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EWG vs. SOXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. SOXX

Last updated Aug 4, 2026
Documentation

EWG (iShares MSCI Germany ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, EWG returned 7.95%/yr vs 31.96%/yr for SOXX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. EWG charges 0.49%/yr vs 0.34%/yr for SOXX.

Performance

EWG vs. SOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) and iShares Semiconductor ETF (SOXX). 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 4.12% return, which is significantly lower than SOXX's 68.76% return. Over the past 10 years, EWG has underperformed SOXX with an annualized return of 7.95%, while SOXX has yielded a comparatively higher 31.96% annualized return.

EWG

1D
1.24%
1M
2.53%
6M
1.77%
YTD
4.12%
1Y
8.59%
3Y*
17.75%
5Y*
7.19%
10Y*
7.95%
ALL TIME*
6.37%

SOXX

1D
0.55%
1M
-10.35%
6M
44.10%
YTD
68.76%
1Y
114.99%
3Y*
44.68%
5Y*
27.63%
10Y*
31.96%
ALL TIME*
13.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWG

iShares MSCI Germany ETF
$53.17M$48.20M$48.04M

SOXX

iShares Semiconductor ETF
$6.22B$5.65B$5.89B

EWG vs. SOXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		4.12%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
SOXX
iShares Semiconductor ETF		68.76%40.74%12.92%67.12%-35.09%44.09%52.72%62.42%-6.49%39.79%

Correlation

The correlation between EWG and SOXX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.53

Correlation (3Y)
Balances recent behavior with more history.

0.50

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.58

Correlation (10Y)
Provides a long-term view across more market conditions.

0.58

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2001

0.59

The correlation between EWG and SOXX has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

EWG vs. SOXX - Sectors Allocation Comparison

Sectors
EWG
SOXX

Industrials

30.4%

-

Financial Services

22.0%

-

Technology

15.1%
100.0%

Consumer Cyclical

7.8%

-

Healthcare

7.0%

-

Communication Services

5.5%

-

Basic Materials

5.2%

-

Utilities

4.7%

-

Consumer Defensive

1.5%

-

Real Estate

0.9%

-

Energy

-

-

Industrials

EWG
30.4%
SOXX

-

Financial Services

EWG
22.0%
SOXX

-

Technology

EWG
15.1%
SOXX
100.0%

Consumer Cyclical

EWG
7.8%
SOXX

-

Healthcare

EWG
7.0%
SOXX

-

Communication Services

EWG
5.5%
SOXX

-

Basic Materials

EWG
5.2%
SOXX

-

Utilities

EWG
4.7%
SOXX

-

Consumer Defensive

EWG
1.5%
SOXX

-

Real Estate

EWG
0.9%
SOXX

-

Energy

EWG

-

SOXX

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Germany ETF

iShares Semiconductor ETF

Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. EWD
Often compared with SOXX:
SOXX vs. SMHSOXX vs. QQQSOXX vs. SOXLSOXX vs. SOXQSOXX vs. FSELXSOXX vs. VGTSOXX vs. VOO

Return for Risk

EWG vs. SOXX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWG
EWG Risk / Return Rank: 2222
Overall Rank
EWG Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 2222
Sortino Ratio Rank
EWG Omega Ratio Rank: 2222
Omega Ratio Rank
EWG Calmar Ratio Rank: 2121
Calmar Ratio Rank
EWG Martin Ratio Rank: 2424
Martin Ratio Rank
SOXX
SOXX Risk / Return Rank: 9090
Overall Rank
SOXX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
SOXX Sortino Ratio Rank: 8585
Sortino Ratio Rank
SOXX Omega Ratio Rank: 8787
Omega Ratio Rank
SOXX Calmar Ratio Rank: 9191
Calmar Ratio Rank
SOXX Martin Ratio Rank: 9292
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWG vs. SOXX - Risk-Adjusted Trends Comparison

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

EWGSOXXDifference
Sharpe ratioReturn per unit of total volatility
0.49
2.61

-2.12

Sortino ratioReturn per unit of downside risk
0.80
2.89

-2.09

Omega ratioGain probability vs. loss probability

1.10

1.39

-0.29

Calmar ratioReturn relative to maximum drawdown

0.59

3.99

-3.39

Martin ratioReturn relative to average drawdown

1.77

16.43

-14.66

EWG vs. SOXX - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.49, which is lower than the SOXX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of EWG and SOXX, 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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Drawdowns

EWG vs. SOXX - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, roughly equal to the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for EWG and SOXX.

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Drawdown Indicators

EWGSOXXDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-70.21%

+2.64%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-29.01%

+14.47%

Max Drawdown (3Y)

Largest decline over 3 years

-15.49%

-41.36%

+25.87%

Max Drawdown (5Y)

Largest decline over 5 years

-42.59%

-45.75%

+3.16%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-45.75%

-1.05%

Current Drawdown

Current decline from peak

-0.70%

-22.49%

+21.79%

Average Drawdown

Average peak-to-trough decline

-19.12%

-19.92%

+0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.86%

7.02%

-2.16%

Volatility

EWG vs. SOXX - Volatility Comparison

The current volatility for iShares MSCI Germany ETF (EWG) is 4.87%, while iShares Semiconductor ETF (SOXX) has a volatility of 17.11%. This indicates that EWG experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWGSOXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.87%

17.11%

-12.24%

Volatility (6M)

Calculated over the trailing 6-month period

15.35%

38.66%

-23.31%

Volatility (1Y)

Calculated over the trailing 1-year period

17.72%

44.40%

-26.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.59%

38.25%

-17.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.82%

34.55%

-13.73%

EWG vs. SOXX - Expense Ratio Comparison

EWG has a 0.49% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

EWG vs. SOXX - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.92%, more than SOXX's 0.29% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.92%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
SOXX
iShares Semiconductor ETF		0.29%0.57%0.67%0.78%1.26%0.64%0.81%1.23%1.37%0.90%1.08%1.29%

Frequently Asked Questions

EWG and SOXX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXX has higher volatility (17.11%) compared to EWG (4.87%). In terms of maximum drawdown, EWG dropped -67.57% vs SOXX's -70.21%.

On 10-year performance, SOXX leads with 31.96% vs 7.95% for EWG. On fees, SOXX is cheaper at 0.34% per year. On volatility, EWG has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SOXX has performed better with a 31.96% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SOXX is cheaper with a 0.34% expense ratio, compared with 0.49% for EWG.

EWG has the higher dividend yield at 1.92%, compared with 0.29% for SOXX.

EWG is categorized as Europe Equities, while SOXX is Semiconductors. EWG tracks MSCI Germany Index, while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.49% for EWG and 0.34% for SOXX.

SOXX currently has the higher Sharpe Ratio (2.61 vs 0.49), 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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