EWI: iShares MSCI Italy ETF returns, drawdowns and risk
Funds on European stocks: the whole region, the eurozone or single countries.
Data updated October 2026
EWI · US exchange · USDCategory: Europe ETFsData from October 2006
From October 2006 to October 2026 EWI returned 4.7% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $25,001.
Its deepest fall was 67.2%, from December 2007 to March 2009, and it took about 161 months to get back to the previous high. Annual volatility was 28.4%; at the last close it was 11.6% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.73: they usually moved together. Beta was 1.17. In months when SPY rose, EWI moved 103% as much on average; in months when SPY fell, 132% as much.
Key figures
- Annual return (CAGR)
- +4.7%
- 1-year return
- +12.9%
- 5 years, a year
- +15.0%
- 10 years, a year
- +13.3%
- Annual volatility
- 28.4%
- Maximum drawdown
- −67.2%
- Sharpe ratio
- 0.25
- Worst year
- 2008: −43.0%
Trailing returns
| Period | EWI | SPY |
|---|---|---|
| 1 year | +12.9% | +16.6% |
| 3 years, a year | +28.0% | +23.1% |
| 5 years, a year | +15.0% | +12.7% |
| 10 years, a year | +13.3% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: EWI vs SPY
Month-end values from November 2006, the first month both funds have data.
EWI drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | EWI | SPY |
|---|---|---|
| 2026(partial) | +5.1% | +13.3% |
| 2025 | +55.7% | +17.7% |
| 2024 | +10.2% | +24.9% |
| 2023 | +30.6% | +26.2% |
| 2022 | −14.1% | −18.2% |
| 2021 | +14.4% | +28.7% |
| 2020 | +1.7% | +18.3% |
| 2019 | +27.0% | +31.2% |
| 2018 | −17.2% | −4.6% |
| 2017 | +28.7% | +21.7% |
| 2016 | −5.9% | +12.0% |
| 2015 | +5.3% | +1.2% |
| 2014 | −9.0% | +13.5% |
| 2013 | +22.4% | +32.3% |
| 2012 | +18.7% | +16.0% |
| 2011 | −21.2% | +1.9% |
| 2010 | −12.3% | +15.1% |
| 2009 | +25.2% | +26.4% |
| 2008 | −43.0% | −36.8% |
| 2007 | +8.8% | +5.1% |
| 2006(partial) | +11.6% | — |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of EWI?
From October 2006 to October 2026 EWI returned 4.7% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +15.0% a year. Over the last 12 months: +12.9%.
What was the worst drawdown of EWI?
67.2%, from December 2007 to March 2009; it took about 161 months from the previous high to get back to it.
How volatile is EWI?
Annual volatility was 28.4% over the period. Its worst month was −23.8% and 57% of months were positive. Worst calendar year: 2008 (−43.0%).
How closely does EWI follow SPY?
Over 240 months the correlation of monthly returns was 0.73, so they usually moved together, with a beta of 1.17.
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Other Europe ETFs
- All Europe ETFsReturns and risk side by side
- VGK — Vanguard FTSE Europe ETFCAGR +12.6%
- MEUD — Amundi Stoxx Europe 600 UCITS ETF AccCAGR +7.8%
- EXSA — iShares STOXX Europe 600 UCITS ETF (DE)CAGR +6.0%
- VEUR — Vanguard FTSE Developed Europe UCITS ETF (Dist)CAGR +8.0%
- EZU — iShares MSCI Eurozone ETFCAGR +4.3%
- EXS1 — iShares Core DAX UCITS ETF (DE)CAGR +8.1%
- EWU — iShares MSCI United Kingdom ETFCAGR +6.4%
- EWQ — iShares MSCI France ETFCAGR +4.3%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.