AA vs. EWP
AA (Alcoa Corporation) is a stock, while EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index. Over the past 5 years, AA returned 8.94%/yr vs 18.41%/yr for EWP. At a 0.40 correlation, their price movements are largely independent.
Performance
AA vs. EWP - Performance Comparison
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Returns By Period
In the year-to-date period, AA achieves a -1.26% return, which is significantly lower than EWP's 9.99% return.
AA
- 1D
- -5.05%
- 1M
- -26.73%
- YTD
- -1.26%
- 6M
- -2.16%
- 1Y
- 83.30%
- 3Y*
- 18.15%
- 5Y*
- 8.94%
- 10Y*
- —
EWP
- 1D
- -1.14%
- 1M
- 4.93%
- YTD
- 9.99%
- 6M
- 9.97%
- 1Y
- 37.57%
- 3Y*
- 32.53%
- 5Y*
- 18.41%
- 10Y*
- 13.29%
AA vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | -1.26% | 42.46% | 12.43% | -24.33% | -23.12% | 159.05% | 7.16% | -19.07% | -50.66% | 91.84% |
EWP iShares MSCI Spain ETF | 9.99% | 78.03% | 5.70% | 30.26% | -5.18% | 0.25% | -3.94% | 11.93% | -15.32% | 26.98% |
Correlation
The correlation between AA and EWP is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2016 | 0.40 |
The correlation between AA and EWP shifts across timeframes, from 0.29 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AA vs. EWP — Risk / Return Rank
AA
EWP
AA vs. EWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) and iShares MSCI Spain ETF (EWP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AA | EWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.35 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 3.32 | -1.09 |
| Martin ratioReturn relative to average drawdown | 9.87 | 11.75 | -1.88 |
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Drawdowns
AA vs. EWP - Drawdown Comparison
The maximum AA drawdown since its inception was -90.90%, which is greater than EWP's maximum drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for AA and EWP.
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Drawdown Indicators
| AA | EWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.90% | -61.19% | -29.71% |
Max Drawdown (1Y)Largest decline over 1 year | -37.58% | -11.38% | -26.20% |
Max Drawdown (3Y)Largest decline over 3 years | -52.25% | -12.19% | -40.06% |
Max Drawdown (5Y)Largest decline over 5 years | -75.46% | -31.63% | -43.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.36% | — |
Current DrawdownCurrent decline from peak | -42.40% | -1.85% | -40.55% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -21.39% | -24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.47% | 3.21% | +5.26% |
Volatility
AA vs. EWP - Volatility Comparison
Alcoa Corporation (AA) has a higher volatility of 20.71% compared to iShares MSCI Spain ETF (EWP) at 5.37%. This indicates that AA's price experiences larger fluctuations and is considered to be riskier than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AA | EWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.71% | 5.37% | +15.34% |
Volatility (6M)Calculated over the trailing 6-month period | 41.81% | 16.12% | +25.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.55% | 18.84% | +36.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.37% | 20.29% | +36.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.71% | 21.56% | +34.15% |
Dividends
AA vs. EWP - Dividend Comparison
AA's dividend yield for the trailing twelve months is around 0.76%, less than EWP's 2.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 0.76% | 0.75% | 1.06% | 1.18% | 0.88% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.00% |
EWP iShares MSCI Spain ETF | 2.85% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
Frequently Asked Questions
AA and EWP have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AA has higher volatility (20.71%) compared to EWP (5.37%). In terms of maximum drawdown, AA dropped -90.90% vs EWP's -61.19%.
EWP currently has the higher Sharpe Ratio (2.01 vs 1.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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