iShares MSCI Italy ETF (EWI) Performance
EWI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.2% since Dec 31, 2025
- 1 year
- +11.0% total return
- 5 years
- +14.6% a year
- 10 years
- +13.0% a year
- Since first price
- +6.6% a year since 1996
EWI trailing returns vs SPY, QQQ, AGG
| Period | EWI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.3% | −8.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −7.9% | −7.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.2% | −3.1% | +7.8% | +8.4% | −1.5% |
| YTD | +3.2% | +1.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +11.0% | +7.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +104.6%+26.9%/yr | +84.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +98.1%+14.6%/yr | +64.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +240.8%+13.0%/yr | +145.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +219.6%+8.1%/yr | +100.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +73.1%+2.8%/yr | −11.3% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +541.8%+6.4%/yr | +90.4% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +605.4%+6.6%/yr | +103.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWI vs SPY
From Mar 18, 1996: EWI grew to $70,542, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWI returns by calendar year
20 of 29 full years positive. Best 2025 (+55.7%), worst 2008 (−46.8%). 2026 is year to date.
EWI annual returns table
| Year | EWI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +3.2% | −13.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +55.7% | −16.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.2% | −9.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +30.6% | −13.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.2% | −35.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +14.4% | −10.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +1.7% | −40.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +27.0% | −11.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −17.2% | −29.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +28.7% | −6.8% | +21.7% | +32.7% | +3.6% |
| 2016 | −8.6% | −23.6% | +12.0% | +7.1% | +2.4% |
| 2015 | +3.1% | −13.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −10.9% | −25.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +19.1% | −20.7% | +32.3% | +36.6% | −2.0% |
| 2012 | +15.4% | −32.0% | +16.0% | +18.1% | +3.8% |
| 2011 | −24.1% | −43.6% | +1.9% | +3.4% | +7.7% |
| 2010 | −14.2% | −35.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +22.1% | −43.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −46.8% | −56.6% | −36.8% | −41.7% | +7.9% |
| 2007 | +3.8% | −12.8% | +5.1% | +19.0% | +6.6% |
| 2006 | +32.5% | −11.3% | +15.8% | +7.1% | +3.9% |
| 2005 | +1.9% | −9.6% | +4.8% | +1.6% | +2.3% |
| 2004 | +33.1% | −9.9% | +10.7% | +10.5% | +3.8% |
| 2003 | +41.8% | −16.3% | +28.2% | +49.7% | — |
| 2002 | −7.0% | −25.7% | −21.6% | −37.4% | — |
| 2001 | −27.6% | −44.7% | −11.8% | −33.3% | — |
| 2000 | +11.1% | −21.6% | −9.7% | −36.1% | — |
| 1999 | +0.8% | −25.2% | +20.4% | — | — |
| 1998 | +48.3% | −28.8% | +28.7% | — | — |
| 1997 | +36.8% | −15.0% | +33.5% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWI largest drawdowns
Now 13.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 7, 2007 | −70.4% | Mar 9, 2009 | Feb 13, 2025 | 1.8 years | 17.8 years |
| Jan 18, 2001 | −44.7% | Sep 21, 2001 | Feb 11, 2004 | 8 months | 3.1 years |
| Jul 20, 1998 | −28.8% | Oct 9, 1998 | Jan 4, 1999 | 3 months | 6 months |
| Jan 6, 1999 | −25.2% | Jul 29, 1999 | Feb 23, 2000 | 7 months | 1.1 years |
| Feb 23, 2000 | −21.6% | Oct 18, 2000 | Dec 28, 2000 | 8 months | 10 months |
| Mar 19, 2025 | −16.8% | Apr 8, 2025 | Apr 25, 2025 | 20 days | 37 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWI risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +28.8% | +17.4% | +14.0% | +6.8% |
| Volatility (annualized) | 14.4% | 19.8% | 21.5% | 23.5% |
| Sharpe ratio | 1.55 | 0.73 | 0.61 | — |
| Sortino ratio | 2.93 | 1.22 | 0.97 | — |
| Best month | +10.3% | +15.5% | +25.2% | +25.2% |
| Worst month | −6.8% | −14.0% | −23.8% | −23.8% |
| Best 12 months | +55.7% | +55.7% | +55.7% | +87.0% |
| Worst 12 months | +10.2% | −29.1% | −29.1% | −57.8% |
| Positive months | 75% | 63% | 63% | 57% |
| Beta vs S&P 500 | 0.55 | 0.88 | 0.95 | — |
| Correlation with S&P 500 | 0.48 | 0.69 | 0.68 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −57.8% | +10.5% | +87.0% | 63% |
| 3-year (a year) | 332 | −23.0% | +4.9% | +39.1% | 62% |
| 5-year (a year) | 308 | −19.2% | +3.9% | +25.0% | 68% |
| 10-year (a year) | 248 | −7.5% | +1.9% | +15.4% | 74% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWI performance overview
iShares MSCI Italy ETF (EWI) returned +11.0% over the past year and +13.0% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +6.6% a year, turning $10,000 into about $70,542. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −70.4%, from May 7, 2007 to Mar 9, 2009, and it took 15.9 years to get back to the old high. EWI finished 20 of its 29 full calendar years with a gain; the best year was 2025 (+55.7%) and the worst 2008 (−46.8%). Volatility has been 23.5% a year.
Related: EWI chart, EWI holdings, EWI dividends. See the EWI overview for the latest quote and fund facts.
EWI performance FAQ
What is the EWI return over the past year?
EWI returned +11.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.4%.
What is the average annual return of EWI?
EWI has returned +14.6% a year over 5 years, +13.0% a year over 10 years, +6.6% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWI be worth?
$10,000 invested in EWI at its first recorded close on March 18, 1996 would be worth about $70,542 on October 23, 2026 with distributions reinvested.
What was the worst year for EWI?
The worst calendar year was 2008, with a total return of −46.8%. The best was 2025 at +55.7%.
What is the biggest drawdown of EWI?
The largest peak-to-trough decline was −70.4% between May 7, 2007 and March 9, 2009. It recovered to the old high on February 13, 2025, 15.9 years after the bottom.
How volatile is EWI?
Over the past 3 years EWI had an annualized volatility of 14.4% and a Sharpe ratio of 1.55 (excess return over 1–3 month T-bills per unit of risk).