At a glance
EWC charges 0.5% a year, above the 0.18% average of the 4 funds most like it (the most expensive of 5). It has $6.85B in assets, the 4th largest of that group; it paid 1.23% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +21.8% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +27.1% a year. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 21 months after the lows. Its ten largest positions make up 44.1% of the fund, out of 84 in all.
The short version
iShares MSCI Canada ETF (EWC) is a BlackRock index fund that tracks the MSCI Canada Custom Capped Index. The index holds large and mid-sized Canadian companies, led by Royal Bank of Canada, Toronto-Dominion Bank and Shopify. EWC has traded since 1996 and is a straightforward way to own Canada's stock market. Its 0.50% expense ratio, however, is well above JPMorgan BetaBuilders Canada (0.19%) and Franklin FTSE Canada (0.09%), which share about 93% of its holdings.
Price history
The interactive chart needs JavaScript.
EWC +21.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWC official prospectus, to Dec 31, 2024 | — | +12.25% | — | +8.48% | +5.63% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWC price data to Oct 27, 2026 | +13.7% | +21.8% | +27.1% | +11.6% | +11.4% | +7.6% |
- Over the year to Oct 27, 2026, EWC returned +21.8%, 3rd of 5 among similar funds.
- Its 5-year annualized return was +11.6% and its 10-year +11.4%.
- In the 2020 COVID crash it fell 42.7% and regained its old high 8.2 months after the low.
- Its worst full calendar year was 2008 (-44.4%); its best was 2009 (+53.1%).
- The deepest fall in its price history was 60.8% (Nov 6, 2007 to Mar 9, 2009), recovered by Apr 5, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.7% | — |
| 2025 | +35.9% | — |
| 2024 | +12.4% | +12.25% |
| 2023 | +14.8% | +14.62% |
| 2022 | -12.9% | -12.77% |
| 2021 | +27.0% | +26.74% |
| 2020 | +5.5% | +5.60% |
| 2019 | +27.5% | +27.39% |
| 2018 | -17.2% | -17.22% |
| 2017 | +15.8% | +15.98% |
| 2016 | +23.8% | +24.33% |
| 2015 | -23.9% | -24.30% |
| 2014 | +1.1% | — |
| 2013 | +5.3% | — |
| 2012 | +9.1% | — |
| 2011 | -12.4% | — |
| 2010 | +19.8% | — |
| 2009 | +53.1% | — |
| 2008 | -44.4% | — |
| 2007 | +28.4% | — |
| 2006 | +16.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.5% over that stretch · deepest drop along the way 60.8%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.7% over that stretch · deepest drop along the way 42.7%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.7% over that stretch · deepest drop along the way 24.8%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $0.7800 | -13.3% |
| 2024 | $0.9000 | +7.1% |
| 2023 | $0.8400 | +9.1% |
| 2022 | $0.7700 | +8.5% |
| 2021 | $0.7100 | +9.2% |
| 2020 | $0.6500 | +1.6% |
| 2019 | $0.6400 | +1.6% |
| 2018 | $0.6300 | +6.8% |
| 2017 | $0.5900 | +28.3% |
| 2016 | $0.4600 | -8.0% |
| 2015 | $0.5000 | -18.0% |
| 2014 | $0.6100 | -11.6% |
| 2013 | $0.6900 | +15.0% |
| 2012 | $0.6000 | +7.1% |
| 2011 | $0.5600 | +12.0% |
| 2010 | $0.5000 | +51.5% |
| 2009 | $0.3300 | -26.7% |
| 2008 | $0.4500 | +15.4% |
| 2007 | $0.3900 | +39.3% |
| 2006 | $0.2800 |
What's inside
As of Aug 31, 2026, the fund held 84 securities; the ten largest made up 44.08% of assets.
| Holding | Weight | |
|---|---|---|
| ROYAL BANK OF CANADA | 8.98% | |
| THE TORONTO-DOMINION BANK | 6.30% | |
| SHOPIFY INC. | 5.68% | |
| BANK OF MONTREAL | 3.69% | |
| THE BANK OF NOVA SCOTIA | 3.55% | |
| Enbridge Inc. | 3.47% | |
| CANADIAN NATURAL RESOURCES LIMITED | 3.29% | |
| CANADIAN IMPERIAL BANK OF COMMERCE | 3.28% | |
| AGNICO EAGLE MINES LIMITED | 3.24% | |
| Canadian Pacific Kansas City Limited | 2.60% | |
| Brookfield Corporation | 2.59% | |
| Suncor Energy Inc. | 2.50% | |
| BARRICK MINING CORPORATION | 2.36% | |
| MANULIFE FINANCIAL CORPORATION | 2.24% | |
| Wheaton Precious Metals Corp. | 2.15% |
By country
Canada 99.88%By asset type
Stocks 99.66%Other 0.21%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.11B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.76%, +2.84%, +3.57%.
How it works
EWC tracks the MSCI Canada Custom Capped Index, a version of the MSCI Canada Index. MSCI, not BlackRock, decides which large and mid-sized Canadian companies are in the index and how much each one weighs. The index caps big companies so the fund meets US tax rules for diversified funds. At each quarterly rebalance, no single company can exceed 22.5% of the index. Companies that each top 4.75% also can't add up to more than 22.5% together. Between rebalances, those limits are 22.5% and 24%. As of August 31, 2026, the three largest holdings (Royal Bank of Canada at 9.0%, Toronto-Dominion Bank at 6.3% and Shopify at 5.7%) totaled about 21%.
