EWN vs. VGK

Last updated Jun 4, 2026

EWN (iShares MSCI Netherlands ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - EWN tracks the MSCI Netherlands Investable Market Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EWN returned 12.79%/yr vs 9.26%/yr for VGK. Their correlation of 0.91 suggests significant overlap in exposure. EWN charges 0.50%/yr vs 0.06%/yr for VGK.

Performance

EWN vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) and Vanguard FTSE Europe ETF (VGK). 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 higher than VGK's 5.62% return. Over the past 10 years, EWN has outperformed VGK with an annualized return of 12.79%, while VGK has yielded a comparatively lower 9.26% 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%

VGK

• 1D: -1.19%
• 1M: 2.79%
• YTD: 5.62%
• 6M: 8.66%
• 1Y: 18.01%
• 3Y*: 16.32%
• 5Y*: 8.24%
• 10Y*: 9.26%

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

EWN vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	5.62%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EWN and VGK is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 11, 2005	0.91

The correlation between EWN and VGK has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

EWN vs. VGK - Sectors Allocation Comparison

Sectors	EWN	VGK
Technology	34.8%	8.3%
Financial Services	18.1%	23.9%
Communication Services	14.7%	3.3%
Consumer Defensive	11.5%	8.5%
Industrials	10.2%	19.5%
Basic Materials	3.1%	5.4%
Healthcare	2.6%	12.1%
Energy	2.1%	5.3%
Consumer Cyclical	1.5%	6.8%
Real Estate	0.7%	1.5%
Utilities	-	4.8%

Return for Risk

EWN vs. VGK — 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

VGK

VGK Risk / Return Rank: 31
VGK Sharpe Ratio Rank: 31
VGK Sortino Ratio Rank: 31
VGK Omega Ratio Rank: 30
VGK Calmar Ratio Rank: 30
VGK Martin Ratio Rank: 35

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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.18	+0.55
Sortino ratio: Return per unit of downside risk	2.47	1.72	+0.75
Omega ratio: Gain probability vs. loss probability	1.30	1.21	+0.09
Calmar ratio: Return relative to maximum drawdown	2.57	1.50	+1.07
Martin ratio: Return relative to average drawdown	9.70	5.56	+4.14
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. VGK - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.73, which is higher than the VGK Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWN and VGK, 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	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.18	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.46	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.49	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.28	+0.03

Drawdowns

EWN vs. VGK - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, roughly equal to the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EWN and VGK.

Drawdown Indicators

	EWN	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-63.61%	-1.61%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-12.09%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-14.31%	-5.46%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-32.74%	-10.83%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-37.24%	-6.33%
Current Drawdown Current decline from peak	-1.30%	-2.41%	+1.11%
Average Drawdown Average peak-to-trough decline	-16.35%	-13.34%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.25%	+0.24%

Volatility

EWN vs. VGK - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.50% compared to Vanguard FTSE Europe ETF (VGK) at 5.73%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	5.73%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	12.78%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	15.40%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	17.90%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	18.96%	+2.40%

EWN vs. VGK - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EWN vs. VGK - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.26%, more than VGK's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VGK Vanguard FTSE Europe ETF	2.82%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EWN and VGK in my portfolio?

EWN and VGK 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 VGK?

EWN has higher volatility (7.50%) compared to VGK (5.73%). In terms of maximum drawdown, EWN dropped -65.22% vs VGK's -63.61%.

Which ETF is better, EWN or VGK?

On 10-year performance, EWN leads with 12.79% vs 9.26% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or VGK?

Over the 10-year period, EWN has performed better with a 12.79% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.26%, compared with 2.82% for VGK.

What is the main difference between EWN and VGK?

EWN tracks MSCI Netherlands Investable Market Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWN and 0.06% for VGK.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.73 vs 1.18), 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.