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EWK vs. RFEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. RFEU

Last updated Aug 5, 2026
Documentation

EWK (iShares MSCI Belgium ETF) and RFEU (First Trust RiverFront Dynamic Europe ETF) are both Europe Equities funds. EWK is passively managed, while RFEU is actively managed. Over the past 10 years, EWK returned 6.90%/yr vs 7.22%/yr for RFEU. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.83%/yr for RFEU.

Performance

EWK vs. RFEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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 12.08% return, which is significantly higher than RFEU's 1.50% return. Both investments have delivered pretty close results over the past 10 years, with EWK having a 6.90% annualized return and RFEU not far ahead at 7.22%.

EWK

1D
1.05%
1M
-1.25%
6M
2.98%
YTD
12.08%
1Y
24.12%
3Y*
15.65%
5Y*
6.67%
10Y*
6.90%
ALL TIME*
6.08%

RFEU

1D
0.00%
1M
0.00%
6M
0.00%
YTD
1.50%
1Y
14.37%
3Y*
11.66%
5Y*
2.67%
10Y*
7.22%
ALL TIME*
7.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWK

iShares MSCI Belgium ETF
$968.64K$832.94K$1.32M

RFEU

First Trust RiverFront Dynamic Europe ETF
$0.00$0.00$0.00

EWK vs. RFEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWK
iShares MSCI Belgium ETF		12.08%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-20.40%23.70%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.50%30.78%-1.78%16.19%-24.17%22.83%6.25%23.21%-17.57%26.58%

Correlation

The correlation between EWK and RFEU is 0.33, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.33

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

0.59

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

0.66

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

0.70

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2016

0.70

Over the past year, the correlation between EWK and RFEU has dropped to 0.33 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

EWK vs. RFEU - Sectors Allocation Comparison

Sectors
EWK
RFEU

Healthcare

28.5%
13.3%

Consumer Defensive

25.2%
9.3%

Financial Services

15.9%
18.9%

Real Estate

9.7%

-

Industrials

7.4%
15.4%

Basic Materials

4.8%
1.2%

Utilities

2.7%
6.4%

Consumer Cyclical

1.8%
10.6%

Technology

1.6%
12.5%

Communication Services

1.3%
3.8%

Energy

1.1%
8.7%

Healthcare

EWK
28.5%
RFEU
13.3%

Consumer Defensive

EWK
25.2%
RFEU
9.3%

Financial Services

EWK
15.9%
RFEU
18.9%

Real Estate

EWK
9.7%
RFEU

-

Industrials

EWK
7.4%
RFEU
15.4%

Basic Materials

EWK
4.8%
RFEU
1.2%

Utilities

EWK
2.7%
RFEU
6.4%

Consumer Cyclical

EWK
1.8%
RFEU
10.6%

Technology

EWK
1.6%
RFEU
12.5%

Communication Services

EWK
1.3%
RFEU
3.8%

Energy

EWK
1.1%
RFEU
8.7%

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

First Trust RiverFront Dynamic Europe ETF

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. EDENEWK vs. BILEWK vs. SPYEWK vs. VOO
Often compared with RFEU:
RFEU vs. FDDRFEU vs. SPMORFEU vs. ONEQRFEU vs. HEDJRFEU vs. VTAPXRFEU vs. VEUR.LRFEU vs. IEV

Return for Risk

EWK vs. RFEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWK
EWK Risk / Return Rank: 5151
Overall Rank
EWK Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWK Omega Ratio Rank: 5858
Omega Ratio Rank
EWK Calmar Ratio Rank: 3939
Calmar Ratio Rank
EWK Martin Ratio Rank: 4444
Martin Ratio Rank
RFEU
RFEU Risk / Return Rank: 8989
Overall Rank
RFEU Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
RFEU Sortino Ratio Rank: 9191
Sortino Ratio Rank
RFEU Omega Ratio Rank: 9696
Omega Ratio Rank
RFEU Calmar Ratio Rank: 8080
Calmar Ratio Rank
RFEU Martin Ratio Rank: 9191
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. RFEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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.

EWKRFEUDifference
Sharpe ratioReturn per unit of total volatility
1.56
2.28

-0.72

Sortino ratioReturn per unit of downside risk
2.25
3.46

-1.22

Omega ratioGain probability vs. loss probability

1.29

1.63

-0.34

Calmar ratioReturn relative to maximum drawdown

1.57

3.28

-1.72

Martin ratioReturn relative to average drawdown

5.53

16.07

-10.54

EWK vs. RFEU - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.56, which is lower than the RFEU Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EWK and RFEU, 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. RFEU - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than RFEU's maximum drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for EWK and RFEU.

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Drawdown Indicators

EWKRFEUDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-39.74%

-34.36%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-4.83%

-10.64%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-13.48%

-1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-35.92%

+2.68%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-39.74%

-3.06%

Current Drawdown

Current decline from peak

-1.60%

-0.11%

-1.49%

Average Drawdown

Average peak-to-trough decline

-21.43%

-9.47%

-11.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

1.30%

+3.07%

Volatility

EWK vs. RFEU - Volatility Comparison

iShares MSCI Belgium ETF (EWK) has a higher volatility of 3.31% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that EWK's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWKRFEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

0.00%

+3.31%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

1.18%

+12.12%

Volatility (1Y)

Calculated over the trailing 1-year period

15.56%

7.01%

+8.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

16.67%

+1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.79%

17.43%

+1.36%

EWK vs. RFEU - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

EWK vs. RFEU - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, more than RFEU's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.37%2.87%5.45%3.37%4.98%1.82%2.32%3.08%2.84%1.35%3.16%0.00%

Frequently Asked Questions

EWK and RFEU have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWK has higher volatility (3.31%) compared to RFEU (0.00%). In terms of maximum drawdown, EWK dropped -74.10% vs RFEU's -39.74%.

On 10-year performance, RFEU leads with 7.22% vs 6.90% for EWK. On fees, EWK is cheaper at 0.49% per year. On volatility, RFEU has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RFEU has performed better with a 7.22% return vs 6.90%. 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 0.83% for RFEU.

EWK has the higher dividend yield at 1.83%, compared with 1.37% for RFEU.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWK and 0.83% for RFEU.

RFEU currently has the higher Sharpe Ratio (2.28 vs 1.56), 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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