Semi-insulating InGaAs/GaAs multiple quantum wells are fabricated by metal-organic vapor-phase epitaxy and proton implantation. Two-wave mixing gain and four-wave mixing diffraction efficiency are measured at wavelengths of 0.91-0.94microm in the Franz-Keldysh geometry. We observe a large photorefractive effect caused by the excitonic electro-optic effect. The maximum diffraction efficiency reaches ~1.5x10(-4) .