EWK vs. EUDV

Last updated Jun 4, 2026

EWK (iShares MSCI Belgium ETF) and EUDV (ProShares MSCI Europe Dividend Growers ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while EUDV tracks the MSCI Europe Dividend Masters Index. Both are passively managed. Over the past 10 years, EWK returned 6.17%/yr vs 5.17%/yr for EUDV. A 0.71 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.55%/yr for EUDV.

Performance

EWK vs. EUDV - Performance Comparison

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

Returns By Period

In the year-to-date period, EWK achieves a 9.09% return, which is significantly higher than EUDV's 1.21% return. Over the past 10 years, EWK has outperformed EUDV with an annualized return of 6.17%, while EUDV has yielded a comparatively lower 5.17% annualized return.

EWK

• 1D: -0.90%
• 1M: 4.22%
• YTD: 9.09%
• 6M: 10.00%
• 1Y: 22.69%
• 3Y*: 16.49%
• 5Y*: 5.76%
• 10Y*: 6.17%

EUDV

• 1D: -1.30%
• 1M: -0.65%
• YTD: 1.21%
• 6M: 2.16%
• 1Y: -0.12%
• 3Y*: 7.36%
• 5Y*: 2.28%
• 10Y*: 5.17%

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

EWK vs. EUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	9.09%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	23.70%
EUDV ProShares MSCI Europe Dividend Growers ETF	1.21%	14.05%	0.03%	20.41%	-24.87%	19.56%	5.81%	25.89%	-11.12%	21.57%

Correlation

The correlation between EWK and EUDV is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015	0.71

The correlation between EWK and EUDV has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

EWK vs. EUDV - Sectors Allocation Comparison

Sectors	EWK	EUDV
Healthcare	26.1%	16.1%
Consumer Defensive	25.1%	10.9%
Financial Services	16.5%	14.1%
Real Estate	10.3%	2.0%
Industrials	7.7%	21.0%
Basic Materials	5.0%	11.0%
Utilities	3.0%	9.5%
Consumer Cyclical	2.0%	-
Technology	1.7%	11.3%
Communication Services	1.4%	4.2%
Energy	1.1%	2.2%

Return for Risk

EWK vs. EUDV — Risk / Return Rank

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

EWK

EWK Risk / Return Rank: 38
EWK Sharpe Ratio Rank: 43
EWK Sortino Ratio Rank: 41
EWK Omega Ratio Rank: 43
EWK Calmar Ratio Rank: 31
EWK Martin Ratio Rank: 35

EUDV

EUDV Risk / Return Rank: 8
EUDV Sharpe Ratio Rank: 9
EUDV Sortino Ratio Rank: 8
EUDV Omega Ratio Rank: 8
EUDV Calmar Ratio Rank: 9
EUDV Martin Ratio Rank: 9

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. EUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and ProShares MSCI Europe Dividend Growers ETF (EUDV). 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	EUDV	Difference
Sharpe ratio: Return per unit of total volatility	1.49	-0.01	+1.50
Sortino ratio: Return per unit of downside risk	2.10	0.08	+2.02
Omega ratio: Gain probability vs. loss probability	1.28	1.01	+0.27
Calmar ratio: Return relative to maximum drawdown	1.47	-0.01	+1.49
Martin ratio: Return relative to average drawdown	5.28	-0.03	+5.31
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. EUDV - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.49, which is higher than the EUDV Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of EWK and EUDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWK	EUDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	-0.01	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.14	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.30	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.27	-0.01

Drawdowns

EWK vs. EUDV - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than EUDV's maximum drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for EWK and EUDV.

Drawdown Indicators

	EWK	EUDV	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-37.51%	-36.59%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-10.63%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-13.69%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-35.22%	-37.51%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-37.51%	-5.29%
Current Drawdown Current decline from peak	-3.53%	-4.67%	+1.14%
Average Drawdown Average peak-to-trough decline	-21.54%	-8.61%	-12.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	4.22%	+0.08%

Volatility

EWK vs. EUDV - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 5.54% compared to ProShares MSCI Europe Dividend Growers ETF (EUDV) at 4.55%. This indicates that EWK's price experiences larger fluctuations and is considered to be riskier than EUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	EUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	4.55%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	11.16%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	14.06%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	16.14%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	17.42%	+1.64%

EWK vs. EUDV - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than EUDV's 0.55% expense ratio.

Dividends

EWK vs. EUDV - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.59%, less than EUDV's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUDV ProShares MSCI Europe Dividend Growers ETF	1.71%	1.74%	1.92%	1.87%	1.77%	2.30%	1.27%	2.20%	2.22%	2.33%	2.53%	0.37%
EWK iShares MSCI Belgium ETF	1.59%	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

Can I hold both EWK and EUDV in my portfolio?

EWK and EUDV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWK or EUDV?

EWK has higher volatility (5.54%) compared to EUDV (4.55%). In terms of maximum drawdown, EWK dropped -74.10% vs EUDV's -37.51%.

Which ETF is better, EWK or EUDV?

On 10-year performance, EWK leads with 6.17% vs 5.17% for EUDV. On fees, EWK is cheaper at 0.49% per year. On volatility, EUDV has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or EUDV?

Over the 10-year period, EWK has performed better with a 6.17% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or EUDV?

EWK is cheaper with a 0.49% expense ratio, compared with 0.55% for EUDV.

Which ETF pays a higher dividend yield, EWK or EUDV?

EUDV has the higher dividend yield at 1.71%, compared with 1.59% for EWK.

What is the main difference between EWK and EUDV?

EWK tracks MSCI Belgium Investable Market Index, while EUDV tracks MSCI Europe Dividend Masters Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for EWK and 0.55% for EUDV.

Which has better risk-adjusted returns?

EWK currently has the higher Sharpe Ratio (1.49 vs -0.01), 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.