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EWQ vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. EWO

Last updated Jun 14, 2026

EWQ (iShares MSCI France ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EWQ returned 10.24%/yr vs 15.10%/yr for EWO. A 0.64 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.49%/yr for EWO.

Performance

EWQ vs. EWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares MSCI Austria ETF (EWO). 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 3.62% return, which is significantly lower than EWO's 18.55% return. Over the past 10 years, EWQ has underperformed EWO with an annualized return of 10.24%, while EWO has yielded a comparatively higher 15.10% annualized return.

EWQ

1D
0.17%
1M
5.57%
YTD
3.62%
6M
4.40%
1Y
11.89%
3Y*
9.90%
5Y*
6.62%
10Y*
10.24%

EWO

1D
1.37%
1M
7.96%
YTD
18.55%
6M
23.71%
1Y
48.35%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		3.62%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
EWO
iShares MSCI Austria ETF		18.55%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%

Correlation

The correlation between EWQ and EWO is 0.74, 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

0.74

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

0.74

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

0.78

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

0.78

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.64

The correlation between EWQ and EWO shifts across timeframes, from 0.64 (all time) to 0.78 (10 years), reflecting how their relationship changes across market environments.

EWQ vs. EWO - Sectors Allocation Comparison

Sectors
EWQ
EWO

Industrials

31.6%
14.5%

Financial Services

12.6%
47.3%

Consumer Cyclical

11.5%
3.6%

Healthcare

8.9%

-

Consumer Defensive

8.3%

-

Energy

8.3%
9.7%

Basic Materials

7.1%
8.8%

Technology

4.2%
5.7%

Communication Services

3.0%

-

Utilities

2.6%
6.5%

Real Estate

1.3%
4.1%

Industrials

EWQ
31.6%
EWO
14.5%

Financial Services

EWQ
12.6%
EWO
47.3%

Consumer Cyclical

EWQ
11.5%
EWO
3.6%

Healthcare

EWQ
8.9%
EWO

-

Consumer Defensive

EWQ
8.3%
EWO

-

Energy

EWQ
8.3%
EWO
9.7%

Basic Materials

EWQ
7.1%
EWO
8.8%

Technology

EWQ
4.2%
EWO
5.7%

Communication Services

EWQ
3.0%
EWO

-

Utilities

EWQ
2.6%
EWO
6.5%

Real Estate

EWQ
1.3%
EWO
4.1%

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 Austria ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWNEWQ vs. EIRL
Often compared with EWO:
EWO vs. EWAEWO vs. EWLEWO vs. IBZL.LEWO vs. EEMEWO vs. EWGEWO vs. VOOEWO vs. IUSV

Return for Risk

EWQ vs. EWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWQ
EWQ Risk / Return Rank: 2020
Overall Rank
EWQ Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1919
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1919
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2121
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 7979
Overall Rank
EWO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWO Omega Ratio Rank: 7979
Omega Ratio Rank
EWO Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWO Martin Ratio Rank: 6969
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. EWO - Risk-Adjusted Trends Comparison

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

EWQEWODifference
Sharpe ratioReturn per unit of total volatility
0.57
2.41

-1.84

Sortino ratioReturn per unit of downside risk
0.92
3.35

-2.43

Omega ratioGain probability vs. loss probability

1.11

1.41

-0.30

Calmar ratioReturn relative to maximum drawdown

0.73

3.28

-2.55

Martin ratioReturn relative to average drawdown

2.21

11.10

-8.88

EWQ vs. EWO - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.57, which is lower than the EWO Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of EWQ and EWO, 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. EWO - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EWQ and EWO.

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Drawdown Indicators

EWQEWODifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-75.69%

+14.28%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-14.08%

+0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-16.75%

+1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-41.82%

+10.36%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-58.10%

+18.87%

Current Drawdown

Current decline from peak

-3.58%

0.00%

-3.58%

Average Drawdown

Average peak-to-trough decline

-16.07%

-28.10%

+12.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.54%

4.16%

+0.38%

Volatility

EWQ vs. EWO - Volatility Comparison

The current volatility for iShares MSCI France ETF (EWQ) is 6.02%, while iShares MSCI Austria ETF (EWO) has a volatility of 7.31%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQEWODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.02%

7.31%

-1.29%

Volatility (6M)

Calculated over the trailing 6-month period

14.06%

15.88%

-1.82%

Volatility (1Y)

Calculated over the trailing 1-year period

17.62%

19.19%

-1.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.85%

21.95%

-2.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

22.88%

-2.07%

EWQ vs. EWO - Expense Ratio Comparison

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

Dividends

EWQ vs. EWO - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.54%, more than EWO's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		2.01%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
EWQ
iShares MSCI France ETF		2.54%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 EWO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (7.31%) compared to EWQ (6.02%). In terms of maximum drawdown, EWQ dropped -61.41% vs EWO's -75.69%.

On 10-year performance, EWO leads with 15.10% vs 10.24% for EWQ. On fees, EWO is cheaper at 0.49% per year. On volatility, EWQ has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.10% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWQ has the higher dividend yield at 2.54%, compared with 2.01% for EWO.

EWQ tracks MSCI France Index, while EWO tracks MSCI Austria Investable Market Index. Their fees differ too: 0.50% for EWQ and 0.49% for EWO.

EWO currently has the higher Sharpe Ratio (2.41 vs 0.57), 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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