PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CIEN vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIEN vs. EWP

Last updated Jun 13, 2026

CIEN (Ciena Corporation) is a stock, while EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index. Over the past 10 years, CIEN returned 35.80%/yr vs 12.33%/yr for EWP. At a 0.31 correlation, their price movements are largely independent.

Performance

CIEN vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ciena Corporation (CIEN) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CIEN achieves a 90.70% return, which is significantly higher than EWP's 8.89% return. Over the past 10 years, CIEN has outperformed EWP with an annualized return of 35.80%, while EWP has yielded a comparatively lower 12.33% annualized return.

CIEN

1D
0.17%
1M
-22.83%
YTD
90.70%
6M
104.17%
1Y
501.62%
3Y*
119.10%
5Y*
49.92%
10Y*
35.80%

EWP

1D
0.63%
1M
4.02%
YTD
8.89%
6M
11.54%
1Y
36.89%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIEN vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIEN
Ciena Corporation		90.70%175.76%88.42%-11.71%-33.77%45.64%23.80%25.89%62.02%-14.26%
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between CIEN and EWP is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.26

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

0.36

Correlation (10Y)
Calculated over the trailing 10-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Feb 7, 1997

0.31

Compare stocks, funds, or ETFs

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

Ciena Corporation

iShares MSCI Spain ETF

Often compared with CIEN:
CIEN vs. CSCOCIEN vs. SNDKCIEN vs. NVDACIEN vs. ERICCIEN vs. SPYCIEN vs. LITECIEN vs. SUPX
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

CIEN vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIEN
CIEN Risk / Return Rank: 9999
Overall Rank
CIEN Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
CIEN Sortino Ratio Rank: 9898
Sortino Ratio Rank
CIEN Omega Ratio Rank: 9898
Omega Ratio Rank
CIEN Calmar Ratio Rank: 9999
Calmar Ratio Rank
CIEN Martin Ratio Rank: 100100
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.

CIEN vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ciena Corporation (CIEN) 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.

CIENEWPDifference
Sharpe ratioReturn per unit of total volatility
7.58
1.94

+5.64

Sortino ratioReturn per unit of downside risk
4.89
2.62

+2.27

Omega ratioGain probability vs. loss probability

1.72

1.34

+0.39

Calmar ratioReturn relative to maximum drawdown

16.49

3.26

+13.24

Martin ratioReturn relative to average drawdown

76.44

11.51

+64.93

CIEN vs. EWP - Sharpe Ratio Comparison

The current CIEN Sharpe Ratio is 7.58, which is higher than the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of CIEN 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.

Loading charts...

Drawdowns

CIEN vs. EWP - Drawdown Comparison

The maximum CIEN drawdown since its inception was -99.51%, which is greater than EWP's maximum drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for CIEN and EWP.

Loading charts...

Drawdown Indicators

CIENEWPDifference

Max Drawdown

Largest peak-to-trough decline

-99.51%

-61.19%

-38.32%

Max Drawdown (1Y)

Largest decline over 1 year

-30.68%

-11.38%

-19.30%

Max Drawdown (3Y)

Largest decline over 3 years

-45.51%

-12.19%

-33.32%

Max Drawdown (5Y)

Largest decline over 5 years

-49.54%

-33.91%

-15.63%

Max Drawdown (10Y)

Largest decline over 10 years

-49.54%

-46.36%

-3.18%

Current Drawdown

Current decline from peak

-57.38%

0.00%

-57.38%

Average Drawdown

Average peak-to-trough decline

-87.08%

-21.41%

-65.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.61%

3.22%

+3.39%

Volatility

CIEN vs. EWP - Volatility Comparison

Ciena Corporation (CIEN) has a higher volatility of 24.81% compared to iShares MSCI Spain ETF (EWP) at 6.21%. This indicates that CIEN'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.

Loading charts...

Volatility by Period

CIENEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.81%

6.21%

+18.60%

Volatility (6M)

Calculated over the trailing 6-month period

56.12%

16.09%

+40.03%

Volatility (1Y)

Calculated over the trailing 1-year period

66.74%

19.13%

+47.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

48.55%

20.31%

+28.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.35%

22.22%

+22.13%

Dividends

CIEN vs. EWP - Dividend Comparison

CIEN has not paid dividends to shareholders, while EWP's dividend yield for the trailing twelve months is around 2.09%.

PositionTTM20252024202320222021202020192018201720162015
CIEN
Ciena Corporation		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%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

CIEN and EWP have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CIEN has higher volatility (24.81%) compared to EWP (6.21%). In terms of maximum drawdown, CIEN dropped -99.51% vs EWP's -61.19%.

CIEN currently has the higher Sharpe Ratio (7.58 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.

Portfolio Optimizer

Find the right allocation for CIEN and EWP

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer