EFNL vs. VGK

Last updated Jun 3, 2026

EFNL (iShares MSCI Finland ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - EFNL tracks the MSCI Finland IMI 25/50 Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EFNL returned 10.12%/yr vs 9.39%/yr for VGK. A 0.80 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.06%/yr for VGK.

Performance

EFNL vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and Vanguard FTSE Europe ETF (VGK). 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 VGK's 6.90% return. Over the past 10 years, EFNL has outperformed VGK with an annualized return of 10.12%, while VGK has yielded a comparatively lower 9.39% 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%

VGK

• 1D: 0.50%
• 1M: 2.08%
• YTD: 6.90%
• 6M: 10.71%
• 1Y: 18.42%
• 3Y*: 16.79%
• 5Y*: 8.68%
• 10Y*: 9.39%

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

EFNL vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	6.90%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EFNL and VGK is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.80

The correlation between EFNL and VGK has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

EFNL vs. VGK - Sectors Allocation Comparison

Sectors	EFNL	VGK
Financial Services	26.0%	23.9%
Technology	21.4%	8.3%
Industrials	20.8%	19.5%
Consumer Cyclical	6.6%	6.8%
Basic Materials	6.3%	5.4%
Energy	5.2%	5.3%
Utilities	4.0%	4.8%
Healthcare	3.5%	12.1%
Consumer Defensive	2.9%	8.5%
Communication Services	2.6%	3.3%
Real Estate	0.7%	1.5%

Return for Risk

EFNL vs. VGK — 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

VGK

VGK Risk / Return Rank: 34
VGK Sharpe Ratio Rank: 33
VGK Sortino Ratio Rank: 33
VGK Omega Ratio Rank: 32
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 38

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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio Return per unit of total volatility	2.75	1.21	+1.54
Sortino ratio Return per unit of downside risk	3.59	1.76	+1.83
Omega ratio Gain probability vs. loss probability	1.46	1.22	+0.24
Calmar ratio Return relative to maximum drawdown	6.19	1.62	+4.57
Martin ratio Return relative to average drawdown	21.92	6.04	+15.88
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. VGK - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 2.75, which is higher than the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of EFNL and VGK, 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	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.21	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.49	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.50	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.28	+0.19

Drawdowns

EFNL vs. VGK - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EFNL and VGK.

Drawdown Indicators

	EFNL	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-63.61%	+24.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-12.09%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-14.31%	-3.88%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-32.74%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-37.24%	-1.46%
Current Drawdown Current decline from peak	0.00%	-1.23%	+1.23%
Average Drawdown Average peak-to-trough decline	-10.93%	-13.35%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.24%	-1.00%

Volatility

EFNL vs. VGK - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 7.05% compared to Vanguard FTSE Europe ETF (VGK) at 5.94%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.94%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	12.73%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	15.38%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	17.89%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	18.96%	+1.13%

EFNL vs. VGK - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EFNL vs. VGK - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 2.79%, which matches VGK's 2.78% 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%
VGK Vanguard FTSE Europe ETF	2.78%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EFNL and VGK in my portfolio?

EFNL and VGK have a correlation of 0.77, 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 VGK?

EFNL has higher volatility (7.05%) compared to VGK (5.94%). In terms of maximum drawdown, EFNL dropped -38.70% vs VGK's -63.61%.

Which ETF is better, EFNL or VGK?

On 10-year performance, EFNL leads with 10.12% vs 9.39% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or VGK?

Over the 10-year period, EFNL has performed better with a 10.12% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.53% for EFNL.

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

EFNL has the higher dividend yield at 2.79%, compared with 2.78% for VGK.

What is the main difference between EFNL and VGK?

EFNL tracks MSCI Finland IMI 25/50 Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.53% for EFNL and 0.06% for VGK.

Which has better risk-adjusted returns?

EFNL currently has the higher Sharpe Ratio (2.75 vs 1.21), 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.