EZU vs FEZ: Grades, Fees and Holdings Compared

iShares MSCI Eurozone ETF

EZUACboe

State Street SPDR EURO STOXX 50 ETF

FEZANYSE Arca

Overlap

59.4%by weight

Expense ratio

FEZ −0.21pt a year

EZU0.50%FEZ0.29%

Avg volume · 30D

EZU 1.1×the volume

EZU977KFEZ857K

10Y return · a year

FEZ +0.6pt

EZU+9.5%FEZ+10.1%

EZU vs FEZ Performance

Oct 29, 2021 – Oct 30, 2026

+49.7%EZU+58.5%FEZ

Expense ratio: EZU 0.50%; FEZ 0.29%, better
Fund size: EZU $9.13B; FEZ $4.16B
1Y total return: EZU +7.7%, better; FEZ +6.9%
Yield (12M): EZU 2.83%, better; FEZ 2.81%
Holdings: EZU 220; FEZ 53
Avg volume (30D): EZU 977K sh, better; FEZ 857K sh
NAV per share: EZU $65.37; FEZ $65.89
52W range

ETF.net Grade

Pillar letters and Scores for EZU, FEZ, with each pillar’s weight
Pillar	EZU	FEZ
Cost30% weight	B59	A72Higher
Mission25% weight	A100	A100
Risk15% weight	C46Higher	C42
Tradability15% weight	A89Higher	B62
Holdings10% weight	A72Higher	C52
Durability5% weight	A81Higher	A77

Rank among Europe Region funds

How we build Categories ›

Same Category. EZU and FEZ are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds

See all 12 ›

EZU ranks 2nd and FEZ 4th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 74
Rank 3AFLEUFranklin FTSE Eurozone ETFScore 73
Rank 4AFEZState Street SPDR EURO STOXX 50 ETFScore 71
Rank 5BIEViShares Europe ETFScore 65

Our read on each fund

ETF.net Research

EZUAiShares MSCI Eurozone ETF

FEZAState Street SPDR EURO STOXX 50 ETF

In short

EZU Europe minus the UK, Switzerland and the Nordics. EZU holds only developed countries that use the euro, about 220 large and mid caps, and it has been doing that job since 2000.

FEZ Fifty eurozone blue chips, one ticker, running since 2002. FEZ is the long-standing US-listed route into the euro area's biggest companies, and it charges well below the typical index fund in its peer group.

Stated mandate

EZU The fund seeks to track an index of large- and mid-cap equities from developed countries that use the euro, providing diversified Eurozone equity exposure.

FEZ The fund seeks to deliver total returns that generally correspond to the EURO STOXX 50 Index before fees and expenses.

Why people hold it

EZU The euro-only cut of Europe: the MSCI EMU index covers large and mid caps in developed countries inside the currency union, so no UK, Swiss or Nordic names ride along.msci.com
Trading since 2000 and now a multi-billion-dollar, actively traded fund, one of the established ways to own the Eurozone through a single US-listed ticker.
Roughly 220 stocks reaching about 85% of the euro bloc's free-float market value: the whole currency union, not a country or sector wager.msci.com
Tracking is the strong suit here. It has followed its benchmark closely, which is most of the job description for a plain index wrapper.

FEZ Charges 0.29% a year against a 0.45% median for index-tracking funds in its cohort.
Trading since 2002 and among the more actively traded names in its group, so the cost of getting in and out tends to be modest on top of the fee.
Simple job, plainly stated: match the EURO STOXX 50 Index before fees. About 50 holdings, quarterly distributions, no tilts or overlays bolted on.
A $1B-$5B fund from SPDR with a clean structural record and no red flags on the wrapper, which is rare staying power for a single-region equity product.

Worth knowing

EZU 0.50% a year sits above the 0.45% median for index wrappers in its group and far above global one-fund options like VT at 0.06%.
Currency comes with the package. The euro's moves against the dollar flow straight into your dollar return; iShares runs HEZU on the same index for the hedged version.ishares.com
Large and mid caps only. Eurozone small caps and non-euro Europe (UK, Switzerland) sit outside the mandate by design.msci.com

FEZ About 50 names in one currency bloc. That concentration puts it at the more volatile end of its peer group, and a few European mega-caps drive a lot of the result.
It's a regional slice, not a whole-market holding. Broad global trackers such as VT run 0.06% and reach far wider.
Returns arrive through euro-area shares, so the euro-dollar exchange rate is part of the ride for a US investor. Nothing in the mandate hedges it away.

Full EZU profile⁠

Full FEZ profile⁠

EZU vs FEZ Holdings

How EZU and FEZ differ

Overlap by weight

59.4%

Shared holdings make up 87.9% of FEZ and 59.4% of EZU.

