EWQ vs. VGK

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - EWQ tracks the MSCI France Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 9.26%/yr for VGK. Their correlation of 0.95 suggests significant overlap in exposure. EWQ charges 0.50%/yr vs 0.06%/yr for VGK.

Performance

EWQ vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and Vanguard FTSE Europe ETF (VGK). 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 VGK's 5.62% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 9.13% annualized return and VGK not far ahead at 9.26%.

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%

VGK

• 1D: -1.19%
• 1M: 2.79%
• YTD: 5.62%
• 6M: 8.66%
• 1Y: 18.01%
• 3Y*: 16.32%
• 5Y*: 8.24%
• 10Y*: 9.26%

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

EWQ vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	5.62%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EWQ and VGK 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	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 11, 2005	0.95

The correlation between EWQ and VGK has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

EWQ vs. VGK - Sectors Allocation Comparison

Sectors	EWQ	VGK
Industrials	31.7%	19.5%
Financial Services	12.8%	23.9%
Consumer Cyclical	12.0%	6.8%
Healthcare	8.4%	12.1%
Consumer Defensive	8.3%	8.5%
Energy	8.0%	5.3%
Basic Materials	7.0%	5.4%
Technology	4.1%	8.3%
Communication Services	3.0%	3.3%
Utilities	2.6%	4.8%
Real Estate	1.4%	1.5%

Return for Risk

EWQ vs. VGK — 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

VGK

VGK Risk / Return Rank: 31
VGK Sharpe Ratio Rank: 31
VGK Sortino Ratio Rank: 31
VGK Omega Ratio Rank: 30
VGK Calmar Ratio Rank: 30
VGK 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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.18	-0.63
Sortino ratio: Return per unit of downside risk	0.88	1.72	-0.85
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.10
Calmar ratio: Return relative to maximum drawdown	0.67	1.50	-0.82
Martin ratio: Return relative to average drawdown	2.08	5.56	-3.48
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. VGK - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is lower than the VGK Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWQ and VGK, 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	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.18	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.46	-0.14
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	0.28	0.00

Drawdowns

EWQ vs. VGK - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, roughly equal to the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EWQ and VGK.

Drawdown Indicators

	EWQ	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-63.61%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-12.09%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-14.31%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-32.74%	+1.28%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-37.24%	-1.99%
Current Drawdown Current decline from peak	-5.83%	-2.41%	-3.42%
Average Drawdown Average peak-to-trough decline	-16.08%	-13.34%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	3.25%	+1.21%

Volatility

EWQ vs. VGK - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.56% compared to Vanguard FTSE Europe ETF (VGK) at 5.73%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWQ	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	5.73%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	12.78%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	15.40%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	17.90%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	18.96%	+1.85%

EWQ vs. VGK - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EWQ vs. VGK - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, less than VGK's 2.82% 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%
VGK Vanguard FTSE Europe ETF	2.82%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EWQ and VGK in my portfolio?

With a correlation of 0.92, EWQ and VGK 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 VGK?

EWQ has higher volatility (6.56%) compared to VGK (5.73%). In terms of maximum drawdown, EWQ dropped -61.41% vs VGK's -63.61%.

Which ETF is better, EWQ or VGK?

On 10-year performance, VGK leads with 9.26% vs 9.13% for EWQ. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWQ or VGK?

Over the 10-year period, VGK has performed better with a 9.26% 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 VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.50% for EWQ.

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

VGK has the higher dividend yield at 2.82%, compared with 2.60% for EWQ.

What is the main difference between EWQ and VGK?

EWQ tracks MSCI France Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWQ and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.18 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.