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AVDV vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AVDV vs. EWP

Last updated Jun 13, 2026

AVDV (Avantis International Small Cap Value ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis, while EWP is a Europe Equities fund tracking the MSCI Spain Index. AVDV is actively managed, while EWP is passively managed. Over the past 5 years, AVDV returned 13.63%/yr vs 17.57%/yr for EWP. A 0.76 correlation means they provide meaningful diversification when combined. AVDV charges 0.36%/yr vs 0.50%/yr for EWP.

Performance

AVDV vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Small Cap Value ETF (AVDV) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AVDV achieves a 14.99% return, which is significantly higher than EWP's 8.89% return.

AVDV

1D
0.89%
1M
-1.99%
YTD
14.99%
6M
17.18%
1Y
41.91%
3Y*
26.72%
5Y*
13.63%
10Y*
—

EWP

1D
0.63%
1M
4.32%
YTD
8.89%
6M
11.54%
1Y
39.17%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AVDV vs. EWP - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
AVDV
Avantis International Small Cap Value ETF		14.99%49.37%8.67%16.85%-11.47%15.80%5.01%11.78%
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%0.25%-3.94%7.58%

Correlation

The correlation between AVDV and EWP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 26, 2019

0.76

The correlation between AVDV and EWP has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

AVDV vs. EWP - Sectors Allocation Comparison

Sectors
AVDV
EWP

Basic Materials

22.5%

-

Industrials

21.3%
16.1%

Consumer Cyclical

14.4%
4.0%

Financial Services

13.7%
41.4%

Energy

10.8%
5.3%

Technology

6.4%
4.9%

Consumer Defensive

3.4%

-

Healthcare

2.1%
1.3%

Communication Services

2.0%
2.9%

Utilities

1.7%
21.2%

Real Estate

1.1%
2.9%

Basic Materials

AVDV
22.5%
EWP

-

Industrials

AVDV
21.3%
EWP
16.1%

Consumer Cyclical

AVDV
14.4%
EWP
4.0%

Financial Services

AVDV
13.7%
EWP
41.4%

Energy

AVDV
10.8%
EWP
5.3%

Technology

AVDV
6.4%
EWP
4.9%

Consumer Defensive

AVDV
3.4%
EWP

-

Healthcare

AVDV
2.1%
EWP
1.3%

Communication Services

AVDV
2.0%
EWP
2.9%

Utilities

AVDV
1.7%
EWP
21.2%

Real Estate

AVDV
1.1%
EWP
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Avantis International Small Cap Value ETF

iShares MSCI Spain ETF

Often compared with AVDV:
AVDV vs. VXUSAVDV vs. AVDEAVDV vs. VSSAVDV vs. DISVXAVDV vs. AVDVXAVDV vs. ISVLAVDV vs. AVIV
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

AVDV vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AVDV
AVDV Risk / Return Rank: 8181
Overall Rank
AVDV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AVDV Sortino Ratio Rank: 8686
Sortino Ratio Rank
AVDV Omega Ratio Rank: 8686
Omega Ratio Rank
AVDV Calmar Ratio Rank: 7171
Calmar Ratio Rank
AVDV Martin Ratio Rank: 7676
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 6969
Overall Rank
EWP Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWP Omega Ratio Rank: 6565
Omega Ratio Rank
EWP Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWP Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVDV vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Small Cap Value ETF (AVDV) 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.

AVDVEWPDifference
Sharpe ratioReturn per unit of total volatility
2.53
1.94

+0.59

Sortino ratioReturn per unit of downside risk
3.36
2.62

+0.74

Omega ratioGain probability vs. loss probability

1.46

1.34

+0.12

Calmar ratioReturn relative to maximum drawdown

3.12

3.26

-0.14

Martin ratioReturn relative to average drawdown

12.44

11.51

+0.94

AVDV vs. EWP - Sharpe Ratio Comparison

The current AVDV Sharpe Ratio is 2.53, which is higher than the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of AVDV and EWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

AVDV vs. EWP - Drawdown Comparison

The maximum AVDV drawdown since its inception was -43.01%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for AVDV and EWP.

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Drawdown Indicators

AVDVEWPDifference

Max Drawdown

Largest peak-to-trough decline

-43.01%

-61.19%

+18.18%

Max Drawdown (1Y)

Largest decline over 1 year

-13.19%

-11.38%

-1.81%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-12.19%

-1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-28.08%

-33.76%

+5.68%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.36%

—

Current Drawdown

Current decline from peak

-2.24%

0.00%

-2.24%

Average Drawdown

Average peak-to-trough decline

-6.76%

-21.41%

+14.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

3.22%

+0.08%

Volatility

AVDV vs. EWP - Volatility Comparison

Avantis International Small Cap Value ETF (AVDV) and iShares MSCI Spain ETF (EWP) have volatilities of 6.26% and 6.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AVDVEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.26%

6.21%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

13.88%

16.09%

-2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

16.25%

19.13%

-2.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.41%

20.31%

-2.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.77%

22.22%

-2.45%

AVDV vs. EWP - Expense Ratio Comparison

AVDV has a 0.36% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

AVDV vs. EWP - Dividend Comparison

AVDV's dividend yield for the trailing twelve months is around 4.11%, more than EWP's 2.09% yield.

PositionTTM20252024202320222021202020192018201720162015
AVDV
Avantis International Small Cap Value ETF		4.11%3.05%4.31%3.29%3.17%2.39%1.67%0.36%0.00%0.00%0.00%0.00%
EWP
iShares MSCI Spain ETF		2.09%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

AVDV and EWP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AVDV has higher volatility (6.26%) compared to EWP (6.21%). In terms of maximum drawdown, AVDV dropped -43.01% vs EWP's -61.19%.

On 5-year performance, EWP leads with 17.57% vs 13.63% for AVDV. On fees, AVDV is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWP has performed better with a 17.57% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AVDV is cheaper with a 0.36% expense ratio, compared with 0.50% for EWP.

AVDV has the higher dividend yield at 4.11%, compared with 2.09% for EWP.

AVDV is categorized as Foreign Small & Mid Cap Equities, while EWP is Europe Equities. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVDV and 0.50% for EWP.

AVDV currently has the higher Sharpe Ratio (2.53 vs 1.94), 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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