EWK vs. ^FCHI
EWK (iShares MSCI Belgium ETF) is Europe Equities fund tracking the MSCI Belgium Investable Market Index, while ^FCHI (CAC 40) is an index. Over the past 10 years, EWK returned 6.96%/yr vs 7.25%/yr for ^FCHI. Their 0.68 correlation means they have sometimes moved together and sometimes differently.
Performance
EWK vs. ^FCHI - Performance Comparison
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Different Trading Currencies
EWK is traded in USD, while ^FCHI is traded in EUR. To make them comparable, the ^FCHI values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EWK achieves a 12.20% return, which is significantly higher than ^FCHI's 2.19% return. Both investments have delivered pretty close results over the past 10 years, with EWK having a 6.96% annualized return and ^FCHI not far ahead at 7.25%.
EWK
- 1D
- -0.04%
- 1M
- -1.14%
- 6M
- 4.55%
- YTD
- 12.20%
- 1Y
- 25.57%
- 3Y*
- 15.40%
- 5Y*
- 6.99%
- 10Y*
- 6.96%
- ALL TIME*
- 6.09%
^FCHI
- 1D
- 0.00%
- 1M
- 0.95%
- 6M
- 1.58%
- YTD
- 2.19%
- 1Y
- 11.87%
- 3Y*
- 6.34%
- 5Y*
- 4.51%
- 10Y*
- 7.25%
- ALL TIME*
- 1.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^FCHI CAC 40 | $519.99B | $513.19B | $596.10B |
| $780.75K | $885.37K | $1.28M |
EWK vs. ^FCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWK iShares MSCI Belgium ETF | 12.20% | 35.38% | 0.14% | 7.47% | -13.98% | 12.84% | 0.04% | 25.92% | -20.40% | 23.70% |
^FCHI CAC 40 | 2.19% | 25.25% | -8.20% | 20.20% | -14.94% | 20.07% | 1.08% | 23.91% | -15.11% | 24.71% |
Correlation
The correlation between EWK and ^FCHI is 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007 | 0.68 |
The correlation between EWK and ^FCHI shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWK vs. ^FCHI — Risk / Return Rank
EWK
^FCHI
EWK vs. ^FCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and CAC 40 (^FCHI). 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.
| EWK | ^FCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.12 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 0.79 | +0.89 |
| Martin ratioReturn relative to average drawdown | 5.92 | 2.07 | +3.85 |
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Drawdowns
EWK vs. ^FCHI - Drawdown Comparison
The maximum EWK drawdown since its inception was -74.10%, which is greater than ^FCHI's maximum drawdown of -62.50%. Use the drawdown chart below to compare losses from any high point for EWK and ^FCHI.
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Drawdown Indicators
| EWK | ^FCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.10% | -62.50% | -11.60% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -12.83% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.47% | -16.30% | +0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -33.24% | -33.85% | +0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -40.39% | -2.41% |
Current DrawdownCurrent decline from peak | -1.49% | -3.82% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -21.43% | -27.24% | +5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 4.92% | -0.55% |
Volatility
EWK vs. ^FCHI - Volatility Comparison
The current volatility for iShares MSCI Belgium ETF (EWK) is 3.81%, while CAC 40 (^FCHI) has a volatility of 4.07%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than ^FCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWK | ^FCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.81% | 4.07% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.23% | 13.39% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.53% | 16.24% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 19.63% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.78% | 19.52% | -0.74% |
Frequently Asked Questions
EWK and ^FCHI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^FCHI has higher volatility (4.07%) compared to EWK (3.81%). In terms of maximum drawdown, EWK dropped -74.10% vs ^FCHI's -62.50%.
EWK currently has the higher Sharpe Ratio (1.67 vs 0.63), 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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