EPOL vs. ^GSPC

Last updated Jun 4, 2026

EPOL (iShares MSCI Poland ETF) is Europe Equities fund tracking the MSCI Poland Investable Market Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, EPOL returned 11.45%/yr vs 13.66%/yr for ^GSPC. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

EPOL vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPOL achieves a 13.58% return, which is significantly higher than ^GSPC's 10.35% return. Over the past 10 years, EPOL has underperformed ^GSPC with an annualized return of 11.45%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

EPOL

• 1D: -0.52%
• 1M: 5.18%
• YTD: 13.58%
• 6M: 22.93%
• 1Y: 40.50%
• 3Y*: 35.67%
• 5Y*: 15.78%
• 10Y*: 11.45%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

EPOL vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPOL iShares MSCI Poland ETF	13.58%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between EPOL and ^GSPC is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.58

The correlation between EPOL and ^GSPC has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Return for Risk

EPOL vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EPOL

EPOL Risk / Return Rank: 55
EPOL Sharpe Ratio Rank: 50
EPOL Sortino Ratio Rank: 50
EPOL Omega Ratio Rank: 45
EPOL Calmar Ratio Rank: 73
EPOL Martin Ratio Rank: 57

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

EPOL vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) and S&P 500 Index (^GSPC). 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.

	EPOL	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.24	-0.48
Sortino ratio Return per unit of downside risk	2.49	3.07	-0.59
Omega ratio Gain probability vs. loss probability	1.29	1.41	-0.11
Calmar ratio Return relative to maximum drawdown	3.68	2.93	+0.76
Martin ratio Return relative to average drawdown	10.07	13.52	-3.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPOL vs. ^GSPC - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.76, which is comparable to the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of EPOL and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPOL	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.24	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.73	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.76	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.47	-0.26

Drawdowns

EPOL vs. ^GSPC - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for EPOL and ^GSPC.

Drawdown Indicators

	EPOL	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-63.72%	-56.78%	-6.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-9.10%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-21.81%	-18.90%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-54.21%	-25.43%	-28.78%
Max Drawdown (10Y) Largest decline over 10 years	-61.41%	-33.92%	-27.49%
Current Drawdown Current decline from peak	-1.65%	-0.74%	-0.91%
Average Drawdown Average peak-to-trough decline	-26.89%	-10.72%	-16.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	1.97%	+2.06%

Volatility

EPOL vs. ^GSPC - Volatility Comparison

iShares MSCI Poland ETF (EPOL) has a higher volatility of 7.84% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that EPOL's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPOL	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	2.93%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	8.99%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	11.89%	+11.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.06%	16.90%	+12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.65%	18.06%	+9.59%

Frequently Asked Questions

Can I hold both EPOL and ^GSPC in my portfolio?

EPOL and ^GSPC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPOL or ^GSPC?

EPOL has higher volatility (7.84%) compared to ^GSPC (2.93%). In terms of maximum drawdown, EPOL dropped -63.72% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs 1.76), 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.