EWQ vs. EIRL

Last updated Jun 24, 2026

EWQ (iShares MSCI France ETF) and EIRL (iShares MSCI Ireland ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EIRL tracks the MSCI Ireland Investable Market 25/50 Index. Both are passively managed. Over the past 10 years, EWQ returned 10.31%/yr vs 9.57%/yr for EIRL. A 0.72 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.49%/yr for EIRL.

Performance

EWQ vs. EIRL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWQ achieves a 1.84% return, which is significantly lower than EIRL's 6.15% return. Over the past 10 years, EWQ has outperformed EIRL with an annualized return of 10.31%, while EIRL has yielded a comparatively lower 9.57% annualized return.

EWQ

• 1D: -1.02%
• 1M: 1.44%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 10.78%
• 3Y*: 9.62%
• 5Y*: 6.51%
• 10Y*: 10.31%

EIRL

• 1D: -1.20%
• 1M: 4.14%
• YTD: 6.15%
• 6M: 4.97%
• 1Y: 21.13%
• 3Y*: 13.88%
• 5Y*: 7.47%
• 10Y*: 9.57%

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

EWQ vs. EIRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWQ iShares MSCI France ETF	1.84%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%
EIRL iShares MSCI Ireland ETF	6.15%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%

Correlation

The correlation between EWQ and EIRL is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 11, 2010	0.72

The correlation between EWQ and EIRL has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

EWQ vs. EIRL - Sectors Allocation Comparison

Sectors	EWQ	EIRL
Industrials	31.1%	15.8%
Financial Services	12.8%	38.6%
Consumer Cyclical	12.0%	8.5%
Healthcare	8.7%	10.3%
Consumer Defensive	8.5%	19.0%
Energy	8.0%	4.5%
Basic Materials	7.1%	0.7%
Technology	4.1%	0.3%
Communication Services	3.1%	-
Utilities	2.6%	-
Real Estate	1.3%	2.3%

Return for Risk

EWQ vs. EIRL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWQ

EWQ Risk / Return Rank: 19
EWQ Sharpe Ratio Rank: 19
EWQ Sortino Ratio Rank: 18
EWQ Omega Ratio Rank: 18
EWQ Calmar Ratio Rank: 19
EWQ Martin Ratio Rank: 21

EIRL

EIRL Risk / Return Rank: 34
EIRL Sharpe Ratio Rank: 35
EIRL Sortino Ratio Rank: 35
EIRL Omega Ratio Rank: 35
EIRL Calmar Ratio Rank: 31
EIRL 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.

EWQ vs. EIRL - Risk-Adjusted Trends Comparison

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

	EWQ	EIRL	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.18	-0.56
Sortino ratio: Return per unit of downside risk	0.98	1.79	-0.81
Omega ratio: Gain probability vs. loss probability	1.12	1.22	-0.10
Calmar ratio: Return relative to maximum drawdown	0.78	1.49	-0.70
Martin ratio: Return relative to average drawdown	2.37	4.89	-2.52

EWQ vs. EIRL - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.61, which is lower than the EIRL Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWQ and EIRL, 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

EWQ vs. EIRL - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than EIRL's maximum drawdown of -46.48%. Use the drawdown chart below to compare losses from any high point for EWQ and EIRL.

Drawdown Indicators

	EWQ	EIRL	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-46.48%	-14.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-14.28%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-23.04%	+7.88%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-40.14%	+8.68%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-46.48%	+7.25%
Current Drawdown Current decline from peak	-5.24%	-1.20%	-4.04%
Average Drawdown Average peak-to-trough decline	-16.06%	-9.08%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	4.33%	+0.23%

Volatility

EWQ vs. EIRL - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 5.62% compared to iShares MSCI Ireland ETF (EIRL) at 3.81%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than EIRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWQ	EIRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	3.81%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	15.01%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	18.05%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	21.18%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	21.39%	-0.94%

EWQ vs. EIRL - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than EIRL's 0.49% expense ratio.

Dividends

EWQ vs. EIRL - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.94%, more than EIRL's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIRL iShares MSCI Ireland ETF	2.45%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%
EWQ iShares MSCI France ETF	2.94%	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

Can I hold both EWQ and EIRL in my portfolio?

EWQ and EIRL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWQ or EIRL?

EWQ has higher volatility (5.62%) compared to EIRL (3.81%). In terms of maximum drawdown, EWQ dropped -61.41% vs EIRL's -46.48%.

Which ETF is better, EWQ or EIRL?

On 10-year performance, EWQ leads with 10.31% vs 9.57% for EIRL. On fees, EIRL is cheaper at 0.49% per year. On volatility, EIRL has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWQ or EIRL?

Over the 10-year period, EWQ has performed better with a 10.31% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWQ or EIRL?

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

Which ETF pays a higher dividend yield, EWQ or EIRL?

EWQ has the higher dividend yield at 2.94%, compared with 2.45% for EIRL.

What is the main difference between EWQ and EIRL?

EWQ tracks MSCI France Index, while EIRL tracks MSCI Ireland Investable Market 25/50 Index. Their fees differ too: 0.50% for EWQ and 0.49% for EIRL.

Which has better risk-adjusted returns?

EIRL currently has the higher Sharpe Ratio (1.18 vs 0.61), 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.