iShares MSCI Germany ETF (EWG) Performance
EWG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.7% since Dec 31, 2025
- 1 year
- +0.5% total return
- 5 years
- +6.6% a year
- 10 years
- +7.2% a year
- Since first price
- +6.2% a year since 1996
EWG trailing returns vs SPY, QQQ, AGG
| Period | EWG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.2% | −2.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.9% | +0.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.4% | −2.3% | +7.8% | +8.4% | −1.5% |
| YTD | −1.7% | −3.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +0.5% | −1.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +72.1%+19.8%/yr | +61.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +37.5%+6.6%/yr | +21.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +101.1%+7.2%/yr | +58.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +177.4%+7.0%/yr | +96.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +171.0%+5.1%/yr | +65.5% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +493.0%+6.1%/yr | +192.4% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +523.2%+6.2%/yr | +204.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWG vs SPY
From Mar 18, 1996: EWG grew to $62,316, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWG returns by calendar year
20 of 29 full years positive. Best 2003 (+66.6%), worst 2008 (−43.4%). 2026 is year to date.
EWG annual returns table
| Year | EWG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.7% | −14.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +35.8% | −15.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.8% | −7.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +23.3% | −15.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.3% | −40.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +5.8% | −11.4% | +28.7% | +27.4% | −1.8% |
| 2020 | +10.6% | −39.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +19.2% | −11.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −21.4% | −29.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +27.4% | −2.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +3.6% | −12.3% | +12.0% | +7.1% | +2.4% |
| 2015 | −2.8% | −19.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −12.0% | −19.5% | +13.5% | +19.2% | +6.0% |
| 2013 | +30.8% | −8.9% | +32.3% | +36.6% | −2.0% |
| 2012 | +32.3% | −21.1% | +16.0% | +18.1% | +3.8% |
| 2011 | −17.7% | −37.8% | +1.9% | +3.4% | +7.7% |
| 2010 | +8.2% | −21.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +20.5% | −34.1% | +26.4% | +54.7% | +3.0% |
| 2008 | −43.4% | −58.0% | −36.8% | −41.7% | +7.9% |
| 2007 | +33.7% | −12.7% | +5.1% | +19.0% | +6.6% |
| 2006 | +35.0% | −17.6% | +15.8% | +7.1% | +3.9% |
| 2005 | +9.6% | −9.1% | +4.8% | +1.6% | +2.3% |
| 2004 | +16.3% | −15.9% | +10.7% | +10.5% | +3.8% |
| 2003 | +66.6% | −24.6% | +28.2% | +49.7% | — |
| 2002 | −34.1% | −45.7% | −21.6% | −37.4% | — |
| 2001 | −21.6% | −44.9% | −11.8% | −33.3% | — |
| 2000 | −18.0% | −32.8% | −9.7% | −36.1% | — |
| 1999 | +22.6% | −23.2% | +20.4% | — | — |
| 1998 | +28.1% | −29.5% | +28.7% | — | — |
| 1997 | +23.8% | −12.6% | +33.5% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWG largest drawdowns
Now 8.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 23, 2000 | −67.6% | Mar 12, 2003 | May 5, 2006 | 3.0 years | 6.2 years |
| Dec 10, 2007 | −63.1% | Mar 9, 2009 | Dec 20, 2013 | 1.2 years | 6.0 years |
| Jan 23, 2018 | −46.8% | Mar 18, 2020 | Mar 11, 2021 | 2.1 years | 3.1 years |
| Jun 7, 2021 | −43.4% | Sep 27, 2022 | Sep 19, 2024 | 1.3 years | 3.3 years |
| Jul 20, 1998 | −29.5% | Oct 8, 1998 | Dec 23, 1999 | 3 months | 1.4 years |
| Jun 6, 2014 | −26.6% | Feb 11, 2016 | May 4, 2017 | 1.7 years | 2.9 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWG risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +18.8% | +7.3% | +7.2% | +6.2% |
| Volatility (annualized) | 15.9% | 20.6% | 19.8% | 22.8% |
| Sharpe ratio | 0.89 | 0.27 | 0.33 | — |
| Sortino ratio | 1.49 | 0.41 | 0.50 | — |
| Best month | +12.8% | +16.4% | +16.4% | +24.7% |
| Worst month | −10.5% | −13.3% | −18.1% | −24.0% |
| Best 12 months | +40.5% | +40.5% | +59.3% | +81.4% |
| Worst 12 months | −0.3% | −37.7% | −37.7% | −54.6% |
| Positive months | 64% | 57% | 57% | 57% |
| Beta vs S&P 500 | 0.74 | 0.96 | 1.00 | — |
| Correlation with S&P 500 | 0.58 | 0.73 | 0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −54.6% | +10.8% | +81.4% | 66% |
| 3-year (a year) | 332 | −28.2% | +5.1% | +39.8% | 69% |
| 5-year (a year) | 308 | −12.8% | +5.0% | +32.0% | 73% |
| 10-year (a year) | 248 | −1.5% | +5.2% | +13.2% | 98% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWG performance overview
iShares MSCI Germany ETF (EWG) returned +0.5% over the past year and +7.2% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +6.2% a year, turning $10,000 into about $62,316. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −67.6%, from Feb 23, 2000 to Mar 12, 2003, and it took 3.1 years to get back to the old high. EWG finished 20 of its 29 full calendar years with a gain; the best year was 2003 (+66.6%) and the worst 2008 (−43.4%). Volatility has been 22.8% a year.
Related: EWG chart, EWG holdings, EWG dividends. See the EWG overview for the latest quote and fund facts.
EWG performance FAQ
What is the EWG return over the past year?
EWG returned +0.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.5%.
What is the average annual return of EWG?
EWG has returned +6.6% a year over 5 years, +7.2% a year over 10 years, +6.2% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWG be worth?
$10,000 invested in EWG at its first recorded close on March 18, 1996 would be worth about $62,316 on October 23, 2026 with distributions reinvested.
What was the worst year for EWG?
The worst calendar year was 2008, with a total return of −43.4%. The best was 2003 at +66.6%.
What is the biggest drawdown of EWG?
The largest peak-to-trough decline was −67.6% between February 23, 2000 and March 12, 2003. It recovered to the old high on May 5, 2006, 3.1 years after the bottom.
How volatile is EWG?
Over the past 3 years EWG had an annualized volatility of 15.9% and a Sharpe ratio of 0.89 (excess return over 1–3 month T-bills per unit of risk).