EWQ vs. IEV

Last updated Aug 5, 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 10.16%/yr vs 9.93%/yr for IEV. Their correlation of 0.91 means they have usually moved in the same direction. EWQ charges 0.50%/yr vs 0.60%/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.

Returns By Period

In the year-to-date period, EWQ achieves a 8.17% return, which is significantly lower than IEV's 11.76% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 10.16% annualized return and IEV not far behind at 9.93%.

EWQ

• 1D: 1.11%
• 1M: 3.51%
• 6M: 6.51%
• YTD: 8.17%
• 1Y: 16.85%
• 3Y*: 10.87%
• 5Y*: 7.54%
• 10Y*: 10.16%
• ALL TIME*: 7.01%

IEV

• 1D: 0.98%
• 1M: 2.36%
• 6M: 6.43%
• YTD: 11.76%
• 1Y: 24.85%
• 3Y*: 17.59%
• 5Y*: 9.65%
• 10Y*: 9.93%
• ALL TIME*: 5.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWQ iShares MSCI France ETF	$16.77M	$14.69M	$16.24M
IEV iShares Europe ETF	$12.17M	$8.26M	$8.72M

EWQ vs. IEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWQ iShares MSCI France ETF	8.17%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%
IEV iShares Europe ETF	11.76%	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 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000	0.91

The correlation between EWQ and IEV has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

EWQ vs. IEV - Sectors Allocation Comparison

Sectors	EWQ	IEV
Industrials	33.1%	18.1%
Financial Services	13.4%	25.5%
Consumer Cyclical	11.4%	6.5%
Consumer Defensive	8.5%	8.2%
Healthcare	8.5%	12.8%
Energy	7.2%	5.1%
Basic Materials	7.1%	5.5%
Technology	4.0%	9.2%
Communication Services	2.8%	3.2%
Utilities	2.6%	4.7%
Real Estate	1.3%	0.6%

Return for Risk

EWQ vs. IEV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWQ

EWQ Risk / Return Rank: 35
EWQ Sharpe Ratio Rank: 36
EWQ Sortino Ratio Rank: 35
EWQ Omega Ratio Rank: 34
EWQ Calmar Ratio Rank: 33
EWQ Martin Ratio Rank: 35

IEV

IEV Risk / Return Rank: 56
IEV Sharpe Ratio Rank: 58
IEV Sortino Ratio Rank: 59
IEV Omega Ratio Rank: 55
IEV Calmar Ratio Rank: 50
IEV Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	IEV	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.56	-0.59
Sortino ratio: Return per unit of downside risk	1.46	2.25	-0.79
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.23	2.03	-0.80
Martin ratio: Return relative to average drawdown	3.68	7.58	-3.90

EWQ vs. IEV - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.98, which is lower than the IEV Sharpe Ratio of 1.56. 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.

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.

Drawdown Indicators

	EWQ	IEV	Difference
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.01%	-14.95%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.59%	3.29%	+1.30%

Volatility

EWQ vs. IEV - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 4.41% compared to iShares Europe ETF (IEV) at 4.03%. 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.

Volatility by Period

	EWQ	IEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.03%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	13.78%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.38%	15.99%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	17.66%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	18.22%	+2.18%

EWQ vs. IEV - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than IEV's 0.60% expense ratio.

Dividends

EWQ vs. IEV - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.77%, more than IEV's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWQ iShares MSCI France ETF	2.77%	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	2.70%	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

Can I hold both EWQ and IEV in my portfolio?

With a correlation of 0.92, 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.

Which is riskier, EWQ or IEV?

EWQ has higher volatility (4.41%) compared to IEV (4.03%). In terms of maximum drawdown, EWQ dropped -61.41% vs IEV's -63.27%.

Which ETF is better, EWQ or IEV?

On 10-year performance, EWQ leads with 10.16% vs 9.93% for IEV. On fees, EWQ is cheaper at 0.50% per year. On volatility, IEV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWQ or IEV?

Over the 10-year period, EWQ has performed better with a 10.16% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWQ or IEV?

EWQ is cheaper with a 0.50% expense ratio, compared with 0.60% for IEV.

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

EWQ has the higher dividend yield at 2.77%, compared with 2.70% for IEV.

What is the main difference between EWQ and IEV?

EWQ tracks MSCI France Index, while IEV tracks S&P Europe 350 Index. Their fees differ too: 0.50% for EWQ and 0.60% for IEV.

Which has better risk-adjusted returns?

IEV currently has the higher Sharpe Ratio (1.56 vs 0.98), 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.