IEUR vs. EZU

Last updated Aug 2, 2026

IEUR (iShares Core MSCI Europe ETF) and EZU (iShares MSCI Eurozone ETF) are both Europe Equities funds from iShares - IEUR tracks the MSCI Europe Investable Market Index while EZU tracks the MSCI EMU Index. Both are passively managed. Over the past 10 years, IEUR returned 9.92%/yr vs 10.56%/yr for EZU. Their 0.96 correlation means they have historically moved very closely together. IEUR charges 0.09%/yr vs 0.50%/yr for EZU.

Performance

IEUR vs. EZU - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IEUR having a 10.27% return and EZU slightly higher at 10.48%. Over the past 10 years, IEUR has underperformed EZU with an annualized return of 9.92%, while EZU has yielded a comparatively higher 10.56% annualized return.

IEUR

• 1D: -0.49%
• 1M: 1.08%
• 6M: 5.44%
• YTD: 10.27%
• 1Y: 23.45%
• 3Y*: 16.38%
• 5Y*: 9.10%
• 10Y*: 9.92%
• ALL TIME*: 6.71%

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%

*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
IEUR iShares Core MSCI Europe ETF	$76.19M	$57.15M	$73.12M

IEUR vs. EZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUR iShares Core MSCI Europe ETF	10.27%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%
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%

Correlation

The correlation between IEUR and EZU is 0.97 - 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.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.96

The correlation between IEUR and EZU has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

IEUR vs. EZU - Sectors Allocation Comparison

Sectors	IEUR	EZU
Financial Services	24.0%	24.7%
Industrials	19.2%	20.6%
Healthcare	12.7%	5.8%
Technology	9.1%	17.3%
Consumer Defensive	8.2%	5.4%
Consumer Cyclical	6.7%	7.8%
Basic Materials	5.6%	3.9%
Energy	4.9%	3.4%
Utilities	4.3%	6.5%
Communication Services	3.3%	3.8%
Real Estate	1.5%	0.8%

Return for Risk

IEUR vs. EZU — Risk / Return Rank

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

IEUR

IEUR Risk / Return Rank: 61
IEUR Sharpe Ratio Rank: 64
IEUR Sortino Ratio Rank: 65
IEUR Omega Ratio Rank: 61
IEUR Calmar Ratio Rank: 54
IEUR Martin Ratio Rank: 63

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

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.

IEUR vs. EZU - Risk-Adjusted Trends Comparison

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

	IEUR	EZU	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.31	+0.16
Sortino ratio: Return per unit of downside risk	2.14	1.92	+0.22
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	1.92	1.78	+0.14
Martin ratio: Return relative to average drawdown	7.40	6.51	+0.89

IEUR vs. EZU - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.47, which is comparable to the EZU Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of IEUR and EZU, 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

IEUR vs. EZU - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum EZU drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for IEUR and EZU.

Drawdown Indicators

	IEUR	EZU	Difference
Max Drawdown Largest peak-to-trough decline	-36.96%	-65.32%	+28.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-13.06%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-15.02%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-36.11%	+3.36%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	-41.37%	+4.41%
Current Drawdown Current decline from peak	-0.49%	-0.44%	-0.05%
Average Drawdown Average peak-to-trough decline	-8.13%	-19.12%	+10.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.56%	-0.44%

Volatility

IEUR vs. EZU - Volatility Comparison

The current volatility for iShares Core MSCI Europe ETF (IEUR) is 4.45%, while iShares MSCI Eurozone ETF (EZU) has a volatility of 4.96%. This indicates that IEUR experiences smaller price fluctuations and is considered to be less risky than EZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEUR	EZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.96%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	15.57%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	17.79%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	19.98%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	20.10%	-1.87%

IEUR vs. EZU - Expense Ratio Comparison

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

Dividends

IEUR vs. EZU - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 3.12%, more than EZU's 2.65% 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%
IEUR iShares Core MSCI Europe ETF	3.12%	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

Can I hold both IEUR and EZU in my portfolio?

With a correlation of 0.97, IEUR and EZU 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, IEUR or EZU?

EZU has higher volatility (4.96%) compared to IEUR (4.45%). In terms of maximum drawdown, IEUR dropped -36.96% vs EZU's -65.32%.

Which ETF is better, IEUR or EZU?

On 10-year performance, EZU leads with 10.56% vs 9.92% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or EZU?

Over the 10-year period, EZU has performed better with a 10.56% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or EZU?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.50% for EZU.

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

IEUR has the higher dividend yield at 3.12%, compared with 2.65% for EZU.

What is the main difference between IEUR and EZU?

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

Which has better risk-adjusted returns?

IEUR currently has the higher Sharpe Ratio (1.47 vs 1.31), 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.