TUR vs. VGK

Last updated Jun 24, 2026

TUR (iShares MSCI Turkey ETF) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market Index, while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, TUR returned 3.43%/yr vs 10.38%/yr for VGK. At a 0.49 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.06%/yr for VGK.

Performance

TUR vs. VGK - Performance Comparison

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

Returns By Period

In the year-to-date period, TUR achieves a 17.67% return, which is significantly higher than VGK's 6.16% return. Over the past 10 years, TUR has underperformed VGK with an annualized return of 3.43%, while VGK has yielded a comparatively higher 10.38% annualized return.

TUR

• 1D: -1.23%
• 1M: 2.95%
• YTD: 17.67%
• 6M: 16.33%
• 1Y: 36.03%
• 3Y*: 14.79%
• 5Y*: 15.96%
• 10Y*: 3.43%

VGK

• 1D: -1.24%
• 1M: -0.13%
• YTD: 6.16%
• 6M: 6.16%
• 1Y: 19.10%
• 3Y*: 16.76%
• 5Y*: 8.57%
• 10Y*: 10.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TUR vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUR iShares MSCI Turkey ETF	17.67%	-1.54%	12.91%	-8.83%	105.75%	-27.41%	-1.19%	14.49%	-41.46%	37.58%
VGK Vanguard FTSE Europe ETF	6.16%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between TUR and VGK is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.49

Over the past year, the correlation between TUR and VGK has dropped to 0.27 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

TUR vs. VGK - Sectors Allocation Comparison

Sectors	TUR	VGK
Industrials	29.9%	19.3%
Financial Services	17.1%	23.6%
Consumer Defensive	13.3%	8.4%
Basic Materials	11.9%	5.3%
Energy	6.2%	5.3%
Consumer Cyclical	6.0%	6.8%
Real Estate	5.5%	1.5%
Utilities	4.0%	4.7%
Communication Services	3.2%	3.3%
Healthcare	2.3%	11.9%
Technology	0.8%	8.2%

Return for Risk

TUR vs. VGK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TUR

TUR Risk / Return Rank: 44
TUR Sharpe Ratio Rank: 42
TUR Sortino Ratio Rank: 43
TUR Omega Ratio Rank: 44
TUR Calmar Ratio Rank: 48
TUR Martin Ratio Rank: 41

VGK

VGK Risk / Return Rank: 35
VGK Sharpe Ratio Rank: 35
VGK Sortino Ratio Rank: 35
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 39

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.

TUR vs. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) and Vanguard FTSE Europe ETF (VGK). 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.

	TUR	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.21	+0.20
Sortino ratio: Return per unit of downside risk	2.06	1.79	+0.27
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.25	1.59	+0.67
Martin ratio: Return relative to average drawdown	6.32	5.89	+0.43

TUR vs. VGK - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 1.42, which is comparable to the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TUR and VGK, 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

TUR vs. VGK - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, which is greater than VGK's maximum drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for TUR and VGK.

Drawdown Indicators

	TUR	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-63.61%	-8.73%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-12.09%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-31.63%	-14.31%	-17.32%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-32.74%	+1.11%
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	-37.24%	-22.01%
Current Drawdown Current decline from peak	-25.94%	-1.91%	-24.03%
Average Drawdown Average peak-to-trough decline	-39.86%	-13.31%	-26.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	3.25%	+2.47%

Volatility

TUR vs. VGK - Volatility Comparison

iShares MSCI Turkey ETF (TUR) has a higher volatility of 10.32% compared to Vanguard FTSE Europe ETF (VGK) at 4.96%. This indicates that TUR's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUR	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.32%	4.96%	+5.36%
Volatility (6M) Calculated over the trailing 6-month period	20.48%	13.38%	+7.10%
Volatility (1Y) Calculated over the trailing 1-year period	25.50%	15.81%	+9.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.16%	17.96%	+16.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.30%	18.56%	+15.74%

TUR vs. VGK - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

TUR vs. VGK - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.10%, less than VGK's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUR iShares MSCI Turkey ETF	2.10%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%
VGK Vanguard FTSE Europe ETF	2.95%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both TUR and VGK in my portfolio?

TUR and VGK have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUR or VGK?

TUR has higher volatility (10.32%) compared to VGK (4.96%). In terms of maximum drawdown, TUR dropped -72.34% vs VGK's -63.61%.

Which ETF is better, TUR or VGK?

On 10-year performance, VGK leads with 10.38% vs 3.43% for TUR. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUR or VGK?

Over the 10-year period, VGK has performed better with a 10.38% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUR or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.59% for TUR.

Which ETF pays a higher dividend yield, TUR or VGK?

VGK has the higher dividend yield at 2.95%, compared with 2.10% for TUR.

What is the main difference between TUR and VGK?

TUR is categorized as Emerging Markets Equities, while VGK is Europe Equities. TUR tracks MSCI Turkey Investable Market Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for TUR and 0.06% for VGK.

Which has better risk-adjusted returns?

TUR currently has the higher Sharpe Ratio (1.42 vs 1.21), 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.