EWU vs. IEUR

Last updated Jun 25, 2026

EWU (iShares MSCI United Kingdom ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EWU tracks the MSCI United Kingdom Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWU returned 8.60%/yr vs 10.20%/yr for IEUR. Their correlation of 0.90 suggests significant overlap in exposure. EWU charges 0.50%/yr vs 0.09%/yr for IEUR.

Performance

EWU vs. IEUR - Performance Comparison

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

Returns By Period

In the year-to-date period, EWU achieves a 4.82% return, which is significantly lower than IEUR's 6.01% return. Over the past 10 years, EWU has underperformed IEUR with an annualized return of 8.60%, while IEUR has yielded a comparatively higher 10.20% annualized return.

EWU

• 1D: -0.26%
• 1M: -2.10%
• YTD: 4.82%
• 6M: 4.59%
• 1Y: 19.24%
• 3Y*: 16.85%
• 5Y*: 10.69%
• 10Y*: 8.60%

IEUR

• 1D: -0.20%
• 1M: -0.32%
• YTD: 6.01%
• 6M: 5.91%
• 1Y: 16.58%
• 3Y*: 16.46%
• 5Y*: 8.29%
• 10Y*: 10.20%

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

EWU vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWU iShares MSCI United Kingdom ETF	4.82%	34.95%	6.74%	12.40%	-4.39%	18.19%	-11.80%	21.29%	-14.30%	21.54%
IEUR iShares Core MSCI Europe ETF	6.01%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between EWU and IEUR is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.90

The correlation between EWU and IEUR has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

EWU vs. IEUR - Sectors Allocation Comparison

Sectors	EWU	IEUR
Financial Services	25.7%	22.5%
Healthcare	14.5%	12.5%
Industrials	13.2%	20.3%
Consumer Defensive	13.1%	7.7%
Energy	11.6%	4.9%
Basic Materials	9.5%	5.8%
Utilities	5.1%	4.4%
Consumer Cyclical	3.8%	7.0%
Communication Services	2.3%	3.9%
Technology	0.7%	9.4%
Real Estate	0.6%	1.5%

Return for Risk

EWU vs. IEUR — Risk / Return Rank

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

EWU

EWU Risk / Return Rank: 42
EWU Sharpe Ratio Rank: 41
EWU Sortino Ratio Rank: 40
EWU Omega Ratio Rank: 38
EWU Calmar Ratio Rank: 43
EWU Martin Ratio Rank: 44

IEUR

IEUR Risk / Return Rank: 32
IEUR Sharpe Ratio Rank: 32
IEUR Sortino Ratio Rank: 32
IEUR Omega Ratio Rank: 30
IEUR Calmar Ratio Rank: 30
IEUR Martin Ratio Rank: 36

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. IEUR - Risk-Adjusted Trends Comparison

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

	EWU	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.06	+0.25
Sortino ratio: Return per unit of downside risk	1.91	1.60	+0.32
Omega ratio: Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.95	1.38	+0.56
Martin ratio: Return relative to average drawdown	6.62	5.18	+1.44

EWU vs. IEUR - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.32, which is comparable to the IEUR Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of EWU and IEUR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWU vs. IEUR - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWU and IEUR.

Drawdown Indicators

	EWU	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-63.99%	-36.96%	-27.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-12.04%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-12.63%	-14.25%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.91%	-32.75%	+7.84%
Max Drawdown (10Y) Largest decline over 10 years	-43.33%	-36.96%	-6.37%
Current Drawdown Current decline from peak	-5.30%	-1.97%	-3.33%
Average Drawdown Average peak-to-trough decline	-14.14%	-8.19%	-5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.21%	-0.30%

Volatility

EWU vs. IEUR - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 4.02%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 4.86%. This indicates that EWU experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWU	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.86%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	13.31%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.68%	15.70%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	17.79%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	18.30%	+0.05%

EWU vs. IEUR - Expense Ratio Comparison

EWU has a 0.50% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EWU vs. IEUR - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.29%, more than IEUR's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWU iShares MSCI United Kingdom ETF	3.29%	3.73%	4.16%	4.14%	3.43%	4.35%	2.48%	4.13%	4.98%	3.91%	3.97%	4.11%
IEUR iShares Core MSCI Europe ETF	3.24%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both EWU and IEUR in my portfolio?

EWU and IEUR have a correlation of 0.87, 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 IEUR?

IEUR has higher volatility (4.86%) compared to EWU (4.02%). In terms of maximum drawdown, EWU dropped -63.99% vs IEUR's -36.96%.

Which ETF is better, EWU or IEUR?

On 10-year performance, IEUR leads with 10.20% vs 8.60% for EWU. On fees, IEUR is cheaper at 0.09% per year. On volatility, EWU has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWU or IEUR?

Over the 10-year period, IEUR has performed better with a 10.20% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWU or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.50% for EWU.

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

EWU has the higher dividend yield at 3.29%, compared with 3.24% for IEUR.

What is the main difference between EWU and IEUR?

EWU tracks MSCI United Kingdom Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.50% for EWU and 0.09% for IEUR.

Which has better risk-adjusted returns?

EWU currently has the higher Sharpe Ratio (1.32 vs 1.06), 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.