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EWK vs. EPOL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. EPOL

Last updated Aug 2, 2026
Documentation

EWK (iShares MSCI Belgium ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - EWK tracks the MSCI Belgium Investable Market Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, EWK returned 6.96%/yr vs 11.96%/yr for EPOL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.61%/yr for EPOL.

Performance

EWK vs. EPOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and iShares MSCI Poland ETF (EPOL). 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 lower than EPOL's 22.62% return. Over the past 10 years, EWK has underperformed EPOL with an annualized return of 6.96%, while EPOL has yielded a comparatively higher 11.96% 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%

EPOL

1D
0.16%
1M
8.60%
6M
14.79%
YTD
22.62%
1Y
40.70%
3Y*
33.53%
5Y*
18.62%
10Y*
11.96%
ALL TIME*
6.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EPOL

iShares MSCI Poland ETF
$18.30M$16.66M$16.43M

EWK

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

EWK vs. EPOL - 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%
EPOL
iShares MSCI Poland ETF		22.62%77.34%-2.61%50.70%-24.62%12.21%-8.38%-6.13%-13.76%52.43%

Correlation

The correlation between EWK and EPOL is 0.52, 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.

0.52

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

0.53

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

0.61

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

0.61

Correlation (All Time)
Calculated using the full available price history since May 26, 2010

0.65

The correlation between EWK and EPOL shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

EWK vs. EPOL - Sectors Allocation Comparison

Sectors
EWK
EPOL

Healthcare

28.5%
0.7%

Consumer Defensive

25.2%
6.0%

Financial Services

15.9%
45.7%

Real Estate

9.7%

-

Industrials

7.4%
1.8%

Basic Materials

4.8%
7.1%

Utilities

2.7%
4.5%

Consumer Cyclical

1.8%
14.0%

Technology

1.6%
1.7%

Communication Services

1.3%
5.4%

Energy

1.1%
13.2%

Healthcare

EWK
28.5%
EPOL
0.7%

Consumer Defensive

EWK
25.2%
EPOL
6.0%

Financial Services

EWK
15.9%
EPOL
45.7%

Real Estate

EWK
9.7%
EPOL

-

Industrials

EWK
7.4%
EPOL
1.8%

Basic Materials

EWK
4.8%
EPOL
7.1%

Utilities

EWK
2.7%
EPOL
4.5%

Consumer Cyclical

EWK
1.8%
EPOL
14.0%

Technology

EWK
1.6%
EPOL
1.7%

Communication Services

EWK
1.3%
EPOL
5.4%

Energy

EWK
1.1%
EPOL
13.2%

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 Poland ETF

Often compared with EWK:
EWK vs. EWQEWK vs. ^FCHIEWK vs. EDENEWK vs. BILEWK vs. SPYEWK vs. VOOEWK vs. EPI
Often compared with EPOL:
EPOL vs. SPYEPOL vs. EWQEPOL vs. IBCJ.DEEPOL vs. EIRLEPOL vs. EWPEPOL vs. EWWEPOL vs. CATH

Return for Risk

EWK vs. EPOL — 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
EPOL
EPOL Risk / Return Rank: 7979
Overall Rank
EPOL Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EPOL Sortino Ratio Rank: 7878
Sortino Ratio Rank
EPOL Omega Ratio Rank: 7070
Omega Ratio Rank
EPOL Calmar Ratio Rank: 8989
Calmar Ratio Rank
EPOL Martin Ratio Rank: 7878
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. EPOL - Risk-Adjusted Trends Comparison

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

EWKEPOLDifference
Sharpe ratioReturn per unit of total volatility
1.67
1.76

-0.09

Sortino ratioReturn per unit of downside risk
2.39
2.49

-0.10

Omega ratioGain probability vs. loss probability

1.31

1.29

+0.02

Calmar ratioReturn relative to maximum drawdown

1.68

3.68

-2.01

Martin ratioReturn relative to average drawdown

5.92

9.96

-4.04

EWK vs. EPOL - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.67, which is comparable to the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EWK and EPOL, 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. EPOL - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than EPOL's maximum drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for EWK and EPOL.

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Drawdown Indicators

EWKEPOLDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-63.72%

-10.38%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-11.04%

-4.43%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-19.56%

+4.09%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-54.21%

+20.97%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-61.41%

+18.61%

Current Drawdown

Current decline from peak

-1.49%

0.00%

-1.49%

Average Drawdown

Average peak-to-trough decline

-21.43%

-26.64%

+5.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

4.07%

+0.30%

Volatility

EWK vs. EPOL - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 3.81%, while iShares MSCI Poland ETF (EPOL) has a volatility of 5.29%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWKEPOLDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

5.29%

-1.48%

Volatility (6M)

Calculated over the trailing 6-month period

13.23%

18.34%

-5.11%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

23.12%

-7.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

29.12%

-11.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.78%

27.42%

-8.64%

EWK vs. EPOL - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

EWK vs. EPOL - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, less than EPOL's 3.44% yield.

PositionTTM20252024202320222021202020192018201720162015
EPOL
iShares MSCI Poland ETF		3.44%4.78%6.04%2.87%2.65%1.33%1.44%2.51%1.44%1.88%2.14%2.53%
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 EPOL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPOL has higher volatility (5.29%) compared to EWK (3.81%). In terms of maximum drawdown, EWK dropped -74.10% vs EPOL's -63.72%.

On 10-year performance, EPOL leads with 11.96% 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, EPOL has performed better with a 11.96% 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 0.61% for EPOL.

EPOL has the higher dividend yield at 3.44%, compared with 1.83% for EWK.

EWK tracks MSCI Belgium Investable Market Index, while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.49% for EWK and 0.61% for EPOL.

EPOL currently has the higher Sharpe Ratio (1.76 vs 1.67), 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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