EPOL vs. EWG

Last updated Jun 4, 2026

EPOL (iShares MSCI Poland ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EPOL tracks the MSCI Poland Investable Market Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EPOL returned 11.45%/yr vs 7.59%/yr for EWG. A 0.69 correlation means they provide meaningful diversification when combined. EPOL charges 0.61%/yr vs 0.49%/yr for EWG.

Performance

EPOL vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) and iShares MSCI Germany ETF (EWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPOL achieves a 13.58% return, which is significantly higher than EWG's 0.64% return. Over the past 10 years, EPOL has outperformed EWG with an annualized return of 11.45%, while EWG has yielded a comparatively lower 7.59% annualized return.

EPOL

• 1D: -0.52%
• 1M: 5.18%
• YTD: 13.58%
• 6M: 22.93%
• 1Y: 40.50%
• 3Y*: 35.67%
• 5Y*: 15.78%
• 10Y*: 11.45%

EWG

• 1D: -1.84%
• 1M: 3.11%
• YTD: 0.64%
• 6M: 4.44%
• 1Y: 3.23%
• 3Y*: 16.95%
• 5Y*: 5.94%
• 10Y*: 7.59%

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

EPOL vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPOL iShares MSCI Poland ETF	13.58%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%
EWG iShares MSCI Germany ETF	0.64%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%

Correlation

The correlation between EPOL and EWG is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.69

The correlation between EPOL and EWG has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

EPOL vs. EWG - Sectors Allocation Comparison

Sectors	EPOL	EWG
Financial Services	45.6%	21.6%
Energy	14.6%	-
Consumer Cyclical	12.4%	8.2%
Basic Materials	6.6%	5.8%
Communication Services	6.3%	6.6%
Consumer Defensive	5.5%	1.4%
Utilities	5.1%	4.9%
Technology	1.9%	13.8%
Industrials	1.7%	30.3%
Healthcare	0.3%	6.1%
Real Estate	-	1.3%

Return for Risk

EPOL vs. EWG — Risk / Return Rank

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

EPOL

EPOL Risk / Return Rank: 55
EPOL Sharpe Ratio Rank: 50
EPOL Sortino Ratio Rank: 50
EPOL Omega Ratio Rank: 45
EPOL Calmar Ratio Rank: 73
EPOL Martin Ratio Rank: 57

EWG

EWG Risk / Return Rank: 11
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 11
EWG Omega Ratio Rank: 11
EWG Calmar Ratio Rank: 11
EWG Martin Ratio Rank: 12

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.

EPOL vs. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) and iShares MSCI Germany ETF (EWG). 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.

	EPOL	EWG	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.19	+1.57
Sortino ratio: Return per unit of downside risk	2.49	0.38	+2.10
Omega ratio: Gain probability vs. loss probability	1.29	1.05	+0.25
Calmar ratio: Return relative to maximum drawdown	3.68	0.22	+3.46
Martin ratio: Return relative to average drawdown	10.07	0.66	+9.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPOL vs. EWG - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.76, which is higher than the EWG Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of EPOL and EWG, 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

	EPOL	EWG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.19	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.29	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.36	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.25	-0.04

Drawdowns

EPOL vs. EWG - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EPOL and EWG.

Drawdown Indicators

	EPOL	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-63.72%	-67.57%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-14.54%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.81%	-15.81%	-6.00%
Max Drawdown (5Y) Largest decline over 5 years	-54.21%	-43.44%	-10.77%
Max Drawdown (10Y) Largest decline over 10 years	-61.41%	-46.80%	-14.61%
Current Drawdown Current decline from peak	-1.65%	-4.02%	+2.37%
Average Drawdown Average peak-to-trough decline	-26.89%	-19.20%	-7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	4.89%	-0.86%

Volatility

EPOL vs. EWG - Volatility Comparison

iShares MSCI Poland ETF (EPOL) has a higher volatility of 7.84% compared to iShares MSCI Germany ETF (EWG) at 6.49%. This indicates that EPOL's price experiences larger fluctuations and is considered to be riskier than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPOL	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	6.49%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	14.18%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	17.28%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.06%	20.48%	+8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.65%	21.11%	+6.54%

EPOL vs. EWG - Expense Ratio Comparison

EPOL has a 0.61% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

EPOL vs. EWG - Dividend Comparison

EPOL's dividend yield for the trailing twelve months is around 4.21%, more than EWG's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	4.21%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
EWG iShares MSCI Germany ETF	1.59%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%

Frequently Asked Questions

Can I hold both EPOL and EWG in my portfolio?

EPOL and EWG have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPOL or EWG?

EPOL has higher volatility (7.84%) compared to EWG (6.49%). In terms of maximum drawdown, EPOL dropped -63.72% vs EWG's -67.57%.

Which ETF is better, EPOL or EWG?

On 10-year performance, EPOL leads with 11.45% vs 7.59% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWG has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPOL or EWG?

Over the 10-year period, EPOL has performed better with a 11.45% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPOL or EWG?

EWG is cheaper with a 0.49% expense ratio, compared with 0.61% for EPOL.

Which ETF pays a higher dividend yield, EPOL or EWG?

EPOL has the higher dividend yield at 4.21%, compared with 1.59% for EWG.

What is the main difference between EPOL and EWG?

EPOL tracks MSCI Poland Investable Market Index, while EWG tracks MSCI Germany Index. Their fees differ too: 0.61% for EPOL and 0.49% for EWG.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.76 vs 0.19), 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.