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EWK vs. FDD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. FDD

Last updated Jun 4, 2026

EWK (iShares MSCI Belgium ETF) and FDD (First Trust STOXX European Select Dividend Index Fund) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while FDD tracks the STOXX Europe Select Dividend 30. Both are passively managed. Over the past 10 years, EWK returned 6.17%/yr vs 9.96%/yr for FDD. A 0.72 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.58%/yr for FDD.

Performance

EWK vs. FDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and First Trust STOXX European Select Dividend Index Fund (FDD). 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 9.09% return, which is significantly lower than FDD's 11.53% return. Over the past 10 years, EWK has underperformed FDD with an annualized return of 6.17%, while FDD has yielded a comparatively higher 9.96% 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%

FDD

1D
-1.17%
1M
3.51%
YTD
11.53%
6M
17.78%
1Y
33.02%
3Y*
25.85%
5Y*
11.03%
10Y*
9.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWK vs. FDD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FDD
First Trust STOXX European Select Dividend Index Fund		11.53%62.50%0.28%14.16%-16.14%16.03%-3.80%23.79%-8.98%19.07%

Correlation

The correlation between EWK and FDD is 0.68, 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

0.68

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Aug 31, 2007

0.72

The correlation between EWK and FDD shifts across timeframes, from 0.68 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

EWK vs. FDD - Sectors Allocation Comparison

Sectors
EWK
FDD

Healthcare

26.1%

-

Consumer Defensive

25.1%
3.7%

Financial Services

16.5%
52.2%

Real Estate

10.3%
3.5%

Industrials

7.7%
12.5%

Basic Materials

5.0%
2.9%

Utilities

3.0%
6.0%

Consumer Cyclical

2.0%
12.3%

Technology

1.7%

-

Communication Services

1.4%
2.1%

Energy

1.1%
10.8%

Healthcare

EWK
26.1%
FDD

-

Consumer Defensive

EWK
25.1%
FDD
3.7%

Financial Services

EWK
16.5%
FDD
52.2%

Real Estate

EWK
10.3%
FDD
3.5%

Industrials

EWK
7.7%
FDD
12.5%

Basic Materials

EWK
5.0%
FDD
2.9%

Utilities

EWK
3.0%
FDD
6.0%

Consumer Cyclical

EWK
2.0%
FDD
12.3%

Technology

EWK
1.7%
FDD

-

Communication Services

EWK
1.4%
FDD
2.1%

Energy

EWK
1.1%
FDD
10.8%

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iShares MSCI Belgium ETF

First Trust STOXX European Select Dividend Index Fund

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. BILEWK vs. EDENEWK vs. VOOEWK vs. SPY
Often compared with FDD:
FDD vs. EUFNFDD vs. FLAXFDD vs. VTIFDD vs. RFEUFDD vs. IQDFFDD vs. DVYFDD vs. IEUR

Return for Risk

EWK vs. FDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWK
EWK Risk / Return Rank: 3838
Overall Rank
EWK Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWK Omega Ratio Rank: 4343
Omega Ratio Rank
EWK Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWK Martin Ratio Rank: 3535
Martin Ratio Rank
FDD
FDD Risk / Return Rank: 6464
Overall Rank
FDD Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
FDD Sortino Ratio Rank: 6262
Sortino Ratio Rank
FDD Omega Ratio Rank: 6060
Omega Ratio Rank
FDD Calmar Ratio Rank: 7070
Calmar Ratio Rank
FDD Martin Ratio Rank: 6464
Martin Ratio Rank
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. FDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and First Trust STOXX European Select Dividend Index Fund (FDD). 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.

EWKFDDDifference
Sharpe ratioReturn per unit of total volatility
1.49
2.16

-0.67

Sortino ratioReturn per unit of downside risk
2.10
2.98

-0.87

Omega ratioGain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

1.47

3.53

-2.06

Martin ratioReturn relative to average drawdown

5.28

11.86

-6.58

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. FDD - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.49, which is lower than the FDD Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EWK and FDD, 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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Sharpe Ratios by Period

EWKFDDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

2.16

-0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.60

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

0.50

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.10

+0.16

Drawdowns

EWK vs. FDD - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, roughly equal to the maximum FDD drawdown of -74.77%. Use the drawdown chart below to compare losses from any high point for EWK and FDD.

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Drawdown Indicators

EWKFDDDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-74.77%

+0.67%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-9.39%

-6.08%

Max Drawdown (3Y)

Largest decline over 3 years

-15.64%

-13.06%

-2.58%

Max Drawdown (5Y)

Largest decline over 5 years

-35.22%

-35.11%

-0.11%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-41.43%

-1.37%

Current Drawdown

Current decline from peak

-3.53%

-2.26%

-1.27%

Average Drawdown

Average peak-to-trough decline

-21.54%

-35.47%

+13.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.30%

2.79%

+1.51%

Volatility

EWK vs. FDD - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 5.54% compared to First Trust STOXX European Select Dividend Index Fund (FDD) at 5.22%. This indicates that EWK's price experiences larger fluctuations and is considered to be riskier than FDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWKFDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.54%

5.22%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

12.35%

+0.40%

Volatility (1Y)

Calculated over the trailing 1-year period

15.29%

15.43%

-0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

18.39%

-0.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.06%

20.16%

-1.10%

EWK vs. FDD - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than FDD's 0.58% expense ratio.

Dividends

EWK vs. FDD - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.59%, less than FDD's 3.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FDD
First Trust STOXX European Select Dividend Index Fund		3.55%3.99%7.65%6.85%6.07%3.44%4.01%4.69%5.05%2.78%4.88%4.35%

Frequently Asked Questions

EWK and FDD have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWK has higher volatility (5.54%) compared to FDD (5.22%). In terms of maximum drawdown, EWK dropped -74.10% vs FDD's -74.77%.

On 10-year performance, FDD leads with 9.96% vs 6.17% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, FDD has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDD has performed better with a 9.96% return vs 6.17%. 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 0.58% for FDD.

FDD has the higher dividend yield at 3.55%, compared with 1.59% for EWK.

EWK tracks MSCI Belgium Investable Market Index, while FDD tracks STOXX Europe Select Dividend 30. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWK and 0.58% for FDD.

FDD currently has the higher Sharpe Ratio (2.16 vs 1.49), 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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