EWI vs SPY
iShares MSCI Italy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWI or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. EWI led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 70.7%.
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 | EWI | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $1.1B | $814.4B |
| Dividend Yield | 3.04% | 1.01% |
| Holdings | 32 | 505 |
| YTD Return | +14.36%Best | +13.34% |
| 1Y Return | +26.17%Best | +19.97% |
| 3Y Return (annualized) | +29.43%Best | +21.20% |
| 5Y Return (annualized) | +17.73%Best | +12.81% |
| Volatility (annualized) | 23.8% | 15.3%Best |
| Max Drawdown | -75.1% | -56.5%Best |
| $10,000 over 5 years | $22,617Best | $18,270 |
| Top 10 Weight | 70.7% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 2, 1996 to Sep 4, 2026 (30.4 years).
EWI 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.
EWI vs SPY Performance
iShares MSCI Italy ETF (EWI) 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 EWI returned +26.17% while SPY returned +19.97%. Year to date, EWI is up 14.36% versus a gain of 13.34% for SPY.
Over three years, EWI compounded at +29.43% per year against +21.20% for SPY; over five years the annualized figures are +17.73% and +12.81% respectively. Across the full 30-year window we track, SPY has the edge at +8.70% annualized vs +3.39%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWI has been the more volatile fund, with annualized monthly volatility of 23.8% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.66. They move together some of the time, and apart the rest.
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 3.04% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 26 holdings in EWI and 503 in SPY, totalling 99.8% 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 26 positions we hold weights for in EWI and 503 in SPY, against full books of 32 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for EWI (99.4% of the fund), and 1 for EWI 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 EWI 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, EWI or SPY?
EWI 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, EWI or SPY?
Over the past year EWI returned +26.17% vs +19.97% for SPY, so EWI leads on 1-year performance. Over the longest common window we track (30 years), EWI annualized +3.39% vs +8.70% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWI or SPY?
EWI has been the more volatile fund at 23.8% 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 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, EWI or SPY?
EWI yields 3.04% while SPY yields 1.01%, so EWI currently pays the higher dividend yield.
Is SPY better than EWI?
SPY has a lower expense ratio. EWI led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 70.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.