GREK vs. EWI

Last updated Jun 19, 2026

GREK (Global X MSCI Greece ETF) and EWI (iShares MSCI Italy ETF) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, while EWI is a Europe Equities fund tracking the MSCI Italy Index. Both are passively managed. Over the past 10 years, GREK returned 15.56%/yr vs 13.75%/yr for EWI. A 0.55 correlation means they provide meaningful diversification when combined. GREK charges 0.58%/yr vs 0.49%/yr for EWI.

Performance

GREK vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) 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, GREK achieves a 17.11% return, which is significantly higher than EWI's 13.74% return. Over the past 10 years, GREK has outperformed EWI with an annualized return of 15.56%, while EWI has yielded a comparatively lower 13.75% annualized return.

GREK

• 1D: 0.12%
• 1M: 13.46%
• YTD: 17.11%
• 6M: 17.74%
• 1Y: 46.58%
• 3Y*: 32.54%
• 5Y*: 25.99%
• 10Y*: 15.56%

EWI

• 1D: 0.73%
• 1M: 7.68%
• YTD: 13.74%
• 6M: 14.84%
• 1Y: 34.75%
• 3Y*: 28.73%
• 5Y*: 17.62%
• 10Y*: 13.75%

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

GREK vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREK Global X MSCI Greece ETF	17.11%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	50.20%	-31.25%	34.80%
EWI iShares MSCI Italy ETF	13.74%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between GREK and EWI is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011	0.55

The correlation between GREK and EWI shifts across timeframes, from 0.55 (all time) to 0.65 (5 years), reflecting how their relationship changes across market environments.

GREK vs. EWI - Sectors Allocation Comparison

Sectors	GREK	EWI
Financial Services	48.3%	47.9%
Industrials	13.2%	11.1%
Utilities	12.4%	18.0%
Consumer Cyclical	9.0%	9.8%
Energy	7.6%	7.4%
Communication Services	4.2%	2.5%
Basic Materials	3.2%	1.1%
Consumer Defensive	1.1%	1.0%
Real Estate	1.0%	-
Healthcare	-	1.4%
Technology	-	-

Return for Risk

GREK vs. EWI — Risk / Return Rank

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

GREK

GREK Risk / Return Rank: 55
GREK Sharpe Ratio Rank: 62
GREK Sortino Ratio Rank: 65
GREK Omega Ratio Rank: 58
GREK Calmar Ratio Rank: 47
GREK Martin Ratio Rank: 44

EWI

EWI Risk / Return Rank: 59
EWI Sharpe Ratio Rank: 61
EWI Sortino Ratio Rank: 59
EWI Omega Ratio Rank: 55
EWI Calmar Ratio Rank: 60
EWI 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.

GREK vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) 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.

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.

	GREK	EWI	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.90	+0.03
Sortino ratio: Return per unit of downside risk	2.79	2.60	+0.18
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.20	2.80	-0.60
Martin ratio: Return relative to average drawdown	6.78	10.44	-3.66

GREK vs. EWI - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.93, which is comparable to the EWI Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GREK 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.

Drawdowns

GREK vs. EWI - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than EWI's maximum drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for GREK and EWI.

Drawdown Indicators

	GREK	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-70.38%	-9.12%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-12.48%	-8.84%
Max Drawdown (3Y) Largest decline over 3 years	-22.63%	-16.80%	-5.83%
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	-35.25%	+4.79%
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	-43.00%	-14.04%
Current Drawdown Current decline from peak	-0.55%	-0.21%	-0.34%
Average Drawdown Average peak-to-trough decline	-45.20%	-28.90%	-16.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.89%	3.34%	+3.55%

Volatility

GREK vs. EWI - Volatility Comparison

Global X MSCI Greece ETF (GREK) has a higher volatility of 7.47% compared to iShares MSCI Italy ETF (EWI) at 5.72%. This indicates that GREK's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	5.72%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	15.29%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	24.29%	18.35%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	21.16%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.67%	23.20%	+6.47%

GREK vs. EWI - Expense Ratio Comparison

GREK has a 0.58% expense ratio, which is higher than EWI's 0.49% expense ratio.

Dividends

GREK vs. EWI - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 2.96%, less than EWI's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	3.10%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
GREK Global X MSCI Greece ETF	2.96%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%

Frequently Asked Questions

Can I hold both GREK and EWI in my portfolio?

GREK and EWI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GREK or EWI?

GREK has higher volatility (7.47%) compared to EWI (5.72%). In terms of maximum drawdown, GREK dropped -79.50% vs EWI's -70.38%.

Which ETF is better, GREK or EWI?

On 10-year performance, GREK leads with 15.56% vs 13.75% for EWI. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or EWI?

Over the 10-year period, GREK has performed better with a 15.56% return vs 13.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or EWI?

EWI is cheaper with a 0.49% expense ratio, compared with 0.58% for GREK.

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

EWI has the higher dividend yield at 3.10%, compared with 2.96% for GREK.

What is the main difference between GREK and EWI?

GREK is categorized as Emerging Markets Equities, while EWI is Europe Equities. GREK tracks MSCI All Greece Select 25-50, while EWI tracks MSCI Italy Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.58% for GREK and 0.49% for EWI.

Which has better risk-adjusted returns?

GREK currently has the higher Sharpe Ratio (1.93 vs 1.90), 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.