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EWQ vs. EWD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. EWD

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and EWD (iShares MSCI Sweden ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EWD tracks the MSCI Sweden Index. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 9.23%/yr for EWD. A 0.73 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.55%/yr for EWD.

Performance

EWQ vs. EWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares MSCI Sweden ETF (EWD). 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 1.20% return, which is significantly lower than EWD's 4.90% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 9.13% annualized return and EWD not far ahead at 9.23%.

EWQ

1D
-1.19%
1M
2.85%
YTD
1.20%
6M
2.17%
1Y
9.25%
3Y*
9.50%
5Y*
6.30%
10Y*
9.13%

EWD

1D
-2.16%
1M
2.70%
YTD
4.90%
6M
9.44%
1Y
18.29%
3Y*
16.43%
5Y*
4.25%
10Y*
9.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. EWD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		1.20%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
EWD
iShares MSCI Sweden ETF		4.90%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%

Correlation

The correlation between EWQ and EWD is 0.78, 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

0.78

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

0.77

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

0.82

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

0.83

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.73

The correlation between EWQ and EWD has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

EWQ vs. EWD - Sectors Allocation Comparison

Sectors
EWQ
EWD

Industrials

31.7%
46.5%

Financial Services

12.8%
24.1%

Consumer Cyclical

12.0%
2.4%

Healthcare

8.4%
1.2%

Consumer Defensive

8.3%
2.1%

Energy

8.0%

-

Basic Materials

7.0%
3.2%

Technology

4.1%
7.2%

Communication Services

3.0%
12.3%

Utilities

2.6%

-

Real Estate

1.4%
1.2%

Industrials

EWQ
31.7%
EWD
46.5%

Financial Services

EWQ
12.8%
EWD
24.1%

Consumer Cyclical

EWQ
12.0%
EWD
2.4%

Healthcare

EWQ
8.4%
EWD
1.2%

Consumer Defensive

EWQ
8.3%
EWD
2.1%

Energy

EWQ
8.0%
EWD

-

Basic Materials

EWQ
7.0%
EWD
3.2%

Technology

EWQ
4.1%
EWD
7.2%

Communication Services

EWQ
3.0%
EWD
12.3%

Utilities

EWQ
2.6%
EWD

-

Real Estate

EWQ
1.4%
EWD
1.2%

Compare stocks, funds, or ETFs

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iShares MSCI France ETF

iShares MSCI Sweden ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. QQQ

Return for Risk

EWQ vs. EWD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWQ
EWQ Risk / Return Rank: 1717
Overall Rank
EWQ Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 1717
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1717
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1717
Calmar Ratio Rank
EWQ Martin Ratio Rank: 1919
Martin Ratio Rank
EWD
EWD Risk / Return Rank: 2626
Overall Rank
EWD Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWD Omega Ratio Rank: 2424
Omega Ratio Rank
EWD Calmar Ratio Rank: 2626
Calmar Ratio Rank
EWD Martin Ratio Rank: 3030
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. EWD - Risk-Adjusted Trends Comparison

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

EWQEWDDifference
Sharpe ratioReturn per unit of total volatility
0.54
0.93

-0.39

Sortino ratioReturn per unit of downside risk
0.88
1.42

-0.54

Omega ratioGain probability vs. loss probability

1.11

1.17

-0.06

Calmar ratioReturn relative to maximum drawdown

0.67

1.27

-0.59

Martin ratioReturn relative to average drawdown

2.08

4.35

-2.27

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWQ vs. EWD - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is lower than the EWD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of EWQ and EWD, 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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Sharpe Ratios by Period

EWQEWDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.54

0.93

-0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.18

+0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.39

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.27

0.00

Drawdowns

EWQ vs. EWD - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, smaller than the maximum EWD drawdown of -75.40%. Use the drawdown chart below to compare losses from any high point for EWQ and EWD.

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Drawdown Indicators

EWQEWDDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-75.40%

+13.99%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-14.49%

+0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-17.84%

+2.68%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-42.33%

+10.87%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-42.33%

+3.10%

Current Drawdown

Current decline from peak

-5.83%

-5.63%

-0.20%

Average Drawdown

Average peak-to-trough decline

-16.08%

-19.22%

+3.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

4.21%

+0.25%

Volatility

EWQ vs. EWD - Volatility Comparison

The current volatility for iShares MSCI France ETF (EWQ) is 6.56%, while iShares MSCI Sweden ETF (EWD) has a volatility of 7.26%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than EWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQEWDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

7.26%

-0.70%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

16.45%

-2.93%

Volatility (1Y)

Calculated over the trailing 1-year period

17.15%

19.74%

-2.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.78%

23.92%

-4.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

23.50%

-2.69%

EWQ vs. EWD - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than EWD's 0.55% expense ratio.

Dividends

EWQ vs. EWD - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, less than EWD's 3.12% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.12%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
EWQ
iShares MSCI France ETF		2.60%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 EWD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (7.26%) compared to EWQ (6.56%). In terms of maximum drawdown, EWQ dropped -61.41% vs EWD's -75.40%.

On 10-year performance, EWD leads with 9.23% vs 9.13% for EWQ. On fees, EWQ is cheaper at 0.50% per year. On volatility, EWQ has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWD has performed better with a 9.23% return vs 9.13%. 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 0.55% for EWD.

EWD has the higher dividend yield at 3.12%, compared with 2.60% for EWQ.

EWQ tracks MSCI France Index, while EWD tracks MSCI Sweden Index. Their fees differ too: 0.50% for EWQ and 0.55% for EWD.

EWD currently has the higher Sharpe Ratio (0.93 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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