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EWQ vs. ENZL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. ENZL

Last updated Aug 5, 2026
Documentation

EWQ (iShares MSCI France ETF) and ENZL (iShares MSCI New Zealand ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France Index, while ENZL is a Asia Pacific Equities fund tracking the MSCI New Zealand Investable Market Index. Both are passively managed. Over the past 10 years, EWQ returned 10.16%/yr vs 3.22%/yr for ENZL. Their 0.55 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWQ vs. ENZL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares MSCI New Zealand ETF (ENZL). 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 8.17% return, which is significantly higher than ENZL's 6.42% return. Over the past 10 years, EWQ has outperformed ENZL with an annualized return of 10.16%, while ENZL has yielded a comparatively lower 3.22% annualized return.

EWQ

1D
1.11%
1M
3.51%
6M
6.51%
YTD
8.17%
1Y
16.85%
3Y*
10.87%
5Y*
7.54%
10Y*
10.16%
ALL TIME*
7.01%

ENZL

1D
1.25%
1M
6.20%
6M
1.98%
YTD
6.42%
1Y
8.59%
3Y*
2.05%
5Y*
-2.91%
10Y*
3.22%
ALL TIME*
7.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ENZL

iShares MSCI New Zealand ETF
$6.60M$5.64M$3.38M

EWQ

iShares MSCI France ETF
$16.77M$14.69M$16.24M

EWQ vs. ENZL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		8.17%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
ENZL
iShares MSCI New Zealand ETF		6.42%2.47%-4.86%2.95%-16.18%-11.39%20.04%30.09%0.35%24.04%

Correlation

The correlation between EWQ and ENZL is 0.51, 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.

0.51

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

0.50

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

0.53

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

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 2, 2010

0.55

The correlation between EWQ and ENZL has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

EWQ vs. ENZL - Sectors Allocation Comparison

Sectors
EWQ
ENZL

Industrials

33.1%
30.9%

Financial Services

13.4%
1.5%

Consumer Cyclical

11.4%
1.2%

Consumer Defensive

8.5%
1.4%

Healthcare

8.5%
30.0%

Energy

7.2%
1.9%

Basic Materials

7.1%
4.4%

Technology

4.0%
0.5%

Communication Services

2.8%
3.0%

Utilities

2.6%
12.6%

Real Estate

1.3%
12.9%

Industrials

EWQ
33.1%
ENZL
30.9%

Financial Services

EWQ
13.4%
ENZL
1.5%

Consumer Cyclical

EWQ
11.4%
ENZL
1.2%

Consumer Defensive

EWQ
8.5%
ENZL
1.4%

Healthcare

EWQ
8.5%
ENZL
30.0%

Energy

EWQ
7.2%
ENZL
1.9%

Basic Materials

EWQ
7.1%
ENZL
4.4%

Technology

EWQ
4.0%
ENZL
0.5%

Communication Services

EWQ
2.8%
ENZL
3.0%

Utilities

EWQ
2.6%
ENZL
12.6%

Real Estate

EWQ
1.3%
ENZL
12.9%

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 New Zealand ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with ENZL:
ENZL vs. EIRLENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWAENZL vs. EWY

Return for Risk

EWQ vs. ENZL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWQ
EWQ Risk / Return Rank: 3535
Overall Rank
EWQ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 3535
Sortino Ratio Rank
EWQ Omega Ratio Rank: 3434
Omega Ratio Rank
EWQ Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWQ Martin Ratio Rank: 3535
Martin Ratio Rank
ENZL
ENZL Risk / Return Rank: 2222
Overall Rank
ENZL Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
ENZL Sortino Ratio Rank: 2121
Sortino Ratio Rank
ENZL Omega Ratio Rank: 2121
Omega Ratio Rank
ENZL Calmar Ratio Rank: 2121
Calmar Ratio Rank
ENZL Martin Ratio Rank: 2222
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.

EWQ vs. ENZL - Risk-Adjusted Trends Comparison

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

EWQENZLDifference
Sharpe ratioReturn per unit of total volatility
0.98
0.54

+0.43

Sortino ratioReturn per unit of downside risk
1.46
0.86

+0.60

Omega ratioGain probability vs. loss probability

1.18

1.11

+0.07

Calmar ratioReturn relative to maximum drawdown

1.23

0.67

+0.56

Martin ratioReturn relative to average drawdown

3.68

1.78

+1.89

EWQ vs. ENZL - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.98, which is higher than the ENZL Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of EWQ and ENZL, 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. ENZL - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than ENZL's maximum drawdown of -42.44%. Use the drawdown chart below to compare losses from any high point for EWQ and ENZL.

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Drawdown Indicators

EWQENZLDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-42.44%

-18.97%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-12.90%

-0.90%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-20.67%

+5.51%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-36.86%

+5.40%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-42.44%

+3.21%

Current Drawdown

Current decline from peak

0.00%

-24.68%

+24.68%

Average Drawdown

Average peak-to-trough decline

-16.01%

-12.93%

-3.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.59%

4.83%

-0.24%

Volatility

EWQ vs. ENZL - Volatility Comparison

iShares MSCI France ETF (EWQ) and iShares MSCI New Zealand ETF (ENZL) have volatilities of 4.41% and 4.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQENZLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

4.30%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

14.71%

13.77%

+0.94%

Volatility (1Y)

Calculated over the trailing 1-year period

17.38%

15.92%

+1.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.86%

18.58%

+1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.40%

20.38%

+0.02%

EWQ vs. ENZL - Expense Ratio Comparison

Both EWQ and ENZL have an expense ratio of 0.50%.

Dividends

EWQ vs. ENZL - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.77%, more than ENZL's 2.12% yield.

PositionTTM20252024202320222021202020192018201720162015
ENZL
iShares MSCI New Zealand ETF		2.12%2.23%2.13%3.00%1.62%2.46%1.66%3.35%3.60%3.69%4.79%4.29%
EWQ
iShares MSCI France ETF		2.77%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 ENZL have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWQ has higher volatility (4.41%) compared to ENZL (4.30%). In terms of maximum drawdown, EWQ dropped -61.41% vs ENZL's -42.44%.

On 10-year performance, EWQ leads with 10.16% vs 3.22% for ENZL. Both ETFs have the same 0.50% expense ratio. On volatility, ENZL has been the lower-risk option at 4.30%. 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 10.16% return vs 3.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWQ and ENZL have the same expense ratio: 0.50% per year.

EWQ has the higher dividend yield at 2.77%, compared with 2.12% for ENZL.

EWQ is categorized as Europe Equities, while ENZL is Asia Pacific Equities. EWQ tracks MSCI France Index, while ENZL tracks MSCI New Zealand Investable Market Index.

EWQ currently has the higher Sharpe Ratio (0.98 vs 0.54), 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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