Level by level

Holdings42 in both59.4%
Countryby domicile91.5%
Sector11 Sectors95.2%
Asset classEquity100%

Sector

Sector weights in EZU and FEZ, widest gap first
Sector	More in EZUMore in FEZ	EZU	FEZ
Financials	FEZ +1.5 points	25.1%	26.6%
Communication	EZU +1.3 points	3.3%	2.0%
Energy	FEZ +1.2 points	4.4%	5.6%
Technology	FEZ +1.1 points	16.6%	17.7%
Health Care	EZU +0.9 points	6.3%	5.3%
Consumer Discretionary	FEZ +1.0 points	7.3%	8.3%
Utilities	EZU +0.8 points	6.6%	5.8%
Real Estate	EZU +0.7 points	0.7%	0.0%
Materials	EZU +0.6 points	4.2%	3.6%
Industrials	EZU +0.1 points	19.6%	19.5%
Consumer Staples	EZU +0.2 points	5.8%	5.6%

Country, concentration and asset class

Country by domicile

Country weights in EZU and FEZ, widest gap first
Country	More in EZUMore in FEZ	EZU	FEZ
Germany	FEZ +3.6 points	26.1%	29.7%
Finland	EZU +2.3 points	3.3%	1.0%
United States	FEZ +2.1 points	0.0%	2.1%
Italy	EZU +1.8 points	9.3%	7.5%
Belgium	EZU +1.7 points	3.4%	1.7%
France	FEZ +1.5 points	27.5%	29.0%
Ireland	EZU +1.2 points	1.2%	0.0%
Sweden	FEZ +1.2 points	0.0%	1.2%
Other countries (3)	EZU +1.3 points	29.1%	27.8%

Outside the US: EZU 100% developed, 0% emerging. FEZ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

EZU29.9%
FEZ42.9%

Securities held

EZU216
FEZ50

Asset class

EZU: Equity
FEZ: Equity

Holdings

Only in EZU174
In both42
Only in FEZ8

Only in EZU

174 securities, 40.4% of EZU by weight

Banco Bilbao Vizcaya Argentaria1.82%
Siemens Energy N AG1.52%
Deutsche Bank AG0.80%
Argenx0.78%
Rheinmetall AG0.75%
Ferrari0.66%
E.on N0.66%
Engie SA0.64%
Caixabank SA0.60%
Nokia0.60%
Societe Generale SA0.60%
Rwe AG0.57%
Asm International NV0.53%
Ucb SA0.53%
Repsol0.53%
Legrand SA0.52%
Erste Group Bank AG0.52%
Assicurazioni Generali0.48%
Prysmian0.48%
Nebius NV Class A0.43%
Orange SA0.42%
Stmicroelectronics0.41%
Kbc Groep0.40%
Abn Amro Bank NV0.38%
Ferrovial NV0.37%
Amadeus It Group0.37%
Publicis Groupe0.35%
Arcelormittal SA0.35%
Sampo Class A0.35%
Aib Group PLC0.35%
Commerzbank AG0.35%
Aercap Holdings0.34%
Thales SA0.34%
Heineken NV0.33%
Leonardo Finmeccanica Spa0.33%
Banca Monte Dei Paschi Di Siena Sp0.32%
Nn Group0.32%
Aena Sme SA0.31%
Coca Cola Europacific Partners PLC0.31%
Fresenius N0.31%
Heidelberg Materials AG0.31%
Wolters Kluwer0.31%
Michelin0.31%
Veolia Environ. SA0.30%
Merck0.30%
Capgemini0.30%
Koninklijke Philips0.29%
Daimler Truck Holding E AG0.29%
Poste Italiane0.28%
Bper Banca0.28%

Only in FEZ

8 securities, 11.9% of FEZ by weight

Banco Bilbao Vizcaya Argenta2.75%
Siemens Energy AG2.50%
Deutsche Bank AG Registered1.34%
Argenx SE1.14%
Rheinmetall AG1.10%
Engie1.05%
Nokia Oyj1.02%
Ferrari NV0.97%

Weight gaps

All 42 Holdings in both funds, largest gap first.

