EWA vs SPY
iShares MSCI Australia ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $1.4B | $789.1B | |
| Dividend Yield | 3.01% | 1.01% | |
| Holdings | 54 | 505 | |
| YTD Return | +15.12% | +13.75% | |
| 1Y Return | +16.30% | +22.91% | |
| 3Y Return (annualized) | +14.37% | +21.67% | |
| 5Y Return (annualized) | +6.95% | +13.32% | |
| Volatility (annualized) | 21.6% | 15.3% | |
| Max Drawdown | -69.7% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWA vs SPY Performance
iShares MSCI Australia ETF (EWA) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWA returned +16.30% while SPY returned +22.91%. Year to date, EWA is up 15.12% versus a gain of 13.75% for SPY.
Over three years, EWA compounded at +14.37% per year against +21.67% for SPY; over five years the annualized figures are +6.95% and +13.32% respectively. Across the full 30-year window we track, SPY has the edge at +8.85% annualized vs +4.32%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWA has been the more volatile fund, with annualized monthly volatility of 21.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -69.7% for EWA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWA charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EWA currently yields 3.01% against 1.01% for SPY.
Holdings Overlap
EWA and SPY share 0 holdings out of 551 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EWA or SPY?
EWA has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, EWA or SPY?
Over the past year EWA returned +16.30% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (30 years), EWA annualized +4.32% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EWA or SPY?
EWA has been the more volatile fund at 21.6% annualized versus 15.3% for SPY. Worst drawdown: EWA -69.7% vs SPY -56.5%.
Should I hold both EWA and SPY?
EWA and SPY have a monthly-return correlation of 0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWA and SPY?
EWA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 551 unique securities.
Which pays a higher dividend, EWA or SPY?
EWA yields 3.01% while SPY yields 1.01%, so EWA currently pays the higher dividend yield.
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