VGK vs EZU: returns, risk and drawdowns compared
Vanguard FTSE Europe ETF against iShares MSCI Eurozone ETF, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, VGK returned 12.6% a year and EZU 12.7% a year on average, so EZU came out ahead by 0.1% a year. EZU was the more volatile of the two (19.1% against 17.2% a year), and the deepest falls from a month-end high were 31.0% for VGK and 34.6% for EZU.
The correlation of monthly returns was 0.98: they moved almost in lockstep. Over 41 rolling 3-year periods, VGK did better in 32% and EZU in 68%.
Side by side
| VGK | EZU | |
|---|---|---|
| Annual return (CAGR) | +12.6% | +12.7% |
| Total return | +112% | +113% |
| Annual volatility | 17.2% | 19.1% |
| Maximum drawdown (month-end) | −31.0% | −34.6% |
| Worst month | −9.9% | −11.1% |
| Best month | +16.4% | +19.7% |
| Positive months | 64% | 62% |
| Best year | 2025: +35.8% | 2025: +40.0% |
| Worst year | 2022: −16.0% | 2022: −17.2% |
| 1-year return | +10.7% | +7.2% |
| 5 years, a year | +8.4% | +8.7% |
| 10 years, a year | — | +9.6% |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VGK vs EZU
Returns by calendar year
| Year | VGK | EZU |
|---|---|---|
| 2025 | +35.8% | +40.0% |
| 2024 | +1.9% | +2.2% |
| 2023 | +20.2% | +23.4% |
| 2022 | −16.0% | −17.2% |
| 2021 | +16.9% | +13.9% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, VGK or EZU?
From July 2020 to October 2026, VGK returned +12.6% a year and EZU +12.7% a year, with dividends reinvested. Over rolling 3-year periods VGK did better in 32% of cases. Past returns do not predict future returns.
Which is riskier, VGK or EZU?
Over the same months annual volatility was 17.2% for VGK and 19.1% for EZU; the deepest fall from a month-end high was 31.0% and 34.6%, and the worst single month −9.9% and −11.1%.
How correlated are VGK and EZU?
The correlation of their monthly returns was 0.98: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.