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EWU vs. FEZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. FEZ

Last updated Aug 3, 2026
Documentation

EWU (iShares MSCI United Kingdom ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both Europe Equities funds - EWU tracks the MSCI United Kingdom Index (Net) while FEZ tracks the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, EWU returned 8.57%/yr vs 11.23%/yr for FEZ. Their correlation of 0.82 means they have usually moved in the same direction. EWU charges 0.50%/yr vs 0.29%/yr for FEZ.

Performance

EWU vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom ETF (EWU) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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 11.65% return, which is significantly higher than FEZ's 10.27% return. Over the past 10 years, EWU has underperformed FEZ with an annualized return of 8.57%, while FEZ has yielded a comparatively higher 11.23% annualized return.

EWU

1D
-0.55%
1M
2.65%
6M
6.38%
YTD
11.65%
1Y
25.32%
3Y*
18.10%
5Y*
12.40%
10Y*
8.57%
ALL TIME*
6.09%

FEZ

1D
0.10%
1M
1.13%
6M
6.29%
YTD
10.27%
1Y
25.36%
3Y*
17.76%
5Y*
11.54%
10Y*
11.23%
ALL TIME*
7.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWU

iShares MSCI United Kingdom ETF
$39.99M$65.00M$64.94M

FEZ

State Street SPDR EURO STOXX 50 ETF
$51.83M$51.15M$96.31M

EWU vs. FEZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		11.65%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
FEZ
State Street SPDR EURO STOXX 50 ETF		10.27%37.81%3.57%27.16%-14.27%14.84%4.84%26.04%-15.85%24.80%

Correlation

The correlation between EWU and FEZ is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.77

Correlation (3Y)
Balances recent behavior with more history.

0.78

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2002

0.82

The correlation between EWU and FEZ has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

EWU vs. FEZ - Sectors Allocation Comparison

Sectors
EWU
FEZ

Financial Services

27.5%
26.2%

Industrials

14.0%
22.1%

Consumer Defensive

13.9%
5.6%

Healthcare

13.2%
5.3%

Energy

11.2%
4.5%

Basic Materials

7.7%
3.5%

Utilities

4.5%
4.9%

Consumer Cyclical

3.9%
9.5%

Communication Services

2.2%
1.9%

Real Estate

0.7%

-

Technology

0.6%
16.6%

Financial Services

EWU
27.5%
FEZ
26.2%

Industrials

EWU
14.0%
FEZ
22.1%

Consumer Defensive

EWU
13.9%
FEZ
5.6%

Healthcare

EWU
13.2%
FEZ
5.3%

Energy

EWU
11.2%
FEZ
4.5%

Basic Materials

EWU
7.7%
FEZ
3.5%

Utilities

EWU
4.5%
FEZ
4.9%

Consumer Cyclical

EWU
3.9%
FEZ
9.5%

Communication Services

EWU
2.2%
FEZ
1.9%

Real Estate

EWU
0.7%
FEZ

-

Technology

EWU
0.6%
FEZ
16.6%

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

State Street SPDR EURO STOXX 50 ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FKUEWU vs. BNDWEWU vs. VOOEWU vs. VEA
Often compared with FEZ:
FEZ vs. VGKFEZ vs. IEURFEZ vs. EZUFEZ vs. IEVFEZ vs. VOOFEZ vs. EWQFEZ vs. EWN

Return for Risk

EWU vs. FEZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWU
EWU Risk / Return Rank: 7474
Overall Rank
EWU Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWU Omega Ratio Rank: 7373
Omega Ratio Rank
EWU Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWU Martin Ratio Rank: 7070
Martin Ratio Rank
FEZ
FEZ Risk / Return Rank: 5353
Overall Rank
FEZ Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
FEZ Sortino Ratio Rank: 5555
Sortino Ratio Rank
FEZ Omega Ratio Rank: 5151
Omega Ratio Rank
FEZ Calmar Ratio Rank: 4949
Calmar Ratio Rank
FEZ Martin Ratio Rank: 5252
Martin Ratio Rank
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.

EWU vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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.

EWUFEZDifference
Sharpe ratioReturn per unit of total volatility
1.73
1.30

+0.43

Sortino ratioReturn per unit of downside risk
2.47
1.90

+0.57

Omega ratioGain probability vs. loss probability

1.30

1.23

+0.08

Calmar ratioReturn relative to maximum drawdown

2.60

1.75

+0.85

Martin ratioReturn relative to average drawdown

8.55

6.11

+2.43

EWU vs. FEZ - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.73, which is higher than the FEZ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of EWU and FEZ, 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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Drawdowns

EWU vs. FEZ - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, roughly equal to the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for EWU and FEZ.

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Drawdown Indicators

EWUFEZDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-64.21%

+0.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-13.63%

+3.71%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-15.85%

+3.22%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-35.05%

+10.14%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-39.69%

-3.64%

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-14.10%

-16.97%

+2.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.90%

-0.88%

Volatility

EWU vs. FEZ - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 4.43%, while State Street SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.04%. This indicates that EWU experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWUFEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.43%

5.04%

-0.61%

Volatility (6M)

Calculated over the trailing 6-month period

12.91%

15.97%

-3.06%

Volatility (1Y)

Calculated over the trailing 1-year period

14.96%

18.49%

-3.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.39%

20.69%

-4.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

20.70%

-2.47%

EWU vs. FEZ - Expense Ratio Comparison

EWU has a 0.50% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

EWU vs. FEZ - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.09%, more than FEZ's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FEZ
State Street SPDR EURO STOXX 50 ETF		2.55%2.78%2.94%2.75%3.06%2.61%2.13%2.61%3.45%2.44%3.35%3.03%

Frequently Asked Questions

EWU and FEZ 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.

FEZ has higher volatility (5.04%) compared to EWU (4.43%). In terms of maximum drawdown, EWU dropped -63.99% vs FEZ's -64.21%.

On 10-year performance, FEZ leads with 11.23% vs 8.57% for EWU. On fees, FEZ is cheaper at 0.29% per year. On volatility, EWU has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FEZ has performed better with a 11.23% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FEZ is cheaper with a 0.29% expense ratio, compared with 0.50% for EWU.

EWU has the higher dividend yield at 3.09%, compared with 2.55% for FEZ.

EWU tracks MSCI United Kingdom Index (Net), while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EWU and 0.29% for FEZ.

EWU currently has the higher Sharpe Ratio (1.73 vs 1.30), 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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