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EWI vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWP

Last updated Aug 2, 2026
Documentation

EWI (iShares MSCI Italy ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - EWI tracks the MSCI Italy Index while EWP tracks the MSCI Spain 25/50 Index (Net). Both are passively managed. Over the past 10 years, EWI returned 14.81%/yr vs 12.83%/yr for EWP. Their 0.77 correlation means they have sometimes moved together and sometimes differently. EWI charges 0.49%/yr vs 0.50%/yr for EWP.

Performance

EWI vs. EWP - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EWI having a 15.62% return and EWP slightly higher at 15.87%. Over the past 10 years, EWI has outperformed EWP with an annualized return of 14.81%, while EWP has yielded a comparatively lower 12.83% annualized return.

EWI

1D
-0.10%
1M
1.60%
6M
12.41%
YTD
15.62%
1Y
33.05%
3Y*
27.26%
5Y*
17.91%
10Y*
14.81%
ALL TIME*
6.60%

EWP

1D
0.07%
1M
3.05%
6M
10.97%
YTD
15.87%
1Y
42.25%
3Y*
33.14%
5Y*
20.97%
10Y*
12.83%
ALL TIME*
8.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWI

iShares MSCI Italy ETF
$23.18M$26.44M$25.34M

EWP

iShares MSCI Spain ETF
$15.85M$23.74M$20.93M

EWI vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		15.62%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWP
iShares MSCI Spain ETF		15.87%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between EWI and EWP is 0.89, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.85

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.86

Correlation (10Y)
Provides a long-term view across more market conditions.

0.84

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.77

The correlation between EWI and EWP shifts across timeframes, from 0.77 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

EWI vs. EWP - Sectors Allocation Comparison

Sectors
EWI
EWP

Financial Services

50.1%
43.9%

Utilities

18.0%
21.9%

Industrials

10.4%
16.3%

Consumer Cyclical

9.0%
4.5%

Energy

6.6%
3.9%

Communication Services

2.7%
2.4%

Healthcare

1.3%
1.3%

Basic Materials

1.0%

-

Consumer Defensive

0.9%

-

Real Estate

-

2.4%

Technology

-

4.8%

Financial Services

EWI
50.1%
EWP
43.9%

Utilities

EWI
18.0%
EWP
21.9%

Industrials

EWI
10.4%
EWP
16.3%

Consumer Cyclical

EWI
9.0%
EWP
4.5%

Energy

EWI
6.6%
EWP
3.9%

Communication Services

EWI
2.7%
EWP
2.4%

Healthcare

EWI
1.3%
EWP
1.3%

Basic Materials

EWI
1.0%
EWP

-

Consumer Defensive

EWI
0.9%
EWP

-

Real Estate

EWI

-

EWP
2.4%

Technology

EWI

-

EWP
4.8%

Compare stocks, funds, or ETFs

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

iShares MSCI Italy ETF

iShares MSCI Spain ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRLEWI vs. EDEN
Often compared with EWP:
EWP vs. EWGEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. EWQEWP vs. FEZEWP vs. EPI

Return for Risk

EWI vs. EWP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWI
EWI Risk / Return Rank: 7575
Overall Rank
EWI Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7676
Sortino Ratio Rank
EWI Omega Ratio Rank: 7272
Omega Ratio Rank
EWI Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWI Martin Ratio Rank: 7777
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 8888
Overall Rank
EWP Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8888
Sortino Ratio Rank
EWP Omega Ratio Rank: 8686
Omega Ratio Rank
EWP Calmar Ratio Rank: 8989
Calmar Ratio Rank
EWP Martin Ratio Rank: 8888
Martin Ratio Rank
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.

EWI vs. EWP - Risk-Adjusted Trends Comparison

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

EWIEWPDifference
Sharpe ratioReturn per unit of total volatility
1.75
2.19

-0.44

Sortino ratioReturn per unit of downside risk
2.45
2.96

-0.51

Omega ratioGain probability vs. loss probability

1.30

1.38

-0.08

Calmar ratioReturn relative to maximum drawdown

2.57

3.67

-1.11

Martin ratioReturn relative to average drawdown

9.62

13.09

-3.47

EWI vs. EWP - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.75, which is comparable to the EWP Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of EWI 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

EWI vs. EWP - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than EWP's maximum drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EWI and EWP.

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Drawdown Indicators

EWIEWPDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-61.19%

-9.19%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-11.38%

-1.10%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-12.19%

-4.61%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-30.26%

-4.99%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-46.36%

+3.36%

Current Drawdown

Current decline from peak

-0.10%

0.00%

-0.10%

Average Drawdown

Average peak-to-trough decline

-28.79%

-21.33%

-7.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

3.19%

+0.13%

Volatility

EWI vs. EWP - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 5.05%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.92%. This indicates that EWI 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.

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Volatility by Period

EWIEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

5.92%

-0.87%

Volatility (6M)

Calculated over the trailing 6-month period

15.63%

16.53%

-0.90%

Volatility (1Y)

Calculated over the trailing 1-year period

18.38%

19.11%

-0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.11%

20.28%

+0.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

21.50%

+1.01%

EWI vs. EWP - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

EWI vs. EWP - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.04%, more than EWP's 2.71% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.04%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
EWP
iShares MSCI Spain ETF		2.71%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

EWI and EWP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.92%) compared to EWI (5.05%). In terms of maximum drawdown, EWI dropped -70.38% vs EWP's -61.19%.

On 10-year performance, EWI leads with 14.81% vs 12.83% for EWP. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.81% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.49% expense ratio, compared with 0.50% for EWP.

EWI has the higher dividend yield at 3.04%, compared with 2.71% for EWP.

EWI tracks MSCI Italy Index, while EWP tracks MSCI Spain 25/50 Index (Net). Their fees differ too: 0.49% for EWI and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.19 vs 1.75), 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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