EWW vs. PICK

Last updated Jun 13, 2026

EWW (iShares MSCI Mexico ETF) and PICK (iShares MSCI Global Select Metals & Mining Producers ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while PICK is a Materials fund tracking the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index. Both are passively managed. Over the past 10 years, EWW returned 7.89%/yr vs 17.70%/yr for PICK. A 0.57 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.39%/yr for PICK.

Performance

EWW vs. PICK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares MSCI Global Select Metals & Mining Producers ETF (PICK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWW achieves a 13.18% return, which is significantly lower than PICK's 26.76% return. Over the past 10 years, EWW has underperformed PICK with an annualized return of 7.89%, while PICK has yielded a comparatively higher 17.70% annualized return.

EWW

• 1D: 1.46%
• 1M: -2.24%
• YTD: 13.18%
• 6M: 13.14%
• 1Y: 32.24%
• 3Y*: 10.87%
• 5Y*: 13.02%
• 10Y*: 7.89%

PICK

• 1D: 2.04%
• 1M: -3.57%
• YTD: 26.76%
• 6M: 32.91%
• 1Y: 77.81%
• 3Y*: 19.94%
• 5Y*: 11.31%
• 10Y*: 17.70%

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

EWW vs. PICK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWW iShares MSCI Mexico ETF	13.18%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.58%	14.47%
PICK iShares MSCI Global Select Metals & Mining Producers ETF	26.76%	51.89%	-16.37%	9.69%	2.54%	22.61%	27.46%	16.47%	-18.65%	38.42%

Correlation

The correlation between EWW and PICK is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.57

The correlation between EWW and PICK has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

EWW vs. PICK - Sectors Allocation Comparison

Sectors	EWW	PICK
Consumer Defensive	24.9%	0.1%
Basic Materials	23.7%	96.6%
Financial Services	18.1%	0.1%
Industrials	13.1%	1.1%
Communication Services	10.4%	-
Real Estate	7.7%	-
Consumer Cyclical	1.4%	-
Healthcare	0.5%	-
Energy	-	0.6%
Technology	-	1.0%
Utilities	-	-

Return for Risk

EWW vs. PICK — Risk / Return Rank

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

EWW

EWW Risk / Return Rank: 50
EWW Sharpe Ratio Rank: 49
EWW Sortino Ratio Rank: 49
EWW Omega Ratio Rank: 48
EWW Calmar Ratio Rank: 53
EWW Martin Ratio Rank: 54

PICK

PICK Risk / Return Rank: 85
PICK Sharpe Ratio Rank: 90
PICK Sortino Ratio Rank: 80
PICK Omega Ratio Rank: 84
PICK Calmar Ratio Rank: 84
PICK Martin Ratio Rank: 85

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. PICK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares MSCI Global Select Metals & Mining Producers ETF (PICK). 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.

	EWW	PICK	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.63	-1.14
Sortino ratio: Return per unit of downside risk	2.12	3.10	-0.97
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.32	4.00	-1.69
Martin ratio: Return relative to average drawdown	8.25	15.40	-7.15

EWW vs. PICK - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.49, which is lower than the PICK Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of EWW and PICK, 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

EWW vs. PICK - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, smaller than the maximum PICK drawdown of -68.87%. Use the drawdown chart below to compare losses from any high point for EWW and PICK.

Drawdown Indicators

	EWW	PICK	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-68.87%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-19.54%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-32.52%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-36.37%	+5.20%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-52.72%	-0.90%
Current Drawdown Current decline from peak	-3.40%	-5.59%	+2.19%
Average Drawdown Average peak-to-trough decline	-18.51%	-24.08%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	5.07%	-1.14%

Volatility

EWW vs. PICK - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 6.96%, while iShares MSCI Global Select Metals & Mining Producers ETF (PICK) has a volatility of 13.70%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than PICK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWW	PICK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	13.70%	-6.74%
Volatility (6M) Calculated over the trailing 6-month period	18.46%	25.93%	-7.47%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	29.74%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	28.11%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	28.46%	-3.07%

EWW vs. PICK - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is higher than PICK's 0.39% expense ratio.

Dividends

EWW vs. PICK - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.07%, more than PICK's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.07%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
PICK iShares MSCI Global Select Metals & Mining Producers ETF	2.27%	2.88%	3.26%	4.19%	6.93%	5.89%	2.27%	5.51%	4.77%	2.41%	1.15%	15.77%

Frequently Asked Questions

Can I hold both EWW and PICK in my portfolio?

EWW and PICK have a correlation of 0.57, 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 PICK?

PICK has higher volatility (13.70%) compared to EWW (6.96%). In terms of maximum drawdown, EWW dropped -64.94% vs PICK's -68.87%.

Which ETF is better, EWW or PICK?

On 10-year performance, PICK leads with 17.70% vs 7.89% for EWW. On fees, PICK is cheaper at 0.39% per year. On volatility, EWW has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWW or PICK?

Over the 10-year period, PICK has performed better with a 17.70% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or PICK?

PICK is cheaper with a 0.39% expense ratio, compared with 0.49% for EWW.

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

EWW has the higher dividend yield at 3.07%, compared with 2.27% for PICK.

What is the main difference between EWW and PICK?

EWW is categorized as Latin America Equities, while PICK is Materials. EWW tracks MSCI Mexico IMI 25/50 Index, while PICK tracks MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index. Their fees differ too: 0.49% for EWW and 0.39% for PICK.

Which has better risk-adjusted returns?

PICK currently has the higher Sharpe Ratio (2.63 vs 1.49), 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.