EWG
iShares MSCI Germany ETF
#9 of 13 in Developed Markets by own-history percentile (high → low)
Relative to SPY
Relative price history
EWG ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older EWG÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +1.0 pts (from 4.4% on Aug 31, 2026 to 5.4% now)
- About one month: +1.3 pts (from 4.1% on Jul 31, 2026 to 5.4% now)
Developed Markets
Where this sits among peers
Developed Markets · EWG highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
EWG is an export- and industrial-heavy market, so its relative valuation tracks global manufacturing cycles and Chinese demand for capital goods and automobiles more closely than it tracks domestic German consumption trends.
FAQ
Why does China's economy matter so much for Germany's index?
German industrial and automotive exporters rely heavily on Chinese demand, so shifts in China's manufacturing and consumer activity feed directly into earnings for a large share of this index.
Is this fund exposed mostly to large industrial conglomerates?
Large industrial, automotive, and chemical companies make up a substantial share of the index weight.
Does the euro's exchange rate affect this ETF?
Yes — like other non-US funds on this site, EWG's dollar-denominated price is affected by euro/dollar moves in addition to the underlying German equity market's performance.
Developed Markets