IEV vs. EPOL

Last updated Aug 2, 2026

IEV (iShares Europe ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - IEV tracks the S&P Europe 350 Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, IEV returned 9.81%/yr vs 11.96%/yr for EPOL. Their 0.71 correlation means they have sometimes moved together and sometimes differently. IEV charges 0.60%/yr vs 0.61%/yr for EPOL.

Performance

IEV vs. EPOL - Performance Comparison

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

Returns By Period

In the year-to-date period, IEV achieves a 10.21% return, which is significantly lower than EPOL's 22.62% return. Over the past 10 years, IEV has underperformed EPOL with an annualized return of 9.81%, while EPOL has yielded a comparatively higher 11.96% annualized return.

IEV

• 1D: -0.44%
• 1M: 0.94%
• 6M: 5.40%
• YTD: 10.21%
• 1Y: 24.55%
• 3Y*: 16.27%
• 5Y*: 9.68%
• 10Y*: 9.81%
• ALL TIME*: 5.31%

EPOL

• 1D: 0.16%
• 1M: 8.60%
• 6M: 14.79%
• YTD: 22.62%
• 1Y: 40.70%
• 3Y*: 33.53%
• 5Y*: 18.62%
• 10Y*: 11.96%
• ALL TIME*: 6.44%

*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)
EPOL iShares MSCI Poland ETF	$18.30M	$16.66M	$16.43M
IEV iShares Europe ETF	$9.58M	$7.30M	$8.64M

IEV vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEV iShares Europe ETF	10.21%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	24.84%
EPOL iShares MSCI Poland ETF	22.62%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between IEV and EPOL is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since May 26, 2010	0.71

The correlation between IEV and EPOL has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

IEV vs. EPOL - Sectors Allocation Comparison

Sectors	IEV	EPOL
Financial Services	25.5%	45.7%
Industrials	18.1%	1.8%
Healthcare	12.8%	0.7%
Technology	9.2%	1.7%
Consumer Defensive	8.2%	6.0%
Consumer Cyclical	6.5%	14.0%
Basic Materials	5.5%	7.1%
Energy	5.1%	13.2%
Utilities	4.7%	4.5%
Communication Services	3.2%	5.4%
Real Estate	0.6%	-

Return for Risk

IEV vs. EPOL — Risk / Return Rank

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

IEV

IEV Risk / Return Rank: 62
IEV Sharpe Ratio Rank: 65
IEV Sortino Ratio Rank: 66
IEV Omega Ratio Rank: 62
IEV Calmar Ratio Rank: 55
IEV Martin Ratio Rank: 61

EPOL

EPOL Risk / Return Rank: 79
EPOL Sharpe Ratio Rank: 78
EPOL Sortino Ratio Rank: 78
EPOL Omega Ratio Rank: 70
EPOL Calmar Ratio Rank: 89
EPOL Martin Ratio Rank: 78

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.

IEV vs. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) and iShares MSCI Poland ETF (EPOL). 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.

	IEV	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.76	-0.26
Sortino ratio: Return per unit of downside risk	2.18	2.49	-0.32
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	1.95	3.68	-1.73
Martin ratio: Return relative to average drawdown	7.28	9.96	-2.68

IEV vs. EPOL - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.50, which is comparable to the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of IEV and EPOL, 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

IEV vs. EPOL - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, roughly equal to the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for IEV and EPOL.

Drawdown Indicators

	IEV	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-63.27%	-63.72%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-11.04%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-19.56%	+4.93%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-54.21%	+23.61%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-61.41%	+24.79%
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-14.96%	-26.64%	+11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	4.07%	-0.78%

Volatility

IEV vs. EPOL - Volatility Comparison

The current volatility for iShares Europe ETF (IEV) is 4.37%, while iShares MSCI Poland ETF (EPOL) has a volatility of 5.29%. This indicates that IEV experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEV	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.29%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	18.34%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	23.12%	-7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	29.12%	-11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	27.42%	-9.21%

IEV vs. EPOL - Expense Ratio Comparison

IEV has a 0.60% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

IEV vs. EPOL - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.74%, less than EPOL's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	3.44%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
IEV iShares Europe ETF	2.74%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%

Frequently Asked Questions

Can I hold both IEV and EPOL in my portfolio?

IEV and EPOL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEV or EPOL?

EPOL has higher volatility (5.29%) compared to IEV (4.37%). In terms of maximum drawdown, IEV dropped -63.27% vs EPOL's -63.72%.

Which ETF is better, IEV or EPOL?

On 10-year performance, EPOL leads with 11.96% vs 9.81% for IEV. On fees, IEV is cheaper at 0.60% per year. On volatility, IEV has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEV or EPOL?

Over the 10-year period, EPOL has performed better with a 11.96% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEV or EPOL?

IEV is cheaper with a 0.60% expense ratio, compared with 0.61% for EPOL.

Which ETF pays a higher dividend yield, IEV or EPOL?

EPOL has the higher dividend yield at 3.44%, compared with 2.74% for IEV.

What is the main difference between IEV and EPOL?

IEV tracks S&P Europe 350 Index, while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.60% for IEV and 0.61% for EPOL.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.76 vs 1.50), 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.