EWN vs. FEZ

Last updated Aug 2, 2026

EWN (iShares MSCI Netherlands ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both Europe Equities funds - EWN tracks the MSCI Netherlands Investable Market Index while FEZ tracks the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, EWN returned 13.34%/yr vs 11.23%/yr for FEZ. Their correlation of 0.88 means they have usually moved in the same direction. EWN charges 0.50%/yr vs 0.29%/yr for FEZ.

Performance

EWN vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWN achieves a 18.31% return, which is significantly higher than FEZ's 10.27% return. Over the past 10 years, EWN has outperformed FEZ with an annualized return of 13.34%, while FEZ has yielded a comparatively lower 11.23% annualized return.

EWN

• 1D: -0.93%
• 1M: -1.10%
• 6M: 8.36%
• YTD: 18.31%
• 1Y: 37.76%
• 3Y*: 17.97%
• 5Y*: 8.59%
• 10Y*: 13.34%
• ALL TIME*: 7.52%

FEZ

• 1D: 0.10%
• 1M: 1.13%
• 6M: 6.29%
• YTD: 10.27%
• 1Y: 25.36%
• 3Y*: 17.76%
• 5Y*: 11.54%
• 10Y*: 11.23%
• ALL TIME*: 7.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWN iShares MSCI Netherlands ETF	$20.58M	$19.47M	$16.07M
FEZ State Street SPDR EURO STOXX 50 ETF	$51.83M	$51.15M	$96.31M

EWN vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.31%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
FEZ State Street SPDR EURO STOXX 50 ETF	10.27%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between EWN and FEZ is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002	0.88

The correlation between EWN and FEZ has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

EWN vs. FEZ - Sectors Allocation Comparison

Sectors	EWN	FEZ
Technology	37.8%	16.6%
Financial Services	17.3%	26.2%
Industrials	10.4%	22.1%
Consumer Defensive	9.9%	5.6%
Communication Services	9.8%	1.9%
Consumer Cyclical	5.4%	9.5%
Basic Materials	4.7%	3.5%
Healthcare	2.5%	5.3%
Energy	1.8%	4.5%
Real Estate	0.7%	-
Utilities	-	4.9%

Return for Risk

EWN vs. FEZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWN

EWN Risk / Return Rank: 74
EWN Sharpe Ratio Rank: 73
EWN Sortino Ratio Rank: 73
EWN Omega Ratio Rank: 66
EWN Calmar Ratio Rank: 78
EWN Martin Ratio Rank: 79

FEZ

FEZ Risk / Return Rank: 53
FEZ Sharpe Ratio Rank: 54
FEZ Sortino Ratio Rank: 55
FEZ Omega Ratio Rank: 51
FEZ Calmar Ratio Rank: 49
FEZ Martin Ratio Rank: 52

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.

EWN vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.30	+0.35
Sortino ratio: Return per unit of downside risk	2.36	1.90	+0.45
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.78	1.75	+1.03
Martin ratio: Return relative to average drawdown	10.09	6.11	+3.97

EWN vs. FEZ - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.65, which is comparable to the FEZ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of EWN and FEZ, 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. FEZ - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, roughly equal to the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for EWN and FEZ.

Drawdown Indicators

	EWN	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-64.21%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-13.63%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-15.85%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-35.05%	-8.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-39.69%	-3.88%
Current Drawdown Current decline from peak	-5.67%	0.00%	-5.67%
Average Drawdown Average peak-to-trough decline	-16.28%	-16.97%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.90%	-0.26%

Volatility

EWN vs. FEZ - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.40% compared to State Street SPDR EURO STOXX 50 ETF (FEZ) at 5.04%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	5.04%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	19.19%	15.97%	+3.22%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	18.49%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	20.69%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	20.70%	+0.61%

EWN vs. FEZ - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

EWN vs. FEZ - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.25%, more than FEZ's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.25%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
FEZ State Street SPDR EURO STOXX 50 ETF	2.55%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%

Frequently Asked Questions

Can I hold both EWN and FEZ in my portfolio?

EWN and FEZ have a correlation of 0.84, 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 FEZ?

EWN has higher volatility (7.40%) compared to FEZ (5.04%). In terms of maximum drawdown, EWN dropped -65.22% vs FEZ's -64.21%.

Which ETF is better, EWN or FEZ?

On 10-year performance, EWN leads with 13.34% vs 11.23% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or FEZ?

Over the 10-year period, EWN has performed better with a 13.34% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or FEZ?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.25%, compared with 2.55% for FEZ.

What is the main difference between EWN and FEZ?

EWN tracks MSCI Netherlands Investable Market Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EWN and 0.29% for FEZ.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.65 vs 1.30), 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.