PortfoliosLab logoPortfoliosLab logo

Documentation

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

IEUR vs. EWU

Last updated Jul 14, 2026
Documentation

IEUR (iShares Core MSCI Europe ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - IEUR tracks the MSCI Europe Investable Market Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, IEUR returned 9.69%/yr vs 8.17%/yr for EWU. Their correlation of 0.90 suggests significant overlap in exposure. IEUR charges 0.09%/yr vs 0.50%/yr for EWU.

Performance

IEUR vs. EWU - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with IEUR having a 7.18% return and EWU slightly lower at 6.92%. Over the past 10 years, IEUR has outperformed EWU with an annualized return of 9.69%, while EWU has yielded a comparatively lower 8.17% annualized return.

IEUR

1D
-0.79%
1M
-0.44%
6M
4.03%
YTD
7.18%
1Y
16.12%
3Y*
15.04%
5Y*
8.63%
10Y*
9.69%

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)

IEUR vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUR
iShares Core MSCI Europe ETF		7.18%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%
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 IEUR and EWU is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.90

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.90

The correlation between IEUR and EWU has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

IEUR vs. EWU - Sectors Allocation Comparison

Sectors
IEUR
EWU

Financial Services

22.5%
25.7%

Industrials

20.3%
13.2%

Healthcare

12.5%
14.5%

Technology

9.4%
0.7%

Consumer Defensive

7.7%
13.1%

Consumer Cyclical

7.0%
3.8%

Basic Materials

5.8%
9.5%

Energy

4.9%
11.6%

Utilities

4.4%
5.1%

Communication Services

3.9%
2.3%

Real Estate

1.5%
0.6%

Financial Services

IEUR
22.5%
EWU
25.7%

Industrials

IEUR
20.3%
EWU
13.2%

Healthcare

IEUR
12.5%
EWU
14.5%

Technology

IEUR
9.4%
EWU
0.7%

Consumer Defensive

IEUR
7.7%
EWU
13.1%

Consumer Cyclical

IEUR
7.0%
EWU
3.8%

Basic Materials

IEUR
5.8%
EWU
9.5%

Energy

IEUR
4.9%
EWU
11.6%

Utilities

IEUR
4.4%
EWU
5.1%

Communication Services

IEUR
3.9%
EWU
2.3%

Real Estate

IEUR
1.5%
EWU
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Europe ETF

iShares MSCI United Kingdom ETF

Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

IEUR vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUR
IEUR Risk / Return Rank: 3636
Overall Rank
IEUR Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3636
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3333
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3333
Calmar Ratio Rank
IEUR Martin Ratio Rank: 4040
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4949
Overall Rank
EWU Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 5050
Sortino Ratio Rank
EWU Omega Ratio Rank: 4747
Omega Ratio Rank
EWU Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWU Martin Ratio Rank: 5050
Martin Ratio Rank
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.

IEUR vs. EWU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.

IEUREWUDifference
Sharpe ratioReturn per unit of total volatility
1.02
1.36

-0.33

Sortino ratioReturn per unit of downside risk
1.55
1.98

-0.44

Omega ratioGain probability vs. loss probability

1.18

1.24

-0.06

Calmar ratioReturn relative to maximum drawdown

1.34

2.03

-0.69

Martin ratioReturn relative to average drawdown

5.03

6.70

-1.67

IEUR vs. EWU - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.02, which is comparable to the EWU Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of IEUR 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.

Loading charts...

Drawdowns

IEUR vs. EWU - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for IEUR and EWU.

Loading charts...

Drawdown Indicators

IEUREWUDifference

Max Drawdown

Largest peak-to-trough decline

-36.96%

-63.99%

+27.03%

Max Drawdown (1Y)

Largest decline over 1 year

-12.04%

-9.92%

-2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-14.25%

-12.63%

-1.62%

Max Drawdown (5Y)

Largest decline over 5 years

-32.75%

-24.91%

-7.84%

Max Drawdown (10Y)

Largest decline over 10 years

-36.96%

-43.33%

+6.37%

Current Drawdown

Current decline from peak

-2.40%

-3.40%

+1.00%

Average Drawdown

Average peak-to-trough decline

-8.16%

-14.13%

+5.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

3.00%

+0.21%

Volatility

IEUR vs. EWU - Volatility Comparison

iShares Core MSCI Europe ETF (IEUR) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 4.77% and 4.63%, 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.

Loading charts...

Volatility by Period

IEUREWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

4.63%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

13.60%

12.80%

+0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

15.83%

14.90%

+0.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.81%

16.44%

+1.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.21%

18.22%

-0.01%

IEUR vs. EWU - Expense Ratio Comparison

IEUR has a 0.09% expense ratio, which is lower than EWU's 0.50% expense ratio.

Dividends

IEUR vs. EWU - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 3.21%, which matches EWU's 3.23% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEUR
iShares Core MSCI Europe ETF		3.21%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

IEUR and EWU 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 (4.77%) compared to EWU (4.63%). In terms of maximum drawdown, IEUR dropped -36.96% vs EWU's -63.99%.

On 10-year performance, IEUR leads with 9.69% vs 8.17% for EWU. On fees, IEUR is cheaper at 0.09% per year. 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.

Over the 10-year period, IEUR has performed better with a 9.69% return vs 8.17%. 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 3.23%, compared with 3.21% for IEUR.

IEUR tracks MSCI Europe Investable Market Index, while EWU tracks MSCI United Kingdom Index. Their fees differ too: 0.09% for IEUR and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.36 vs 1.02), 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.

Portfolio Optimizer

Find the right allocation for IEUR and EWU

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