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IEUR vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUR vs. EWO

Last updated Aug 4, 2026
Documentation

IEUR (iShares Core MSCI Europe ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - IEUR tracks the MSCI Europe Investable Market Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, IEUR returned 9.93%/yr vs 15.11%/yr for EWO. Their correlation of 0.80 means they have usually moved in the same direction. IEUR charges 0.09%/yr vs 0.49%/yr for EWO.

Performance

IEUR vs. EWO - Performance Comparison

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

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Returns By Period

In the year-to-date period, IEUR achieves a 10.73% return, which is significantly lower than EWO's 23.93% return. Over the past 10 years, IEUR has underperformed EWO with an annualized return of 9.93%, while EWO has yielded a comparatively higher 15.11% annualized return.

IEUR

1D
0.42%
1M
1.50%
6M
5.01%
YTD
10.73%
1Y
23.97%
3Y*
17.31%
5Y*
8.96%
10Y*
9.93%
ALL TIME*
6.74%

EWO

1D
1.41%
1M
1.03%
6M
16.20%
YTD
23.93%
1Y
49.93%
3Y*
34.23%
5Y*
17.28%
10Y*
15.11%
ALL TIME*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWO

iShares MSCI Austria ETF
$1.81M$2.91M$1.73M

IEUR

iShares Core MSCI Europe ETF
$74.86M$57.66M$73.75M

IEUR vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUR
iShares Core MSCI Europe ETF		10.73%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%
EWO
iShares MSCI Austria ETF		23.93%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between IEUR and EWO is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.76

Correlation (3Y)
Balances recent behavior with more history.

0.78

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.80

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.80

The correlation between IEUR and EWO has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

IEUR vs. EWO - Sectors Allocation Comparison

Sectors
IEUR
EWO

Financial Services

24.0%
48.1%

Industrials

19.2%
11.1%

Healthcare

12.7%

-

Technology

9.1%
5.9%

Consumer Defensive

8.2%

-

Consumer Cyclical

6.7%
4.7%

Basic Materials

5.6%
9.4%

Energy

4.9%
9.6%

Utilities

4.3%
6.4%

Communication Services

3.3%

-

Real Estate

1.5%
3.7%

Financial Services

IEUR
24.0%
EWO
48.1%

Industrials

IEUR
19.2%
EWO
11.1%

Healthcare

IEUR
12.7%
EWO

-

Technology

IEUR
9.1%
EWO
5.9%

Consumer Defensive

IEUR
8.2%
EWO

-

Consumer Cyclical

IEUR
6.7%
EWO
4.7%

Basic Materials

IEUR
5.6%
EWO
9.4%

Energy

IEUR
4.9%
EWO
9.6%

Utilities

IEUR
4.3%
EWO
6.4%

Communication Services

IEUR
3.3%
EWO

-

Real Estate

IEUR
1.5%
EWO
3.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Europe ETF

iShares MSCI Austria ETF

Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOO

Return for Risk

IEUR vs. EWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IEUR
IEUR Risk / Return Rank: 6262
Overall Rank
IEUR Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 6666
Sortino Ratio Rank
IEUR Omega Ratio Rank: 6161
Omega Ratio Rank
IEUR Calmar Ratio Rank: 5555
Calmar Ratio Rank
IEUR Martin Ratio Rank: 6262
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 9090
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEUR vs. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.

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.

IEUREWODifference
Sharpe ratioReturn per unit of total volatility
1.53
2.52

-0.99

Sortino ratioReturn per unit of downside risk
2.22
3.53

-1.32

Omega ratioGain probability vs. loss probability

1.27

1.42

-0.15

Calmar ratioReturn relative to maximum drawdown

2.00

3.56

-1.56

Martin ratioReturn relative to average drawdown

7.69

11.89

-4.19

IEUR vs. EWO - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.53, which is lower than the EWO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of IEUR 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.

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Drawdowns

IEUR vs. EWO - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for IEUR and EWO.

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Drawdown Indicators

IEUREWODifference

Max Drawdown

Largest peak-to-trough decline

-36.96%

-75.69%

+38.73%

Max Drawdown (1Y)

Largest decline over 1 year

-12.04%

-14.08%

+2.04%

Max Drawdown (3Y)

Largest decline over 3 years

-14.25%

-16.75%

+2.50%

Max Drawdown (5Y)

Largest decline over 5 years

-32.75%

-41.82%

+9.07%

Max Drawdown (10Y)

Largest decline over 10 years

-36.96%

-58.10%

+21.14%

Current Drawdown

Current decline from peak

-0.08%

-0.14%

+0.06%

Average Drawdown

Average peak-to-trough decline

-8.13%

-27.98%

+19.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

4.21%

-1.09%

Volatility

IEUR vs. EWO - Volatility Comparison

The current volatility for iShares Core MSCI Europe ETF (IEUR) is 4.09%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.04%. This indicates that IEUR experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEUREWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

6.04%

-1.95%

Volatility (6M)

Calculated over the trailing 6-month period

13.68%

16.83%

-3.15%

Volatility (1Y)

Calculated over the trailing 1-year period

15.78%

19.98%

-4.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.81%

22.04%

-4.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

22.61%

-4.38%

IEUR vs. EWO - Expense Ratio Comparison

IEUR has a 0.09% expense ratio, which is lower than EWO's 0.49% expense ratio.

Dividends

IEUR vs. EWO - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 3.11%, more than EWO's 1.95% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		1.95%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
IEUR
iShares Core MSCI Europe ETF		3.11%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

IEUR and EWO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.04%) compared to IEUR (4.09%). In terms of maximum drawdown, IEUR dropped -36.96% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.11% vs 9.93% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.11% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.49% for EWO.

IEUR has the higher dividend yield at 3.11%, compared with 1.95% for EWO.

IEUR tracks MSCI Europe Investable Market Index, while EWO tracks MSCI Austria Investable Market Index. Their fees differ too: 0.09% for IEUR and 0.49% for EWO.

EWO currently has the higher Sharpe Ratio (2.52 vs 1.53), 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.

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