EZU vs. FEZ

Last updated Aug 2, 2026

EZU (iShares MSCI Eurozone ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both Europe Equities funds - EZU tracks the MSCI EMU Index while FEZ tracks the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, EZU returned 10.56%/yr vs 11.23%/yr for FEZ. Their 0.97 correlation means they have historically moved very closely together. EZU charges 0.50%/yr vs 0.29%/yr for FEZ.

Performance

EZU vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EZU having a 10.48% return and FEZ slightly lower at 10.27%. Over the past 10 years, EZU has underperformed FEZ with an annualized return of 10.56%, while FEZ has yielded a comparatively higher 11.23% annualized return.

EZU

• 1D: -0.11%
• 1M: 0.51%
• 6M: 6.24%
• YTD: 10.48%
• 1Y: 24.34%
• 3Y*: 17.68%
• 5Y*: 10.01%
• 10Y*: 10.56%
• ALL TIME*: 5.20%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZU iShares MSCI Eurozone ETF	$63.32M	$57.94M	$77.34M
FEZ State Street SPDR EURO STOXX 50 ETF	$51.83M	$51.15M	$96.31M

EZU vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	10.48%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
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 EZU and FEZ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002	0.97

The correlation between EZU and FEZ has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

EZU vs. FEZ - Sectors Allocation Comparison

Sectors	EZU	FEZ
Financial Services	24.7%	26.2%
Industrials	20.6%	22.1%
Technology	17.3%	16.6%
Consumer Cyclical	7.8%	9.5%
Utilities	6.5%	4.9%
Healthcare	5.8%	5.3%
Consumer Defensive	5.4%	5.6%
Basic Materials	3.9%	3.5%
Communication Services	3.8%	1.9%
Energy	3.4%	4.5%
Real Estate	0.8%	-

Return for Risk

EZU vs. FEZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZU

EZU Risk / Return Rank: 54
EZU Sharpe Ratio Rank: 55
EZU Sortino Ratio Rank: 56
EZU Omega Ratio Rank: 53
EZU Calmar Ratio Rank: 50
EZU Martin Ratio Rank: 55

FEZ

FEZ Risk / Return Rank: 53
FEZ Sharpe Ratio Rank: 54
FEZ Sortino Ratio Rank: 55
FEZ Omega Ratio Rank: 51
FEZ Calmar Ratio Rank: 49
FEZ Martin Ratio Rank: 52

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.

EZU vs. FEZ - Risk-Adjusted Trends Comparison

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

	EZU	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.30	+0.01
Sortino ratio: Return per unit of downside risk	1.92	1.90	+0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	1.78	1.75	+0.02
Martin ratio: Return relative to average drawdown	6.51	6.11	+0.39

EZU vs. FEZ - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.31, which is comparable to the FEZ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of EZU 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.

Drawdowns

EZU vs. FEZ - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, roughly equal to the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for EZU and FEZ.

Drawdown Indicators

	EZU	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-64.21%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-13.63%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-15.85%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-35.05%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-39.69%	-1.68%
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-19.12%	-16.97%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.90%	-0.34%

Volatility

EZU vs. FEZ - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) and State Street SPDR EURO STOXX 50 ETF (FEZ) have volatilities of 4.96% and 5.04%, 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.

Volatility by Period

	EZU	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	5.04%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	15.97%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	18.49%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	20.69%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	20.70%	-0.60%

EZU vs. FEZ - Expense Ratio Comparison

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

Dividends

EZU vs. FEZ - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.65%, more than FEZ's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.65%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
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

Can I hold both EZU and FEZ in my portfolio?

With a correlation of 0.99, EZU and FEZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EZU or FEZ?

FEZ has higher volatility (5.04%) compared to EZU (4.96%). In terms of maximum drawdown, EZU dropped -65.32% vs FEZ's -64.21%.

Which ETF is better, EZU or FEZ?

On 10-year performance, FEZ leads with 11.23% vs 10.56% for EZU. On fees, FEZ is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or FEZ?

Over the 10-year period, FEZ has performed better with a 11.23% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or FEZ?

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

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

EZU has the higher dividend yield at 2.65%, compared with 2.55% for FEZ.

What is the main difference between EZU and FEZ?

EZU tracks MSCI EMU Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EZU and 0.29% for FEZ.

Which has better risk-adjusted returns?

EZU currently has the higher Sharpe Ratio (1.31 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.