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EWG vs. FDD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. FDD

Last updated Jun 4, 2026

EWG (iShares MSCI Germany ETF) and FDD (First Trust STOXX European Select Dividend Index Fund) are both Europe Equities funds - EWG tracks the MSCI Germany Index while FDD tracks the STOXX Europe Select Dividend 30. Both are passively managed. Over the past 10 years, EWG returned 7.59%/yr vs 9.96%/yr for FDD. A 0.76 correlation means they provide meaningful diversification when combined. EWG charges 0.49%/yr vs 0.58%/yr for FDD.

Performance

EWG vs. FDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) and First Trust STOXX European Select Dividend Index Fund (FDD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWG achieves a 0.64% return, which is significantly lower than FDD's 11.53% return. Over the past 10 years, EWG has underperformed FDD with an annualized return of 7.59%, while FDD has yielded a comparatively higher 9.96% annualized return.

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%

FDD

1D
-1.17%
1M
3.51%
YTD
11.53%
6M
17.78%
1Y
33.02%
3Y*
25.85%
5Y*
11.03%
10Y*
9.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWG vs. FDD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FDD
First Trust STOXX European Select Dividend Index Fund		11.53%62.50%0.28%14.16%-16.14%16.03%-3.80%23.79%-8.98%19.07%

Correlation

The correlation between EWG and FDD is 0.79, 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

0.79

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Aug 31, 2007

0.76

The correlation between EWG and FDD shifts across timeframes, from 0.76 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

EWG vs. FDD - Sectors Allocation Comparison

Sectors
EWG
FDD

Industrials

30.3%
12.5%

Financial Services

21.6%
52.2%

Technology

13.8%

-

Consumer Cyclical

8.2%
12.3%

Communication Services

6.6%
2.1%

Healthcare

6.1%

-

Basic Materials

5.8%
2.9%

Utilities

4.9%
6.0%

Consumer Defensive

1.4%
3.7%

Real Estate

1.3%
3.5%

Energy

-

10.8%

Industrials

EWG
30.3%
FDD
12.5%

Financial Services

EWG
21.6%
FDD
52.2%

Technology

EWG
13.8%
FDD

-

Consumer Cyclical

EWG
8.2%
FDD
12.3%

Communication Services

EWG
6.6%
FDD
2.1%

Healthcare

EWG
6.1%
FDD

-

Basic Materials

EWG
5.8%
FDD
2.9%

Utilities

EWG
4.9%
FDD
6.0%

Consumer Defensive

EWG
1.4%
FDD
3.7%

Real Estate

EWG
1.3%
FDD
3.5%

Energy

EWG

-

FDD
10.8%

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iShares MSCI Germany ETF

First Trust STOXX European Select Dividend Index Fund

Often compared with EWG:
EWG vs. EWQEWG vs. EWPEWG vs. SPYEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO
Often compared with FDD:
FDD vs. EUFNFDD vs. FLAXFDD vs. VTIFDD vs. RFEUFDD vs. IQDFFDD vs. DVYFDD vs. IEUR

Return for Risk

EWG vs. FDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWG
EWG Risk / Return Rank: 1111
Overall Rank
EWG Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWG Omega Ratio Rank: 1111
Omega Ratio Rank
EWG Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWG Martin Ratio Rank: 1212
Martin Ratio Rank
FDD
FDD Risk / Return Rank: 6464
Overall Rank
FDD Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
FDD Sortino Ratio Rank: 6262
Sortino Ratio Rank
FDD Omega Ratio Rank: 6060
Omega Ratio Rank
FDD Calmar Ratio Rank: 7070
Calmar Ratio Rank
FDD Martin Ratio Rank: 6464
Martin Ratio Rank
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. FDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) and First Trust STOXX European Select Dividend Index Fund (FDD). 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.

EWGFDDDifference
Sharpe ratioReturn per unit of total volatility
0.19
2.16

-1.97

Sortino ratioReturn per unit of downside risk
0.38
2.98

-2.59

Omega ratioGain probability vs. loss probability

1.05

1.37

-0.33

Calmar ratioReturn relative to maximum drawdown

0.22

3.53

-3.31

Martin ratioReturn relative to average drawdown

0.66

11.86

-11.20

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWG vs. FDD - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.19, which is lower than the FDD Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EWG and FDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EWGFDDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

2.16

-1.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

0.60

-0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.50

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.10

+0.15

Drawdowns

EWG vs. FDD - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, smaller than the maximum FDD drawdown of -74.77%. Use the drawdown chart below to compare losses from any high point for EWG and FDD.

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Drawdown Indicators

EWGFDDDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-74.77%

+7.20%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-9.39%

-5.15%

Max Drawdown (3Y)

Largest decline over 3 years

-15.81%

-13.06%

-2.75%

Max Drawdown (5Y)

Largest decline over 5 years

-43.44%

-35.11%

-8.33%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-41.43%

-5.37%

Current Drawdown

Current decline from peak

-4.02%

-2.26%

-1.76%

Average Drawdown

Average peak-to-trough decline

-19.20%

-35.47%

+16.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.89%

2.79%

+2.10%

Volatility

EWG vs. FDD - Volatility Comparison

iShares MSCI Germany ETF (EWG) has a higher volatility of 6.49% compared to First Trust STOXX European Select Dividend Index Fund (FDD) at 5.22%. This indicates that EWG's price experiences larger fluctuations and is considered to be riskier than FDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWGFDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

5.22%

+1.27%

Volatility (6M)

Calculated over the trailing 6-month period

14.18%

12.35%

+1.83%

Volatility (1Y)

Calculated over the trailing 1-year period

17.28%

15.43%

+1.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.48%

18.39%

+2.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.11%

20.16%

+0.95%

EWG vs. FDD - Expense Ratio Comparison

EWG has a 0.49% expense ratio, which is lower than FDD's 0.58% expense ratio.

Dividends

EWG vs. FDD - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.59%, less than FDD's 3.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FDD
First Trust STOXX European Select Dividend Index Fund		3.55%3.99%7.65%6.85%6.07%3.44%4.01%4.69%5.05%2.78%4.88%4.35%

Frequently Asked Questions

EWG and FDD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (6.49%) compared to FDD (5.22%). In terms of maximum drawdown, EWG dropped -67.57% vs FDD's -74.77%.

On 10-year performance, FDD leads with 9.96% vs 7.59% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, FDD has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDD has performed better with a 9.96% return vs 7.59%. 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 0.58% for FDD.

FDD has the higher dividend yield at 3.55%, compared with 1.59% for EWG.

EWG tracks MSCI Germany Index, while FDD tracks STOXX Europe Select Dividend 30. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWG and 0.58% for FDD.

FDD currently has the higher Sharpe Ratio (2.16 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.

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