EWK vs. ^FCHI

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Belgium ETF (EWK) and CAC 40 (^FCHI).

EWK is a passively managed fund by iShares that tracks the performance of the MSCI Belgium Investable Market Index. It was launched on Mar 12, 1996.

Performance

EWK vs. ^FCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and CAC 40 (^FCHI). The values are adjusted to include any dividend payments, if applicable.

EWK vs. ^FCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	1.68%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	23.70%
^FCHI CAC 40	-3.32%	25.25%	-8.20%	20.20%	-14.94%	20.07%	1.08%	23.91%	-15.11%	24.71%

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 1.68% return, which is significantly higher than ^FCHI's -3.32% return. Over the past 10 years, EWK has underperformed ^FCHI with an annualized return of 6.00%, while ^FCHI has yielded a comparatively higher 6.52% annualized return.

EWK

• 1D: 1.64%
• 1M: -5.03%
• YTD: 1.68%
• 6M: 5.18%
• 1Y: 28.29%
• 3Y*: 11.94%
• 5Y*: 6.33%
• 10Y*: 6.00%

^FCHI

• 1D: 2.48%
• 1M: -5.69%
• YTD: -3.32%
• 6M: -0.98%
• 1Y: 8.87%
• 3Y*: 5.24%
• 5Y*: 5.19%
• 10Y*: 6.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

EWK vs. ^FCHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWK

EWK Risk / Return Rank: 77
EWK Sharpe Ratio Rank: 85
EWK Sortino Ratio Rank: 85
EWK Omega Ratio Rank: 83
EWK Calmar Ratio Rank: 66
EWK Martin Ratio Rank: 67

^FCHI

^FCHI Risk / Return Rank: 26
^FCHI Sharpe Ratio Rank: 18
^FCHI Sortino Ratio Rank: 18
^FCHI Omega Ratio Rank: 18
^FCHI Calmar Ratio Rank: 38
^FCHI Martin Ratio Rank: 39

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.

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.

	EWK	^FCHI	Difference
Sharpe ratio Return per unit of total volatility	1.77	0.49	+1.29
Sortino ratio Return per unit of downside risk	2.38	0.77	+1.61
Omega ratio Gain probability vs. loss probability	1.34	1.11	+0.23
Calmar ratio Return relative to maximum drawdown	1.79	1.25	+0.54
Martin ratio Return relative to average drawdown	7.28	4.55	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWK vs. ^FCHI - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.77, which is higher than the ^FCHI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of EWK and ^FCHI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWK	^FCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	0.49	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.26	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.32	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.05	+0.19

Correlation

The correlation between EWK and ^FCHI is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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.

Drawdown Indicators

	EWK	^FCHI	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-65.29%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-12.67%	-2.80%
Max Drawdown (5Y) Largest decline over 5 years	-35.22%	-23.04%	-12.18%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-38.56%	-4.24%
Current Drawdown Current decline from peak	-10.08%	-7.42%	-2.66%
Average Drawdown Average peak-to-trough decline	-21.63%	-23.58%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.19%	+0.61%

Volatility

EWK vs. ^FCHI - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 7.57% compared to CAC 40 (^FCHI) at 5.79%. This indicates that EWK's price experiences larger fluctuations and is considered to be riskier than ^FCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	^FCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	5.79%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	10.89%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.03%	18.05%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	19.46%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	19.88%	-0.93%