EWC vs SPY
iShares MSCI Canada ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWC or SPY?
Each has led over a different period.
SPY has a lower expense ratio. EWC led over 1Y and 3Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 43.5%.
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 | EWC | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $6.9B | $814.4B |
| Dividend Yield | 1.26% | 1.01% |
| Holdings | 89 | 505 |
| YTD Return | +14.01%Best | +12.71% |
| 1Y Return | +26.43%Best | +19.36% |
| 3Y Return (annualized) | +23.76%Best | +21.09% |
| 5Y Return (annualized) | +12.69%Tie | +12.69%Tie |
| Volatility (annualized) | 20.4% | 15.3%Best |
| Max Drawdown | -62.7% | -56.5%Best |
| $10,000 over 5 years | $18,173Tie | $18,173Tie |
| Top 10 Weight | 43.5% | 38.0%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 8, 2026 (30.4 years).
EWC 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 30.4 years both funds cover.
EWC vs SPY Performance
iShares MSCI Canada ETF (EWC) 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 EWC returned +26.43% while SPY returned +19.36%. Year to date, EWC is up 14.01% versus a gain of 12.71% for SPY.
Over three years, EWC compounded at +23.76% per year against +21.09% for SPY; over five years the annualized figures are +12.69% and +12.69% respectively. Across the full 30-year window we track, SPY has the edge at +8.68% annualized vs +6.37%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWC has been the more volatile fund, with annualized monthly volatility of 20.4% 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 -62.7% for EWC 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWC 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, EWC currently yields 1.26% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 83 holdings in EWC and 503 in SPY, totalling 96.9% and 100.0% 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 83 positions we hold weights for in EWC and 503 in SPY, against full books of 89 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for EWC (99.4% of the fund), and 1 for EWC that do not appear in SPY (0.1%).
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 EWC 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, EWC or SPY?
EWC 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, EWC or SPY?
Over the past year EWC returned +26.43% vs +19.36% for SPY, so EWC leads on 1-year performance. Over the longest common window we track (30 years), EWC annualized +6.37% vs +8.68% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWC or SPY?
EWC has been the more volatile fund at 20.4% annualized versus 15.3% for SPY. Worst drawdown: EWC -62.7% vs SPY -56.5%.
Should I hold both EWC and SPY?
EWC and SPY have a monthly-return correlation of 0.79, 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, EWC or SPY?
EWC yields 1.26% while SPY yields 1.01%, so EWC currently pays the higher dividend yield.
Is SPY better than EWC?
SPY has a lower expense ratio. EWC led over 1Y and 3Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 43.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.