PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VOO vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOO vs. EWM

Last updated Jun 13, 2026

VOO (Vanguard S&P 500 ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, VOO returned 15.50%/yr vs 2.79%/yr for EWM. A 0.55 correlation means they provide meaningful diversification when combined. VOO charges 0.03%/yr vs 0.49%/yr for EWM.

Performance

VOO vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and iShares MSCI Malaysia ETF (EWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VOO achieves a 9.08% return, which is significantly higher than EWM's 2.89% return. Over the past 10 years, VOO has outperformed EWM with an annualized return of 15.50%, while EWM has yielded a comparatively lower 2.79% annualized return.

VOO

1D
0.55%
1M
-0.07%
YTD
9.08%
6M
9.44%
1Y
24.36%
3Y*
20.95%
5Y*
13.43%
10Y*
15.50%

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOO vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOO
Vanguard S&P 500 ETF		9.08%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between VOO and EWM is 0.57, 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

0.57

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

0.43

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

0.44

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

0.48

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.55

The correlation between VOO and EWM shifts across timeframes, from 0.43 (3 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.

VOO vs. EWM - Sectors Allocation Comparison

Sectors
VOO
EWM

Technology

35.7%

-

Financial Services

11.6%
46.6%

Communication Services

11.3%
6.6%

Consumer Cyclical

10.2%
1.1%

Healthcare

8.5%
3.8%

Industrials

8.3%
11.1%

Consumer Defensive

4.9%
7.3%

Energy

3.5%
3.9%

Utilities

2.4%
10.8%

Real Estate

1.9%

-

Basic Materials

1.8%
8.9%

Technology

VOO
35.7%
EWM

-

Financial Services

VOO
11.6%
EWM
46.6%

Communication Services

VOO
11.3%
EWM
6.6%

Consumer Cyclical

VOO
10.2%
EWM
1.1%

Healthcare

VOO
8.5%
EWM
3.8%

Industrials

VOO
8.3%
EWM
11.1%

Consumer Defensive

VOO
4.9%
EWM
7.3%

Energy

VOO
3.5%
EWM
3.9%

Utilities

VOO
2.4%
EWM
10.8%

Real Estate

VOO
1.9%
EWM

-

Basic Materials

VOO
1.8%
EWM
8.9%

Compare stocks, funds, or ETFs

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

Vanguard S&P 500 ETF

iShares MSCI Malaysia ETF

Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. SCHDEWM vs. QQQ

Return for Risk

VOO vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6969
Sortino Ratio Rank
VOO Omega Ratio Rank: 7171
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM 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.

VOO vs. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and iShares MSCI Malaysia ETF (EWM). 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.

VOOEWMDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.36

+0.64

Sortino ratioReturn per unit of downside risk
2.70
1.92

+0.77

Omega ratioGain probability vs. loss probability

1.36

1.24

+0.12

Calmar ratioReturn relative to maximum drawdown

2.75

2.09

+0.66

Martin ratioReturn relative to average drawdown

12.42

6.65

+5.77

VOO vs. EWM - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.99, which is higher than the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VOO and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VOO vs. EWM - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for VOO and EWM.

Loading charts...

Drawdown Indicators

VOOEWMDifference

Max Drawdown

Largest peak-to-trough decline

-33.99%

-89.19%

+55.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-9.14%

+0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-18.69%

-21.31%

+2.62%

Max Drawdown (5Y)

Largest decline over 5 years

-24.52%

-22.76%

-1.76%

Max Drawdown (10Y)

Largest decline over 10 years

-33.99%

-43.81%

+9.82%

Current Drawdown

Current decline from peak

-2.34%

-9.08%

+6.74%

Average Drawdown

Average peak-to-trough decline

-3.68%

-31.80%

+28.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.87%

-0.90%

Volatility

VOO vs. EWM - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 4.34% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that VOO's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VOOEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.34%

3.97%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

9.58%

10.95%

-1.37%

Volatility (1Y)

Calculated over the trailing 1-year period

12.27%

14.10%

-1.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

13.72%

+3.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

16.27%

+1.76%

VOO vs. EWM - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than EWM's 0.49% expense ratio.

Dividends

VOO vs. EWM - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

VOO and EWM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOO has higher volatility (4.34%) compared to EWM (3.97%). In terms of maximum drawdown, VOO dropped -33.99% vs EWM's -89.19%.

On 10-year performance, VOO leads with 15.50% vs 2.79% for EWM. On fees, VOO is cheaper at 0.03% per year. On volatility, EWM has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.50% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.49% for EWM.

EWM has the higher dividend yield at 3.32%, compared with 1.05% for VOO.

VOO is categorized as S&P 500, while EWM is Asia Pacific Equities. VOO tracks S&P 500 Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VOO and 0.49% for EWM.

VOO currently has the higher Sharpe Ratio (1.99 vs 1.36), 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.

Portfolio Optimizer

Find the right allocation for VOO and EWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer