Data as of Oct 28, 2026.
EWI vs FEZ: Differences, Returns & Fees
Over the year to Oct 28, 2026, EWI returned +11.1% to FEZ's +6.0%; 8% of their weight is in the same names.
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Net assets on Oct 27, 2026: $1.2bn for iShares MSCI Italy ETF and $4.1bn for State Street SPDR EURO STOXX 50 ETF.
Pair scorecard
FEZ costs 0.21 points a year less; their one-year returns differ by 5.1 points; FEZ is 3.4 times larger.
| Measure | EWI | FEZ |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.1% | +6.0% |
| Drawdown | ||
| Below its high | 11.4%, high on Aug 7, 2026 | 9.0%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | MSCI Italy 25/50 Index | EURO STOXX 50 Index |
| Cost and size | ||
| Expense ratio | 0.50% | 0.29% |
| Net assets, as of Oct 27, 2026 | $1.2bn | $4.1bn |
| Holdings | ||
| Holdings in common | 8% | |
| Top ten holdings, share of the fund | 72.7% | 42.9% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWXFEZ returned more: +105.3% to +64.3%. FEZ swung slightly less: 24.6% to 26.6%. FEZ fell slightly less at its worst: −60.8% to −66.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | EWI | FEZ | ACWX | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +64.3% | +105.3% | +129.8% | FEZ | Price change plus distributions, reinvested. |
| Annualized | +2.7% | +3.9% | +4.6% | FEZ | Total return as a yearly rate. |
| Price return | −10.2% | +12.9% | +42.8% | FEZ | Price change alone, distributions left out. |
| Risk | |||||
| Volatility | 26.6% | 24.6% | 19.8% | FEZ (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 19.6% | 17.7% | 14.4% | FEZ (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −66.7% | −60.8% | −59.4% | FEZ (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 133.1% | 125.7% | 100.0% | EWI (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 112.3% | 109.3% | 100.0% | FEZ (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.17 | 1.16 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.75 | 0.87 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.18 | 0.22 | 0.25 | FEZ | Return above Treasury bills per unit of volatility. |
| Sortino | 0.25 | 0.31 | 0.35 | FEZ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.041 | 0.047 | 0.050 | FEZ | Return above Treasury bills per unit of beta. |
| Calmar | 0.04 | 0.06 | 0.08 | FEZ | Annualized return divided by the max drawdown. |
| Against the benchmark | |||||
| Benchmark | ACWX | ACWX | ACWX | The ETF each fund is measured against. | |
| Alpha | −1.0% a year | −0.3% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.34 | −0.15 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −7.0% to +5.0% | −4.4% to +3.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.01 | 0.05 | FEZ | Return against its benchmark per unit of tracking error. | |
| Tracking error | 13.6% | 9.5% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EWI and FEZ hold 8% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
8% in common
Only in one fund ↓
Side by side
EWI and FEZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EWI and FEZ are built for the same job. How do they differ in cost, holdings and results?
- What each follows. EWI follows MSCI Italy 25/50 Index and FEZ follows EURO STOXX 50 Index.
- Holdings in common. 8% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EWI returned +11.1% and FEZ +6.0% with distributions reinvested, a gap of 5.1 points.
Data as of Oct 28, 2026.
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EWI
EWI tracks an index. Over the year to Oct 28, 2026 it returned +11.1% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 26 positions, with the top ten at 72.7%. It sat 11.4% below its high of Aug 7, 2026 on Oct 28, 2026.
FEZ
FEZ tracks an index. Over the year to Oct 28, 2026 it returned +6.0% with distributions reinvested, against +14.3% for its benchmark, the MSCI All Country World ex USA Index. The prospectus expense ratio is 0.29% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 42.9%. It sat 9.0% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EWI or FEZ?
- In the year to Oct 28, 2026, with distributions reinvested, EWI returned +11.1% and FEZ +6.0%.
- Which is cheaper, EWI or FEZ?
- FEZ is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, EWI against FEZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewi-vs-fez
ETFIQ. (Oct 28, 2026). EWI against FEZ. Retrieved from https://etfiq.com/compare/any/ewi-vs-fez
[EWI against FEZ (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ewi-vs-fez)
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