EWG’s worst drop since 1999 was 68%
iShares MSCI Germany ETF (EWG) fell 68% from Feb 2000 to Mar 2003. It took 6.2 years from that peak to close at a new high, in May 2006. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 39th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How EWG held up in each crash
| Crash | Years | EWG | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −66.8% | −47.5% |
| Financial crisis | 2007–09 | −63.1% | −55.2% |
| COVID crash | 2020 | −39.7% | −33.7% |
| 2022 rate shock | 2022 | −39.9% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was EWG’s maximum drawdown?
EWG’s deepest fall since 1999 was 67.6%, from its high on February 23, 2000 to its low on March 12, 2003. The figure uses daily prices with dividends reinvested.
How long did EWG take to recover?
6.2 years. EWG first closed above its Feb 2000 high again on May 5, 2006.
Was EWG riskier than the S&P 500?
Over the same years, EWG’s worst drop was 67.6% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −57.0% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.