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EWU vs. EWQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. EWQ

Last updated Jun 5, 2026

EWU (iShares MSCI United Kingdom ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWU tracks the MSCI United Kingdom Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWU returned 7.86%/yr vs 9.27%/yr for EWQ. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWU vs. EWQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWU achieves a 6.59% return, which is significantly higher than EWQ's 2.89% return. Over the past 10 years, EWU has underperformed EWQ with an annualized return of 7.86%, while EWQ has yielded a comparatively higher 9.27% 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%

EWQ

1D
1.67%
1M
2.59%
YTD
2.89%
6M
3.97%
1Y
10.46%
3Y*
10.52%
5Y*
6.65%
10Y*
9.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWU vs. EWQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWQ
iShares MSCI France ETF		2.89%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%

Correlation

The correlation between EWU and EWQ is 0.77, 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

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.81

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.73

The correlation between EWU and EWQ has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

EWU vs. EWQ - Sectors Allocation Comparison

Sectors
EWU
EWQ

Financial Services

26.0%
12.8%

Consumer Defensive

14.2%
8.3%

Healthcare

13.9%
8.4%

Industrials

12.1%
31.7%

Energy

11.0%
8.0%

Basic Materials

9.3%
7.0%

Utilities

5.1%
2.6%

Consumer Cyclical

4.0%
12.0%

Communication Services

2.4%
3.0%

Technology

0.6%
4.1%

Real Estate

0.6%
1.4%

Financial Services

EWU
26.0%
EWQ
12.8%

Consumer Defensive

EWU
14.2%
EWQ
8.3%

Healthcare

EWU
13.9%
EWQ
8.4%

Industrials

EWU
12.1%
EWQ
31.7%

Energy

EWU
11.0%
EWQ
8.0%

Basic Materials

EWU
9.3%
EWQ
7.0%

Utilities

EWU
5.1%
EWQ
2.6%

Consumer Cyclical

EWU
4.0%
EWQ
12.0%

Communication Services

EWU
2.4%
EWQ
3.0%

Technology

EWU
0.6%
EWQ
4.1%

Real Estate

EWU
0.6%
EWQ
1.4%

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 United Kingdom ETF

iShares MSCI France ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN

Return for Risk

EWU vs. EWQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWU
EWU Risk / Return Rank: 4444
Overall Rank
EWU Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWU Omega Ratio Rank: 4141
Omega Ratio Rank
EWU Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWU Martin Ratio Rank: 4848
Martin Ratio Rank
EWQ
EWQ Risk / Return Rank: 2020
Overall Rank
EWQ Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 2020
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1919
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1919
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2020
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.

EWU vs. EWQ - Risk-Adjusted Trends Comparison

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

EWUEWQDifference
Sharpe ratioReturn per unit of total volatility
1.49
0.61

+0.88

Sortino ratioReturn per unit of downside risk
2.12
0.97

+1.15

Omega ratioGain probability vs. loss probability

1.26

1.12

+0.15

Calmar ratioReturn relative to maximum drawdown

2.16

0.76

+1.40

Martin ratioReturn relative to average drawdown

7.80

2.35

+5.45

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. EWQ - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.49, which is higher than the EWQ Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of EWU and EWQ, 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

EWUEWQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

0.61

+0.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.34

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.45

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.28

-0.01

Drawdowns

EWU vs. EWQ - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, roughly equal to the maximum EWQ drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWU and EWQ.

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Drawdown Indicators

EWUEWQDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-61.41%

-2.58%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-13.80%

+3.88%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-15.16%

+2.53%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-31.46%

+6.55%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-39.23%

-4.10%

Current Drawdown

Current decline from peak

-3.70%

-4.26%

+0.56%

Average Drawdown

Average peak-to-trough decline

-14.16%

-16.08%

+1.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

4.46%

-1.72%

Volatility

EWU vs. EWQ - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 5.64%, while iShares MSCI France ETF (EWQ) has a volatility of 6.50%. This indicates that EWU experiences smaller price fluctuations and is considered to be less risky than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWUEWQDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

6.50%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

13.62%

-1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.40%

17.21%

-2.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

19.79%

-3.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

20.81%

-1.97%

EWU vs. EWQ - Expense Ratio Comparison

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

Dividends

EWU vs. EWQ - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.50%, more than EWQ's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EWQ
iShares MSCI France ETF		2.55%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%
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

EWU and EWQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWQ has higher volatility (6.50%) compared to EWU (5.64%). In terms of maximum drawdown, EWU dropped -63.99% vs EWQ's -61.41%.

On 10-year performance, EWQ leads with 9.27% 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.

Over the 10-year period, EWQ has performed better with a 9.27% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWU has the higher dividend yield at 3.50%, compared with 2.55% for EWQ.

EWU tracks MSCI United Kingdom Index, while EWQ tracks MSCI France Index.

EWU currently has the higher Sharpe Ratio (1.49 vs 0.61), 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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