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EWQ vs. EFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. EFNL

Last updated Jun 25, 2026

EWQ (iShares MSCI France ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWQ returned 10.33%/yr vs 10.03%/yr for EFNL. A 0.76 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.53%/yr for EFNL.

Performance

EWQ vs. EFNL - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWQ achieves a 2.05% return, which is significantly lower than EFNL's 10.90% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 10.33% annualized return and EFNL not far behind at 10.03%.

EWQ

1D
0.20%
1M
1.64%
YTD
2.05%
6M
2.07%
1Y
9.76%
3Y*
9.70%
5Y*
6.55%
10Y*
10.33%

EFNL

1D
-0.72%
1M
-6.54%
YTD
10.90%
6M
11.50%
1Y
32.66%
3Y*
19.52%
5Y*
5.18%
10Y*
10.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. EFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		2.05%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
EFNL
iShares MSCI Finland ETF		10.90%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%

Correlation

The correlation between EWQ and EFNL is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.76

The correlation between EWQ and EFNL shifts across timeframes, from 0.67 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

EWQ vs. EFNL - Sectors Allocation Comparison

Sectors
EWQ
EFNL

Industrials

31.1%
20.3%

Financial Services

12.8%
25.9%

Consumer Cyclical

12.0%
4.2%

Healthcare

8.7%
3.5%

Consumer Defensive

8.5%
2.8%

Energy

8.0%
4.1%

Basic Materials

7.1%
8.9%

Technology

4.1%
23.3%

Communication Services

3.1%
2.3%

Utilities

2.6%
3.6%

Real Estate

1.3%
0.7%

Industrials

EWQ
31.1%
EFNL
20.3%

Financial Services

EWQ
12.8%
EFNL
25.9%

Consumer Cyclical

EWQ
12.0%
EFNL
4.2%

Healthcare

EWQ
8.7%
EFNL
3.5%

Consumer Defensive

EWQ
8.5%
EFNL
2.8%

Energy

EWQ
8.0%
EFNL
4.1%

Basic Materials

EWQ
7.1%
EFNL
8.9%

Technology

EWQ
4.1%
EFNL
23.3%

Communication Services

EWQ
3.1%
EFNL
2.3%

Utilities

EWQ
2.6%
EFNL
3.6%

Real Estate

EWQ
1.3%
EFNL
0.7%

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 France ETF

iShares MSCI Finland ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with EFNL:
EFNL vs. CN1G.DEEFNL vs. FNDAEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI

Return for Risk

EWQ vs. EFNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWQ
EWQ Risk / Return Rank: 1818
Overall Rank
EWQ Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 1818
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1717
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1818
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2020
Martin Ratio Rank
EFNL
EFNL Risk / Return Rank: 6565
Overall Rank
EFNL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 5555
Sortino Ratio Rank
EFNL Omega Ratio Rank: 5454
Omega Ratio Rank
EFNL Calmar Ratio Rank: 8080
Calmar Ratio Rank
EFNL Martin Ratio Rank: 7575
Martin Ratio Rank
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.

EWQ vs. EFNL - Risk-Adjusted Trends Comparison

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

EWQEFNLDifference
Sharpe ratioReturn per unit of total volatility
0.56
1.75

-1.20

Sortino ratioReturn per unit of downside risk
0.90
2.34

-1.44

Omega ratioGain probability vs. loss probability

1.11

1.30

-0.19

Calmar ratioReturn relative to maximum drawdown

0.71

3.69

-2.98

Martin ratioReturn relative to average drawdown

2.14

12.36

-10.22

EWQ vs. EFNL - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.56, which is lower than the EFNL Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of EWQ and EFNL, 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

EWQ vs. EFNL - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than EFNL's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for EWQ and EFNL.

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Drawdown Indicators

EWQEFNLDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-38.70%

-22.71%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-8.88%

-4.92%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-15.93%

+0.77%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-38.70%

+7.24%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-38.70%

-0.53%

Current Drawdown

Current decline from peak

-5.04%

-8.88%

+3.84%

Average Drawdown

Average peak-to-trough decline

-16.05%

-10.91%

-5.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.57%

2.65%

+1.92%

Volatility

EWQ vs. EFNL - Volatility Comparison

The current volatility for iShares MSCI France ETF (EWQ) is 5.56%, while iShares MSCI Finland ETF (EFNL) has a volatility of 8.69%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQEFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.56%

8.69%

-3.13%

Volatility (6M)

Calculated over the trailing 6-month period

14.27%

15.82%

-1.55%

Volatility (1Y)

Calculated over the trailing 1-year period

17.63%

18.72%

-1.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.87%

19.88%

-0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.45%

19.93%

+0.52%

EWQ vs. EFNL - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than EFNL's 0.53% expense ratio.

Dividends

EWQ vs. EFNL - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.93%, more than EFNL's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
EFNL
iShares MSCI Finland ETF		1.03%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%
EWQ
iShares MSCI France ETF		2.93%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

EWQ and EFNL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (8.69%) compared to EWQ (5.56%). In terms of maximum drawdown, EWQ dropped -61.41% vs EFNL's -38.70%.

On 10-year performance, EWQ leads with 10.33% vs 10.03% for EFNL. On fees, EWQ is cheaper at 0.50% per year. On volatility, EWQ has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWQ has performed better with a 10.33% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWQ is cheaper with a 0.50% expense ratio, compared with 0.53% for EFNL.

EWQ has the higher dividend yield at 2.93%, compared with 1.03% for EFNL.

EWQ tracks MSCI France Index, while EFNL tracks MSCI Finland IMI 25/50 Index. Their fees differ too: 0.50% for EWQ and 0.53% for EFNL.

EFNL currently has the higher Sharpe Ratio (1.75 vs 0.56), 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.

Portfolio Optimizer

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