At a glance
EWG charges 0.49% a year, above the 0.28% average of the 6 funds most like it (the 5th cheapest of 7). It has $1.82B in assets, the 6th largest of that group; it paid 2.0% of its price in distributions over the past 12 months, annual. Over the past year it returned +1.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +21.2% a year. At its worst it fell 38.9% in the 2020 crash (S&P 500: 33.7%) and 39.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 18 months after the lows. Its ten largest positions make up 63.0% of the fund, out of 53 in all.
The short version
iShares MSCI Germany ETF (EWG) is a BlackRock index fund that tracks the MSCI Germany Index, which covers large and mid-sized German companies. As of August 31, 2026, it held 53 companies. It is concentrated: Siemens, SAP and Allianz together made up about a third of the fund, and the top 10 holdings about 63%. Its 0.49% expense ratio is higher than the 0.28% average of the broader European funds it is compared with.
Price history
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EWG +1.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWG official prospectus, to Dec 31, 2024 | — | +10.32% | — | +4.26% | +3.99% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWG price data to Oct 27, 2026 | -0.4% | +1.3% | +21.2% | +6.9% | +7.4% | +6.3% |
- Over the year to Oct 27, 2026, EWG returned +1.3%, 7th of 7 among similar funds.
- Its 5-year annualized return was +6.9% and its 10-year +7.4%.
- In the 2020 COVID crash it fell 38.9% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2008 (-43.5%); its best was 2025 (+35.8%).
- The deepest fall in its price history was 63.1% (Dec 10, 2007 to Mar 9, 2009), recovered by Dec 20, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.4% | — |
| 2025 | +35.8% | — |
| 2024 | +9.8% | +10.32% |
| 2023 | +23.4% | +22.90% |
| 2022 | -22.2% | -22.17% |
| 2021 | +5.8% | +4.85% |
| 2020 | +10.1% | +11.34% |
| 2019 | +19.2% | +20.62% |
| 2018 | -21.4% | -22.30% |
| 2017 | +27.4% | +27.44% |
| 2016 | +3.6% | +2.58% |
| 2015 | -2.8% | -2.06% |
| 2014 | -12.0% | — |
| 2013 | +30.8% | — |
| 2012 | +32.4% | — |
| 2011 | -17.7% | — |
| 2010 | +8.3% | — |
| 2009 | +20.4% | — |
| 2008 | -43.5% | — |
| 2007 | +33.3% | — |
| 2006 | +35.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.6% over that stretch · deepest drop along the way 63.1%, back to its old high 57.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37% over that stretch · deepest drop along the way 38.9%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.7% over that stretch · deepest drop along the way 39.9%, back to its old high 18 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8300 | |
| 2025 | $0.6800 | -10.5% |
| 2024 | $0.7600 | -0.2% |
| 2023 | $0.7615 | -4.8% |
| 2022 | $0.8000 | -10.1% |
| 2021 | $0.8900 | +67.9% |
| 2020 | $0.5300 | -28.4% |
| 2019 | $0.7400 | 0.0% |
| 2018 | $0.7400 | +8.8% |
| 2017 | $0.6800 | +9.7% |
| 2016 | $0.6200 | +21.6% |
| 2015 | $0.5100 | -19.0% |
| 2014 | $0.6300 | +46.5% |
| 2013 | $0.4300 | -25.9% |
| 2012 | $0.5800 | -13.4% |
| 2011 | $0.6700 | +131.0% |
| 2010 | $0.2900 | -47.3% |
| 2009 | $0.5500 | -54.9% |
| 2008 | $1.2200 | +134.6% |
| 2007 | $0.5200 | +2.0% |
| 2006 | $0.5100 |
What's inside
As of Aug 31, 2026, the fund held 53 securities; the ten largest made up 62.98% of assets.
| Holding | Weight | |
|---|---|---|
| Siemens Aktiengesellschaft | 12.19% | |
| SAP SE | 11.38% | |
| Allianz SE | 9.82% | |
| Siemens Energy AG | 6.32% | |
| Deutsche Telekom AG | 5.59% | |
| Infineon Technologies AG | 4.22% | |
| Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen | 3.89% | |
| Deutsche Bank Aktiengesellschaft | 3.60% | |
| Deutsche Boerse Aktiengesellschaft | 3.01% | |
| Rheinmetall Aktiengesellschaft | 2.97% | |
| Deutsche Post AG | 2.96% | |
| Bayer Aktiengesellschaft | 2.77% | |
| BASF SE | 2.71% | |
| E.ON SE | 2.30% | |
| RWE Aktiengesellschaft | 2.16% |
By country
Germany 99.43%Netherlands 0.44%XX 0.08%By asset type
Stocks 99.87%Other 0.08%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $311.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.75%, +3.49%, +3.04%.
How it works
EWG aims to track the MSCI Germany Index, which covers large and midsize German companies. MSCI, not BlackRock, picks the index's stocks and sets each one's weight, and the lineup changes over time. BlackRock does not try to beat the index or move to cash when markets fall or look overpriced.
