EWG holdings and overlap

iShares MSCI Germany ETF (EWG) holds 50 positions in its iShares file of 2026-10-27. Its three largest are SAP (SAP.DE) at 12.93%, Siemens N AG (SIE.DE) at 11.52% and Allianz (ALV.DE) at 9.90%, and its ten largest make up 63.3% of the fund.

In its iShares file of 2026-10-27, EWG is 26.8% industrials, 23.3% financials and 17.0% technology by sector (no sector found for 2.1%), with none of it in mega-cap tech or in the ten largest US companies by market value. By country, 99.8% of EWG is in Germany.

Edited by VoidLab Data through Last revised

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EWGiShares MSCI Germany ETFEurope, iShares, 50 positions
Last close, 2026-10-28
$41.80 +0.67%
52-week range 38 to 45
Largest position
SAP.DE
12.93% of the ETF, SAP
Positions
50
63.3% in the ten largest
Cost per year
0.49%
$49 a year on $10,000
Assets
$1.5B
under management
Return, 3 years
+69.8%
cumulative, total return
Worst fall
-14.1%
peak to trough, 3 years, weekly closes

What does EWG hold, as of its issuer file of 2026-10-27?

SAP is 12.93% of EWG on its own, against a median largest position of 10.9% across the 25 Europe funds with a page here. The position EWG carries furthest above that group is Siemens N AG at 11.52% of the fund, a company the median fund in that group does not hold at all.

RankCompanyWeightWeight bar
1 SAP.DE SAP 12.93%
2 SIE.DE Siemens N AG 11.52%
3 ALV.DE Allianz 9.9%
4 ENR.DE Siemens Energy N AG 5.96%
5 DTE.DE Deutsche Telekom N AG 5.11%
6 MUV2.DE Muenchener Rueckversicherungs-Gese 4.21%
7 IFX.DE Infineon Technologies AG 4.11%
8 DB1.DE Deutsche Boerse AG 3.4%
9 DHL.DE DHL AG 3.24%
10 DBK.DE Deutsche Bank AG 2.97%
11 RHM.DE Rheinmetall AG 2.87%
12 BAYN.DE Bayer AG 2.72%
13 BAS.DE BASF N 2.71%
14 EOAN.DE E.ON N 2.5%
15 RWE.DE RWE AG 2.21%
16 MBG.DE Mercedes-Benz Group N AG 1.61%
17 ADS.DE Adidas N AG 1.52%
18 CBK.DE Commerzbank AG 1.34%
19 HEI.DE Heidelberg Materials AG 1.18%
20 FRE.DE Fresenius N 1.17%
21 MRK.DE Merck 1.12%
22 DTG.DE Daimler Truck Holding E AG 1.11%
23 BMW.DE BMW 1.1%
24 MTX.DE Mtu Aero Engines Holding AG 1.06%
25 HNR1.DE Hannover Rueck 1.01%
26 VOW3.DE Volkswagen Non-Voting Pref AG 0.85%
27 SHL.DE Siemens Healthineers AG 0.85%
28 SY1.DE Symrise AG 0.8%
29 VNA.DE Vonovia SE 0.71%
30 HEN3.DE Henkel & Kgaa Pref AG 0.71%
31 G1A.DE Gea Group AG 0.61%
32 QIA.DE Qiagen 0.56%
33 TLX.DE Talanx AG 0.45%
34 CON.DE Continental AG 0.44%
35 FME.DE Fresenius Medical Care AG 0.44%
36 SRT3.DE Sartorius Pref AG 0.44%
37 BNR.DE Brenntag 0.44%
38 BEI.DE Beiersdorf AG 0.44%
39 HEN.DE Henkel AG 0.39%
40 KBX.DE Knorr Bremse AG 0.38%
41 HOT.DE Hochtief AG 0.34%
42 EVK.DE Evonik Industries AG 0.33%
43 ZAL.DE Zalando 0.32%
44 HAG.DE Hensoldt AG 0.31%
45 DHER.DE Delivery Hero 0.31%
46 P911.DE DR ING HC F Porsche PRF AG 0.28%
47 LHA.DE Deutsche Lufthansa AG 0.26%
48 NEM.DE Nemetschek 0.26%
49 PAH3.DE Porsche Automobil Holding Pref 0.23%
50 RAA.DE Rational AG 0.19%

The most recent file iShares has published for EWG is dated 2026-10-27, 1 day before these prices, which is the median for the iShares ETFs covered here. Every one of the 50 positions EWG holds, with its weight, is in the fund's JSON file. See the other 54 ETFs with a page here that hold SAP.DE, and how their weights compare with the 12.93% EWG gives it.

Category: Europe, set by TickerInside from the ETF's own latest file. In its file of 2026-10-27, 100% of its stocks with a known country are in Germany, which this site counts in Europe. How categories are set.

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How much money went into or out of EWG?

On the close of Friday, October 23, 2026, EWG neither created nor redeemed shares. Over its last 5 closes, a net outflow of $25 million.

EWG's money flows on its last 14 closes, 30 Sep 2026 to 23 Oct 2026, largest inflow $118 million on 9 Oct 2026, largest outflow $25 million on 5 Oct 2026
2026-09-302026-10-23

From EWG's own holdings files. Every ETF's latest flows.

How is EWG split by sector and country?

