FEZ vs. EWI

Last updated Jun 4, 2026

FEZ (SPDR EURO STOXX 50 ETF) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds - FEZ tracks the EURO STOXX 50 Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, FEZ returned 10.28%/yr vs 13.03%/yr for EWI. Their correlation of 0.88 suggests significant overlap in exposure. FEZ charges 0.29%/yr vs 0.49%/yr for EWI.

Performance

FEZ vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR EURO STOXX 50 ETF (FEZ) and iShares MSCI Italy ETF (EWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEZ achieves a 5.18% return, which is significantly lower than EWI's 7.69% return. Over the past 10 years, FEZ has underperformed EWI with an annualized return of 10.28%, while EWI has yielded a comparatively higher 13.03% annualized return.

FEZ

• 1D: -1.26%
• 1M: 5.21%
• YTD: 5.18%
• 6M: 6.87%
• 1Y: 16.91%
• 3Y*: 17.72%
• 5Y*: 9.90%
• 10Y*: 10.28%

EWI

• 1D: -1.65%
• 1M: 3.96%
• YTD: 7.69%
• 6M: 11.23%
• 1Y: 26.01%
• 3Y*: 28.33%
• 5Y*: 15.40%
• 10Y*: 13.03%

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

FEZ vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ SPDR EURO STOXX 50 ETF	5.18%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
EWI iShares MSCI Italy ETF	7.69%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between FEZ and EWI is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 22, 2002	0.88

The correlation between FEZ and EWI has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

FEZ vs. EWI - Sectors Allocation Comparison

Sectors	FEZ	EWI
Financial Services	23.4%	47.5%
Industrials	20.1%	12.5%
Technology	17.9%	-
Consumer Cyclical	8.6%	8.7%
Consumer Defensive	5.4%	0.9%
Healthcare	5.2%	1.4%
Energy	5.0%	7.5%
Utilities	4.6%	18.3%
Communication Services	3.5%	2.2%
Basic Materials	3.5%	0.6%
Real Estate	-	-

Return for Risk

FEZ vs. EWI — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 26
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

EWI

EWI Risk / Return Rank: 41
EWI Sharpe Ratio Rank: 41
EWI Sortino Ratio Rank: 39
EWI Omega Ratio Rank: 38
EWI Calmar Ratio Rank: 42
EWI Martin Ratio Rank: 46

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.

FEZ vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) and iShares MSCI Italy ETF (EWI). 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.

	FEZ	EWI	Difference
Sharpe ratio Return per unit of total volatility	0.95	1.45	-0.50
Sortino ratio Return per unit of downside risk	1.43	2.04	-0.60
Omega ratio Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio Return relative to maximum drawdown	1.25	2.09	-0.85
Martin ratio Return relative to average drawdown	4.25	7.80	-3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. EWI - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.95, which is lower than the EWI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FEZ and EWI, 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

	FEZ	EWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.45	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.73	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.56	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.23	+0.07

Drawdowns

FEZ vs. EWI - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for FEZ and EWI.

Drawdown Indicators

	FEZ	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-70.38%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-12.48%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-16.80%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-35.25%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-43.00%	+3.31%
Current Drawdown Current decline from peak	-2.33%	-1.85%	-0.48%
Average Drawdown Average peak-to-trough decline	-17.07%	-28.94%	+11.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.34%	+0.65%

Volatility

FEZ vs. EWI - Volatility Comparison

SPDR EURO STOXX 50 ETF (FEZ) and iShares MSCI Italy ETF (EWI) have volatilities of 6.72% and 6.65%, 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

	FEZ	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	6.65%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	14.68%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	18.06%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	21.10%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	23.26%	-2.15%

FEZ vs. EWI - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than EWI's 0.49% expense ratio.

Dividends

FEZ vs. EWI - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.57%, less than EWI's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	2.60%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
FEZ SPDR EURO STOXX 50 ETF	2.57%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%

Frequently Asked Questions

Can I hold both FEZ and EWI in my portfolio?

FEZ and EWI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or EWI?

FEZ has higher volatility (6.72%) compared to EWI (6.65%). In terms of maximum drawdown, FEZ dropped -64.21% vs EWI's -70.38%.

Which ETF is better, FEZ or EWI?

On 10-year performance, EWI leads with 13.03% vs 10.28% for FEZ. On fees, FEZ is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or EWI?

Over the 10-year period, EWI has performed better with a 13.03% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or EWI?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.49% for EWI.

Which ETF pays a higher dividend yield, FEZ or EWI?

EWI has the higher dividend yield at 2.60%, compared with 2.57% for FEZ.

What is the main difference between FEZ and EWI?

FEZ tracks EURO STOXX 50 Index, while EWI tracks MSCI Italy Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.29% for FEZ and 0.49% for EWI.

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.45 vs 0.95), 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.