EFNL vs. EUDV

Last updated Aug 2, 2026

EFNL (iShares MSCI Finland ETF) and EUDV (ProShares MSCI Europe Dividend Growers ETF) are both Europe Equities funds - EFNL tracks the MSCI Finland IMI 25/50 Index while EUDV tracks the MSCI Europe Dividend Masters Index. Both are passively managed. Over the past 10 years, EFNL returned 8.71%/yr vs 5.49%/yr for EUDV. Their 0.67 correlation means they have sometimes moved together and sometimes differently. EFNL charges 0.53%/yr vs 0.55%/yr for EUDV.

Performance

EFNL vs. EUDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and ProShares MSCI Europe Dividend Growers ETF (EUDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 9.24% return, which is significantly higher than EUDV's 4.82% return. Over the past 10 years, EFNL has outperformed EUDV with an annualized return of 8.71%, while EUDV has yielded a comparatively lower 5.49% annualized return.

EFNL

• 1D: -0.09%
• 1M: -0.57%
• 6M: 6.20%
• YTD: 9.24%
• 1Y: 30.08%
• 3Y*: 18.45%
• 5Y*: 3.99%
• 10Y*: 8.71%
• ALL TIME*: 8.58%

EUDV

• 1D: -0.50%
• 1M: 0.65%
• 6M: 2.74%
• YTD: 4.82%
• 1Y: 8.69%
• 3Y*: 7.85%
• 5Y*: 1.70%
• 10Y*: 5.49%
• ALL TIME*: 4.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EFNL iShares MSCI Finland ETF	$520.43K	$2.79M	$3.90M
EUDV ProShares MSCI Europe Dividend Growers ETF	$11.17K	$7.89K	$24.50K

EFNL vs. EUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	9.24%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
EUDV ProShares MSCI Europe Dividend Growers ETF	4.82%	14.05%	0.03%	20.41%	-24.87%	19.56%	5.81%	25.89%	-11.12%	21.57%

Correlation

The correlation between EFNL and EUDV is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 11, 2015	0.67

The correlation between EFNL and EUDV shifts across timeframes, from 0.56 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

EFNL vs. EUDV - Sectors Allocation Comparison

Sectors	EFNL	EUDV
Financial Services	28.6%	12.3%
Industrials	21.0%	19.5%
Technology	16.4%	10.6%
Basic Materials	9.7%	12.4%
Energy	5.0%	2.2%
Consumer Cyclical	4.4%	-
Healthcare	4.4%	18.1%
Utilities	3.8%	9.1%
Consumer Defensive	3.2%	11.4%
Communication Services	2.3%	3.7%
Real Estate	0.8%	2.8%

Return for Risk

EFNL vs. EUDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EFNL

EFNL Risk / Return Rank: 66
EFNL Sharpe Ratio Rank: 70
EFNL Sortino Ratio Rank: 65
EFNL Omega Ratio Rank: 64
EFNL Calmar Ratio Rank: 72
EFNL Martin Ratio Rank: 61

EUDV

EUDV Risk / Return Rank: 25
EUDV Sharpe Ratio Rank: 25
EUDV Sortino Ratio Rank: 24
EUDV Omega Ratio Rank: 23
EUDV Calmar Ratio Rank: 25
EUDV Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFNL vs. EUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and ProShares MSCI Europe Dividend Growers ETF (EUDV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EFNL	EUDV	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.58	+1.01
Sortino ratio: Return per unit of downside risk	2.14	0.90	+1.24
Omega ratio: Gain probability vs. loss probability	1.27	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	2.52	0.77	+1.75
Martin ratio: Return relative to average drawdown	7.34	2.28	+5.06

EFNL vs. EUDV - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.59, which is higher than the EUDV Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EFNL and EUDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFNL vs. EUDV - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, roughly equal to the maximum EUDV drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for EFNL and EUDV.

Drawdown Indicators

	EFNL	EUDV	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-37.51%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-10.63%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-13.69%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-37.51%	-1.19%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-37.51%	-1.19%
Current Drawdown Current decline from peak	-10.24%	-1.27%	-8.97%
Average Drawdown Average peak-to-trough decline	-10.90%	-8.53%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.56%	+0.61%

Volatility

EFNL vs. EUDV - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 5.85% compared to ProShares MSCI Europe Dividend Growers ETF (EUDV) at 3.90%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than EUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	EUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.90%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	11.67%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	14.08%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	16.22%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	16.91%	+2.99%

EFNL vs. EUDV - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is lower than EUDV's 0.55% expense ratio.

Dividends

EFNL vs. EUDV - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.04%, less than EUDV's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.04%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
EUDV ProShares MSCI Europe Dividend Growers ETF	2.05%	1.74%	1.92%	1.87%	1.77%	2.30%	1.27%	2.20%	2.22%	2.33%	2.53%	0.37%

Frequently Asked Questions

Can I hold both EFNL and EUDV in my portfolio?

EFNL and EUDV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or EUDV?

EFNL has higher volatility (5.85%) compared to EUDV (3.90%). In terms of maximum drawdown, EFNL dropped -38.70% vs EUDV's -37.51%.

Which ETF is better, EFNL or EUDV?

On 10-year performance, EFNL leads with 8.71% vs 5.49% for EUDV. On fees, EFNL is cheaper at 0.53% per year. On volatility, EUDV has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or EUDV?

Over the 10-year period, EFNL has performed better with a 8.71% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or EUDV?

EFNL is cheaper with a 0.53% expense ratio, compared with 0.55% for EUDV.

Which ETF pays a higher dividend yield, EFNL or EUDV?

EUDV has the higher dividend yield at 2.05%, compared with 1.04% for EFNL.

What is the main difference between EFNL and EUDV?

EFNL tracks MSCI Finland IMI 25/50 Index, while EUDV tracks MSCI Europe Dividend Masters Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.53% for EFNL and 0.55% for EUDV.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (1.59 vs 0.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.