EDEN vs. EWP

Last updated Aug 4, 2026

EDEN (iShares MSCI Denmark ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - EDEN tracks the MSCI Denmark IMI 25/50 Index while EWP tracks the MSCI Spain 25/50 Index (Net). Both are passively managed. Over the past 10 years, EDEN returned 9.23%/yr vs 12.76%/yr for EWP. Their 0.60 correlation means they have sometimes moved together and sometimes differently. EDEN charges 0.53%/yr vs 0.50%/yr for EWP.

Performance

EDEN vs. EWP - Performance Comparison

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

Returns By Period

In the year-to-date period, EDEN achieves a 0.35% return, which is significantly lower than EWP's 16.77% return. Over the past 10 years, EDEN has underperformed EWP with an annualized return of 9.23%, while EWP has yielded a comparatively higher 12.76% annualized return.

EDEN

• 1D: -0.36%
• 1M: -1.54%
• 6M: -6.38%
• YTD: 0.35%
• 1Y: 11.28%
• 3Y*: 4.96%
• 5Y*: 1.55%
• 10Y*: 9.23%
• ALL TIME*: 12.17%

EWP

• 1D: 0.78%
• 1M: 3.86%
• 6M: 10.71%
• YTD: 16.77%
• 1Y: 43.37%
• 3Y*: 34.09%
• 5Y*: 20.96%
• 10Y*: 12.76%
• ALL TIME*: 8.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EDEN iShares MSCI Denmark ETF	$592.81K	$1.22M	$1.02M
EWP iShares MSCI Spain ETF	$20.96M	$19.84M	$20.30M

EDEN vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDEN iShares MSCI Denmark ETF	0.35%	10.58%	-3.94%	17.99%	-11.47%	14.81%	42.56%	24.37%	-14.43%	35.39%
EWP iShares MSCI Spain ETF	16.77%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between EDEN and EWP is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012	0.60

The correlation between EDEN and EWP has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.

EDEN vs. EWP - Sectors Allocation Comparison

Sectors	EDEN	EWP
Healthcare	38.3%	1.3%
Industrials	29.0%	16.3%
Financial Services	15.5%	43.9%
Basic Materials	4.8%	-
Consumer Defensive	4.7%	-
Utilities	3.2%	21.9%
Consumer Cyclical	2.8%	4.5%
Technology	0.9%	4.8%
Energy	0.9%	3.9%
Communication Services	-	2.4%
Real Estate	-	2.4%

Return for Risk

EDEN vs. EWP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EDEN

EDEN Risk / Return Rank: 23
EDEN Sharpe Ratio Rank: 25
EDEN Sortino Ratio Rank: 25
EDEN Omega Ratio Rank: 25
EDEN Calmar Ratio Rank: 20
EDEN Martin Ratio Rank: 20

EWP

EWP Risk / Return Rank: 88
EWP Sharpe Ratio Rank: 90
EWP Sortino Ratio Rank: 88
EWP Omega Ratio Rank: 87
EWP Calmar Ratio Rank: 89
EWP Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EDEN vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Denmark ETF (EDEN) 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.

	EDEN	EWP	Difference
Sharpe ratio: Return per unit of total volatility	0.58	2.28	-1.70
Sortino ratio: Return per unit of downside risk	0.95	3.06	-2.11
Omega ratio: Gain probability vs. loss probability	1.12	1.39	-0.28
Calmar ratio: Return relative to maximum drawdown	0.54	3.83	-3.29
Martin ratio: Return relative to average drawdown	1.25	13.64	-12.39

EDEN vs. EWP - Sharpe Ratio Comparison

The current EDEN Sharpe Ratio is 0.58, which is lower than the EWP Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EDEN 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.

Drawdowns

EDEN vs. EWP - Drawdown Comparison

The maximum EDEN drawdown since its inception was -36.61%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EDEN and EWP.

Drawdown Indicators

	EDEN	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-36.61%	-61.19%	+24.58%
Max Drawdown (1Y) Largest decline over 1 year	-21.17%	-11.38%	-9.79%
Max Drawdown (3Y) Largest decline over 3 years	-29.31%	-12.19%	-17.12%
Max Drawdown (5Y) Largest decline over 5 years	-36.61%	-30.26%	-6.35%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-46.36%	+9.75%
Current Drawdown Current decline from peak	-10.53%	0.00%	-10.53%
Average Drawdown Average peak-to-trough decline	-7.41%	-21.32%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.06%	3.19%	+5.87%

Volatility

EDEN vs. EWP - Volatility Comparison

The current volatility for iShares MSCI Denmark ETF (EDEN) is 4.93%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.87%. This indicates that EDEN experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDEN	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	5.87%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	15.52%	16.55%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.65%	19.15%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	20.28%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	21.50%	-2.30%

EDEN vs. EWP - Expense Ratio Comparison

EDEN has a 0.53% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

EDEN vs. EWP - Dividend Comparison

EDEN's dividend yield for the trailing twelve months is around 3.05%, more than EWP's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDEN iShares MSCI Denmark ETF	3.05%	2.79%	1.50%	1.92%	1.47%	0.74%	0.42%	2.36%	2.01%	2.03%	1.28%	1.46%
EWP iShares MSCI Spain ETF	2.69%	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

Can I hold both EDEN and EWP in my portfolio?

EDEN and EWP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDEN or EWP?

EWP has higher volatility (5.87%) compared to EDEN (4.93%). In terms of maximum drawdown, EDEN dropped -36.61% vs EWP's -61.19%.

Which ETF is better, EDEN or EWP?

On 10-year performance, EWP leads with 12.76% vs 9.23% for EDEN. On fees, EWP is cheaper at 0.50% per year. On volatility, EDEN has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDEN or EWP?

Over the 10-year period, EWP has performed better with a 12.76% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDEN or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.53% for EDEN.

Which ETF pays a higher dividend yield, EDEN or EWP?

EDEN has the higher dividend yield at 3.05%, compared with 2.69% for EWP.

What is the main difference between EDEN and EWP?

EDEN tracks MSCI Denmark IMI 25/50 Index, while EWP tracks MSCI Spain 25/50 Index (Net). Their fees differ too: 0.53% for EDEN and 0.50% for EWP.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.28 vs 0.58), 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.