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EWO vs. EWQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EWQ

Last updated Aug 2, 2026
Documentation

EWO (iShares MSCI Austria ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWO returned 15.04%/yr vs 9.96%/yr for EWQ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. EWO charges 0.49%/yr vs 0.50%/yr for EWQ.

Performance

EWO vs. EWQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWO achieves a 22.21% return, which is significantly higher than EWQ's 5.94% return. Over the past 10 years, EWO has outperformed EWQ with an annualized return of 15.04%, while EWQ has yielded a comparatively lower 9.96% annualized return.

EWO

1D
-0.06%
1M
-0.38%
6M
15.38%
YTD
22.21%
1Y
47.85%
3Y*
33.11%
5Y*
17.22%
10Y*
15.04%
ALL TIME*
7.31%

EWQ

1D
0.17%
1M
1.37%
6M
5.10%
YTD
5.94%
1Y
15.63%
3Y*
9.54%
5Y*
7.52%
10Y*
9.96%
ALL TIME*
6.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWO

iShares MSCI Austria ETF
$1.47M$2.78M$1.63M

EWQ

iShares MSCI France ETF
$12.00M$12.69M$15.52M

EWO vs. EWQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		22.21%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%
EWQ
iShares MSCI France ETF		5.94%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%

Correlation

The correlation between EWO and EWQ is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.73

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.78

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.64

The correlation between EWO and EWQ shifts across timeframes, from 0.64 (all time) to 0.78 (10 years), reflecting how their relationship changes across market environments.

EWO vs. EWQ - Sectors Allocation Comparison

Sectors
EWO
EWQ

Financial Services

48.1%
13.4%

Industrials

11.1%
33.1%

Energy

9.6%
7.2%

Basic Materials

9.4%
7.1%

Utilities

6.4%
2.6%

Technology

5.9%
4.0%

Consumer Cyclical

4.7%
11.4%

Real Estate

3.7%
1.3%

Communication Services

-

2.8%

Consumer Defensive

-

8.5%

Healthcare

-

8.5%

Financial Services

EWO
48.1%
EWQ
13.4%

Industrials

EWO
11.1%
EWQ
33.1%

Energy

EWO
9.6%
EWQ
7.2%

Basic Materials

EWO
9.4%
EWQ
7.1%

Utilities

EWO
6.4%
EWQ
2.6%

Technology

EWO
5.9%
EWQ
4.0%

Consumer Cyclical

EWO
4.7%
EWQ
11.4%

Real Estate

EWO
3.7%
EWQ
1.3%

Communication Services

EWO

-

EWQ
2.8%

Consumer Defensive

EWO

-

EWQ
8.5%

Healthcare

EWO

-

EWQ
8.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Austria ETF

iShares MSCI France ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOOEWO vs. IUSV
Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWNEWQ vs. EIRL

Return for Risk

EWO vs. EWQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 8989
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8383
Martin Ratio Rank
EWQ
EWQ Risk / Return Rank: 3232
Overall Rank
EWQ Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWQ Omega Ratio Rank: 3232
Omega Ratio Rank
EWQ Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWQ Martin Ratio Rank: 3333
Martin Ratio Rank
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.

EWO vs. EWQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI France ETF (EWQ). 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.

EWOEWQDifference
Sharpe ratioReturn per unit of total volatility
2.40
0.82

+1.57

Sortino ratioReturn per unit of downside risk
3.39
1.26

+2.13

Omega ratioGain probability vs. loss probability

1.41

1.15

+0.25

Calmar ratioReturn relative to maximum drawdown

3.38

1.04

+2.35

Martin ratioReturn relative to average drawdown

11.29

3.10

+8.19

EWO vs. EWQ - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.40, which is higher than the EWQ Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of EWO and EWQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWO vs. EWQ - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EWQ's maximum drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWO and EWQ.

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Drawdown Indicators

EWOEWQDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-61.41%

-14.28%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-13.80%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-15.16%

-1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-31.46%

-10.36%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-39.23%

-18.87%

Current Drawdown

Current decline from peak

-1.53%

-1.42%

-0.11%

Average Drawdown

Average peak-to-trough decline

-27.98%

-16.01%

-11.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

4.59%

-0.38%

Volatility

EWO vs. EWQ - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 6.23% compared to iShares MSCI France ETF (EWQ) at 4.68%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOEWQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

4.68%

+1.55%

Volatility (6M)

Calculated over the trailing 6-month period

16.88%

14.69%

+2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

19.92%

17.42%

+2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.03%

19.85%

+2.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.60%

20.39%

+2.21%

EWO vs. EWQ - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than EWQ's 0.50% expense ratio.

Dividends

EWO vs. EWQ - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, less than EWQ's 2.83% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		1.98%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
EWQ
iShares MSCI France ETF		2.83%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%

Frequently Asked Questions

EWO and EWQ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.23%) compared to EWQ (4.68%). In terms of maximum drawdown, EWO dropped -75.69% vs EWQ's -61.41%.

On 10-year performance, EWO leads with 15.04% vs 9.96% for EWQ. On fees, EWO is cheaper at 0.49% per year. On volatility, EWQ has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.04% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO is cheaper with a 0.49% expense ratio, compared with 0.50% for EWQ.

EWQ has the higher dividend yield at 2.83%, compared with 1.98% for EWO.

EWO tracks MSCI Austria Investable Market Index, while EWQ tracks MSCI France Index. Their fees differ too: 0.49% for EWO and 0.50% for EWQ.

EWO currently has the higher Sharpe Ratio (2.40 vs 0.82), 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.

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