EWK vs. FEUZ

Last updated Jun 4, 2026

EWK (iShares MSCI Belgium ETF) and FEUZ (First Trust Eurozone AlphaDEX ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while FEUZ tracks the NASDAQ AlphaDEX Eurozone Index. Both are passively managed. Over the past 10 years, EWK returned 6.17%/yr vs 10.35%/yr for FEUZ. A 0.71 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.80%/yr for FEUZ.

Performance

EWK vs. FEUZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and First Trust Eurozone AlphaDEX ETF (FEUZ). 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 lower than FEUZ's 11.32% return. Over the past 10 years, EWK has underperformed FEUZ with an annualized return of 6.17%, while FEUZ has yielded a comparatively higher 10.35% 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%

FEUZ

• 1D: -0.85%
• 1M: 3.37%
• YTD: 11.32%
• 6M: 15.72%
• 1Y: 30.90%
• 3Y*: 24.31%
• 5Y*: 9.94%
• 10Y*: 10.35%

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

EWK vs. FEUZ - 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%
FEUZ First Trust Eurozone AlphaDEX ETF	11.32%	56.34%	1.64%	17.24%	-19.83%	11.93%	5.04%	22.06%	-20.61%	36.70%

Correlation

The correlation between EWK and FEUZ is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 28, 2014	0.71

The correlation between EWK and FEUZ has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

EWK vs. FEUZ - Sectors Allocation Comparison

Sectors	EWK	FEUZ
Healthcare	26.1%	5.2%
Consumer Defensive	25.1%	5.3%
Financial Services	16.5%	10.6%
Real Estate	10.3%	6.0%
Industrials	7.7%	27.4%
Basic Materials	5.0%	7.5%
Utilities	3.0%	8.3%
Consumer Cyclical	2.0%	9.2%
Technology	1.7%	6.1%
Communication Services	1.4%	3.7%
Energy	1.1%	10.8%

Return for Risk

EWK vs. FEUZ — 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

FEUZ

FEUZ Risk / Return Rank: 51
FEUZ Sharpe Ratio Rank: 52
FEUZ Sortino Ratio Rank: 49
FEUZ Omega Ratio Rank: 50
FEUZ Calmar Ratio Rank: 50
FEUZ Martin Ratio Rank: 54

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. FEUZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and First Trust Eurozone AlphaDEX ETF (FEUZ). 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	FEUZ	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.80	-0.30
Sortino ratio: Return per unit of downside risk	2.10	2.43	-0.32
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	1.47	2.49	-1.01
Martin ratio: Return relative to average drawdown	5.28	9.42	-4.13
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. FEUZ - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.49, which is comparable to the FEUZ Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EWK and FEUZ, 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	FEUZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.80	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.46	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.48	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.44	-0.18

Drawdowns

EWK vs. FEUZ - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than FEUZ's maximum drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for EWK and FEUZ.

Drawdown Indicators

	EWK	FEUZ	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-48.08%	-26.02%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-12.49%	-2.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-18.02%	+2.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.22%	-38.64%	+3.42%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-48.08%	+5.28%
Current Drawdown Current decline from peak	-3.53%	-1.24%	-2.29%
Average Drawdown Average peak-to-trough decline	-21.54%	-10.49%	-11.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	3.29%	+1.01%

Volatility

EWK vs. FEUZ - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 5.54%, while First Trust Eurozone AlphaDEX ETF (FEUZ) has a volatility of 6.59%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than FEUZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	FEUZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	6.59%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	14.34%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	17.31%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	21.96%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	21.78%	-2.72%

EWK vs. FEUZ - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than FEUZ's 0.80% expense ratio.

Dividends

EWK vs. FEUZ - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.59%, less than FEUZ's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FEUZ First Trust Eurozone AlphaDEX ETF	2.37%	2.81%	2.01%	2.95%	3.14%	2.52%	1.46%	1.93%	2.46%	1.29%	2.12%	1.09%

Frequently Asked Questions

Can I hold both EWK and FEUZ in my portfolio?

EWK and FEUZ have a correlation of 0.66, 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 FEUZ?

FEUZ has higher volatility (6.59%) compared to EWK (5.54%). In terms of maximum drawdown, EWK dropped -74.10% vs FEUZ's -48.08%.

Which ETF is better, EWK or FEUZ?

On 10-year performance, FEUZ leads with 10.35% vs 6.17% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, EWK has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or FEUZ?

Over the 10-year period, FEUZ has performed better with a 10.35% return vs 6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or FEUZ?

EWK is cheaper with a 0.49% expense ratio, compared with 0.80% for FEUZ.

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

FEUZ has the higher dividend yield at 2.37%, compared with 1.59% for EWK.

What is the main difference between EWK and FEUZ?

EWK tracks MSCI Belgium Investable Market Index, while FEUZ tracks NASDAQ AlphaDEX Eurozone Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWK and 0.80% for FEUZ.

Which has better risk-adjusted returns?

FEUZ currently has the higher Sharpe Ratio (1.80 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.