SectorWeightWeight bar
Industrials26.8%
Financials23.3%
Technology17.0%
Health care7.3%
Consumer discretionary6.7%
Communication services5.1%
Utilities4.7%
Materials4.7%
Consumer staples1.5%
Real estate0.7%
No sector found2.1%
CountryWeightWeight bar
Germany99.8%

From its iShares file of 2026-10-27. How these are measured.

What did EWG hold in its SEC reports since 2019?

In EWG's SEC filings, its largest position went from SAP SE (SAP.DE) at 10.50% on 2019-11-30 to Siemens AG (SIE.DE) at 11.97% on 2026-05-31, across 27 quarterly reports.

Largest in 2019
SAP.DE
10.50% on 2019-11-30
Largest in 2026
SIE.DE
11.97% on 2026-05-31
Ten largest
62.4%
56.2% in 2019
Quarterly reports
27
since 2019, SEC Form N-PORT
ReportPositionsLargestTop 10
2019-11-3061SAP.DE 10.50%56.2%
2020-11-3063SAP.DE 9.12%51.8%
2021-11-3061SAP.DE 9.09%52.1%
2022-11-3061SAP.DE 9.60%54.8%
2023-11-3059SAP.DE 12.35%56.3%
2024-11-3056SAP.DE 16.42%60.0%
2025-11-3055SAP.DE 13.12%61.2%
2026-05-3154SIE.DE 11.97%62.4%

The first report, then the last of each year, of the 27 reports EWG filed on SEC Form N-PORT from 2019-11-30 to 2026-05-31, each company under its ticker today. Every position of every report is in its quarterly file, and at any date at /api/v1/history/ewg/{date}.json. How these are read.

What does EWG share with other ETFs?

The ETF nearest to EWG is FEZ: the two hold 29.2% of their weight in common, in the 16 companies both own, and 76.0% of EWG itself is also held there. No covered ETF holds more than that in common with EWG; it duplicates nothing here closely.

ETFOverlap by weightOf EWG held thereOf that ETF in EWGCompanies in bothOverlap bar
FEZ 29.2% 76.0% 29.3% 16
EZU 25.7% 100.0% 25.8% 50
HEZU 25.0% 100.0% 25.8% 50
IEV 13.4% 97.5% 13.5% 42
EUFN 13.0% 23.3% 13.1% 7
IEUR 12.3% 100.0% 12.3% 50
VGK 12.0% 99.0% 12.1% 47
SPEU 11.7% 99.7% 11.8% 49
IVLU 10.5% 55.9% 10.5% 29
IDHQ 10.0% 40.8% 10.0% 8
EFAX 9.3% 97.5% 9.3% 48
EFG 8.9% 58.7% 9.0% 25

VGK's holdings are from its SEC Form N-PORT for the period ended 2026-07-31, filed 2026-09-28. The other ETFs' holdings are from their issuers' latest files. Check EWG against any ETF in the ETF overlap calculator · how overlap is measured.

What adds something different to EWG?

USRT shares 0% of weight with EWG and its weekly returns correlate with it at 0.38 over three years. The table lists the covered ETFs with the least in common with EWG, least shared weight first and, among equals, lowest correlation.

ETFNameOverlap by weightCorrelation, 3yCompanies in both
USRT iShares Core U.S. REIT ETF 0.0% 0.38 0
IYR iShares U.S. Real Estate ETF 0.0% 0.39 0
SOXX iShares Semiconductor ETF 0.0% 0.46 0
REET iShares Global REIT ETF 0.0% 0.47 0
IJR iShares Core S&P Small-Cap ETF 0.0% 0.53 0
VLUE iShares MSCI USA Value Factor ETF 0.0% 0.53 0
USMV iShares MSCI USA Min Vol Factor ETF 0.0% 0.55 0
THRO iShares U.S. Thematic Rotation Active ETF 0.0% 0.56 0

Cost, returns and risk

Expense ratio0.49%
Dividend yield2.01%
Total return, 1 year4.7%
Total return, 3 years cumulative69.8%
Total return, 5 years cumulative37.3%
Volatility, annualised17.6%
Worst fall, 3 years-14.1%
Beta against SPY, 3 years of weekly returns0.78
Weight in the ten largest positions63.3%
Largest single position12.9%
Assets under management$1.5B

Expense ratio, yield and assets are reference data (the expense ratio from EWG's SEC filing of 2025-12-30); the weight in the ten largest positions and the largest single position are from the issuer file of 2026-10-27; every other figure is computed here from weekly closes.

How it moves with the market

AgainstCorrelation, 3 yearsCovariance, annualised, in percent squared
SPY0.61loosely linked149
QQQ0.52loosely linked176

Weekly total returns. What the bands mean · why the covariance is printed.

Year by year

YearTotal return
20260.3%
202535.8%
20249.8%
202323.3%
2022-22.3%

One year

EWG 105 SPY 116
2025-11-072026-10-30
EWG rebased to 100 a year ago, weekly closes, prices through 2026-10-28.

Where to go next

Holdings from the most recent file iShares has published, dated 2026-10-27. Prices through 2026-10-28. How every figure here is produced. Measurements, not investment advice.

Cite this page

TickerInside, iShares MSCI Germany ETF (EWG), holdings from the issuer's file of 2026-10-27, https://tickerinside.com/etf/ewg/, CC BY 4.0

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