Which returned more over the last year, EWG or FEZ?

In the year to Oct 28, 2026, with distributions reinvested, EWG returned +2.2% and FEZ +6.0%.

Which is cheaper, EWG or FEZ?

FEZ is cheaper, by 0.20 percentage points a year. That is about $20 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do EWG and FEZ overlap with the S&P 500?

By their latest filed holdings, 0% of EWG and 0% of FEZ by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

EWG vs FEZ: Differences, Returns & Fees

Share on X Download as PDF

Over the year to Oct 28, 2026, EWG returned +2.2% to FEZ's +6.0%; 28% of their weight is in the same names.

askIQ about this page

askIQ about EWG and FEZ

Net assets: $1.5bn on Oct 28, 2026 for iShares MSCI Germany ETF, and $4.1bn on Oct 27, 2026 for State Street SPDR EURO STOXX 50 ETF.

EWG on its own →FEZ on its own →

At a glance

+2.2%

EWG total return, 1 year

+6.0%

FEZ total return, 1 year

0.49%

EWG expense ratio

0.29%

FEZ expense ratio

Pair scorecard

FEZ costs 0.20 points a year less; their one-year returns differ by 3.8 points; FEZ is 2.7 times larger.

EWG vs FEZ: Differences, Returns & Fees
Measure	EWG	FEZ
Return
Measure	EWG	FEZ
Total return, 1 year	+2.2%	+6.0%
Drawdown
Measure	EWG	FEZ
Below its high	6.3%, high on Aug 28, 2026	9.0%, high on Aug 14, 2026
Benchmark
Measure	EWG	FEZ
What it tracks	MSCI Germany 25/50 Index	EURO STOXX 50 Index
Cost and size
Measure	EWG	FEZ
Expense ratio	0.49%	0.29%
Net assets, as of Oct 26, 2026	$1.5bn	$4.1bn
Holdings
Measure	EWG	FEZ
Holdings in common	28%
Top ten holdings, share of the fund	63.4%	42.9%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWX

EWG FEZ

Return

Total return edge Tie +104.6% +105.3%

Annualized edge Tie +3.9% +3.9%

Price return edge EWG +29.7% +12.9%

Risk

Volatility edge Tie 24.6% 24.6%

Max drawdown edge Tie −60.9% −60.8%

Downside capture 106.9% 109.3%

Beta 1.14 1.16

Risk-adjusted

Sharpe edge Tie 0.22 0.22

Sortino edge Tie 0.31 0.31

Treynor 0.048 0.047

Calmar edge Tie 0.06 0.06

Against the benchmark

Alpha −0.3% a year −0.3% a year

Alpha t-stat −0.12 −0.15

Information ratio 0.04 0.05

Tracking error 10.1% 9.5%

Reading

EWG and FEZ returned about the same: +104.6% and +105.3%. EWG and FEZ swung about the same: 24.6% and 24.6%. EWG and FEZ fell about the same at their worst: −60.9% and −60.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: EWG vs FEZ: Differences, Returns & Fees
Measure	EWG	FEZ	ACWX	Edge	How it is measured
Return
Total return	+104.6%	+105.3%	+129.8%	Tie	Price change plus distributions, reinvested.
Annualized	+3.9%	+3.9%	+4.6%	Tie	Total return as a yearly rate.
Price return	+29.7%	+12.9%	+42.8%	EWG	Price change alone, distributions left out.
Risk
Volatility	24.6%	24.6%	19.8%	Tie	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	17.7%	17.7%	14.4%	Tie	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−60.9%	−60.8%	−59.4%	Tie	Deepest fall from a high to the low after it.
Upside capture	117.2%	125.7%	100.0%	FEZ (slight)	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	106.9%	109.3%	100.0%	EWG (slight)	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.14	1.16	1.00	Tie	How far it moves for each 1% its benchmark moves.
R squared	0.84	0.87	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.22	0.22	0.25	Tie	Return above Treasury bills per unit of volatility.
Sortino	0.31	0.31	0.35	Tie	Return above Treasury bills per unit of downside deviation.
Treynor	0.048	0.047	0.050	Tie	Return above Treasury bills per unit of beta.
Calmar	0.06	0.06	0.08	Tie	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWX	ACWX	ACWX		The ETF each fund is measured against.
Alpha	−0.3% a year	−0.3% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.12	−0.15		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−4.7% to +4.2%	−4.4% to +3.8%		Both include zero	The 95% range for the yearly alpha.
Information ratio	0.04	0.05		FEZ (slight)	Return against its benchmark per unit of tracking error.
Tracking error	10.1%	9.5%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

