EZU vs. EWO

Last updated Jun 3, 2026

EZU (iShares MSCI Eurozone ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EZU tracks the MSCI EMU while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EZU returned 9.96%/yr vs 14.21%/yr for EWO. A 0.74 correlation means they provide meaningful diversification when combined. EZU charges 0.51%/yr vs 0.49%/yr for EWO.

Performance

EZU vs. EWO - Performance Comparison

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

Returns By Period

In the year-to-date period, EZU achieves a 8.17% return, which is significantly lower than EWO's 16.61% return. Over the past 10 years, EZU has underperformed EWO with an annualized return of 9.96%, while EWO has yielded a comparatively higher 14.21% annualized return.

EZU

• 1D: 0.73%
• 1M: 3.97%
• YTD: 8.17%
• 6M: 11.21%
• 1Y: 19.95%
• 3Y*: 18.60%
• 5Y*: 9.36%
• 10Y*: 9.96%

EWO

• 1D: 1.05%
• 1M: 6.00%
• YTD: 16.61%
• 6M: 23.65%
• 1Y: 44.58%
• 3Y*: 33.99%
• 5Y*: 15.24%
• 10Y*: 14.21%

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

EZU vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	8.17%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
EWO iShares MSCI Austria ETF	16.61%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between EZU and EWO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.74

The correlation between EZU and EWO has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

EZU vs. EWO - Sectors Allocation Comparison

Sectors	EZU	EWO
Financial Services	24.2%	46.6%
Industrials	21.3%	14.2%
Technology	14.6%	6.6%
Consumer Cyclical	8.3%	1.9%
Utilities	6.8%	7.5%
Healthcare	5.8%	-
Consumer Defensive	5.6%	-
Energy	4.2%	10.8%
Basic Materials	4.1%	8.1%
Communication Services	4.1%	-
Real Estate	1.0%	4.4%

Return for Risk

EZU vs. EWO — Risk / Return Rank

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

EZU

EZU Risk / Return Rank: 33
EZU Sharpe Ratio Rank: 33
EZU Sortino Ratio Rank: 32
EZU Omega Ratio Rank: 32
EZU Calmar Ratio Rank: 33
EZU Martin Ratio Rank: 37

EWO

EWO Risk / Return Rank: 68
EWO Sharpe Ratio Rank: 73
EWO Sortino Ratio Rank: 73
EWO Omega Ratio Rank: 67
EWO Calmar Ratio Rank: 65
EWO Martin Ratio Rank: 62

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.

EZU vs. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Eurozone ETF (EZU) and iShares MSCI Austria ETF (EWO). 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.

	EZU	EWO	Difference
Sharpe ratio Return per unit of total volatility	1.19	2.43	-1.24
Sortino ratio Return per unit of downside risk	1.75	3.34	-1.60
Omega ratio Gain probability vs. loss probability	1.22	1.41	-0.19
Calmar ratio Return relative to maximum drawdown	1.62	3.32	-1.70
Martin ratio Return relative to average drawdown	5.88	11.30	-5.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZU vs. EWO - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.19, which is lower than the EWO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EZU and EWO, 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

	EZU	EWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.43	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.70	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.62	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.28	-0.07

Drawdowns

EZU vs. EWO - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EZU and EWO.

Drawdown Indicators

	EZU	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-75.69%	+10.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-14.08%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-16.75%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-41.82%	+5.71%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-58.10%	+16.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-19.24%	-28.13%	+8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	4.14%	-0.54%

Volatility

EZU vs. EWO - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) and iShares MSCI Austria ETF (EWO) have volatilities of 6.82% and 6.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZU	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	6.61%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	14.95%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	18.47%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	21.83%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	22.86%	-2.37%

EZU vs. EWO - Expense Ratio Comparison

EZU has a 0.51% expense ratio, which is higher than EWO's 0.49% expense ratio.

Dividends

EZU vs. EWO - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.64%, more than EWO's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.04%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
EZU iShares MSCI Eurozone ETF	2.64%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%

Frequently Asked Questions

Can I hold both EZU and EWO in my portfolio?

EZU and EWO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZU or EWO?

EZU has higher volatility (6.82%) compared to EWO (6.61%). In terms of maximum drawdown, EZU dropped -65.32% vs EWO's -75.69%.

Which ETF is better, EZU or EWO?

On 10-year performance, EWO leads with 14.21% vs 9.96% for EZU. On fees, EWO is cheaper at 0.49% per year. On volatility, EWO has been the lower-risk option at 6.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or EWO?

Over the 10-year period, EWO has performed better with a 14.21% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or EWO?

EWO is cheaper with a 0.49% expense ratio, compared with 0.51% for EZU.

Which ETF pays a higher dividend yield, EZU or EWO?

EZU has the higher dividend yield at 2.64%, compared with 2.04% for EWO.

What is the main difference between EZU and EWO?

EZU tracks MSCI EMU, while EWO tracks MSCI Austria Investable Market Index. Their fees differ too: 0.51% for EZU and 0.49% for EWO.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.43 vs 1.19), 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.