EWQ vs. GREK

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and GREK (Global X MSCI Greece ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France Index, while GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 14.00%/yr for GREK. A 0.56 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.58%/yr for GREK.

Performance

EWQ vs. GREK - Performance Comparison

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

Returns By Period

In the year-to-date period, EWQ achieves a 1.20% return, which is significantly lower than GREK's 11.27% return. Over the past 10 years, EWQ has underperformed GREK with an annualized return of 9.13%, while GREK has yielded a comparatively higher 14.00% annualized return.

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%

GREK

• 1D: -1.58%
• 1M: 7.74%
• YTD: 11.27%
• 6M: 12.83%
• 1Y: 37.48%
• 3Y*: 33.49%
• 5Y*: 24.02%
• 10Y*: 14.00%

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

EWQ vs. GREK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GREK Global X MSCI Greece ETF	11.27%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	50.20%	-31.25%	34.80%

Correlation

The correlation between EWQ and GREK is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 9, 2011	0.56

The correlation between EWQ and GREK has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

EWQ vs. GREK - Sectors Allocation Comparison

Sectors	EWQ	GREK
Industrials	31.7%	13.5%
Financial Services	12.8%	47.1%
Consumer Cyclical	12.0%	9.6%
Healthcare	8.4%	-
Consumer Defensive	8.3%	1.1%
Energy	8.0%	8.4%
Basic Materials	7.0%	3.2%
Technology	4.1%	-
Communication Services	3.0%	4.6%
Utilities	2.6%	11.6%
Real Estate	1.4%	1.0%

Return for Risk

EWQ vs. GREK — Risk / Return Rank

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

EWQ

EWQ Risk / Return Rank: 17
EWQ Sharpe Ratio Rank: 17
EWQ Sortino Ratio Rank: 17
EWQ Omega Ratio Rank: 17
EWQ Calmar Ratio Rank: 17
EWQ Martin Ratio Rank: 19

GREK

GREK Risk / Return Rank: 41
GREK Sharpe Ratio Rank: 45
GREK Sortino Ratio Rank: 47
GREK Omega Ratio Rank: 43
GREK Calmar Ratio Rank: 35
GREK 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. GREK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and Global X MSCI Greece ETF (GREK). 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.

	EWQ	GREK	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.57	-1.03
Sortino ratio: Return per unit of downside risk	0.88	2.35	-1.47
Omega ratio: Gain probability vs. loss probability	1.11	1.28	-0.17
Calmar ratio: Return relative to maximum drawdown	0.67	1.77	-1.09
Martin ratio: Return relative to average drawdown	2.08	5.49	-3.41
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. GREK - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is lower than the GREK Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EWQ and GREK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWQ	GREK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.57	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.99	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.47	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.16	+0.12

Drawdowns

EWQ vs. GREK - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, smaller than the maximum GREK drawdown of -79.50%. Use the drawdown chart below to compare losses from any high point for EWQ and GREK.

Drawdown Indicators

	EWQ	GREK	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-79.50%	+18.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-21.32%	+7.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-22.63%	+7.47%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-30.46%	-1.00%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-57.04%	+17.81%
Current Drawdown Current decline from peak	-5.83%	-5.00%	-0.83%
Average Drawdown Average peak-to-trough decline	-16.08%	-45.33%	+29.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	6.85%	-2.39%

Volatility

EWQ vs. GREK - Volatility Comparison

The current volatility for iShares MSCI France ETF (EWQ) is 6.56%, while Global X MSCI Greece ETF (GREK) has a volatility of 9.01%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than GREK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWQ	GREK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	9.01%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	20.28%	-6.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	23.97%	-6.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	24.38%	-4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	29.83%	-9.02%

EWQ vs. GREK - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than GREK's 0.58% expense ratio.

Dividends

EWQ vs. GREK - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, less than GREK's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GREK Global X MSCI Greece ETF	3.11%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%

Frequently Asked Questions

Can I hold both EWQ and GREK in my portfolio?

EWQ and GREK have a correlation of 0.58, 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 GREK?

GREK has higher volatility (9.01%) compared to EWQ (6.56%). In terms of maximum drawdown, EWQ dropped -61.41% vs GREK's -79.50%.

Which ETF is better, EWQ or GREK?

On 10-year performance, GREK leads with 14.00% 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.

Which ETF has performed better, EWQ or GREK?

Over the 10-year period, GREK has performed better with a 14.00% return vs 9.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWQ or GREK?

EWQ is cheaper with a 0.50% expense ratio, compared with 0.58% for GREK.

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

GREK has the higher dividend yield at 3.11%, compared with 2.60% for EWQ.

What is the main difference between EWQ and GREK?

EWQ is categorized as Europe Equities, while GREK is Emerging Markets Equities. EWQ tracks MSCI France Index, while GREK tracks MSCI All Greece Select 25-50. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for EWQ and 0.58% for GREK.

Which has better risk-adjusted returns?

GREK currently has the higher Sharpe Ratio (1.57 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.