28%

By the books each fund has filed, EWG and FEZ hold 28% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

28% in common

Positions both hold · largest shared weight first EWG FEZ

SAP 12.93% 4.85%

SIEMENS N AG 11.52% 4.42%

ALLIANZ 9.90% 3.74%

SIEMENS ENERGY N AG 5.96% 2.37%

DEUTSCHE TELEKOM N AG 5.11% 1.97%

INFINEON TECHNOLOGIES AG 4.11% 1.55%

DEUTSCHE BOERSE AG 3.40% 1.32%

DHL AG 3.24% 1.26%

DEUTSCHE BANK AG 2.97% 1.25%

RHEINMETALL AG 2.87% 1.08%

BASF N 2.71% 1.05%

BAYER AG 2.72% 1.02%

Only in one fund ↓

Only in EWG

MUENCHENER RUECKVERSICHERUNGS-GESE 4.21%

E.ON N 2.50%

RWE AG 2.21%

COMMERZBANK AG 1.34%

HEIDELBERG MATERIALS AG 1.18%

FRESENIUS N 1.17%

MERCK 1.12%

DAIMLER TRUCK HOLDING E AG 1.11%

Only in FEZ

ASML HOLDING NV 10.09%

TOTALENERGIES SE 4.28%

BANCO SANTANDER SA 3.83%

SCHNEIDER ELECTRIC SE 3.18%

IBERDROLA SA 3.08%

BANCO BILBAO VIZCAYA ARGENTA 2.87%

AIRBUS SE 2.57%

UNICREDIT SPA 2.54%

Check overlap with more funds →

Side by side

EWG iShares MSCI Germany ETF FEZ State Street SPDR EURO STOXX 50 ETF

Where it sits Stock ETF Stock ETF

Issuer iShares State Street

What it is Tracks an index Tracks an index

Total return, 1 year +2.2% +6.0%

Its benchmark over the same days +14.3% (ACWX) +14.3% (ACWX)

Gap to its benchmark −12.1 pts vs ACWX −8.3 pts vs ACWX

Expense ratio 0.49% 0.29%

Already in the S&P 500 0.0% 0.0%

Holdings 52 52

Net assets, EWG as of Oct 28, 2026 and FEZ as of Oct 27, 2026 $1.5bn $4.1bn

EWG and FEZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-909E4B5039

EWG and FEZ are built for the same job. How do they differ in cost, holdings and results?

What each follows. EWG follows MSCI Germany 25/50 Index and FEZ follows EURO STOXX 50 Index.
Holdings in common. 28% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 EWG returned +2.2% and FEZ +6.0% with distributions reinvested, a gap of 3.8 points.

Data as of Oct 28, 2026.

The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.

Your saved page · Privacy.

Alert

About each fund

EWG

EWG tracks an index. Over the year to Oct 28, 2026 it returned +2.2% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.49% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 63.4%. It sat 6.3% below its high of Aug 28, 2026 on Oct 28, 2026.

FEZ

FEZ tracks an index. Over the year to Oct 28, 2026 it returned +6.0% with distributions reinvested, against +14.3% for its benchmark, the MSCI All Country World ex USA Index. The prospectus expense ratio is 0.29% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 42.9%. It sat 9.0% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, EWG or FEZ?: In the year to Oct 28, 2026, with distributions reinvested, EWG returned +2.2% and FEZ +6.0%.
Which is cheaper, EWG or FEZ?: FEZ is cheaper, by 0.20 percentage points a year. That is about $20 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do EWG and FEZ overlap with the S&P 500?: By their latest filed holdings, 0% of EWG and 0% of FEZ by weight is stocks the S&P 500 already holds.

Other comparisons

EWG vs EZU EWG vs IEV EWG vs EWI EWG vs VGK FEZ vs HDEF FEZ vs IDV FEZ vs IEUR FEZ vs VGK

Where to next

EWG on its own →FEZ on its own →Hold both: look the portfolio through →Rankings →EWG dividend history →EWG holdings →FEZ dividend history →FEZ holdings →Standards and sources →

Sources and dates

EWG filings on SEC EDGAR ↗

EWG prospectus with the expense ratio (SEC) ↗

iShares page for EWG ↗

FEZ filings on SEC EDGAR ↗

FEZ prospectus with the expense ratio (SEC) ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EWG against FEZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewg-vs-fez

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.