BlackRock uses "representative sampling." This means the fund buys a sample of stocks chosen to match the index's size, sector, yield and risk profile, so it may not hold every index stock. At least 80% of assets go into index stocks. Up to 20% can go into futures, options, swaps, cash or money market funds. As of August 31, 2026, the fund held 84 stocks, and the top ten made up 44%. It also held a tiny position in S&P/TSX 60 index futures. Portfolio turnover was 4%.
The fund doesn't try to beat the index or move to cash when markets fall. It may lend out up to one-third of its assets to earn extra income. Its value is reported in US dollars, so a weaker Canadian dollar lowers returns for US holders.
What it really costs
- EWC charges 0.5% a year, versus an average of 0.18% for the similar funds below (5th of 5, cheapest first).
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWC | $51 | $160 | $280 | $628 |
In a retirement portfolio
EWC holds stocks from a single country whose market leans heavily on banks, energy and mining, so it fits better as a small add-on than as a core holding.
EWC adds Canadian banks, pipelines, oil producers and gold miners that a US-only portfolio barely owns. The ride has been rough at times. EWC fell 60.8% from November 2007 to March 2009 and took about 25 months to recover. Its worst calendar year was 2008, at -44.4%. It dropped 42.7% in the 2020 COVID crash and recovered in about 8 months. In 2022 it fell 24.8% and needed about 21 months to recover. Anyone who had to sell shares during those stretches would have locked in deep losses.
Income is modest. The trailing 12-month yield was 1.23% as of October 27, 2026, and the fund pays twice a year. Costs are high for an index fund. In the SEC's standard $10,000 example, EWC costs $51 in the first year and $628 over 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding large and mid-sized Canadian companies, led by Royal Bank of Canada, Toronto-Dominion Bank and Shopify.
- Those seeking more exposure to Canadian banks, pipelines like Enbridge, oil producers and gold miners than a US-focused portfolio provides.
- Investors who value a large, long-running fund: EWC launched in 1996 and held $6.85 billion in net assets as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio is more than double BBCA's 0.19% and over five times FLCA's 0.09%, despite about 93% holdings overlap.
- Income seekers: the trailing 12-month yield was 1.23% as of October 27, 2026, paid only twice a year.
- Those uneasy with single-country, sector-heavy risk: EWC fell 42.7% in early 2020 and 60.8% in 2008–2009, and Canadian-dollar swings add volatility.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWC this fund | — | 0.5% | $6.85B | +21.8% | +27.1% |
| BBCA JPMorgan BetaBuilders Canada ETF | 93% | 0.19% | $10.86B | +22.4% | +27.0% |
| FLCA Franklin FTSE Canada ETF | 93% | 0.09% | $766.4M | +22.1% | +27.3% |
| AVDE Avantis International Equity ETF | 8% | 0.23% | $19.09B | +15.9% | +21.0% |
| DFIC Dimensional International Core Equity 2 ETF | 7% | 0.23% | $14.82B | +17.4% | +20.7% |
Questions investors ask
What's the difference between EWC and BBCA?
The main difference is cost. Both funds own large Canadian companies and share about 93% of their holdings. EWC charges 0.50% a year, while JPMorgan BetaBuilders Canada ETF (BBCA) charges 0.19%. Returns have been close: as of October 27, 2026, EWC returned 21.8% over one year versus 22.4% for BBCA. BBCA is also bigger, with $10.86 billion in net assets as of July 31, 2026, compared with EWC's $6.85 billion as of August 31, 2026.
Does EWC pay dividends?
Yes. EWC passes along dividends from its Canadian stocks twice a year. Over the 12 months through October 27, 2026, it paid about $0.75 per share, a yield of 1.23%. That income is modest. EWC is built to track Canada's broad stock market, not to maximize income. Payments can also rise or fall with the Canadian dollar, because the fund is valued in US dollars.
What are EWC's top holdings?
Canada's big banks lead the fund. As of August 31, 2026, the largest holdings were Royal Bank of Canada (9.0%), Toronto-Dominion Bank (6.3%), Shopify (5.7%), Bank of Montreal (3.7%), Bank of Nova Scotia (3.5%), Enbridge (3.5%), Canadian Natural Resources (3.3%), Canadian Imperial Bank of Commerce (3.3%), Agnico Eagle Mines (3.2%) and Canadian Pacific Kansas City (2.6%). Together, the top ten made up about 44% of the fund's 84 stocks.
How has EWC performed over the long term?
Results have been strong lately but uneven over longer periods. As of December 31, 2024, EWC's average annual returns were 12.25% over one year, 8.48% over five years and 5.63% over ten years. For the same periods, the MSCI ACWI ex USA Index returned 5.53%, 4.10% and 4.80%. The fund also had losing years: -24.3% in 2015, -17.22% in 2018 and -12.77% in 2022.
Does the Canadian dollar affect EWC's returns?
Yes. EWC doesn't hedge its currency exposure, and its value is reported in US dollars. When the Canadian dollar weakens against the US dollar, the fund's value falls even if Canadian stock prices hold steady. When the Canadian dollar strengthens, returns get a boost. The prospectus lists currency risk among the fund's main risks, along with Canada's heavy reliance on trade with the US, China, Mexico, the UK and Japan.