BlackRock uses "representative sampling," meaning it may skip some index stocks and instead hold a group that together should match the index's size, industry mix, yield and price swings. Generally, at least 80% of assets go into index stocks or close stand-ins such as depositary receipts (certificates representing shares). Up to 20% may go into futures, options, swaps, cash and money market funds. As of August 31, 2026, it had 53 holdings and a tiny position in DAX index futures.
Holdings are concentrated: Siemens (12.2%), SAP (11.4%) and Allianz (9.8%) made up about a third of the fund on that date, and the top 10 totaled 63%. The fund will hold 25% or more in one industry if the index does. Turnover was just 2%, meaning little trading. It may lend out up to one-third of its assets for extra income, which adds borrower risk. Because the stocks trade in euros but the fund is priced in dollars, a weaker euro can lower returns.
What it really costs
- EWG charges 0.49% a year, versus an average of 0.28% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWG | $50 | $157 | $274 | $616 |
In a retirement portfolio
It is a bet on one country, almost two-thirds of it sits in 10 stocks, and it has had deep drops, so it fits better as a small add-on than as a core holding.
EWG can add German industrial, software and insurance companies that a US-focused portfolio may hold little of. The trade-off is large swings. EWG fell 63.1% between December 2007 and March 2009 and did not regain its earlier peak until December 2013. Its worst calendar year was 2008, when it lost 43.5%. It dropped 38.9% in the 2020 crash and recovered in about four months. In 2022 it fell 39.9% and took about 18 months to recover. Anyone who had to sell during periods like these would lock in losses.
As of October 27, 2026, EWG's yield over the past 12 months was about 2% ($0.83 per share). It pays only once a year, which is uneven for anyone relying on it for income. Under the SEC's standard $10,000 example, costs come to about $50 after one year and $616 after ten. Past results don't predict future returns. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted position in large German companies such as Siemens, SAP and Allianz alongside a broader core fund.
- People who can live with deep drops, such as the fund's 63.1% fall in 2008–2009 and its 39.9% decline in 2022.
- Long-term holders who prefer a plain index approach with very low trading (2% turnover) from a fund launched in 1996.
Look elsewhere if
- Cost-focused investors: the 0.49% expense ratio compares with 0.06% for Vanguard FTSE Europe ETF (VGK) and 0.09% for iShares Core MSCI Europe ETF (IEUR).
- Retirees who want steady, frequent income: the yield of about 2% is paid in a single annual distribution.
- Anyone who wants broad diversification: about 99% of assets are in Germany and about 63% in just 10 stocks.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWG this fund | — | 0.49% | $1.82B | +1.3% | +21.2% |
| FEZ SPDR EURO STOXX 50 ETF | 29% | 0.29% | $4.35B | +5.6% | +20.6% |
| EZU iShares MSCI Eurozone ETF | 26% | 0.51% | $9.91B | +6.8% | +21.0% |
| BBEU JPMorgan BetaBuilders Europe ETF | 13% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEV iShares Europe ETF | 13% | 0.61% | $1.63B | +9.5% | +19.4% |
| IEUR iShares Core MSCI Europe ETF | 12% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 12% | 0.06% | $38.51B | +11.9% | +19.7% |
Questions investors ask
What does EWG invest in?
EWG invests in German stocks. It tracks the MSCI Germany Index of large and mid-sized German companies. As of August 31, 2026, it held 53 companies, and 99.4% of its assets were in Germany. The largest positions were Siemens (12.2%), SAP (11.4%), Allianz (9.8%), Siemens Energy (6.3%) and Deutsche Telekom (5.6%). The top 10 made up about 63% of the fund, so a handful of companies drive much of its return.
What is the expense ratio of EWG?
EWG's expense ratio is 0.49%, according to the prospectus filed December 19, 2025. All of it is a management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $50 after one year, $274 after five years and $616 after ten. That is higher than the 0.28% average of comparable European funds, and well above Vanguard FTSE Europe ETF (VGK) at 0.06%.
Does EWG pay dividends?
Yes, but only once a year. In the 12 months up to October 27, 2026, EWG paid $0.83 per share, a yield of about 2%. The fund collects dividends in euros and pays them out in dollars, so the amount can rise or fall with both company payouts and exchange rates. Investors who need monthly or quarterly income would have to plan around a single yearly payment.
What's the difference between EWG and FEZ?
EWG holds only German stocks. SPDR EURO STOXX 50 ETF (FEZ) is a broader European fund. FEZ is EWG's closest match by holdings, but only about 29% of their holdings overlap. FEZ costs 0.29% a year, compared with 0.49% for EWG. As of October 27, 2026, FEZ returned 5.6% over one year versus 1.3% for EWG. Over three years, FEZ averaged 20.6% a year and EWG 21.2%. FEZ spreads its risk beyond one country, while EWG is a more concentrated bet.
How has EWG performed over the long term?
Results have been mixed. As of December 31, 2024, the prospectus showed average annual returns of 10.32% over one year, 4.26% over five years and 3.99% over ten years. The MSCI ACWI ex USA Index returned 5.53%, 4.10% and 4.80% over the same periods. Price data shows EWG gained 35.8% in 2025 and averaged 7.4% a year over the 10 years to October 27, 2026. It lost 22.17% in 2022.