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EWI vs. EWQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWQ

Last updated Aug 4, 2026
Documentation

EWI (iShares MSCI Italy ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWI tracks the MSCI Italy 25/50 Index (Net) while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWI returned 14.76%/yr vs 10.04%/yr for EWQ. Their 0.80 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWI vs. EWQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWI achieves a 17.10% return, which is significantly higher than EWQ's 6.99% return. Over the past 10 years, EWI has outperformed EWQ with an annualized return of 14.76%, while EWQ has yielded a comparatively lower 10.04% annualized return.

EWI

1D
1.28%
1M
2.90%
6M
12.86%
YTD
17.10%
1Y
34.75%
3Y*
29.05%
5Y*
18.17%
10Y*
14.76%
ALL TIME*
6.64%

EWQ

1D
0.99%
1M
2.37%
6M
5.37%
YTD
6.99%
1Y
16.77%
3Y*
10.47%
5Y*
7.45%
10Y*
10.04%
ALL TIME*
6.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWI

iShares MSCI Italy ETF
$27.89M$24.69M$25.33M

EWQ

iShares MSCI France ETF
$12.98M$12.88M$15.62M

EWI vs. EWQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		17.10%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWQ
iShares MSCI France ETF		6.99%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%

Correlation

The correlation between EWI and EWQ is 0.85, 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.

0.85

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

0.86

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

0.88

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

0.86

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.80

The correlation between EWI and EWQ has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

EWI vs. EWQ - Sectors Allocation Comparison

Sectors
EWI
EWQ

Financial Services

50.1%
13.4%

Utilities

18.0%
2.6%

Industrials

10.4%
33.1%

Consumer Cyclical

9.0%
11.4%

Energy

6.6%
7.2%

Communication Services

2.7%
2.8%

Healthcare

1.3%
8.5%

Basic Materials

1.0%
7.1%

Consumer Defensive

0.9%
8.5%

Real Estate

-

1.3%

Technology

-

4.0%

Financial Services

EWI
50.1%
EWQ
13.4%

Utilities

EWI
18.0%
EWQ
2.6%

Industrials

EWI
10.4%
EWQ
33.1%

Consumer Cyclical

EWI
9.0%
EWQ
11.4%

Energy

EWI
6.6%
EWQ
7.2%

Communication Services

EWI
2.7%
EWQ
2.8%

Healthcare

EWI
1.3%
EWQ
8.5%

Basic Materials

EWI
1.0%
EWQ
7.1%

Consumer Defensive

EWI
0.9%
EWQ
8.5%

Real Estate

EWI

-

EWQ
1.3%

Technology

EWI

-

EWQ
4.0%

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 Italy ETF

iShares MSCI France ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRLEWI vs. EDEN
Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWNEWQ vs. EIRL

Return for Risk

EWI vs. EWQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWI
EWI Risk / Return Rank: 7878
Overall Rank
EWI Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7979
Sortino Ratio Rank
EWI Omega Ratio Rank: 7575
Omega Ratio Rank
EWI Calmar Ratio Rank: 7777
Calmar Ratio Rank
EWI Martin Ratio Rank: 7979
Martin Ratio Rank
EWQ
EWQ Risk / Return Rank: 3737
Overall Rank
EWQ Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWQ Omega Ratio Rank: 3737
Omega Ratio Rank
EWQ Calmar Ratio Rank: 3535
Calmar Ratio Rank
EWQ Martin Ratio Rank: 3636
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.

EWI vs. EWQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) 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.

EWIEWQDifference
Sharpe ratioReturn per unit of total volatility
1.91
0.97

+0.94

Sortino ratioReturn per unit of downside risk
2.63
1.45

+1.18

Omega ratioGain probability vs. loss probability

1.32

1.18

+0.15

Calmar ratioReturn relative to maximum drawdown

2.80

1.22

+1.58

Martin ratioReturn relative to average drawdown

10.48

3.66

+6.82

EWI vs. EWQ - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.91, which is higher than the EWQ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of EWI 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.

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Drawdowns

EWI vs. EWQ - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EWQ's maximum drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWI and EWQ.

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Drawdown Indicators

EWIEWQDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-61.41%

-8.97%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-13.80%

+1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-15.16%

-1.64%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-31.46%

-3.79%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-39.23%

-3.77%

Current Drawdown

Current decline from peak

0.00%

-0.45%

+0.45%

Average Drawdown

Average peak-to-trough decline

-28.79%

-16.01%

-12.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

4.59%

-1.27%

Volatility

EWI vs. EWQ - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 4.59% compared to iShares MSCI France ETF (EWQ) at 4.30%. This indicates that EWI'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

EWIEWQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

4.30%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

15.66%

14.68%

+0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

17.38%

+0.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

19.86%

+1.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

20.40%

+2.11%

EWI vs. EWQ - Expense Ratio Comparison

Both EWI and EWQ have an expense ratio of 0.50%.

Dividends

EWI vs. EWQ - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.01%, more than EWQ's 2.80% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.01%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
EWQ
iShares MSCI France ETF		2.80%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

EWI and EWQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (4.59%) compared to EWQ (4.30%). In terms of maximum drawdown, EWI dropped -70.38% vs EWQ's -61.41%.

On 10-year performance, EWI leads with 14.76% vs 10.04% for EWQ. Both ETFs have the same 0.50% expense ratio. On volatility, EWQ has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.76% return vs 10.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI and EWQ have the same expense ratio: 0.50% per year.

EWI has the higher dividend yield at 3.01%, compared with 2.80% for EWQ.

EWI tracks MSCI Italy 25/50 Index (Net), while EWQ tracks MSCI France Index.

EWI currently has the higher Sharpe Ratio (1.91 vs 0.97), 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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