EWG vs. EWQ
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 7.90%/yr vs 9.96%/yr for EWQ. Their correlation of 0.84 means they have usually moved in the same direction. EWG charges 0.49%/yr vs 0.50%/yr for EWQ.
Performance
EWG vs. EWQ - Performance Comparison
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Returns By Period
In the year-to-date period, EWG achieves a 2.84% return, which is significantly lower than EWQ's 5.94% return. Over the past 10 years, EWG has underperformed EWQ with an annualized return of 7.90%, while EWQ has yielded a comparatively higher 9.96% annualized return.
EWG
- 1D
- -0.07%
- 1M
- 1.28%
- 6M
- 1.39%
- YTD
- 2.84%
- 1Y
- 7.26%
- 3Y*
- 16.35%
- 5Y*
- 7.08%
- 10Y*
- 7.90%
- ALL TIME*
- 6.32%
EWQ
- 1D
- 0.17%
- 1M
- 1.37%
- 6M
- 5.10%
- YTD
- 5.94%
- 1Y
- 15.63%
- 3Y*
- 9.54%
- 5Y*
- 7.52%
- 10Y*
- 9.96%
- ALL TIME*
- 6.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.81M | $49.56M | $49.69M | |
| $12.00M | $12.69M | $15.52M |
EWG vs. EWQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 2.84% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
EWQ iShares MSCI France ETF | 5.94% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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
Financial Services
Technology
Consumer Cyclical
Healthcare
Communication Services
Basic Materials
Utilities
Consumer Defensive
Real Estate
Energy
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Industrials
EWG
EWQ
Financial Services
EWG
EWQ
Technology
EWG
EWQ
Consumer Cyclical
EWG
EWQ
Healthcare
EWG
EWQ
Communication Services
EWG
EWQ
Basic Materials
EWG
EWQ
Utilities
EWG
EWQ
Consumer Defensive
EWG
EWQ
Real Estate
EWG
EWQ
Energy
EWG
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EWQ
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Return for Risk
EWG vs. EWQ — Risk / Return Rank
EWG
EWQ
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 ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.15 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.04 | -0.61 |
| Martin ratioReturn relative to average drawdown | 1.28 | 3.10 | -1.82 |
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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.
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Drawdown Indicators
| EWG | EWQ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -15.49% | -15.16% | -0.33% |
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 DrawdownCurrent decline from peak | -1.91% | -1.42% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -19.12% | -16.01% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 4.59% | +0.27% |
Volatility
EWG vs. EWQ - Volatility Comparison
iShares MSCI Germany ETF (EWG) has a higher volatility of 5.38% compared to iShares MSCI France ETF (EWQ) at 4.68%. This indicates that EWG's price experiences larger fluctuations and is considered to be riskier than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWG | EWQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 4.68% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.32% | 14.69% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 17.42% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 19.85% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.81% | 20.39% | +0.42% |
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 1.94%, less than EWQ's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 1.94% | 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 | 2.83% | 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
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.
EWG has higher volatility (5.38%) compared to EWQ (4.68%). In terms of maximum drawdown, EWG dropped -67.57% vs EWQ's -61.41%.
On 10-year performance, EWQ leads with 9.96% vs 7.90% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWQ has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWQ has performed better with a 9.96% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWG is cheaper with a 0.49% expense ratio, compared with 0.50% for EWQ.
EWQ has the higher dividend yield at 2.83%, compared with 1.94% for EWG.
EWG tracks MSCI Germany Index, while EWQ tracks MSCI France Index. Their fees differ too: 0.49% for EWG and 0.50% for EWQ.
EWQ currently has the higher Sharpe Ratio (0.82 vs 0.35), 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.
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