EFNL vs. IEUS

Last updated Jun 3, 2026

EFNL (iShares MSCI Finland ETF) and IEUS (iShares MSCI Europe Small-Cap ETF) are both Europe Equities funds from iShares - EFNL tracks the MSCI Finland IMI 25/50 Index while IEUS tracks the MSCI Europe Small Cap Index. Both are passively managed. Over the past 10 years, EFNL returned 10.12%/yr vs 7.57%/yr for IEUS. A 0.76 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.40%/yr for IEUS.

Performance

EFNL vs. IEUS - Performance Comparison

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

Returns By Period

In the year-to-date period, EFNL achieves a 21.56% return, which is significantly higher than IEUS's 7.06% return. Over the past 10 years, EFNL has outperformed IEUS with an annualized return of 10.12%, while IEUS has yielded a comparatively lower 7.57% annualized return.

EFNL

• 1D: 0.84%
• 1M: 5.22%
• YTD: 21.56%
• 6M: 27.81%
• 1Y: 47.25%
• 3Y*: 21.70%
• 5Y*: 6.95%
• 10Y*: 10.12%

IEUS

• 1D: 0.23%
• 1M: 1.91%
• YTD: 7.06%
• 6M: 11.61%
• 1Y: 14.61%
• 3Y*: 14.56%
• 5Y*: 3.25%
• 10Y*: 7.57%

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

EFNL vs. IEUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	21.56%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
IEUS iShares MSCI Europe Small-Cap ETF	7.06%	32.06%	-1.59%	17.34%	-27.07%	15.06%	12.99%	29.72%	-20.17%	35.04%

Correlation

The correlation between EFNL and IEUS is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.76

The correlation between EFNL and IEUS has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

EFNL vs. IEUS - Sectors Allocation Comparison

Sectors	EFNL	IEUS
Financial Services	26.0%	15.2%
Technology	21.4%	7.4%
Industrials	20.8%	26.7%
Consumer Cyclical	6.6%	11.4%
Basic Materials	6.3%	7.5%
Energy	5.2%	5.1%
Utilities	4.0%	2.4%
Healthcare	3.5%	7.3%
Consumer Defensive	2.9%	3.7%
Communication Services	2.6%	5.0%
Real Estate	0.7%	8.4%

Return for Risk

EFNL vs. IEUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFNL

EFNL Risk / Return Rank: 84
EFNL Sharpe Ratio Rank: 83
EFNL Sortino Ratio Rank: 79
EFNL Omega Ratio Rank: 75
EFNL Calmar Ratio Rank: 92
EFNL Martin Ratio Rank: 91

IEUS

IEUS Risk / Return Rank: 26
IEUS Sharpe Ratio Rank: 26
IEUS Sortino Ratio Rank: 26
IEUS Omega Ratio Rank: 25
IEUS Calmar Ratio Rank: 25
IEUS Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFNL vs. IEUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and iShares MSCI Europe Small-Cap ETF (IEUS). 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.

	EFNL	IEUS	Difference
Sharpe ratio Return per unit of total volatility	2.75	0.93	+1.82
Sortino ratio Return per unit of downside risk	3.59	1.39	+2.20
Omega ratio Gain probability vs. loss probability	1.46	1.17	+0.29
Calmar ratio Return relative to maximum drawdown	6.19	1.22	+4.97
Martin ratio Return relative to average drawdown	21.92	4.17	+17.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFNL vs. IEUS - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 2.75, which is higher than the IEUS Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of EFNL and IEUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFNL	IEUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	0.93	+1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.16	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.37	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.24	+0.23

Drawdowns

EFNL vs. IEUS - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum IEUS drawdown of -62.12%. Use the drawdown chart below to compare losses from any high point for EFNL and IEUS.

Drawdown Indicators

	EFNL	IEUS	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-62.12%	+23.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-12.81%	+4.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-18.05%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-44.86%	+6.16%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-44.86%	+6.16%
Current Drawdown Current decline from peak	0.00%	-0.68%	+0.68%
Average Drawdown Average peak-to-trough decline	-10.93%	-14.92%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.74%	-1.50%

Volatility

EFNL vs. IEUS - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 7.05% compared to iShares MSCI Europe Small-Cap ETF (IEUS) at 5.45%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than IEUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	IEUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.45%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	13.01%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	15.88%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	20.78%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	20.51%	-0.42%

EFNL vs. IEUS - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than IEUS's 0.40% expense ratio.

Dividends

EFNL vs. IEUS - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 2.79%, less than IEUS's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	2.79%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
IEUS iShares MSCI Europe Small-Cap ETF	2.98%	3.19%	3.25%	2.97%	3.00%	2.63%	1.21%	4.03%	3.21%	2.13%	2.48%	2.06%

Frequently Asked Questions

Can I hold both EFNL and IEUS in my portfolio?

EFNL and IEUS have a correlation of 0.73, 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 IEUS?

EFNL has higher volatility (7.05%) compared to IEUS (5.45%). In terms of maximum drawdown, EFNL dropped -38.70% vs IEUS's -62.12%.

Which ETF is better, EFNL or IEUS?

On 10-year performance, EFNL leads with 10.12% vs 7.57% for IEUS. On fees, IEUS is cheaper at 0.40% per year. On volatility, IEUS has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or IEUS?

Over the 10-year period, EFNL has performed better with a 10.12% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or IEUS?

IEUS is cheaper with a 0.40% expense ratio, compared with 0.53% for EFNL.

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

IEUS has the higher dividend yield at 2.98%, compared with 2.79% for EFNL.

What is the main difference between EFNL and IEUS?

EFNL tracks MSCI Finland IMI 25/50 Index, while IEUS tracks MSCI Europe Small Cap Index. Their fees differ too: 0.53% for EFNL and 0.40% for IEUS.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (2.75 vs 0.93), 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.