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EWU vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. IEUR

Last updated Jun 5, 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 7.86%/yr vs 9.26%/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.

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Returns By Period

The year-to-date returns for both investments are quite close, with EWU having a 6.59% return and IEUR slightly higher at 6.90%. Over the past 10 years, EWU has underperformed IEUR with an annualized return of 7.86%, while IEUR has yielded a comparatively higher 9.26% 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%

IEUR

1D
1.20%
1M
2.40%
YTD
6.90%
6M
9.92%
1Y
18.10%
3Y*
16.83%
5Y*
8.29%
10Y*
9.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWU vs. IEUR - 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%
IEUR
iShares Core MSCI Europe ETF		6.90%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 0.88, 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

0.88

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

0.89

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

0.90

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

0.91

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2014

0.90

The correlation between EWU and IEUR has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

EWU vs. IEUR - Sectors Allocation Comparison

Sectors
EWU
IEUR

Financial Services

26.0%
22.5%

Consumer Defensive

14.2%
8.0%

Healthcare

13.9%
12.5%

Industrials

12.1%
20.4%

Energy

11.0%
5.3%

Basic Materials

9.3%
5.8%

Utilities

5.1%
4.8%

Consumer Cyclical

4.0%
6.9%

Communication Services

2.4%
3.8%

Technology

0.6%
8.4%

Real Estate

0.6%
1.6%

Financial Services

EWU
26.0%
IEUR
22.5%

Consumer Defensive

EWU
14.2%
IEUR
8.0%

Healthcare

EWU
13.9%
IEUR
12.5%

Industrials

EWU
12.1%
IEUR
20.4%

Energy

EWU
11.0%
IEUR
5.3%

Basic Materials

EWU
9.3%
IEUR
5.8%

Utilities

EWU
5.1%
IEUR
4.8%

Consumer Cyclical

EWU
4.0%
IEUR
6.9%

Communication Services

EWU
2.4%
IEUR
3.8%

Technology

EWU
0.6%
IEUR
8.4%

Real Estate

EWU
0.6%
IEUR
1.6%

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

iShares Core MSCI Europe ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. IMEU.LIEUR vs. FEZIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

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: 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
IEUR
IEUR Risk / Return Rank: 3333
Overall Rank
IEUR Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3333
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3232
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3131
Calmar Ratio Rank
IEUR Martin Ratio Rank: 3737
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. 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.

EWUIEURDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.19

+0.30

Sortino ratioReturn per unit of downside risk
2.12
1.74

+0.38

Omega ratioGain probability vs. loss probability

1.26

1.21

+0.05

Calmar ratioReturn relative to maximum drawdown

2.16

1.51

+0.65

Martin ratioReturn relative to average drawdown

7.80

5.67

+2.14

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. IEUR - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.49, which is comparable to the IEUR Sharpe Ratio of 1.19. 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.

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Sharpe Ratios by Period

EWUIEURDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

1.19

+0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.47

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.50

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.36

-0.09

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.

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Drawdown Indicators

EWUIEURDifference

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

-3.70%

-1.13%

-2.57%

Average Drawdown

Average peak-to-trough decline

-14.16%

-8.22%

-5.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

3.20%

-0.46%

Volatility

EWU vs. IEUR - Volatility Comparison

iShares MSCI United Kingdom ETF (EWU) and iShares Core MSCI Europe ETF (IEUR) have volatilities of 5.64% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWUIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

5.51%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

12.79%

-0.46%

Volatility (1Y)

Calculated over the trailing 1-year period

14.40%

15.34%

-0.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

17.73%

-1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

18.68%

+0.16%

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 3.50%, more than IEUR's 2.78% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEUR
iShares Core MSCI Europe ETF		2.78%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

EWU and IEUR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWU has higher volatility (5.64%) compared to IEUR (5.51%). In terms of maximum drawdown, EWU dropped -63.99% vs IEUR's -36.96%.

On 10-year performance, IEUR leads with 9.26% vs 7.86% for EWU. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEUR has performed better with a 9.26% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWU has the higher dividend yield at 3.50%, compared with 2.78% for 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.

EWU currently has the higher Sharpe Ratio (1.49 vs 1.19), 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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