WIP vs. EWA
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and EWA (iShares MSCI-Australia ETF) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), while EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index. Both are passively managed. Over the past 10 years, WIP returned 1.67%/yr vs 8.75%/yr for EWA. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
WIP vs. EWA - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.23% return, which is significantly lower than EWA's 11.57% return. Over the past 10 years, WIP has underperformed EWA with an annualized return of 1.67%, while EWA has yielded a comparatively higher 8.75% annualized return.
WIP
- 1D
- 0.48%
- 1M
- -0.25%
- YTD
- 4.23%
- 6M
- 4.92%
- 1Y
- 7.91%
- 3Y*
- 4.95%
- 5Y*
- -0.77%
- 10Y*
- 1.67%
EWA
- 1D
- 0.90%
- 1M
- 0.34%
- YTD
- 11.57%
- 6M
- 12.06%
- 1Y
- 13.27%
- 3Y*
- 11.97%
- 5Y*
- 5.57%
- 10Y*
- 8.75%
WIP vs. EWA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.23% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
EWA iShares MSCI-Australia ETF | 11.57% | 13.35% | 1.60% | 13.81% | -5.92% | 8.93% | 8.29% | 22.45% | -12.04% | 19.88% |
Correlation
The correlation between WIP and EWA is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2008 | 0.43 |
Over the past year, WIP and EWA have become more correlated (0.63) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
WIP vs. EWA — Risk / Return Rank
WIP
EWA
WIP vs. EWA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and iShares MSCI-Australia ETF (EWA). 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.
| WIP | EWA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 1.33 | +0.21 |
| Martin ratioReturn relative to average drawdown | 4.55 | 3.68 | +0.87 |
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Drawdowns
WIP vs. EWA - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, smaller than the maximum EWA drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for WIP and EWA.
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Drawdown Indicators
| WIP | EWA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -66.98% | +37.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -10.01% | +4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -21.91% | +10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -24.87% | -3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | -45.54% | +16.70% |
Current DrawdownCurrent decline from peak | -3.94% | -3.44% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -11.32% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 3.62% | -1.88% |
Volatility
WIP vs. EWA - Volatility Comparison
The current volatility for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) is 3.18%, while iShares MSCI-Australia ETF (EWA) has a volatility of 5.80%. This indicates that WIP experiences smaller price fluctuations and is considered to be less risky than EWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WIP | EWA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 5.80% | -2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 6.98% | 14.62% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 17.40% | -8.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.46% | 19.80% | -8.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 22.62% | -12.46% |
WIP vs. EWA - Expense Ratio Comparison
Both WIP and EWA have an expense ratio of 0.50%.
Dividends
WIP vs. EWA - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, more than EWA's 2.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWA iShares MSCI-Australia ETF | 2.88% | 3.21% | 3.71% | 3.72% | 5.28% | 5.08% | 2.02% | 3.97% | 6.11% | 4.44% | 4.03% | 5.48% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
WIP and EWA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWA has higher volatility (5.80%) compared to WIP (3.18%). In terms of maximum drawdown, WIP dropped -29.60% vs EWA's -66.98%.
On 10-year performance, EWA leads with 8.75% vs 1.67% for WIP. Both ETFs have the same 0.50% expense ratio. On volatility, WIP has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWA has performed better with a 8.75% return vs 1.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WIP and EWA have the same expense ratio: 0.50% per year.
WIP has the higher dividend yield at 5.79%, compared with 2.88% for EWA.
WIP is categorized as Inflation-Protected Bonds, while EWA is Asia Pacific Equities. WIP tracks FTSE International Inflation-Linked Securities Select (USD), while EWA tracks MSCI Australia Index. They also come from different issuers: State Street and iShares.
WIP currently has the higher Sharpe Ratio (0.90 vs 0.77), 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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