EWN vs. EPOL

Last updated Jun 24, 2026

EWN (iShares MSCI Netherlands ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - EWN tracks the MSCI Netherlands Investable Market Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, EWN returned 14.24%/yr vs 11.95%/yr for EPOL. A 0.66 correlation means they provide meaningful diversification when combined. EWN charges 0.50%/yr vs 0.61%/yr for EPOL.

Performance

EWN vs. EPOL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWN achieves a 20.24% return, which is significantly higher than EPOL's 10.88% return. Over the past 10 years, EWN has outperformed EPOL with an annualized return of 14.24%, while EPOL has yielded a comparatively lower 11.95% annualized return.

EWN

• 1D: -3.91%
• 1M: 2.60%
• YTD: 20.24%
• 6M: 20.65%
• 1Y: 34.25%
• 3Y*: 21.10%
• 5Y*: 9.47%
• 10Y*: 14.24%

EPOL

• 1D: -1.60%
• 1M: -2.33%
• YTD: 10.88%
• 6M: 11.51%
• 1Y: 36.67%
• 3Y*: 33.20%
• 5Y*: 15.75%
• 10Y*: 11.95%

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

EWN vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	20.24%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
EPOL iShares MSCI Poland ETF	10.88%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between EWN and EPOL is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 26, 2010	0.66

The correlation between EWN and EPOL has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

EWN vs. EPOL - Sectors Allocation Comparison

Sectors	EWN	EPOL
Technology	34.6%	2.0%
Financial Services	17.9%	44.6%
Industrials	11.4%	1.7%
Consumer Defensive	10.1%	5.8%
Communication Services	9.6%	5.7%
Consumer Cyclical	5.9%	13.1%
Basic Materials	5.1%	7.3%
Healthcare	2.5%	0.6%
Energy	2.0%	14.5%
Real Estate	0.7%	-
Utilities	-	4.8%

Return for Risk

EWN vs. EPOL — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 53
EWN Sharpe Ratio Rank: 50
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 57
EWN Martin Ratio Rank: 59

EPOL

EPOL Risk / Return Rank: 52
EPOL Sharpe Ratio Rank: 47
EPOL Sortino Ratio Rank: 47
EPOL Omega Ratio Rank: 41
EPOL Calmar Ratio Rank: 69
EPOL 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.

EWN vs. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and iShares MSCI Poland ETF (EPOL). 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.

	EWN	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.55	+0.09
Sortino ratio: Return per unit of downside risk	2.33	2.23	+0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.60	3.34	-0.74
Martin ratio: Return relative to average drawdown	9.83	9.08	+0.75

EWN vs. EPOL - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.64, which is comparable to the EPOL Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EWN and EPOL, 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

EWN vs. EPOL - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, roughly equal to the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for EWN and EPOL.

Drawdown Indicators

	EWN	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-63.72%	-1.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-11.04%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-21.81%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-54.21%	+10.64%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-61.41%	+17.84%
Current Drawdown Current decline from peak	-4.14%	-4.82%	+0.68%
Average Drawdown Average peak-to-trough decline	-16.32%	-26.81%	+10.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.05%	-0.56%

Volatility

EWN vs. EPOL - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 8.69% compared to iShares MSCI Poland ETF (EPOL) at 7.54%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	7.54%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	18.40%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	23.71%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.14%	29.18%	-6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	27.43%	-6.20%

EWN vs. EPOL - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

EWN vs. EPOL - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.18%, more than EPOL's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	3.80%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
EWN iShares MSCI Netherlands ETF	4.18%	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 EPOL in my portfolio?

EWN and EPOL have a correlation of 0.61, 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 EPOL?

EWN has higher volatility (8.69%) compared to EPOL (7.54%). In terms of maximum drawdown, EWN dropped -65.22% vs EPOL's -63.72%.

Which ETF is better, EWN or EPOL?

On 10-year performance, EWN leads with 14.24% vs 11.95% for EPOL. On fees, EWN is cheaper at 0.50% per year. On volatility, EPOL has been the lower-risk option at 7.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or EPOL?

Over the 10-year period, EWN has performed better with a 14.24% return vs 11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or EPOL?

EWN is cheaper with a 0.50% expense ratio, compared with 0.61% for EPOL.

Which ETF pays a higher dividend yield, EWN or EPOL?

EWN has the higher dividend yield at 4.18%, compared with 3.80% for EPOL.

What is the main difference between EWN and EPOL?

EWN tracks MSCI Netherlands Investable Market Index, while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.50% for EWN and 0.61% for EPOL.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.64 vs 1.55), 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.