EWO vs SPY
iShares MSCI Austria ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWO delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $175M | $789.1B | |
| Dividend Yield | 1.99% | 1.01% | |
| Holdings | 26 | 505 | |
| YTD Return | +25.57% | +13.68% | |
| 1Y Return | +43.24% | +21.53% | |
| 3Y Return (annualized) | +35.83% | +21.44% | |
| 5Y Return (annualized) | +17.28% | +13.18% | |
| Volatility (annualized) | 24.2% | 15.3% | |
| Max Drawdown | -77.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWO vs SPY Performance
iShares MSCI Austria ETF (EWO) 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 EWO returned +43.24% while SPY returned +21.53%. Year to date, EWO is up 25.57% versus a gain of 13.68% for SPY.
Over three years, EWO compounded at +35.83% per year against +21.44% for SPY; over five years the annualized figures are +17.28% and +13.18% respectively. Across the full 30-year window we track, SPY has the edge at +8.85% annualized vs +5.53%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWO has been the more volatile fund, with annualized monthly volatility of 24.2% 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 -77.2% for EWO 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 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWO charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, EWO currently yields 1.99% against 1.01% for SPY.
Holdings Overlap
EWO and SPY share 0 holdings out of 525 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, EWO or SPY?
EWO has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, EWO or SPY?
Over the past year EWO returned +43.24% vs +21.53% for SPY, so EWO leads on 1-year performance. Over the longest common window we track (30 years), EWO annualized +5.53% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EWO or SPY?
EWO has been the more volatile fund at 24.2% annualized versus 15.3% for SPY. Worst drawdown: EWO -77.2% vs SPY -56.5%.
Should I hold both EWO and SPY?
EWO and SPY have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWO and SPY?
EWO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, EWO or SPY?
EWO yields 1.99% while SPY yields 1.01%, so EWO currently pays the higher dividend yield.
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