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EWQ vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. IEUR

Last updated Jun 5, 2026

EWQ (iShares MSCI France ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWQ returned 9.27%/yr vs 9.26%/yr for IEUR. Their correlation of 0.94 suggests significant overlap in exposure. EWQ charges 0.50%/yr vs 0.09%/yr for IEUR.

Performance

EWQ vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares Core MSCI Europe ETF (IEUR). 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 2.89% return, which is significantly lower than IEUR's 6.90% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 9.27% annualized return and IEUR not far behind at 9.26%.

EWQ

1D
1.67%
1M
2.59%
YTD
2.89%
6M
3.97%
1Y
10.46%
3Y*
10.52%
5Y*
6.65%
10Y*
9.27%

IEUR

1D
1.20%
1M
2.40%
YTD
6.90%
6M
9.92%
1Y
18.10%
3Y*
16.83%
5Y*
8.29%
10Y*
9.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		2.89%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
IEUR
iShares Core MSCI Europe ETF		6.90%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between EWQ and IEUR is 0.92, 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

0.92

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

0.93

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

0.94

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

0.94

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2014

0.94

The correlation between EWQ and IEUR has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

EWQ vs. IEUR - Sectors Allocation Comparison

Sectors
EWQ
IEUR

Industrials

31.7%
20.4%

Financial Services

12.8%
22.5%

Consumer Cyclical

12.0%
6.9%

Healthcare

8.4%
12.5%

Consumer Defensive

8.3%
8.0%

Energy

8.0%
5.3%

Basic Materials

7.0%
5.8%

Technology

4.1%
8.4%

Communication Services

3.0%
3.8%

Utilities

2.6%
4.8%

Real Estate

1.4%
1.6%

Industrials

EWQ
31.7%
IEUR
20.4%

Financial Services

EWQ
12.8%
IEUR
22.5%

Consumer Cyclical

EWQ
12.0%
IEUR
6.9%

Healthcare

EWQ
8.4%
IEUR
12.5%

Consumer Defensive

EWQ
8.3%
IEUR
8.0%

Energy

EWQ
8.0%
IEUR
5.3%

Basic Materials

EWQ
7.0%
IEUR
5.8%

Technology

EWQ
4.1%
IEUR
8.4%

Communication Services

EWQ
3.0%
IEUR
3.8%

Utilities

EWQ
2.6%
IEUR
4.8%

Real Estate

EWQ
1.4%
IEUR
1.6%

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 Core MSCI Europe ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. IMEU.LIEUR vs. FEZIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

EWQ vs. IEUR — 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: 2020
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1919
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1919
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2020
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 3333
Overall Rank
IEUR Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3333
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3232
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3131
Calmar Ratio Rank
IEUR Martin Ratio Rank: 3737
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. IEUR - Risk-Adjusted Trends Comparison

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

EWQIEURDifference
Sharpe ratioReturn per unit of total volatility
0.61
1.19

-0.58

Sortino ratioReturn per unit of downside risk
0.97
1.74

-0.77

Omega ratioGain probability vs. loss probability

1.12

1.21

-0.09

Calmar ratioReturn relative to maximum drawdown

0.76

1.51

-0.75

Martin ratioReturn relative to average drawdown

2.35

5.67

-3.32

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. IEUR - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.61, which is lower than the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of EWQ and IEUR, 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

EWQIEURDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.61

1.19

-0.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.47

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.50

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.36

-0.08

Drawdowns

EWQ vs. IEUR - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWQ and IEUR.

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Drawdown Indicators

EWQIEURDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-36.96%

-24.45%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-12.04%

-1.76%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-14.25%

-0.91%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-32.75%

+1.29%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-36.96%

-2.27%

Current Drawdown

Current decline from peak

-4.26%

-1.13%

-3.13%

Average Drawdown

Average peak-to-trough decline

-16.08%

-8.22%

-7.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

3.20%

+1.26%

Volatility

EWQ vs. IEUR - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.50% compared to iShares Core MSCI Europe ETF (IEUR) at 5.51%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.50%

5.51%

+0.99%

Volatility (6M)

Calculated over the trailing 6-month period

13.62%

12.79%

+0.83%

Volatility (1Y)

Calculated over the trailing 1-year period

17.21%

15.34%

+1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.79%

17.73%

+2.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

18.68%

+2.13%

EWQ vs. IEUR - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EWQ vs. IEUR - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.55%, less than IEUR's 2.78% yield.

PositionTTM20252024202320222021202020192018201720162015
EWQ
iShares MSCI France ETF		2.55%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%
IEUR
iShares Core MSCI Europe ETF		2.78%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

With a correlation of 0.92, EWQ and IEUR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWQ has higher volatility (6.50%) compared to IEUR (5.51%). In terms of maximum drawdown, EWQ dropped -61.41% vs IEUR's -36.96%.

On 10-year performance, EWQ leads with 9.27% vs 9.26% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.51%. 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 9.27% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.50% for EWQ.

IEUR has the higher dividend yield at 2.78%, compared with 2.55% for EWQ.

EWQ tracks MSCI France Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.50% for EWQ and 0.09% for IEUR.

IEUR currently has the higher Sharpe Ratio (1.19 vs 0.61), 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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