EWN vs. ASML

Last updated Jun 4, 2026

EWN (iShares MSCI Netherlands ETF) is Europe Equities fund tracking the MSCI Netherlands Investable Market Index, while ASML (ASML Holding N.V.) is a stock. Over the past 10 years, EWN returned 12.79%/yr vs 34.11%/yr for ASML. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

EWN vs. ASML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) and ASML Holding N.V. (ASML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWN achieves a 18.09% return, which is significantly lower than ASML's 61.93% return. Over the past 10 years, EWN has underperformed ASML with an annualized return of 12.79%, while ASML has yielded a comparatively higher 34.11% annualized return.

EWN

• 1D: -1.30%
• 1M: 8.53%
• YTD: 18.09%
• 6M: 18.14%
• 1Y: 33.81%
• 3Y*: 19.93%
• 5Y*: 8.69%
• 10Y*: 12.79%

ASML

• 1D: 1.23%
• 1M: 24.54%
• YTD: 61.93%
• 6M: 51.85%
• 1Y: 132.84%
• 3Y*: 34.91%
• 5Y*: 21.59%
• 10Y*: 34.11%

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

EWN vs. ASML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.09%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
ASML ASML Holding N.V.	61.93%	56.51%	-7.70%	39.91%	-30.49%	64.13%	66.06%	93.56%	-9.80%	56.23%

Correlation

The correlation between EWN and ASML is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 2, 1996	0.60

Over the past year, EWN and ASML have become more correlated (0.85) than their long-term average of 0.60, meaning their price movements have been converging.

Return for Risk

EWN vs. ASML — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 51
EWN Sharpe Ratio Rank: 49
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 52
EWN Martin Ratio Rank: 56

ASML

ASML Risk / Return Rank: 94
ASML Sharpe Ratio Rank: 95
ASML Sortino Ratio Rank: 93
ASML Omega Ratio Rank: 91
ASML Calmar Ratio Rank: 95
ASML Martin Ratio Rank: 95

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.

EWN vs. ASML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and ASML Holding N.V. (ASML). 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.

	EWN	ASML	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.29	-1.57
Sortino ratio: Return per unit of downside risk	2.47	3.71	-1.24
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.16
Calmar ratio: Return relative to maximum drawdown	2.57	7.48	-4.92
Martin ratio: Return relative to average drawdown	9.70	20.18	-10.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWN vs. ASML - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.73, which is lower than the ASML Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of EWN and ASML, 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

	EWN	ASML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	3.29	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.52	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.89	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.56	-0.25

Drawdowns

EWN vs. ASML - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, smaller than the maximum ASML drawdown of -90.00%. Use the drawdown chart below to compare losses from any high point for EWN and ASML.

Drawdown Indicators

	EWN	ASML	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-90.00%	+24.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-17.85%	+4.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-45.38%	+25.61%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-56.84%	+13.27%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-56.84%	+13.27%
Current Drawdown Current decline from peak	-1.30%	0.00%	-1.30%
Average Drawdown Average peak-to-trough decline	-16.35%	-28.15%	+11.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	6.61%	-3.12%

Volatility

EWN vs. ASML - Volatility Comparison

The current volatility for iShares MSCI Netherlands ETF (EWN) is 7.50%, while ASML Holding N.V. (ASML) has a volatility of 14.67%. This indicates that EWN experiences smaller price fluctuations and is considered to be less risky than ASML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	ASML	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	14.67%	-7.17%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	32.21%	-15.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	40.58%	-20.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	42.03%	-19.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	38.50%	-17.14%

Dividends

EWN vs. ASML - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.26%, more than ASML's 0.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASML ASML Holding N.V.	0.51%	0.97%	0.97%	0.86%	1.27%	0.50%	0.50%	1.40%	0.94%	0.64%	0.92%	0.73%
EWN iShares MSCI Netherlands ETF	4.26%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%

Frequently Asked Questions

Can I hold both EWN and ASML in my portfolio?

EWN and ASML have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or ASML?

ASML has higher volatility (14.67%) compared to EWN (7.50%). In terms of maximum drawdown, EWN dropped -65.22% vs ASML's -90.00%.

Which has better risk-adjusted returns?

ASML currently has the higher Sharpe Ratio (3.29 vs 1.73), 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.