iShares MSCI Belgium ETF (EWK) Performance
EWK total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.1% since Dec 31, 2025
- 1 year
- +11.5% total return
- 5 years
- +6.7% a year
- 10 years
- +6.3% a year
- Since first price
- +6.1% a year since 1996
EWK trailing returns vs SPY, QQQ, AGG
| Period | EWK total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.8% | −0.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.4% | −1.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.2% | +3.0% | +7.8% | +8.4% | −1.5% |
| YTD | +9.1% | +7.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +11.5% | +9.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +70.0%+19.3%/yr | +59.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +38.2%+6.7%/yr | +20.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +84.3%+6.3%/yr | +42.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +240.4%+8.5%/yr | +124.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +95.9%+3.4%/yr | +8.2% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +463.7%+5.9%/yr | +70.4% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +515.0%+6.1%/yr | +77.6% | — | — | — |
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: EWK vs SPY
From Mar 18, 1996: EWK grew to $61,501, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWK returns by calendar year
19 of 29 full years positive. Best 1998 (+57.8%), worst 2008 (−61.7%). 2026 is year to date.
EWK annual returns table
| Year | EWK | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.1% | −15.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +35.4% | −11.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.1% | −11.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +7.5% | −15.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.0% | −32.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +12.8% | −11.5% | +28.7% | +27.4% | −1.8% |
| 2020 | +0.0% | −38.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +25.9% | −8.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −20.4% | −28.7% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.7% | −4.3% | +21.7% | +32.7% | +3.6% |
| 2016 | −1.3% | −12.0% | +12.0% | +7.1% | +2.4% |
| 2015 | +13.8% | −11.1% | +1.2% | +9.4% | +0.5% |
| 2014 | +0.6% | −15.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +24.6% | −9.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +35.2% | −14.4% | +16.0% | +18.1% | +3.8% |
| 2011 | −15.3% | −33.3% | +1.9% | +3.4% | +7.7% |
| 2010 | +5.0% | −20.6% | +15.1% | +19.9% | +6.4% |
| 2009 | +49.6% | −25.6% | +26.4% | +54.7% | +3.0% |
| 2008 | −61.7% | −69.8% | −36.8% | −41.7% | +7.9% |
| 2007 | −1.8% | −16.7% | +5.1% | +19.0% | +6.6% |
| 2006 | +35.6% | −16.0% | +15.8% | +7.1% | +3.9% |
| 2005 | +7.9% | −9.1% | +4.8% | +1.6% | +2.3% |
| 2004 | +45.5% | −11.9% | +10.7% | +10.5% | +3.8% |
| 2003 | +43.0% | −27.8% | +28.2% | +49.7% | — |
| 2002 | −9.2% | −32.7% | −21.6% | −37.4% | — |
| 2001 | −11.4% | −26.4% | −11.8% | −33.3% | — |
| 2000 | −18.6% | −30.0% | −9.7% | −36.1% | — |
| 1999 | −13.8% | −27.2% | +20.4% | — | — |
| 1998 | +57.8% | −20.8% | +28.7% | — | — |
| 1997 | +12.1% | −13.9% | +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.
EWK largest drawdowns
Now 6.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 12, 2007 | −74.1% | Mar 9, 2009 | Jun 2, 2017 | 1.7 years | 9.9 years |
| Jan 5, 1999 | −60.2% | Mar 12, 2003 | Oct 28, 2004 | 4.2 years | 5.8 years |
| Jan 26, 2018 | −42.8% | Mar 17, 2020 | Apr 21, 2021 | 2.1 years | 3.2 years |
| Jun 15, 2021 | −35.2% | Oct 12, 2022 | Apr 29, 2025 | 1.3 years | 3.9 years |
| Jul 20, 1998 | −20.8% | Oct 5, 1998 | Dec 22, 1998 | 3 months | 5 months |
| May 10, 2006 | −16.0% | Jun 13, 2006 | Aug 30, 2006 | 34 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWK risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +16.8% | +6.9% | +5.9% | +6.1% |
| Volatility (annualized) | 14.1% | 16.7% | 17.8% | 20.2% |
| Sharpe ratio | 0.87 | 0.27 | 0.28 | — |
| Sortino ratio | 1.39 | 0.39 | 0.42 | — |
| Best month | +8.8% | +11.6% | +21.6% | +21.6% |
| Worst month | −8.5% | −9.4% | −16.2% | −33.7% |
| Best 12 months | +42.9% | +42.9% | +43.3% | +84.3% |
| Worst 12 months | +0.1% | −28.1% | −28.1% | −66.5% |
| Positive months | 67% | 60% | 58% | 59% |
| Beta vs S&P 500 | 0.49 | 0.68 | 0.86 | — |
| Correlation with S&P 500 | 0.44 | 0.64 | 0.74 | — |
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.
EWK rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −66.5% | +9.4% | +84.3% | 66% |
| 3-year (a year) | 332 | −25.7% | +6.3% | +42.0% | 71% |
| 5-year (a year) | 308 | −14.0% | +4.5% | +29.7% | 70% |
| 10-year (a year) | 248 | −4.9% | +5.1% | +12.3% | 94% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWK performance overview
iShares MSCI Belgium ETF (EWK) returned +11.5% over the past year and +6.3% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +6.1% a year, turning $10,000 into about $61,501. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −74.1%, from Jul 12, 2007 to Mar 9, 2009, and it took 8.2 years to get back to the old high. EWK finished 19 of its 29 full calendar years with a gain; the best year was 1998 (+57.8%) and the worst 2008 (−61.7%). Volatility has been 20.2% a year.
Related: EWK chart, EWK holdings, EWK dividends. See the EWK overview for the latest quote and fund facts.
EWK performance FAQ
What is the EWK return over the past year?
EWK returned +11.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 9.4%.
What is the average annual return of EWK?
EWK has returned +6.7% a year over 5 years, +6.3% a year over 10 years, +6.1% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWK be worth?
$10,000 invested in EWK at its first recorded close on March 18, 1996 would be worth about $61,501 on October 23, 2026 with distributions reinvested.
What was the worst year for EWK?
The worst calendar year was 2008, with a total return of −61.7%. The best was 1998 at +57.8%.
What is the biggest drawdown of EWK?
The largest peak-to-trough decline was −74.1% between July 12, 2007 and March 9, 2009. It recovered to the old high on June 2, 2017, 8.2 years after the bottom.
How volatile is EWK?
Over the past 3 years EWK had an annualized volatility of 14.1% and a Sharpe ratio of 0.87 (excess return over 1–3 month T-bills per unit of risk).