EWU vs. EWN

Last updated Jun 5, 2026

EWU (iShares MSCI United Kingdom ETF) and EWN (iShares MSCI Netherlands ETF) are both Europe Equities funds from iShares - EWU tracks the MSCI United Kingdom Index while EWN tracks the MSCI Netherlands Investable Market Index. Both are passively managed. Over the past 10 years, EWU returned 7.86%/yr vs 12.93%/yr for EWN. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWU vs. EWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom ETF (EWU) and iShares MSCI Netherlands ETF (EWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWU achieves a 6.59% return, which is significantly lower than EWN's 19.59% return. Over the past 10 years, EWU has underperformed EWN with an annualized return of 7.86%, while EWN has yielded a comparatively higher 12.93% annualized return.

EWU

• 1D: 0.99%
• 1M: 0.93%
• YTD: 6.59%
• 6M: 10.05%
• 1Y: 21.33%
• 3Y*: 17.73%
• 5Y*: 10.86%
• 10Y*: 7.86%

EWN

• 1D: 1.27%
• 1M: 7.50%
• YTD: 19.59%
• 6M: 20.46%
• 1Y: 34.80%
• 3Y*: 20.61%
• 5Y*: 8.97%
• 10Y*: 12.93%

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

EWU vs. EWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWU iShares MSCI United Kingdom ETF	6.59%	34.95%	6.74%	12.40%	-4.39%	18.19%	-11.80%	21.29%	-14.30%	21.54%
EWN iShares MSCI Netherlands ETF	19.59%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%

Correlation

The correlation between EWU and EWN is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 2, 1996	0.70

The correlation between EWU and EWN has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

EWU vs. EWN - Sectors Allocation Comparison

Sectors	EWU	EWN
Financial Services	26.0%	18.1%
Consumer Defensive	14.2%	11.5%
Healthcare	13.9%	2.6%
Industrials	12.1%	10.2%
Energy	11.0%	2.1%
Basic Materials	9.3%	3.1%
Utilities	5.1%	-
Consumer Cyclical	4.0%	1.5%
Communication Services	2.4%	14.7%
Technology	0.6%	34.8%
Real Estate	0.6%	0.7%

Return for Risk

EWU vs. EWN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWU

EWU Risk / Return Rank: 44
EWU Sharpe Ratio Rank: 43
EWU Sortino Ratio Rank: 43
EWU Omega Ratio Rank: 41
EWU Calmar Ratio Rank: 44
EWU Martin Ratio Rank: 48

EWN

EWN Risk / Return Rank: 53
EWN Sharpe Ratio Rank: 53
EWN Sortino Ratio Rank: 53
EWN Omega Ratio Rank: 49
EWN Calmar Ratio Rank: 54
EWN Martin Ratio Rank: 57

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.

EWU vs. EWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) and iShares MSCI Netherlands ETF (EWN). 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.

	EWU	EWN	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.78	-0.29
Sortino ratio: Return per unit of downside risk	2.12	2.53	-0.41
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.16	2.64	-0.48
Martin ratio: Return relative to average drawdown	7.80	9.98	-2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWU vs. EWN - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.49, which is comparable to the EWN Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of EWU and EWN, 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

	EWU	EWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.78	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.39	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.61	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.31	-0.04

Drawdowns

EWU vs. EWN - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, roughly equal to the maximum EWN drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for EWU and EWN.

Drawdown Indicators

	EWU	EWN	Difference
Max Drawdown Largest peak-to-trough decline	-63.99%	-65.22%	+1.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-13.24%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.63%	-19.77%	+7.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.91%	-43.57%	+18.66%
Max Drawdown (10Y) Largest decline over 10 years	-43.33%	-43.57%	+0.24%
Current Drawdown Current decline from peak	-3.70%	-0.04%	-3.66%
Average Drawdown Average peak-to-trough decline	-14.16%	-16.35%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	3.49%	-0.75%

Volatility

EWU vs. EWN - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 5.64%, while iShares MSCI Netherlands ETF (EWN) has a volatility of 7.31%. This indicates that EWU experiences smaller price fluctuations and is considered to be less risky than EWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWU	EWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	7.31%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	16.41%	-4.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	19.70%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	22.89%	-6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	21.36%	-2.52%

EWU vs. EWN - Expense Ratio Comparison

Both EWU and EWN have an expense ratio of 0.50%.

Dividends

EWU vs. EWN - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.50%, less than EWN's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.21%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
EWU iShares MSCI United Kingdom ETF	3.50%	3.73%	4.16%	4.14%	3.43%	4.35%	2.48%	4.13%	4.98%	3.91%	3.97%	4.11%

Frequently Asked Questions

Can I hold both EWU and EWN in my portfolio?

EWU and EWN have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWU or EWN?

EWN has higher volatility (7.31%) compared to EWU (5.64%). In terms of maximum drawdown, EWU dropped -63.99% vs EWN's -65.22%.

Which ETF is better, EWU or EWN?

On 10-year performance, EWN leads with 12.93% vs 7.86% for EWU. Both ETFs have the same 0.50% expense ratio. On volatility, EWU has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWU or EWN?

Over the 10-year period, EWN has performed better with a 12.93% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWU or EWN?

EWU and EWN have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, EWU or EWN?

EWN has the higher dividend yield at 4.21%, compared with 3.50% for EWU.

What is the main difference between EWU and EWN?

EWU tracks MSCI United Kingdom Index, while EWN tracks MSCI Netherlands Investable Market Index.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.78 vs 1.49), 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.