Holding weights in EZU and FEZ, widest gap first
Holding	More in EZUMore in FEZ	EZU	FEZ
Asml Holding	FEZ +1.80 points	8.48%	10.28%
Totalenergies	FEZ +1.79 points	2.56%	4.35%
Siemens N AG	FEZ +1.55 points	2.97%	4.52%
Sap	FEZ +1.42 points	3.31%	4.73%
Banco Santander	FEZ +1.32 points	2.23%	3.55%
Schneider Electric	FEZ +1.21 points	2.02%	3.23%
Allianz	FEZ +1.18 points	2.58%	3.76%
Unicredit	FEZ +1.00 points	1.53%	2.53%
Iberdrola	FEZ +0.96 points	2.13%	3.09%
Safran SA	FEZ +0.85 points	1.47%	2.32%
Airbus Group	FEZ +0.83 points	1.77%	2.60%
Lair Liquide Societe Anonyme Pour	FEZ +0.81 points	1.74%	2.55%
Intesa Sanpaolo	FEZ +0.80 points	1.29%	2.09%
Bnp Paribas SA	FEZ +0.74 points	1.31%	2.05%
Loreal SA	FEZ +0.67 points	1.62%	2.29%
Axa SA	FEZ +0.67 points	1.03%	1.70%
Anheuser-Busch Inbev SA	FEZ +0.65 points	1.00%	1.65%
Lvmh	FEZ +0.64 points	1.48%	2.12%
Deutsche Telekom N AG	FEZ +0.63 points	1.37%	2.00%
Ing Groep	FEZ +0.62 points	1.25%	1.87%
Vinci SA	FEZ +0.57 points	0.79%	1.36%
Sanofi SA	FEZ +0.57 points	1.35%	1.92%
Infineon Technologies AG	FEZ +0.57 points	1.02%	1.59%
Enel	FEZ +0.53 points	1.10%	1.63%
Nordea Bank	FEZ +0.49 points	0.74%	1.23%
Muenchener Rueckversicherungs-Gese	FEZ +0.48 points	1.11%	1.59%
Eni	FEZ +0.47 points	0.76%	1.23%
Industria De Diseno Textil SA	FEZ +0.46 points	0.95%	1.41%
Essilorluxottica SA	FEZ +0.43 points	0.83%	1.26%
Deutsche Boerse AG	FEZ +0.42 points	0.90%	1.32%
Dhl AG	FEZ +0.42 points	0.83%	1.25%
Basf N	FEZ +0.35 points	0.72%	1.07%
Prosus NV Class N	FEZ +0.35 points	0.64%	0.99%
Hermes International	FEZ +0.31 points	0.69%	1.00%
Bayer AG	FEZ +0.29 points	0.77%	1.06%
Compagnie De Saint Gobain SA	FEZ +0.29 points	0.47%	0.76%
Danone SA	FEZ +0.29 points	0.64%	0.93%
Adidas N AG	FEZ +0.26 points	0.42%	0.68%
Adyen	FEZ +0.24 points	0.34%	0.58%
Mercedes-Benz Group N AG	FEZ +0.24 points	0.42%	0.66%
Koninklijke Ahold Delhaize	FEZ +0.19 points	0.45%	0.64%
Bmw	FEZ +0.14 points	0.29%	0.43%

All 215 EZU holdings⁠All 50 FEZ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EZU vs FEZ Cost

Overpaying EZU vs FEZ

$4,027

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EZU 0.50%
$9,979
FEZ 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

EZU 0.50%
FEZ 0.29%
Overpaying

Year by year

Year	EZU	FEZ	Overpaying
10	$900	$527	$373
20	$3,460	$2,044	$1,416
30	$9,979	$5,952	$4,027

Expense ratio

0.50%EZU
0.29%FEZ, cheaper

FEZ0.29%EZU0.50%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FEZ 4th cheapest of 12 funds

EZU 5th cheapest of 12 funds

EZU vs FEZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EZU 2.83%, better; FEZ 2.81%
Payout (12M): EZU $1.84; FEZ $1.83
Last payment: EZU $1.23; FEZ $0.11
Ex-dividend: EZU Jun 15, 2026; FEZ Sep 21, 2026
Paid on: EZU Jun 18, 2026; FEZ Sep 23, 2026
Frequency: EZU Twice a year; FEZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EZUTwice a year · 20 paymentsAll EZU payments⁠

FEZQuarterly · 39 paymentsAll FEZ payments⁠

EZU vs FEZ Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: EZU 13.9%, betterFEZ 14.3%
Return per unit of riskSharpe ratio, 3 years: EZU 1.06, betterFEZ 1.02
Worst fallMax drawdown, 5 years: EZU −36.0%FEZ −35.1%, better
Market sensitivityBeta, 5 years: EZU 0.91FEZ 0.95; Market = 1

EZU and FEZ in the news

All news⁠

News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026EZUFEZ
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026EZU
News
Von der Leyen puts a €1 billion-a-day China deficit and a minerals buyer on the table
Sep 16, 2026EZU
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026EZU
News
Volkswagen's job pledge runs to 2030. Four plants' future starts in 2031
Sep 10, 2026FEZ
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026EZU

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EZU vs FEZ

In short

Stated mandate

Why people hold it