EWK vs. IEUS

Last updated Jun 24, 2026

EWK (iShares MSCI Belgium ETF) and IEUS (iShares MSCI Europe Small-Cap ETF) are both Europe Equities funds from iShares - EWK tracks the MSCI Belgium Investable Market Index while IEUS tracks the MSCI Europe Small Cap Index. Both are passively managed. Over the past 10 years, EWK returned 7.30%/yr vs 8.42%/yr for IEUS. A 0.78 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.40%/yr for IEUS.

Performance

EWK vs. IEUS - Performance Comparison

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

Returns By Period

In the year-to-date period, EWK achieves a 10.79% return, which is significantly higher than IEUS's 2.96% return. Over the past 10 years, EWK has underperformed IEUS with an annualized return of 7.30%, while IEUS has yielded a comparatively higher 8.42% annualized return.

EWK

• 1D: -0.60%
• 1M: 0.12%
• YTD: 10.79%
• 6M: 10.98%
• 1Y: 24.61%
• 3Y*: 17.24%
• 5Y*: 6.31%
• 10Y*: 7.30%

IEUS

• 1D: -1.36%
• 1M: -3.42%
• YTD: 2.96%
• 6M: 3.35%
• 1Y: 10.51%
• 3Y*: 13.92%
• 5Y*: 2.93%
• 10Y*: 8.42%

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

EWK vs. IEUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	10.79%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	23.70%
IEUS iShares MSCI Europe Small-Cap ETF	2.96%	32.06%	-1.59%	17.34%	-27.07%	15.06%	12.99%	29.72%	-20.17%	35.04%

Correlation

The correlation between EWK and IEUS 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	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 19, 2007	0.78

The correlation between EWK and IEUS shifts across timeframes, from 0.68 (1 year) to 0.80 (10 years), reflecting how their relationship changes across market environments.

EWK vs. IEUS - Sectors Allocation Comparison

Sectors	EWK	IEUS
Healthcare	27.1%	7.5%
Consumer Defensive	24.7%	3.6%
Financial Services	16.1%	15.0%
Real Estate	10.1%	8.3%
Industrials	8.1%	26.6%
Basic Materials	5.1%	7.4%
Utilities	2.7%	2.3%
Consumer Cyclical	1.8%	12.1%
Technology	1.7%	7.9%
Communication Services	1.3%	4.5%
Energy	1.2%	4.8%

Return for Risk

EWK vs. IEUS — Risk / Return Rank

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

EWK

EWK Risk / Return Rank: 44
EWK Sharpe Ratio Rank: 49
EWK Sortino Ratio Rank: 49
EWK Omega Ratio Rank: 49
EWK Calmar Ratio Rank: 34
EWK Martin Ratio Rank: 38

IEUS

IEUS Risk / Return Rank: 20
IEUS Sharpe Ratio Rank: 20
IEUS Sortino Ratio Rank: 19
IEUS Omega Ratio Rank: 19
IEUS Calmar Ratio Rank: 19
IEUS Martin Ratio Rank: 23

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. IEUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and iShares MSCI Europe Small-Cap ETF (IEUS). 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.

	EWK	IEUS	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.65	+0.94
Sortino ratio: Return per unit of downside risk	2.27	1.03	+1.24
Omega ratio: Gain probability vs. loss probability	1.29	1.12	+0.17
Calmar ratio: Return relative to maximum drawdown	1.60	0.82	+0.77
Martin ratio: Return relative to average drawdown	5.71	2.79	+2.93

EWK vs. IEUS - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.59, which is higher than the IEUS Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of EWK and IEUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWK vs. IEUS - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than IEUS's maximum drawdown of -63.09%. Use the drawdown chart below to compare losses from any high point for EWK and IEUS.

Drawdown Indicators

	EWK	IEUS	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-63.09%	-11.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-12.81%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-18.05%	+2.41%
Max Drawdown (5Y) Largest decline over 5 years	-33.24%	-44.86%	+11.62%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-44.86%	+2.06%
Current Drawdown Current decline from peak	-2.73%	-4.49%	+1.76%
Average Drawdown Average peak-to-trough decline	-21.50%	-15.50%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	3.78%	+0.54%

Volatility

EWK vs. IEUS - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 4.14%, while iShares MSCI Europe Small-Cap ETF (IEUS) has a volatility of 4.97%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than IEUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	IEUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	4.97%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	13.68%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	16.26%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	20.84%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	20.10%	-1.24%

EWK vs. IEUS - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is higher than IEUS's 0.40% expense ratio.

Dividends

EWK vs. IEUS - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.85%, less than IEUS's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWK iShares MSCI Belgium ETF	1.85%	1.73%	3.25%	2.09%	2.58%	3.64%	1.66%	2.77%	2.78%	2.91%	1.75%	2.06%
IEUS iShares MSCI Europe Small-Cap ETF	3.26%	3.19%	3.25%	2.97%	3.00%	2.63%	1.21%	4.03%	3.21%	2.13%	2.48%	2.06%

Frequently Asked Questions

Can I hold both EWK and IEUS in my portfolio?

EWK and IEUS 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.

Which is riskier, EWK or IEUS?

IEUS has higher volatility (4.97%) compared to EWK (4.14%). In terms of maximum drawdown, EWK dropped -74.10% vs IEUS's -63.09%.

Which ETF is better, EWK or IEUS?

On 10-year performance, IEUS leads with 8.42% vs 7.30% for EWK. On fees, IEUS is cheaper at 0.40% per year. On volatility, EWK has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or IEUS?

Over the 10-year period, IEUS has performed better with a 8.42% return vs 7.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or IEUS?

IEUS is cheaper with a 0.40% expense ratio, compared with 0.49% for EWK.

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

IEUS has the higher dividend yield at 3.26%, compared with 1.85% for EWK.

What is the main difference between EWK and IEUS?

EWK tracks MSCI Belgium Investable Market Index, while IEUS tracks MSCI Europe Small Cap Index. Their fees differ too: 0.49% for EWK and 0.40% for IEUS.

Which has better risk-adjusted returns?

EWK currently has the higher Sharpe Ratio (1.59 vs 0.65), 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.