparatively lower 6.31% annualized return.

EWW

1D
-1.62%
1M
-2.48%
YTD
9.37%
6M
6.74%
1Y
33.39%
3Y*
10.45%
5Y*
12.72%
10Y*
7.46%

EFAV

1D
-0.18%
1M
-3.17%
YTD
2.67%
6M
2.24%
1Y
8.51%
3Y*
12.53%
5Y*
5.83%
10Y*
6.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		9.37%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		2.67%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between EWW and EFAV 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

0.48

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

0.52

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

0.54

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.58

The correlation between EWW and EFAV has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.

EWW vs. EFAV - Sectors Allocation Comparison

Sectors
EWW
EFAV

Basic Materials

26.2%
1.5%

Consumer Defensive

23.9%
11.9%

Financial Services

17.8%
19.4%

Industrials

12.7%
15.9%

Communication Services

9.8%
9.6%

Real Estate

7.7%
3.0%

Consumer Cyclical

1.4%
5.0%

Healthcare

0.5%
12.0%

Energy

-

8.3%

Technology

-

4.6%

Utilities

-

8.8%

Basic Materials

EWW
26.2%
EFAV
1.5%

Consumer Defensive

EWW
23.9%
EFAV
11.9%

Financial Services

EWW
17.8%
EFAV
19.4%

Industrials

EWW
12.7%
EFAV
15.9%

Communication Services

EWW
9.8%
EFAV
9.6%

Real Estate

EWW
7.7%
EFAV
3.0%

Consumer Cyclical

EWW
1.4%
EFAV
5.0%

Healthcare

EWW
0.5%
EFAV
12.0%

Energy

EWW

-

EFAV
8.3%

Technology

EWW

-

EFAV
4.6%

Utilities

EWW

-

EFAV
8.8%

Compare stocks, funds, or ETFs

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iShares MSCI Mexico ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

EWW vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 4848
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWW Martin Ratio Rank: 5151
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2424
Overall Rank
EFAV Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2222
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2222
Omega Ratio Rank
EFAV Calmar Ratio Rank: 2727
Calmar Ratio Rank
EFAV Martin Ratio Rank: 2626
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.

EWW vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

EWWEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.54
0.81

+0.73

Sortino ratioReturn per unit of downside risk
2.18
1.19

+0.99

Omega ratioGain probability vs. loss probability

1.27

1.15

+0.13

Calmar ratioReturn relative to maximum drawdown

2.40

1.28

+1.12

Martin ratioReturn relative to average drawdown

8.46

3.26

+5.19

EWW vs. EFAV - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.54, which is higher than the EFAV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of EWW and EFAV, 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. EFAV - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for EWW and EFAV.

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Drawdown Indicators

EWWEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-27.56%

-37.38%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-6.66%

-7.32%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-8.75%

-22.42%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-27.46%

-3.71%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-27.56%

-26.06%

Current Drawdown

Current decline from peak

-6.65%

-6.66%

+0.01%

Average Drawdown

Average peak-to-trough decline

-18.49%

-4.77%

-13.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

2.61%

+1.35%

Volatility

EWW vs. EFAV - Volatility Comparison

iShares MSCI Mexico ETF (EWW) has a higher volatility of 6.65% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.10%. This indicates that EWW's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWWEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.65%

3.10%

+3.55%

Volatility (6M)

Calculated over the trailing 6-month period

18.26%

8.53%

+9.73%

Volatility (1Y)

Calculated over the trailing 1-year period

21.79%

10.57%

+11.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.60%

11.82%

+10.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.31%

13.06%

+12.25%

EWW vs. EFAV - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

EWW vs. EFAV - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.30%, which matches EFAV's 3.29% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.29%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
EWW
iShares MSCI Mexico ETF		3.30%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 EFAV 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.

EWW has higher volatility (6.65%) compared to EFAV (3.10%). In terms of maximum drawdown, EWW dropped -64.94% vs EFAV's -27.56%.

On 10-year performance, EWW leads with 7.46% vs 6.31% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.10%. 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 7.46% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.49% for EWW.

EWW has the higher dividend yield at 3.30%, compared with 3.29% for EFAV.

EWW is categorized as Latin America Equities, while EFAV is Foreign Large Cap Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.49% for EWW and 0.20% for EFAV.

EWW currently has the higher Sharpe Ratio (1.54 vs 0.81), 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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