NGD vs. EWO

Last updated Jun 13, 2026

NGD (New Gold Inc.) is a stock, while EWO (iShares MSCI Austria ETF) is Europe Equities fund tracking the MSCI Austria Investable Market Index. At a 0.23 correlation, their price movements are largely independent.

Performance

NGD vs. EWO - Performance Comparison

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

Returns By Period

NGD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWO

• 1D: 1.37%
• 1M: 7.96%
• YTD: 18.55%
• 6M: 23.71%
• 1Y: 48.35%
• 3Y*: 33.19%
• 5Y*: 15.56%
• 10Y*: 15.10%

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

NGD vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGD New Gold Inc.	4.25%	251.21%	69.86%	48.98%	-34.67%	-31.51%	148.86%	16.28%	-77.00%	-6.00%
EWO iShares MSCI Austria ETF	18.55%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between NGD and EWO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.23

Return for Risk

NGD vs. EWO — Risk / Return Rank

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

NGD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

EWO

EWO Risk / Return Rank: 79
EWO Sharpe Ratio Rank: 86
EWO Sortino Ratio Rank: 85
EWO Omega Ratio Rank: 79
EWO Calmar Ratio Rank: 74
EWO Martin Ratio Rank: 69

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.

NGD vs. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Gold Inc. (NGD) 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.

	NGD	EWO	Difference
Sharpe ratio: Return per unit of total volatility	—	2.41	—
Sortino ratio: Return per unit of downside risk	—	3.35	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	3.28	—
Martin ratio: Return relative to average drawdown	—	11.10	—

Drawdowns

Drawdown Indicators

	NGD	EWO	Difference
Max Drawdown Largest peak-to-trough decline	—	-75.69%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.08%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.10%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-28.10%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.16%	—

Volatility

Volatility by Period

	NGD	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.19%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.95%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.88%	—

Dividends

NGD vs. EWO - Dividend Comparison

NGD has not paid dividends to shareholders, while EWO's dividend yield for the trailing twelve months is around 2.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.01%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
NGD New Gold Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGD and EWO in my portfolio?

NGD and EWO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.