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 16.94%/yr vs 17.03%/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 52.66% return, which is significantly higher than EWP's 5.49% return.
AA
- 1D
- -3.50%
- 1M
- 29.67%
- YTD
- 52.66%
- 6M
- 83.95%
- 1Y
- 195.08%
- 3Y*
- 33.82%
- 5Y*
- 16.94%
- 10Y*
- —
EWP
- 1D
- -1.06%
- 1M
- 3.64%
- YTD
- 5.49%
- 6M
- 10.02%
- 1Y
- 34.73%
- 3Y*
- 30.89%
- 5Y*
- 17.03%
- 10Y*
- 10.99%
AA vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 52.66% | 42.46% | 12.43% | -24.33% | -23.12% | 159.05% | 7.16% | -19.07% | -50.66% | 91.84% |
EWP iShares MSCI Spain ETF | 5.49% | 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 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
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 2, 2016 | 0.40 |
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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.
| AA | EWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.33 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 12.43 | 3.07 | +9.36 |
| Martin ratioReturn relative to average drawdown | 30.82 | 10.91 | +19.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AA | EWP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.74 | 1.87 | +1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.85 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.31 | -0.05 |
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 | -15.80% | -11.38% | -4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -52.25% | -12.19% | -40.06% |
Max Drawdown (5Y)Largest decline over 5 years | -75.46% | -33.91% | -41.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.36% | — |
Current DrawdownCurrent decline from peak | -10.95% | -2.60% | -8.35% |
Average DrawdownAverage peak-to-trough decline | -46.21% | -21.43% | -24.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.36% | 3.19% | +3.17% |
Volatility
AA vs. EWP - Volatility Comparison
Alcoa Corporation (AA) has a higher volatility of 15.13% compared to iShares MSCI Spain ETF (EWP) at 6.12%. 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 | 15.13% | 6.12% | +9.01% |
Volatility (6M)Calculated over the trailing 6-month period | 38.86% | 15.64% | +23.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.62% | 18.76% | +33.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.96% | 20.24% | +35.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.55% | 22.23% | +33.32% |
Dividends
AA vs. EWP - Dividend Comparison
AA's dividend yield for the trailing twelve months is around 0.49%, less than EWP's 2.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 0.49% | 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 | 2.15% | 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 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AA has higher volatility (15.13%) compared to EWP (6.12%). In terms of maximum drawdown, AA dropped -90.90% vs EWP's -61.19%.
AA currently has the higher Sharpe Ratio (3.74 vs 1.87), 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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