EWQ vs. EWG
EWQ (iShares MSCI France ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EWQ returned 9.64%/yr vs 7.56%/yr for EWG. Their correlation of 0.84 suggests significant overlap in exposure. EWQ charges 0.50%/yr vs 0.49%/yr for EWG.
Performance
EWQ vs. EWG - Performance Comparison
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Returns By Period
In the year-to-date period, EWQ achieves a 2.30% return, which is significantly higher than EWG's -1.31% return. Over the past 10 years, EWQ has outperformed EWG with an annualized return of 9.64%, while EWG has yielded a comparatively lower 7.56% annualized return.
EWQ
- 1D
- 0.58%
- 1M
- -0.42%
- 6M
- 1.13%
- YTD
- 2.30%
- 1Y
- 5.80%
- 3Y*
- 8.16%
- 5Y*
- 7.10%
- 10Y*
- 9.64%
- ALL TIME*
- 6.82%
EWG
- 1D
- 1.31%
- 1M
- 0.12%
- 6M
- -3.53%
- YTD
- -1.31%
- 1Y
- -2.02%
- 3Y*
- 14.65%
- 5Y*
- 6.16%
- 10Y*
- 7.56%
- ALL TIME*
- 6.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.30M | $38.54M | $50.26M | |
| $10.19M | $14.20M | $15.22M |
EWQ vs. EWG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWQ iShares MSCI France ETF | 2.30% | 28.90% | -5.63% | 21.71% | -12.05% | 21.43% | 2.86% | 26.69% | -12.90% | 29.11% |
EWG iShares MSCI Germany ETF | -1.31% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
Correlation
The correlation between EWQ and EWG is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.84 |
The correlation between EWQ and EWG has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.
EWQ vs. EWG - Sectors Allocation Comparison
Sectors
EWQ
EWG
Industrials
Financial Services
Consumer Cyclical
Consumer Defensive
Healthcare
Energy
-
Basic Materials
Technology
Communication Services
Utilities
Real Estate
Industrials
EWQ
EWG
Financial Services
EWQ
EWG
Consumer Cyclical
EWQ
EWG
Consumer Defensive
EWQ
EWG
Healthcare
EWQ
EWG
Energy
EWQ
EWG
-
Basic Materials
EWQ
EWG
Technology
EWQ
EWG
Communication Services
EWQ
EWG
Utilities
EWQ
EWG
Real Estate
EWQ
EWG
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Return for Risk
EWQ vs. EWG — Risk / Return Rank
EWQ
EWG
EWQ vs. EWG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and iShares MSCI Germany ETF (EWG). 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 | EWG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.00 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | -0.12 | +0.60 |
| Martin ratioReturn relative to average drawdown | 1.42 | -0.36 | +1.78 |
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Drawdowns
EWQ vs. EWG - Drawdown Comparison
The maximum EWQ drawdown since its inception was -61.41%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EWQ and EWG.
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Drawdown Indicators
| EWQ | EWG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.41% | -67.57% | +6.16% |
Max Drawdown (1Y)Largest decline over 1 year | -13.80% | -14.54% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -15.81% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -31.46% | -42.59% | +11.13% |
Max Drawdown (10Y)Largest decline over 10 years | -39.23% | -46.80% | +7.57% |
Current DrawdownCurrent decline from peak | -4.81% | -5.87% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -19.13% | +3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 4.95% | -0.32% |
Volatility
EWQ vs. EWG - Volatility Comparison
The current volatility for iShares MSCI France ETF (EWQ) is 4.41%, while iShares MSCI Germany ETF (EWG) has a volatility of 5.15%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWQ | EWG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 5.15% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.64% | 15.22% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.58% | 17.76% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.83% | 20.54% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.38% | 20.80% | -0.42% |
EWQ vs. EWG - Expense Ratio Comparison
EWQ has a 0.50% expense ratio, which is higher than EWG's 0.49% expense ratio.
Dividends
EWQ vs. EWG - Dividend Comparison
EWQ's dividend yield for the trailing twelve months is around 2.93%, more than EWG's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 2.02% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
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 EWG have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWG has higher volatility (5.15%) compared to EWQ (4.41%). In terms of maximum drawdown, EWQ dropped -61.41% vs EWG's -67.57%.
On 10-year performance, EWQ leads with 9.64% vs 7.56% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWQ has been the lower-risk option at 4.41%. 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 9.64% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWG is cheaper with a 0.49% expense ratio, compared with 0.50% for EWQ.
EWQ has the higher dividend yield at 2.93%, compared with 2.02% for EWG.
EWQ tracks MSCI France Index, while EWG tracks MSCI Germany Index. Their fees differ too: 0.50% for EWQ and 0.49% for EWG.
EWQ currently has the higher Sharpe Ratio (0.38 vs -0.10), 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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