EIRL vs. IEUR

Last updated Jun 5, 2026

EIRL (iShares MSCI Ireland ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EIRL tracks the MSCI Ireland Investable Market 25/50 Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EIRL returned 8.16%/yr vs 9.26%/yr for IEUR. A 0.79 correlation means they provide meaningful diversification when combined. EIRL charges 0.49%/yr vs 0.09%/yr for IEUR.

Performance

EIRL vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Ireland ETF (EIRL) and iShares Core MSCI Europe ETF (IEUR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIRL achieves a 5.09% return, which is significantly lower than IEUR's 6.90% return. Over the past 10 years, EIRL has underperformed IEUR with an annualized return of 8.16%, while IEUR has yielded a comparatively higher 9.26% annualized return.

EIRL

• 1D: 1.23%
• 1M: 5.85%
• YTD: 5.09%
• 6M: 7.82%
• 1Y: 20.47%
• 3Y*: 13.86%
• 5Y*: 6.82%
• 10Y*: 8.16%

IEUR

• 1D: 1.20%
• 1M: 2.40%
• YTD: 6.90%
• 6M: 9.92%
• 1Y: 18.10%
• 3Y*: 16.83%
• 5Y*: 8.29%
• 10Y*: 9.26%

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

EIRL vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIRL iShares MSCI Ireland ETF	5.09%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%
IEUR iShares Core MSCI Europe ETF	6.90%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between EIRL and IEUR 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	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.79

The correlation between EIRL and IEUR has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

EIRL vs. IEUR - Sectors Allocation Comparison

Sectors	EIRL	IEUR
Financial Services	34.0%	22.5%
Industrials	24.8%	20.4%
Consumer Defensive	14.6%	8.0%
Healthcare	10.2%	12.5%
Consumer Cyclical	8.8%	6.9%
Energy	4.8%	5.3%
Real Estate	2.1%	1.6%
Basic Materials	0.5%	5.8%
Technology	0.3%	8.4%
Communication Services	-	3.8%
Utilities	-	4.8%

Return for Risk

EIRL vs. IEUR — Risk / Return Rank

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

EIRL

EIRL Risk / Return Rank: 32
EIRL Sharpe Ratio Rank: 32
EIRL Sortino Ratio Rank: 33
EIRL Omega Ratio Rank: 32
EIRL Calmar Ratio Rank: 30
EIRL Martin Ratio Rank: 32

IEUR

IEUR Risk / Return Rank: 33
IEUR Sharpe Ratio Rank: 34
IEUR Sortino Ratio Rank: 33
IEUR Omega Ratio Rank: 32
IEUR Calmar Ratio Rank: 31
IEUR Martin Ratio Rank: 37

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.

EIRL vs. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) and iShares Core MSCI Europe ETF (IEUR). 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.

	EIRL	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.19	-0.05
Sortino ratio: Return per unit of downside risk	1.71	1.74	-0.03
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.44	1.51	-0.07
Martin ratio: Return relative to average drawdown	4.72	5.67	-0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EIRL vs. IEUR - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.14, which is comparable to the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of EIRL and IEUR, 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

	EIRL	IEUR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.19	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.47	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.50	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.36	+0.08

Drawdowns

EIRL vs. IEUR - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EIRL and IEUR.

Drawdown Indicators

	EIRL	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-46.48%	-36.96%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-12.04%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-23.04%	-14.25%	-8.79%
Max Drawdown (5Y) Largest decline over 5 years	-40.14%	-32.75%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	-46.48%	-36.96%	-9.52%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-9.11%	-8.22%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.20%	+1.15%

Volatility

EIRL vs. IEUR - Volatility Comparison

iShares MSCI Ireland ETF (EIRL) and iShares Core MSCI Europe ETF (IEUR) have volatilities of 5.76% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIRL	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	5.51%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	12.79%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.06%	15.34%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	17.73%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	18.68%	+3.08%

EIRL vs. IEUR - Expense Ratio Comparison

EIRL has a 0.49% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EIRL vs. IEUR - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.58%, less than IEUR's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIRL iShares MSCI Ireland ETF	2.58%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%
IEUR iShares Core MSCI Europe ETF	2.78%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both EIRL and IEUR in my portfolio?

EIRL and IEUR 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, EIRL or IEUR?

EIRL has higher volatility (5.76%) compared to IEUR (5.51%). In terms of maximum drawdown, EIRL dropped -46.48% vs IEUR's -36.96%.

Which ETF is better, EIRL or IEUR?

On 10-year performance, IEUR leads with 9.26% vs 8.16% for EIRL. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIRL or IEUR?

Over the 10-year period, IEUR has performed better with a 9.26% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIRL or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.49% for EIRL.

Which ETF pays a higher dividend yield, EIRL or IEUR?

IEUR has the higher dividend yield at 2.78%, compared with 2.58% for EIRL.

What is the main difference between EIRL and IEUR?

EIRL tracks MSCI Ireland Investable Market 25/50 Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.49% for EIRL and 0.09% for IEUR.

Which has better risk-adjusted returns?

IEUR currently has the higher Sharpe Ratio (1.19 vs 1.14), 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.