EWI vs SPY
iShares MSCI Italy ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWI delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $1.0B | $789.1B | |
| Dividend Yield | 3.16% | 1.01% | |
| Holdings | 33 | 505 | |
| YTD Return | +16.63% | +13.39% | |
| 1Y Return | +30.38% | +22.52% | |
| 3Y Return (annualized) | +29.83% | +21.36% | |
| 5Y Return (annualized) | +17.66% | +13.19% | |
| Volatility (annualized) | 23.9% | 15.3% | |
| Max Drawdown | -75.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWI vs SPY Performance
iShares MSCI Italy ETF (EWI) 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 EWI returned +30.38% while SPY returned +22.52%. Year to date, EWI is up 16.63% versus a gain of 13.39% for SPY.
Over three years, EWI compounded at +29.83% per year against +21.36% for SPY; over five years the annualized figures are +17.66% and +13.19% respectively. Across the full 30-year window we track, SPY has the edge at +8.84% annualized vs +3.47%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWI has been the more volatile fund, with annualized monthly volatility of 23.9% 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 -75.1% for EWI 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWI 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, EWI currently yields 3.16% against 1.01% for SPY.
Holdings Overlap
EWI and SPY share 0 holdings out of 529 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, EWI or SPY?
EWI 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, EWI or SPY?
Over the past year EWI returned +30.38% vs +22.52% for SPY, so EWI leads on 1-year performance. Over the longest common window we track (30 years), EWI annualized +3.47% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, EWI or SPY?
EWI has been the more volatile fund at 23.9% annualized versus 15.3% for SPY. Worst drawdown: EWI -75.1% vs SPY -56.5%.
Should I hold both EWI and SPY?
EWI and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWI and SPY?
EWI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 529 unique securities.
Which pays a higher dividend, EWI or SPY?
EWI yields 3.16% while SPY yields 1.01%, so EWI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.