EWA vs SPY
iShares MSCI Australia ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWA or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 65.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EWA | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $1.3B | $804.7B |
| Dividend Yield | 2.83% | 0.98% |
| Holdings | 54 | 505 |
| YTD Return | +10.14% | +12.09%Best |
| 1Y Return | +10.27% | +16.29%Best |
| 3Y Return (annualized) | +12.85% | +21.20%Best |
| 5Y Return (annualized) | +7.35% | +13.37%Best |
| Volatility (annualized) | 21.6% | 15.3%Best |
| Max Drawdown | -69.7% | -56.5%Best |
| $10,000 over 5 years | $14,256 | $18,728Best |
| Top 10 Weight | 65.3% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 1, 1996 to Sep 18, 2026 (30.5 years).
EWA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 30.5 years both funds cover.
EWA vs SPY Performance
iShares MSCI Australia ETF (EWA) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWA returned +10.27% while SPY returned +16.29%. Year to date, EWA is up 10.14% versus a gain of 12.09% for SPY.
Over three years, EWA compounded at +12.85% per year against +21.20% for SPY; over five years the annualized figures are +7.35% and +13.37% respectively. Across the full 31-year window we track, SPY has the edge at +8.65% annualized vs +4.15%.
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 what each fund did in the worst stretch of the window measured above.
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 2.83% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 43 holdings in EWA and 504 in SPY, totalling 98.3% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 43 positions we hold weights for in EWA and 504 in SPY, against full books of 54 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for EWA (99.3% of the fund), and 1 for EWA that do not appear in SPY (0.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EWA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $41 a year on a $10,000 investment.
Which performed better, EWA or SPY?
Over the past year EWA returned +10.27% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), EWA annualized +4.15% vs +8.65% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EWA or SPY?
EWA yields 2.83% while SPY yields 0.98%, so EWA currently pays the higher dividend yield.
Is SPY better than EWA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 65.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.