EWN vs. IEUR

Last updated Aug 2, 2026

EWN (iShares MSCI Netherlands ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EWN tracks the MSCI Netherlands Investable Market Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWN returned 13.34%/yr vs 9.92%/yr for IEUR. Their correlation of 0.89 means they have usually moved in the same direction. EWN charges 0.50%/yr vs 0.09%/yr for IEUR.

Performance

EWN vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) and iShares Core MSCI Europe ETF (IEUR). 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 IEUR's 10.27% return. Over the past 10 years, EWN has outperformed IEUR with an annualized return of 13.34%, while IEUR has yielded a comparatively lower 9.92% 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%

IEUR

• 1D: -0.49%
• 1M: 1.08%
• 6M: 5.44%
• YTD: 10.27%
• 1Y: 23.45%
• 3Y*: 16.38%
• 5Y*: 9.10%
• 10Y*: 9.92%
• ALL TIME*: 6.71%

*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
IEUR iShares Core MSCI Europe ETF	$76.19M	$57.15M	$73.12M

EWN vs. IEUR - 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%
IEUR iShares Core MSCI Europe ETF	10.27%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between EWN and IEUR is 0.81, 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.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.89

The correlation between EWN and IEUR has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

EWN vs. IEUR - Sectors Allocation Comparison

Sectors	EWN	IEUR
Technology	37.8%	9.1%
Financial Services	17.3%	24.0%
Industrials	10.4%	19.2%
Consumer Defensive	9.9%	8.2%
Communication Services	9.8%	3.3%
Consumer Cyclical	5.4%	6.7%
Basic Materials	4.7%	5.6%
Healthcare	2.5%	12.7%
Energy	1.8%	4.9%
Real Estate	0.7%	1.5%
Utilities	-	4.3%

Return for Risk

EWN vs. IEUR — 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

IEUR

IEUR Risk / Return Rank: 61
IEUR Sharpe Ratio Rank: 64
IEUR Sortino Ratio Rank: 65
IEUR Omega Ratio Rank: 61
IEUR Calmar Ratio Rank: 54
IEUR Martin Ratio Rank: 63

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. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and iShares Core MSCI Europe ETF (IEUR). 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	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.47	+0.18
Sortino ratio: Return per unit of downside risk	2.36	2.14	+0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.78	1.92	+0.86
Martin ratio: Return relative to average drawdown	10.09	7.40	+2.69

EWN vs. IEUR - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.65, which is comparable to the IEUR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EWN and IEUR, 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. IEUR - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWN and IEUR.

Drawdown Indicators

	EWN	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-36.96%	-28.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-12.04%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-14.25%	-5.52%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-32.75%	-10.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-36.96%	-6.61%
Current Drawdown Current decline from peak	-5.67%	-0.49%	-5.18%
Average Drawdown Average peak-to-trough decline	-16.28%	-8.13%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.12%	+0.52%

Volatility

EWN vs. IEUR - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.40% compared to iShares Core MSCI Europe ETF (IEUR) at 4.45%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	4.45%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	19.19%	13.71%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	22.36%	15.80%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	17.80%	+5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	18.23%	+3.08%

EWN vs. IEUR - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EWN vs. IEUR - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.25%, more than IEUR's 3.12% 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%
IEUR iShares Core MSCI Europe ETF	3.12%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both EWN and IEUR in my portfolio?

EWN and IEUR have a correlation of 0.81, 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 IEUR?

EWN has higher volatility (7.40%) compared to IEUR (4.45%). In terms of maximum drawdown, EWN dropped -65.22% vs IEUR's -36.96%.

Which ETF is better, EWN or IEUR?

On 10-year performance, EWN leads with 13.34% vs 9.92% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or IEUR?

Over the 10-year period, EWN has performed better with a 13.34% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.25%, compared with 3.12% for IEUR.

What is the main difference between EWN and IEUR?

EWN tracks MSCI Netherlands Investable Market Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.50% for EWN and 0.09% for IEUR.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.65 vs 1.47), 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.