EWG vs. EWQ

Last updated Jun 23, 2026

EWG (iShares MSCI Germany ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWG tracks the MSCI Germany Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWG returned 8.37%/yr vs 10.42%/yr for EWQ. Their correlation of 0.84 suggests significant overlap in exposure. EWG charges 0.49%/yr vs 0.50%/yr for EWQ.

Performance

EWG vs. EWQ - Performance Comparison

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

Returns By Period

In the year-to-date period, EWG achieves a -0.30% return, which is significantly lower than EWQ's 2.89% return. Over the past 10 years, EWG has underperformed EWQ with an annualized return of 8.37%, while EWQ has yielded a comparatively higher 10.42% annualized return.

EWG

• 1D: 0.05%
• 1M: -1.25%
• YTD: -0.30%
• 6M: 0.08%
• 1Y: 5.04%
• 3Y*: 16.47%
• 5Y*: 6.37%
• 10Y*: 8.37%

EWQ

• 1D: -1.31%
• 1M: 2.48%
• YTD: 2.89%
• 6M: 2.96%
• 1Y: 12.68%
• 3Y*: 10.00%
• 5Y*: 7.01%
• 10Y*: 10.42%

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

EWG vs. EWQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWG iShares MSCI Germany ETF	-0.30%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%
EWQ iShares MSCI France ETF	2.89%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%

Correlation

The correlation between EWG and EWQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.84

The correlation between EWG and EWQ has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

EWG vs. EWQ - Sectors Allocation Comparison

Sectors	EWG	EWQ
Industrials	29.9%	31.1%
Financial Services	20.6%	12.8%
Technology	16.3%	4.1%
Consumer Cyclical	8.7%	12.0%
Communication Services	6.5%	3.1%
Healthcare	6.0%	8.7%
Basic Materials	5.5%	7.1%
Utilities	4.3%	2.6%
Consumer Defensive	1.3%	8.5%
Real Estate	0.9%	1.3%
Energy	-	8.0%

Return for Risk

EWG vs. EWQ — Risk / Return Rank

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

EWG

EWG Risk / Return Rank: 12
EWG Sharpe Ratio Rank: 12
EWG Sortino Ratio Rank: 12
EWG Omega Ratio Rank: 12
EWG Calmar Ratio Rank: 12
EWG Martin Ratio Rank: 13

EWQ

EWQ Risk / Return Rank: 21
EWQ Sharpe Ratio Rank: 21
EWQ Sortino Ratio Rank: 21
EWQ Omega Ratio Rank: 20
EWQ Calmar Ratio Rank: 21
EWQ Martin Ratio Rank: 23

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.

EWG vs. EWQ - Risk-Adjusted Trends Comparison

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

	EWG	EWQ	Difference
Sharpe ratio: Return per unit of total volatility	0.29	0.72	-0.43
Sortino ratio: Return per unit of downside risk	0.52	1.12	-0.60
Omega ratio: Gain probability vs. loss probability	1.06	1.14	-0.07
Calmar ratio: Return relative to maximum drawdown	0.35	0.92	-0.58
Martin ratio: Return relative to average drawdown	1.01	2.79	-1.78

EWG vs. EWQ - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.29, which is lower than the EWQ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of EWG and EWQ, 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

EWG vs. EWQ - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, which is greater than EWQ's maximum drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWG and EWQ.

Drawdown Indicators

	EWG	EWQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-61.41%	-6.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-13.80%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-15.16%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-42.59%	-31.46%	-11.13%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-39.23%	-7.57%
Current Drawdown Current decline from peak	-4.91%	-4.26%	-0.65%
Average Drawdown Average peak-to-trough decline	-19.17%	-16.06%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	4.55%	+0.45%

Volatility

EWG vs. EWQ - Volatility Comparison

The current volatility for iShares MSCI Germany ETF (EWG) is 5.06%, while iShares MSCI France ETF (EWQ) has a volatility of 5.51%. This indicates that EWG experiences smaller price fluctuations and is considered to be less risky than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWG	EWQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.51%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	14.23%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	17.65%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	19.88%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	20.77%	+0.30%

EWG vs. EWQ - Expense Ratio Comparison

EWG has a 0.49% expense ratio, which is lower than EWQ's 0.50% expense ratio.

Dividends

EWG vs. EWQ - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 2.00%, less than EWQ's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	2.00%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
EWQ iShares MSCI France ETF	2.91%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%

Frequently Asked Questions

Can I hold both EWG and EWQ in my portfolio?

EWG and EWQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWG or EWQ?

EWQ has higher volatility (5.51%) compared to EWG (5.06%). In terms of maximum drawdown, EWG dropped -67.57% vs EWQ's -61.41%.

Which ETF is better, EWG or EWQ?

On 10-year performance, EWQ leads with 10.42% vs 8.37% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWG has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWG or EWQ?

Over the 10-year period, EWQ has performed better with a 10.42% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWG or EWQ?

EWG is cheaper with a 0.49% expense ratio, compared with 0.50% for EWQ.

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

EWQ has the higher dividend yield at 2.91%, compared with 2.00% for EWG.

What is the main difference between EWG and EWQ?

EWG tracks MSCI Germany Index, while EWQ tracks MSCI France Index. Their fees differ too: 0.49% for EWG and 0.50% for EWQ.

Which has better risk-adjusted returns?

EWQ currently has the higher Sharpe Ratio (0.72 vs 0.29), 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.