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EWQ vs. IEV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. IEV

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and IEV (iShares Europe ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while IEV tracks the S&P Europe 350 Index. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 9.06%/yr for IEV. Their correlation of 0.91 suggests significant overlap in exposure. EWQ charges 0.50%/yr vs 0.59%/yr for IEV.

Performance

EWQ vs. IEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares Europe ETF (IEV). 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 IEV's 5.38% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 9.13% annualized return and IEV not far behind at 9.06%.

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%

IEV

1D
-1.26%
1M
2.73%
YTD
5.38%
6M
8.19%
1Y
17.71%
3Y*
15.90%
5Y*
8.55%
10Y*
9.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. IEV - 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%
IEV
iShares Europe ETF		5.38%35.63%1.36%20.14%-14.24%16.73%4.07%24.03%-14.68%24.84%

Correlation

The correlation between EWQ and IEV is 0.93, 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

0.93

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

0.95

Correlation (All Time)
Calculated using the full available price history since Jul 31, 2000

0.91

The correlation between EWQ and IEV has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

EWQ vs. IEV - Sectors Allocation Comparison

Sectors
EWQ
IEV

Industrials

31.7%
19.3%

Financial Services

12.8%
23.9%

Consumer Cyclical

12.0%
6.7%

Healthcare

8.4%
13.1%

Consumer Defensive

8.3%
8.3%

Energy

8.0%
5.6%

Basic Materials

7.0%
5.7%

Technology

4.1%
8.7%

Communication Services

3.0%
2.9%

Utilities

2.6%
5.0%

Real Estate

1.4%
0.8%

Industrials

EWQ
31.7%
IEV
19.3%

Financial Services

EWQ
12.8%
IEV
23.9%

Consumer Cyclical

EWQ
12.0%
IEV
6.7%

Healthcare

EWQ
8.4%
IEV
13.1%

Consumer Defensive

EWQ
8.3%
IEV
8.3%

Energy

EWQ
8.0%
IEV
5.6%

Basic Materials

EWQ
7.0%
IEV
5.7%

Technology

EWQ
4.1%
IEV
8.7%

Communication Services

EWQ
3.0%
IEV
2.9%

Utilities

EWQ
2.6%
IEV
5.0%

Real Estate

EWQ
1.4%
IEV
0.8%

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 Europe ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with IEV:
IEV vs. VGKIEV vs. IEURIEV vs. SPYIEV vs. FEZIEV vs. EZUIEV vs. VOOIEV vs. SPEU

Return for Risk

EWQ vs. IEV — 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
IEV
IEV Risk / Return Rank: 3131
Overall Rank
IEV Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IEV Sortino Ratio Rank: 3131
Sortino Ratio Rank
IEV Omega Ratio Rank: 2929
Omega Ratio Rank
IEV Calmar Ratio Rank: 2929
Calmar Ratio Rank
IEV Martin Ratio Rank: 3434
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. IEV - Risk-Adjusted Trends Comparison

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

EWQIEVDifference
Sharpe ratioReturn per unit of total volatility
0.54
1.14

-0.60

Sortino ratioReturn per unit of downside risk
0.88
1.67

-0.80

Omega ratioGain probability vs. loss probability

1.11

1.20

-0.10

Calmar ratioReturn relative to maximum drawdown

0.67

1.45

-0.77

Martin ratioReturn relative to average drawdown

2.08

5.29

-3.21

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. IEV - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is lower than the IEV Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of EWQ and IEV, 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

EWQIEVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.54

1.14

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.49

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.49

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.23

+0.04

Drawdowns

EWQ vs. IEV - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, roughly equal to the maximum IEV drawdown of -63.27%. Use the drawdown chart below to compare losses from any high point for EWQ and IEV.

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Drawdown Indicators

EWQIEVDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-63.27%

+1.86%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-12.31%

-1.49%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-14.63%

-0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-30.60%

-0.86%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-36.62%

-2.61%

Current Drawdown

Current decline from peak

-5.83%

-2.77%

-3.06%

Average Drawdown

Average peak-to-trough decline

-16.08%

-15.04%

-1.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

3.36%

+1.10%

Volatility

EWQ vs. IEV - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.56% compared to iShares Europe ETF (IEV) at 5.61%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than IEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQIEVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

5.61%

+0.95%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

12.95%

+0.57%

Volatility (1Y)

Calculated over the trailing 1-year period

17.15%

15.62%

+1.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.78%

17.57%

+2.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

18.66%

+2.15%

EWQ vs. IEV - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than IEV's 0.59% expense ratio.

Dividends

EWQ vs. IEV - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, which matches IEV's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEV
iShares Europe ETF		2.59%2.73%3.10%2.77%3.06%2.81%1.76%3.06%3.43%2.39%3.08%2.81%

Frequently Asked Questions

With a correlation of 0.93, EWQ and IEV 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 (6.56%) compared to IEV (5.61%). In terms of maximum drawdown, EWQ dropped -61.41% vs IEV's -63.27%.

On 10-year performance, EWQ leads with 9.13% vs 9.06% for IEV. On fees, EWQ is cheaper at 0.50% per year. On volatility, IEV has been the lower-risk option at 5.61%. 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 9.13% return vs 9.06%. 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 0.59% for IEV.

EWQ and IEV have nearly identical dividend yields, around 2.60%.

EWQ tracks MSCI France Index, while IEV tracks S&P Europe 350 Index. Their fees differ too: 0.50% for EWQ and 0.59% for IEV.

IEV currently has the higher Sharpe Ratio (1.14 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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