IEV vs. EWU
IEV (iShares Europe ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - IEV tracks the S&P Europe 350 Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, IEV returned 9.81%/yr vs 8.57%/yr for EWU. Their correlation of 0.87 means they have usually moved in the same direction. IEV charges 0.60%/yr vs 0.50%/yr for EWU.
Performance
IEV vs. EWU - Performance Comparison
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Returns By Period
In the year-to-date period, IEV achieves a 10.21% return, which is significantly lower than EWU's 11.65% return. Over the past 10 years, IEV has outperformed EWU with an annualized return of 9.81%, while EWU has yielded a comparatively lower 8.57% 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%
EWU
- 1D
- -0.55%
- 1M
- 2.65%
- 6M
- 6.38%
- YTD
- 11.65%
- 1Y
- 25.32%
- 3Y*
- 18.10%
- 5Y*
- 12.40%
- 10Y*
- 8.57%
- ALL TIME*
- 6.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $39.99M | $65.00M | $64.94M | |
| $9.58M | $7.30M | $8.64M |
IEV vs. EWU - 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% |
EWU iShares MSCI United Kingdom ETF | 11.65% | 34.95% | 6.74% | 12.40% | -4.39% | 18.19% | -11.80% | 21.29% | -14.30% | 21.54% |
Correlation
The correlation between IEV and EWU is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2000 | 0.87 |
The correlation between IEV and EWU has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
IEV vs. EWU - Sectors Allocation Comparison
Sectors
IEV
EWU
Financial Services
Industrials
Healthcare
Technology
Consumer Defensive
Consumer Cyclical
Basic Materials
Energy
Utilities
Communication Services
Real Estate
Financial Services
IEV
EWU
Industrials
IEV
EWU
Healthcare
IEV
EWU
Technology
IEV
EWU
Consumer Defensive
IEV
EWU
Consumer Cyclical
IEV
EWU
Basic Materials
IEV
EWU
Energy
IEV
EWU
Utilities
IEV
EWU
Communication Services
IEV
EWU
Real Estate
IEV
EWU
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Return for Risk
IEV vs. EWU — Risk / Return Rank
IEV
EWU
IEV vs. EWU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) 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.
| IEV | EWU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.30 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 2.60 | -0.66 |
| Martin ratioReturn relative to average drawdown | 7.28 | 8.55 | -1.26 |
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Drawdowns
IEV vs. EWU - Drawdown Comparison
The maximum IEV drawdown since its inception was -63.27%, roughly equal to the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for IEV and EWU.
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Drawdown Indicators
| IEV | EWU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.27% | -63.99% | +0.72% |
Max Drawdown (1Y)Largest decline over 1 year | -12.31% | -9.92% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -12.63% | -2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | -24.91% | -5.69% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | -43.33% | +6.71% |
Current DrawdownCurrent decline from peak | -0.44% | -0.55% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -14.10% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.02% | +0.27% |
Volatility
IEV vs. EWU - Volatility Comparison
iShares Europe ETF (IEV) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 4.37% and 4.43%, 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.
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Volatility by Period
| IEV | EWU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 4.43% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.80% | 12.91% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.02% | 14.96% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 16.39% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 18.23% | -0.02% |
IEV vs. EWU - Expense Ratio Comparison
IEV has a 0.60% expense ratio, which is higher than EWU's 0.50% expense ratio.
Dividends
IEV vs. EWU - Dividend Comparison
IEV's dividend yield for the trailing twelve months is around 2.74%, less than EWU's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 3.09% | 3.73% | 4.16% | 4.14% | 3.43% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% |
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
IEV 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.
EWU has higher volatility (4.43%) compared to IEV (4.37%). In terms of maximum drawdown, IEV dropped -63.27% vs EWU's -63.99%.
On 10-year performance, IEV leads with 9.81% vs 8.57% for EWU. On fees, EWU is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEV has performed better with a 9.81% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWU is cheaper with a 0.50% expense ratio, compared with 0.60% for IEV.
EWU has the higher dividend yield at 3.09%, compared with 2.74% for IEV.
IEV tracks S&P Europe 350 Index, while EWU tracks MSCI United Kingdom Index. Their fees differ too: 0.60% for IEV and 0.50% for EWU.
EWU currently has the higher Sharpe Ratio (1.73 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.
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