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TGYM.MI vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TGYM.MI vs. EWI

Last updated Jun 5, 2026

TGYM.MI (Technogym S.p.A.) is a stock, while EWI (iShares MSCI Italy ETF) is Europe Equities fund tracking the MSCI Italy Index. Over the past 10 years, TGYM.MI returned 18.26%/yr vs 12.54%/yr for EWI. At a 0.31 correlation, their price movements are largely independent.

Performance

TGYM.MI vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Technogym S.p.A. (TGYM.MI) and iShares MSCI Italy ETF (EWI). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TGYM.MI is traded in EUR, while EWI is traded in USD. To make them comparable, the EWI values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, TGYM.MI achieves a 12.54% return, which is significantly higher than EWI's 8.92% return. Over the past 10 years, TGYM.MI has outperformed EWI with an annualized return of 18.26%, while EWI has yielded a comparatively lower 12.54% annualized return.

TGYM.MI

1D
1.88%
1M
-14.80%
YTD
12.54%
6M
12.19%
1Y
47.56%
3Y*
32.13%
5Y*
14.23%
10Y*
18.26%

EWI

1D
-0.97%
1M
-0.71%
YTD
8.92%
6M
12.15%
1Y
23.88%
3Y*
24.88%
5Y*
16.47%
10Y*
12.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TGYM.MI vs. EWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TGYM.MI
Technogym S.p.A.		12.54%64.73%18.53%30.55%-13.47%-6.53%-20.28%25.97%16.94%83.95%
EWI
iShares MSCI Italy ETF		8.92%37.24%17.51%26.72%-8.84%22.94%-6.69%29.85%-13.29%12.88%

Correlation

The correlation between TGYM.MI and EWI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.31

Correlation (All Time)
Calculated using the full available price history since May 4, 2016

0.31

The correlation between TGYM.MI and EWI shifts across timeframes, from 0.22 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.

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Technogym S.p.A.

iShares MSCI Italy ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL

Return for Risk

TGYM.MI vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TGYM.MI
TGYM.MI Risk / Return Rank: 8686
Overall Rank
TGYM.MI Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
TGYM.MI Sortino Ratio Rank: 8585
Sortino Ratio Rank
TGYM.MI Omega Ratio Rank: 8585
Omega Ratio Rank
TGYM.MI Calmar Ratio Rank: 8282
Calmar Ratio Rank
TGYM.MI Martin Ratio Rank: 9090
Martin Ratio Rank
EWI
EWI Risk / Return Rank: 4141
Overall Rank
EWI Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 3939
Sortino Ratio Rank
EWI Omega Ratio Rank: 3737
Omega Ratio Rank
EWI Calmar Ratio Rank: 4242
Calmar Ratio Rank
EWI Martin Ratio Rank: 4646
Martin Ratio Rank
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.

TGYM.MI vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Technogym S.p.A. (TGYM.MI) 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.

TGYM.MIEWIDifference
Sharpe ratioReturn per unit of total volatility
1.92
1.49

+0.43

Sortino ratioReturn per unit of downside risk
2.68
2.07

+0.61

Omega ratioGain probability vs. loss probability

1.36

1.26

+0.10

Calmar ratioReturn relative to maximum drawdown

2.96

2.23

+0.73

Martin ratioReturn relative to average drawdown

12.04

8.55

+3.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGYM.MI vs. EWI - Sharpe Ratio Comparison

The current TGYM.MI Sharpe Ratio is 1.92, which is comparable to the EWI Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of TGYM.MI 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.

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Sharpe Ratios by Period

TGYM.MIEWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.92

1.49

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

0.91

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.58

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.14

+0.46

Drawdowns

TGYM.MI vs. EWI - Drawdown Comparison

The maximum TGYM.MI drawdown since its inception was -53.59%, smaller than the maximum EWI drawdown of -66.32%. Use the drawdown chart below to compare losses from any high point for TGYM.MI and EWI.

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Drawdown Indicators

TGYM.MIEWIDifference

Max Drawdown

Largest peak-to-trough decline

-53.59%

-66.32%

+12.73%

Max Drawdown (1Y)

Largest decline over 1 year

-18.14%

-10.76%

-7.38%

Max Drawdown (3Y)

Largest decline over 3 years

-25.62%

-17.19%

-8.43%

Max Drawdown (5Y)

Largest decline over 5 years

-45.55%

-24.07%

-21.48%

Max Drawdown (10Y)

Largest decline over 10 years

-53.59%

-42.52%

-11.07%

Current Drawdown

Current decline from peak

-16.60%

-1.51%

-15.09%

Average Drawdown

Average peak-to-trough decline

-16.14%

-29.05%

+12.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

2.80%

+1.66%

Volatility

TGYM.MI vs. EWI - Volatility Comparison

Technogym S.p.A. (TGYM.MI) has a higher volatility of 11.48% compared to iShares MSCI Italy ETF (EWI) at 4.60%. This indicates that TGYM.MI'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.

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Volatility by Period

TGYM.MIEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.48%

4.60%

+6.88%

Volatility (6M)

Calculated over the trailing 6-month period

23.59%

12.86%

+10.73%

Volatility (1Y)

Calculated over the trailing 1-year period

28.02%

16.12%

+11.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.27%

18.24%

+9.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.48%

21.52%

+10.96%

Dividends

TGYM.MI vs. EWI - Dividend Comparison

TGYM.MI's dividend yield for the trailing twelve months is around 2.13%, less than EWI's 2.63% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		2.63%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
TGYM.MI
Technogym S.p.A.		2.13%4.96%2.49%2.76%2.24%2.60%0.00%1.55%0.96%0.80%0.00%0.00%

Frequently Asked Questions

TGYM.MI and EWI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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