EWW vs. IVV

Last updated Jun 4, 2026

EWW (iShares MSCI Mexico ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWW returned 7.35%/yr vs 15.54%/yr for IVV. A 0.61 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.03%/yr for IVV.

Performance

EWW vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWW achieves a 12.62% return, which is significantly higher than IVV's 10.85% return. Over the past 10 years, EWW has underperformed IVV with an annualized return of 7.35%, while IVV has yielded a comparatively higher 15.54% annualized return.

EWW

• 1D: -1.26%
• 1M: 3.21%
• YTD: 12.62%
• 6M: 16.29%
• 1Y: 34.15%
• 3Y*: 12.42%
• 5Y*: 13.49%
• 10Y*: 7.35%

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

EWW vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWW iShares MSCI Mexico ETF	12.62%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.58%	14.47%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between EWW and IVV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 22, 2000	0.61

The correlation between EWW and IVV shifts across timeframes, from 0.45 (3 years) to 0.61 (all time), reflecting how their relationship changes across market environments.

EWW vs. IVV - Sectors Allocation Comparison

Sectors	EWW	IVV
Consumer Defensive	24.9%	4.9%
Basic Materials	23.7%	1.8%
Financial Services	18.1%	11.8%
Industrials	13.1%	8.3%
Communication Services	10.4%	11.2%
Real Estate	7.7%	1.9%
Consumer Cyclical	1.4%	10.1%
Healthcare	0.5%	8.5%
Energy	-	3.5%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

EWW vs. IVV — Risk / Return Rank

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

EWW

EWW Risk / Return Rank: 47
EWW Sharpe Ratio Rank: 46
EWW Sortino Ratio Rank: 45
EWW Omega Ratio Rank: 44
EWW Calmar Ratio Rank: 49
EWW Martin Ratio Rank: 52

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares Core S&P 500 ETF (IVV). 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.

	EWW	IVV	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.39	-0.76
Sortino ratio Return per unit of downside risk	2.27	3.25	-0.98
Omega ratio Gain probability vs. loss probability	1.29	1.43	-0.15
Calmar ratio Return relative to maximum drawdown	2.45	3.17	-0.71
Martin ratio Return relative to average drawdown	9.08	14.71	-5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWW vs. IVV - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.62, which is lower than the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of EWW and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWW	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.39	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.83	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.86	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.45	-0.15

Drawdowns

EWW vs. IVV - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for EWW and IVV.

Drawdown Indicators

	EWW	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-55.25%	-9.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-8.89%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-18.75%	-12.42%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-24.53%	-6.64%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-33.90%	-19.72%
Current Drawdown Current decline from peak	-3.88%	-0.76%	-3.12%
Average Drawdown Average peak-to-trough decline	-18.52%	-10.78%	-7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	1.91%	+1.86%

Volatility

EWW vs. IVV - Volatility Comparison

iShares MSCI Mexico ETF (EWW) has a higher volatility of 5.79% compared to iShares Core S&P 500 ETF (IVV) at 2.87%. This indicates that EWW's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWW	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	2.87%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	17.75%	8.90%	+8.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	11.80%	+9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	16.88%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	18.05%	+7.34%

EWW vs. IVV - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

EWW vs. IVV - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.09%, more than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.09%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Frequently Asked Questions

Can I hold both EWW and IVV in my portfolio?

EWW and IVV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWW or IVV?

EWW has higher volatility (5.79%) compared to IVV (2.87%). In terms of maximum drawdown, EWW dropped -64.94% vs IVV's -55.25%.

Which ETF is better, EWW or IVV?

On 10-year performance, IVV leads with 15.54% vs 7.35% for EWW. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWW or IVV?

Over the 10-year period, IVV has performed better with a 15.54% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.49% for EWW.

Which ETF pays a higher dividend yield, EWW or IVV?

EWW has the higher dividend yield at 3.09%, compared with 1.06% for IVV.

What is the main difference between EWW and IVV?

EWW is categorized as Latin America Equities, while IVV is S&P 500. EWW tracks MSCI Mexico IMI 25/50 Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.49% for EWW and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs 1.62), 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.