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EWK vs. EDEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. EDEN

Last updated Aug 2, 2026
Documentation

EWK (iShares MSCI Belgium ETF) and EDEN (iShares MSCI Denmark ETF) are both Europe Equities funds from iShares - EWK tracks the MSCI Belgium Investable Market Index while EDEN tracks the MSCI Denmark IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWK returned 6.96%/yr vs 9.03%/yr for EDEN. Their 0.67 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.53%/yr for EDEN.

Performance

EWK vs. EDEN - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWK achieves a 12.20% return, which is significantly higher than EDEN's 0.71% return. Over the past 10 years, EWK has underperformed EDEN with an annualized return of 6.96%, while EDEN has yielded a comparatively higher 9.03% annualized return.

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%

EDEN

1D
-2.33%
1M
-1.18%
6M
-5.46%
YTD
0.71%
1Y
11.69%
3Y*
4.23%
5Y*
2.08%
10Y*
9.03%
ALL TIME*
12.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EDEN

iShares MSCI Denmark ETF
$542.51K$1.19M$1.06M

EWK

iShares MSCI Belgium ETF
$780.75K$885.37K$1.28M

EWK vs. EDEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EDEN
iShares MSCI Denmark ETF		0.71%10.58%-3.94%17.99%-11.47%14.81%42.56%24.37%-14.43%35.39%

Correlation

The correlation between EWK and EDEN is 0.56, 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.

0.56

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.

0.64

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.67

The correlation between EWK and EDEN shifts across timeframes, from 0.56 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

EWK vs. EDEN - Sectors Allocation Comparison

Sectors
EWK
EDEN

Healthcare

28.5%
38.3%

Consumer Defensive

25.2%
4.7%

Financial Services

15.9%
15.5%

Real Estate

9.7%

-

Industrials

7.4%
29.0%

Basic Materials

4.8%
4.8%

Utilities

2.7%
3.2%

Consumer Cyclical

1.8%
2.8%

Technology

1.6%
0.9%

Communication Services

1.3%

-

Energy

1.1%
0.9%

Healthcare

EWK
28.5%
EDEN
38.3%

Consumer Defensive

EWK
25.2%
EDEN
4.7%

Financial Services

EWK
15.9%
EDEN
15.5%

Real Estate

EWK
9.7%
EDEN

-

Industrials

EWK
7.4%
EDEN
29.0%

Basic Materials

EWK
4.8%
EDEN
4.8%

Utilities

EWK
2.7%
EDEN
3.2%

Consumer Cyclical

EWK
1.8%
EDEN
2.8%

Technology

EWK
1.6%
EDEN
0.9%

Communication Services

EWK
1.3%
EDEN

-

Energy

EWK
1.1%
EDEN
0.9%

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 Belgium ETF

iShares MSCI Denmark ETF

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. BILEWK vs. SPYEWK vs. VOOEWK vs. EPI
Often compared with EDEN:
EDEN vs. EWNEDEN vs. ARGTEDEN vs. FNORXEDEN vs. EWIEDEN vs. ENZLEDEN vs. ENOREDEN vs. EWQ

Return for Risk

EWK vs. EDEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWK
EWK Risk / Return Rank: 6464
Overall Rank
EWK Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWK Omega Ratio Rank: 7474
Omega Ratio Rank
EWK Calmar Ratio Rank: 4747
Calmar Ratio Rank
EWK Martin Ratio Rank: 5151
Martin Ratio Rank
EDEN
EDEN Risk / Return Rank: 2424
Overall Rank
EDEN Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EDEN Sortino Ratio Rank: 2727
Sortino Ratio Rank
EDEN Omega Ratio Rank: 2727
Omega Ratio Rank
EDEN Calmar Ratio Rank: 2222
Calmar Ratio Rank
EDEN Martin Ratio Rank: 2020
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.

EWK vs. EDEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and iShares MSCI Denmark ETF (EDEN). 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.

EWKEDENDifference
Sharpe ratioReturn per unit of total volatility
1.67
0.63

+1.04

Sortino ratioReturn per unit of downside risk
2.39
1.02

+1.37

Omega ratioGain probability vs. loss probability

1.31

1.13

+0.18

Calmar ratioReturn relative to maximum drawdown

1.68

0.59

+1.09

Martin ratioReturn relative to average drawdown

5.92

1.37

+4.55

EWK vs. EDEN - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.67, which is higher than the EDEN Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of EWK and EDEN, 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

EWK vs. EDEN - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than EDEN's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for EWK and EDEN.

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Drawdown Indicators

EWKEDENDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-36.61%

-37.49%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-21.17%

+5.70%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-29.31%

+13.84%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-36.61%

+3.37%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-36.61%

-6.19%

Current Drawdown

Current decline from peak

-1.49%

-10.20%

+8.71%

Average Drawdown

Average peak-to-trough decline

-21.43%

-7.41%

-14.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

9.04%

-4.67%

Volatility

EWK vs. EDEN - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 3.81%, while iShares MSCI Denmark ETF (EDEN) has a volatility of 5.77%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than EDEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWKEDENDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

5.77%

-1.96%

Volatility (6M)

Calculated over the trailing 6-month period

13.23%

15.53%

-2.30%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

19.78%

-4.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

20.37%

-2.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.78%

19.20%

-0.42%

EWK vs. EDEN - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than EDEN's 0.53% expense ratio.

Dividends

EWK vs. EDEN - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, less than EDEN's 3.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EDEN
iShares MSCI Denmark ETF		3.04%2.79%1.50%1.92%1.47%0.74%0.42%2.36%2.01%2.03%1.28%1.46%
EWK
iShares MSCI Belgium ETF		1.83%1.73%3.25%2.09%2.58%3.64%1.66%2.77%2.78%2.91%1.75%2.06%

Frequently Asked Questions

EWK and EDEN have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EDEN has higher volatility (5.77%) compared to EWK (3.81%). In terms of maximum drawdown, EWK dropped -74.10% vs EDEN's -36.61%.

On 10-year performance, EDEN leads with 9.03% vs 6.96% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, EWK has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EDEN has performed better with a 9.03% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWK is cheaper with a 0.49% expense ratio, compared with 0.53% for EDEN.

EDEN has the higher dividend yield at 3.04%, compared with 1.83% for EWK.

EWK tracks MSCI Belgium Investable Market Index, while EDEN tracks MSCI Denmark IMI 25/50 Index. Their fees differ too: 0.49% for EWK and 0.53% for EDEN.

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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