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EWQ vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. IWM

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 10.93%/yr for IWM. A 0.65 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.19%/yr for IWM.

Performance

EWQ vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares Russell 2000 ETF (IWM). 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 IWM's 17.07% return. Over the past 10 years, EWQ has underperformed IWM with an annualized return of 9.13%, while IWM has yielded a comparatively higher 10.93% 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%

IWM

1D
-1.37%
1M
3.52%
YTD
17.07%
6M
15.83%
1Y
39.10%
3Y*
17.88%
5Y*
6.11%
10Y*
10.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. IWM - 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%
IWM
iShares Russell 2000 ETF		17.07%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between EWQ and IWM is 0.62, 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

0.62

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

0.64

Correlation (All Time)
Calculated using the full available price history since May 30, 2000

0.65

The correlation between EWQ and IWM has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

EWQ vs. IWM - Sectors Allocation Comparison

Sectors
EWQ
IWM

Industrials

31.7%
17.1%

Financial Services

12.8%
15.8%

Consumer Cyclical

12.0%
7.8%

Healthcare

8.4%
15.8%

Consumer Defensive

8.3%
2.1%

Energy

8.0%
6.0%

Basic Materials

7.0%
4.5%

Technology

4.1%
19.5%

Communication Services

3.0%
2.0%

Utilities

2.6%
3.0%

Real Estate

1.4%
5.7%

Industrials

EWQ
31.7%
IWM
17.1%

Financial Services

EWQ
12.8%
IWM
15.8%

Consumer Cyclical

EWQ
12.0%
IWM
7.8%

Healthcare

EWQ
8.4%
IWM
15.8%

Consumer Defensive

EWQ
8.3%
IWM
2.1%

Energy

EWQ
8.0%
IWM
6.0%

Basic Materials

EWQ
7.0%
IWM
4.5%

Technology

EWQ
4.1%
IWM
19.5%

Communication Services

EWQ
3.0%
IWM
2.0%

Utilities

EWQ
2.6%
IWM
3.0%

Real Estate

EWQ
1.4%
IWM
5.7%

Compare stocks, funds, or ETFs

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iShares MSCI France ETF

iShares Russell 2000 ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

EWQ vs. IWM — 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
IWM
IWM Risk / Return Rank: 6262
Overall Rank
IWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 5959
Sortino Ratio Rank
IWM Omega Ratio Rank: 5353
Omega Ratio Rank
IWM Calmar Ratio Rank: 7070
Calmar Ratio Rank
IWM Martin Ratio Rank: 6767
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and iShares Russell 2000 ETF (IWM). 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.

EWQIWMDifference
Sharpe ratioReturn per unit of total volatility
0.54
2.05

-1.51

Sortino ratioReturn per unit of downside risk
0.88
2.85

-1.98

Omega ratioGain probability vs. loss probability

1.11

1.34

-0.23

Calmar ratioReturn relative to maximum drawdown

0.67

3.56

-2.89

Martin ratioReturn relative to average drawdown

2.08

12.64

-10.56

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. IWM - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is lower than the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of EWQ and IWM, 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

EWQIWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.54

2.05

-1.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.27

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.48

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.37

-0.09

Drawdowns

EWQ vs. IWM - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, roughly equal to the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for EWQ and IWM.

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Drawdown Indicators

EWQIWMDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-59.05%

-2.36%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-11.03%

-2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-27.50%

+12.34%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-31.91%

+0.45%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-41.13%

+1.90%

Current Drawdown

Current decline from peak

-5.83%

-1.49%

-4.34%

Average Drawdown

Average peak-to-trough decline

-16.08%

-10.77%

-5.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

3.10%

+1.36%

Volatility

EWQ vs. IWM - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.56% compared to iShares Russell 2000 ETF (IWM) at 5.75%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWQIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

5.75%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

13.53%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

17.15%

19.20%

-2.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.78%

22.52%

-2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

23.04%

-2.23%

EWQ vs. IWM - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

EWQ vs. IWM - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, more than IWM's 0.88% 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%
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

EWQ and IWM have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWQ has higher volatility (6.56%) compared to IWM (5.75%). In terms of maximum drawdown, EWQ dropped -61.41% vs IWM's -59.05%.

On 10-year performance, IWM leads with 10.93% vs 9.13% for EWQ. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 10.93% return vs 9.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.50% for EWQ.

EWQ has the higher dividend yield at 2.60%, compared with 0.88% for IWM.

EWQ is categorized as Europe Equities, while IWM is Small Cap Blend Equities. EWQ tracks MSCI France Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.50% for EWQ and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.05 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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