EZU vs. EWU

Last updated Jul 14, 2026

EZU (iShares MSCI Eurozone ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - EZU tracks the MSCI EMU Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, EZU returned 10.38%/yr vs 8.17%/yr for EWU. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

EZU vs. EWU - Performance Comparison

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

Returns By Period

In the year-to-date period, EZU achieves a 7.83% return, which is significantly higher than EWU's 6.92% return. Over the past 10 years, EZU has outperformed EWU with an annualized return of 10.38%, while EWU has yielded a comparatively lower 8.17% annualized return.

EZU

• 1D: -0.96%
• 1M: -1.16%
• 6M: 4.19%
• YTD: 7.83%
• 1Y: 16.92%
• 3Y*: 16.22%
• 5Y*: 9.61%
• 10Y*: 10.38%

EWU

• 1D: -0.52%
• 1M: -0.29%
• 6M: 4.29%
• YTD: 6.92%
• 1Y: 20.07%
• 3Y*: 16.74%
• 5Y*: 11.31%
• 10Y*: 8.17%

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

EZU vs. EWU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	7.83%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
EWU iShares MSCI United Kingdom ETF	6.92%	34.95%	6.74%	12.40%	-4.39%	18.19%	-11.80%	21.29%	-14.30%	21.54%

Correlation

The correlation between EZU and EWU is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.82

The correlation between EZU and EWU has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

EZU vs. EWU - Sectors Allocation Comparison

Sectors	EZU	EWU
Financial Services	25.0%	25.7%
Industrials	20.8%	13.2%
Technology	16.2%	0.7%
Consumer Cyclical	7.2%	3.8%
Utilities	6.4%	5.1%
Healthcare	6.0%	14.5%
Consumer Defensive	5.5%	13.1%
Communication Services	4.6%	2.3%
Basic Materials	4.1%	9.5%
Energy	3.4%	11.6%
Real Estate	0.7%	0.6%

Return for Risk

EZU vs. EWU — Risk / Return Rank

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

EZU

EZU Risk / Return Rank: 34
EZU Sharpe Ratio Rank: 33
EZU Sortino Ratio Rank: 33
EZU Omega Ratio Rank: 32
EZU Calmar Ratio Rank: 32
EZU Martin Ratio Rank: 38

EWU

EWU Risk / Return Rank: 49
EWU Sharpe Ratio Rank: 49
EWU Sortino Ratio Rank: 50
EWU Omega Ratio Rank: 47
EWU Calmar Ratio Rank: 51
EWU Martin Ratio Rank: 50

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.

EZU vs. EWU - Risk-Adjusted Trends Comparison

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

	EZU	EWU	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.36	-0.40
Sortino ratio: Return per unit of downside risk	1.45	1.98	-0.53
Omega ratio: Gain probability vs. loss probability	1.18	1.24	-0.06
Calmar ratio: Return relative to maximum drawdown	1.30	2.03	-0.73
Martin ratio: Return relative to average drawdown	4.71	6.70	-1.99

EZU vs. EWU - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 0.96, which is comparable to the EWU Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EZU and EWU, 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

EZU vs. EWU - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, roughly equal to the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for EZU and EWU.

Drawdown Indicators

	EZU	EWU	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-63.99%	-1.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-9.92%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-12.63%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-24.91%	-11.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-43.33%	+1.96%
Current Drawdown Current decline from peak	-2.83%	-3.40%	+0.57%
Average Drawdown Average peak-to-trough decline	-19.16%	-14.13%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.00%	+0.60%

Volatility

EZU vs. EWU - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) has a higher volatility of 5.98% compared to iShares MSCI United Kingdom ETF (EWU) at 4.63%. This indicates that EZU's price experiences larger fluctuations and is considered to be riskier than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZU	EWU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	4.63%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	15.37%	12.80%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	14.90%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	16.44%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.08%	18.22%	+1.86%

EZU vs. EWU - Expense Ratio Comparison

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

Dividends

EZU vs. EWU - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.71%, less than EWU's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWU iShares MSCI United Kingdom ETF	3.23%	3.73%	4.16%	4.14%	3.43%	4.35%	2.48%	4.13%	4.98%	3.91%	3.97%	4.11%
EZU iShares MSCI Eurozone ETF	2.71%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%

Frequently Asked Questions

Can I hold both EZU and EWU in my portfolio?

EZU and EWU have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZU or EWU?

EZU has higher volatility (5.98%) compared to EWU (4.63%). In terms of maximum drawdown, EZU dropped -65.32% vs EWU's -63.99%.

Which ETF is better, EZU or EWU?

On 10-year performance, EZU leads with 10.38% vs 8.17% for EWU. Both ETFs have the same 0.50% expense ratio. On volatility, EWU has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or EWU?

Over the 10-year period, EZU has performed better with a 10.38% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or EWU?

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

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

EWU has the higher dividend yield at 3.23%, compared with 2.71% for EZU.

What is the main difference between EZU and EWU?

EZU tracks MSCI EMU Index, while EWU tracks MSCI United Kingdom Index.

Which has better risk-adjusted returns?

EWU currently has the higher Sharpe Ratio (1.36 vs 0.96), 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.