FIEUX vs. EWG
FIEUX (Fidelity Europe Fund) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds. Over the past 10 years, FIEUX returned 8.54%/yr vs 7.78%/yr for EWG. Their correlation of 0.82 suggests significant overlap in exposure. FIEUX charges 1.06%/yr vs 0.49%/yr for EWG.
Performance
FIEUX vs. EWG - Performance Comparison
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Returns By Period
In the year-to-date period, FIEUX achieves a 5.47% return, which is significantly higher than EWG's -0.66% return. Over the past 10 years, FIEUX has outperformed EWG with an annualized return of 8.54%, while EWG has yielded a comparatively lower 7.78% annualized return.
FIEUX
- 1D
- -1.05%
- 1M
- -2.17%
- 6M
- 2.14%
- YTD
- 5.47%
- 1Y
- 13.45%
- 3Y*
- 15.04%
- 5Y*
- 5.51%
- 10Y*
- 8.54%
EWG
- 1D
- 0.39%
- 1M
- -0.21%
- 6M
- -3.10%
- YTD
- -0.66%
- 1Y
- -0.31%
- 3Y*
- 14.61%
- 5Y*
- 6.30%
- 10Y*
- 7.78%
FIEUX vs. EWG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIEUX Fidelity Europe Fund | 5.47% | 37.53% | 4.21% | 13.68% | -20.62% | 6.63% | 18.29% | 24.43% | -17.22% | 29.16% |
EWG iShares MSCI Germany ETF | -0.66% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
Correlation
The correlation between FIEUX and EWG 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 | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.82 |
The correlation between FIEUX and EWG has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
FIEUX vs. EWG — Risk / Return Rank
FIEUX
EWG
FIEUX vs. EWG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Europe Fund (FIEUX) 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.
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.
| FIEUX | EWG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.02 | +1.10 |
| Martin ratioReturn relative to average drawdown | 3.98 | -0.06 | +4.04 |
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Drawdowns
FIEUX vs. EWG - Drawdown Comparison
The maximum FIEUX drawdown since its inception was -59.96%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for FIEUX and EWG.
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Drawdown Indicators
| FIEUX | EWG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -67.57% | +7.61% |
Max Drawdown (1Y)Largest decline over 1 year | -12.38% | -14.54% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -13.27% | -15.81% | +2.54% |
Max Drawdown (5Y)Largest decline over 5 years | -38.04% | -42.59% | +4.55% |
Max Drawdown (10Y)Largest decline over 10 years | -38.04% | -46.80% | +8.76% |
Current DrawdownCurrent decline from peak | -3.25% | -5.25% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -14.00% | -19.14% | +5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 5.12% | -1.77% |
Volatility
FIEUX vs. EWG - Volatility Comparison
Fidelity Europe Fund (FIEUX) has a higher volatility of 6.18% compared to iShares MSCI Germany ETF (EWG) at 4.94%. This indicates that FIEUX's price experiences larger fluctuations and is considered to be riskier than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIEUX | EWG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 4.94% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 15.19% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 17.75% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.51% | 20.57% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.44% | 20.80% | -3.36% |
FIEUX vs. EWG - Expense Ratio Comparison
FIEUX has a 1.06% expense ratio, which is higher than EWG's 0.49% expense ratio.
Dividends
FIEUX vs. EWG - Dividend Comparison
FIEUX's dividend yield for the trailing twelve months is around 2.12%, more than EWG's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 2.01% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
FIEUX Fidelity Europe Fund | 2.12% | 2.23% | 3.28% | 1.62% | 0.00% | 16.10% | 1.15% | 7.42% | 11.93% | 2.52% | 1.51% | 0.43% |
Frequently Asked Questions
FIEUX and EWG 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.
FIEUX has higher volatility (6.18%) compared to EWG (4.94%). In terms of maximum drawdown, FIEUX dropped -59.96% vs EWG's -67.57%.
FIEUX currently has the higher Sharpe Ratio (0.77 vs -0.02), 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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