IEUR vs. EWO

Last updated Jun 4, 2026

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 9.15%/yr vs 14.00%/yr for EWO. Their correlation of 0.81 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, IEUR achieves a 5.64% return, which is significantly lower than EWO's 14.52% return. Over the past 10 years, IEUR has underperformed EWO with an annualized return of 9.15%, while EWO has yielded a comparatively higher 14.00% annualized return.

IEUR

• 1D: -1.20%
• 1M: 2.77%
• YTD: 5.64%
• 6M: 8.52%
• 1Y: 17.47%
• 3Y*: 16.09%
• 5Y*: 8.03%
• 10Y*: 9.15%

EWO

• 1D: -1.79%
• 1M: 5.62%
• YTD: 14.52%
• 6M: 21.29%
• 1Y: 43.71%
• 3Y*: 33.18%
• 5Y*: 14.75%
• 10Y*: 14.00%

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

IEUR vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUR iShares Core MSCI Europe ETF	5.64%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%
EWO iShares MSCI Austria ETF	14.52%	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 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.81

The correlation between IEUR and EWO has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

IEUR vs. EWO - Sectors Allocation Comparison

Sectors	IEUR	EWO
Financial Services	22.5%	46.6%
Industrials	20.4%	14.2%
Healthcare	12.5%	-
Technology	8.4%	6.6%
Consumer Defensive	8.0%	-
Consumer Cyclical	6.9%	1.9%
Basic Materials	5.8%	8.1%
Energy	5.3%	10.8%
Utilities	4.8%	7.5%
Communication Services	3.8%	-
Real Estate	1.6%	4.4%

Return for Risk

IEUR vs. EWO — Risk / Return Rank

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

IEUR

IEUR Risk / Return Rank: 31
IEUR Sharpe Ratio Rank: 31
IEUR Sortino Ratio Rank: 31
IEUR Omega Ratio Rank: 30
IEUR Calmar Ratio Rank: 29
IEUR Martin Ratio Rank: 35

EWO

EWO Risk / Return Rank: 66
EWO Sharpe Ratio Rank: 72
EWO Sortino Ratio Rank: 71
EWO Omega Ratio Rank: 65
EWO Calmar Ratio Rank: 63
EWO Martin Ratio Rank: 59

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.

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.

	IEUR	EWO	Difference
Sharpe ratio Return per unit of total volatility	1.15	2.38	-1.23
Sortino ratio Return per unit of downside risk	1.69	3.27	-1.58
Omega ratio Gain probability vs. loss probability	1.21	1.40	-0.20
Calmar ratio Return relative to maximum drawdown	1.46	3.12	-1.66
Martin ratio Return relative to average drawdown	5.47	10.58	-5.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUR vs. EWO - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.15, which is lower than the EWO Sharpe Ratio of 2.38. 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.

Sharpe Ratios by Period

	IEUR	EWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.38	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.68	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.61	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.27	+0.07

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.

Drawdown Indicators

	IEUR	EWO	Difference
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	-2.31%	-1.79%	-0.52%
Average Drawdown Average peak-to-trough decline	-8.23%	-28.12%	+19.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	4.14%	-0.94%

Volatility

IEUR vs. EWO - Volatility Comparison

The current volatility for iShares Core MSCI Europe ETF (IEUR) is 5.60%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.71%. 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.

Volatility by Period

	IEUR	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	6.71%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	15.08%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	18.52%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	21.84%	-4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	22.86%	-4.18%

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 2.81%, more than EWO's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.08%	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	2.81%	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

Can I hold both IEUR and EWO in my portfolio?

IEUR and EWO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUR or EWO?

EWO has higher volatility (6.71%) compared to IEUR (5.60%). In terms of maximum drawdown, IEUR dropped -36.96% vs EWO's -75.69%.

Which ETF is better, IEUR or EWO?

On 10-year performance, EWO leads with 14.00% vs 9.15% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or EWO?

Over the 10-year period, EWO has performed better with a 14.00% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or EWO?

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

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

IEUR has the higher dividend yield at 2.81%, compared with 2.08% for EWO.

What is the main difference between IEUR and 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.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.38 vs 1.15), 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.