PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWU vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. IEUR

Last updated Aug 5, 2026
Documentation

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 (Net) while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWU returned 8.54%/yr vs 10.04%/yr for IEUR. Their correlation of 0.90 means they have usually moved in the same direction. 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.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with EWU having a 11.49% return and IEUR slightly higher at 11.85%. Over the past 10 years, EWU has underperformed IEUR with an annualized return of 8.54%, while IEUR has yielded a comparatively higher 10.04% annualized return.

EWU

1D
0.23%
1M
2.50%
6M
5.51%
YTD
11.49%
1Y
24.30%
3Y*
18.84%
5Y*
12.00%
10Y*
8.54%
ALL TIME*
6.08%

IEUR

1D
1.01%
1M
2.53%
6M
6.50%
YTD
11.85%
1Y
23.81%
3Y*
17.70%
5Y*
9.07%
10Y*
10.04%
ALL TIME*
6.83%
*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
$58.72M$68.87M$65.85M

IEUR

iShares Core MSCI Europe ETF
$68.08M$56.67M$73.59M

EWU vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		11.49%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
IEUR
iShares Core MSCI Europe ETF		11.85%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, meaning they have usually moved in the same direction, including during past declines.

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

0.87

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

0.88

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

0.89

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

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

27.5%
24.0%

Industrials

14.0%
19.2%

Consumer Defensive

13.9%
8.2%

Healthcare

13.2%
12.7%

Energy

11.2%
4.9%

Basic Materials

7.7%
5.6%

Utilities

4.5%
4.3%

Consumer Cyclical

3.9%
6.7%

Communication Services

2.2%
3.3%

Real Estate

0.7%
1.5%

Technology

0.6%
9.1%

Financial Services

EWU
27.5%
IEUR
24.0%

Industrials

EWU
14.0%
IEUR
19.2%

Consumer Defensive

EWU
13.9%
IEUR
8.2%

Healthcare

EWU
13.2%
IEUR
12.7%

Energy

EWU
11.2%
IEUR
4.9%

Basic Materials

EWU
7.7%
IEUR
5.6%

Utilities

EWU
4.5%
IEUR
4.3%

Consumer Cyclical

EWU
3.9%
IEUR
6.7%

Communication Services

EWU
2.2%
IEUR
3.3%

Real Estate

EWU
0.7%
IEUR
1.5%

Technology

EWU
0.6%
IEUR
9.1%

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. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

EWU vs. IEUR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWU
EWU Risk / Return Rank: 6161
Overall Rank
EWU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWU Omega Ratio Rank: 5959
Omega Ratio Rank
EWU Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWU Martin Ratio Rank: 6060
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 5454
Overall Rank
IEUR Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 5757
Sortino Ratio Rank
IEUR Omega Ratio Rank: 5353
Omega Ratio Rank
IEUR Calmar Ratio Rank: 4949
Calmar Ratio Rank
IEUR Martin Ratio Rank: 5858
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. 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.

EWUIEURDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.52

+0.11

Sortino ratioReturn per unit of downside risk
2.35
2.20

+0.15

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.46

1.99

+0.47

Martin ratioReturn relative to average drawdown

8.07

7.64

+0.43

EWU vs. IEUR - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.63, which is comparable to the IEUR Sharpe Ratio of 1.52. 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.

Loading charts...

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.

Loading charts...

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

-0.70%

0.00%

-0.70%

Average Drawdown

Average peak-to-trough decline

-14.10%

-8.13%

-5.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.12%

-0.10%

Volatility

EWU vs. IEUR - Volatility Comparison

The current volatility for iShares MSCI United Kingdom ETF (EWU) is 3.70%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 4.16%. 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.

Loading charts...

Volatility by Period

EWUIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

4.16%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

12.88%

13.69%

-0.81%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

15.78%

-0.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.39%

17.81%

-1.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

18.23%

0.00%

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 3.09%, which matches IEUR's 3.07% 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%
IEUR
iShares Core MSCI Europe ETF		3.07%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 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEUR has higher volatility (4.16%) compared to EWU (3.70%). In terms of maximum drawdown, EWU dropped -63.99% vs IEUR's -36.96%.

On 10-year performance, IEUR leads with 10.04% vs 8.54% for EWU. On fees, IEUR is cheaper at 0.09% per year. On volatility, EWU has been the lower-risk option at 3.70%. 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 10.04% return vs 8.54%. 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 3.09%, compared with 3.07% for IEUR.

EWU tracks MSCI United Kingdom Index (Net), 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 (1.63 vs 1.52), 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.

Portfolio Optimizer

Find the right allocation for EWU and IEUR

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer