FEZ vs. EWG

Last updated Jun 4, 2026

FEZ (SPDR EURO STOXX 50 ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds - FEZ tracks the EURO STOXX 50 Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, FEZ returned 10.28%/yr vs 7.59%/yr for EWG. Their correlation of 0.93 suggests significant overlap in exposure. FEZ charges 0.29%/yr vs 0.49%/yr for EWG.

Performance

FEZ vs. EWG - Performance Comparison

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

Returns By Period

In the year-to-date period, FEZ achieves a 5.18% return, which is significantly higher than EWG's 0.64% return. Over the past 10 years, FEZ has outperformed EWG with an annualized return of 10.28%, while EWG has yielded a comparatively lower 7.59% annualized return.

FEZ

• 1D: -1.26%
• 1M: 5.21%
• YTD: 5.18%
• 6M: 6.87%
• 1Y: 16.91%
• 3Y*: 17.72%
• 5Y*: 9.90%
• 10Y*: 10.28%

EWG

• 1D: -1.84%
• 1M: 3.11%
• YTD: 0.64%
• 6M: 4.44%
• 1Y: 3.23%
• 3Y*: 16.95%
• 5Y*: 5.94%
• 10Y*: 7.59%

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

FEZ vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ SPDR EURO STOXX 50 ETF	5.18%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
EWG iShares MSCI Germany ETF	0.64%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%

Correlation

The correlation between FEZ and EWG is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 22, 2002	0.93

The correlation between FEZ and EWG has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

FEZ vs. EWG - Sectors Allocation Comparison

Sectors	FEZ	EWG
Financial Services	23.4%	21.6%
Industrials	20.1%	30.3%
Technology	17.9%	13.8%
Consumer Cyclical	8.6%	8.2%
Consumer Defensive	5.4%	1.4%
Healthcare	5.2%	6.1%
Energy	5.0%	-
Utilities	4.6%	4.9%
Communication Services	3.5%	6.6%
Basic Materials	3.5%	5.8%
Real Estate	-	1.3%

Return for Risk

FEZ vs. EWG — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 26
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

EWG

EWG Risk / Return Rank: 11
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 11
EWG Omega Ratio Rank: 11
EWG Calmar Ratio Rank: 11
EWG Martin Ratio Rank: 12

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.

FEZ vs. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) and iShares MSCI Germany ETF (EWG). 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.

	FEZ	EWG	Difference
Sharpe ratio Return per unit of total volatility	0.95	0.19	+0.76
Sortino ratio Return per unit of downside risk	1.43	0.38	+1.05
Omega ratio Gain probability vs. loss probability	1.17	1.05	+0.13
Calmar ratio Return relative to maximum drawdown	1.25	0.22	+1.02
Martin ratio Return relative to average drawdown	4.25	0.66	+3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. EWG - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.95, which is higher than the EWG Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of FEZ and EWG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEZ	EWG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.19	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.29	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.36	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.25	+0.05

Drawdowns

FEZ vs. EWG - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, roughly equal to the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for FEZ and EWG.

Drawdown Indicators

	FEZ	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-67.57%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-14.54%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-15.81%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-43.44%	+8.39%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-46.80%	+7.11%
Current Drawdown Current decline from peak	-2.33%	-4.02%	+1.69%
Average Drawdown Average peak-to-trough decline	-17.07%	-19.20%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	4.89%	-0.90%

Volatility

FEZ vs. EWG - Volatility Comparison

SPDR EURO STOXX 50 ETF (FEZ) and iShares MSCI Germany ETF (EWG) have volatilities of 6.72% and 6.49%, 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

	FEZ	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	6.49%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	14.18%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	17.28%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	20.48%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	21.11%	0.00%

FEZ vs. EWG - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than EWG's 0.49% expense ratio.

Dividends

FEZ vs. EWG - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.57%, more than EWG's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	1.59%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
FEZ SPDR EURO STOXX 50 ETF	2.57%	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 FEZ and EWG in my portfolio?

With a correlation of 0.91, FEZ and EWG 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, FEZ or EWG?

FEZ has higher volatility (6.72%) compared to EWG (6.49%). In terms of maximum drawdown, FEZ dropped -64.21% vs EWG's -67.57%.

Which ETF is better, FEZ or EWG?

On 10-year performance, FEZ leads with 10.28% vs 7.59% for EWG. On fees, FEZ is cheaper at 0.29% per year. On volatility, EWG has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or EWG?

Over the 10-year period, FEZ has performed better with a 10.28% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or EWG?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.49% for EWG.

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

FEZ has the higher dividend yield at 2.57%, compared with 1.59% for EWG.

What is the main difference between FEZ and EWG?

FEZ tracks EURO STOXX 50 Index, while EWG tracks MSCI Germany Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.29% for FEZ and 0.49% for EWG.

Which has better risk-adjusted returns?

FEZ currently has the higher Sharpe Ratio (0.95 vs 0.19), 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.