EWI
iShares MSCI Italy ETF
#2 of 13 in Developed Markets by own-history percentile (high → low)
Relative to SPY
Relative price history
EWI ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older EWI÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +37.2 pts (from 23.2% on Aug 31, 2026 to 60.4% now)
- About one month: +35.6 pts (from 24.8% on Jul 31, 2026 to 60.4% now)
Developed Markets
Where this sits among peers
Developed Markets · EWI highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
EWI's index is bank-heavy, and Italian equities have historically traded at a discount tied to sovereign-debt concerns and political uncertainty relative to northern European peers — a discount that widens and narrows with shifts in Eurozone bond-spread sentiment more than with Italian corporate earnings alone.
FAQ
Why does Italy trade at a discount to northern Europe?
Sovereign-debt levels and periodic political uncertainty have historically weighed on Italian bank and equity valuations relative to countries seen as lower political and fiscal risk.
Are Italian banks a large part of this index?
Yes — financials make up a substantial share, which links this fund's valuation closely to Eurozone bond-spread dynamics.
Does this fund track BTP-Bund spreads?
Not directly, but Italian sovereign bond spreads versus German bunds are a commonly watched indicator that tends to move alongside sentiment toward this fund's bank-heavy index.
Developed Markets