EWI vs. SPQ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Italy ETF (EWI) and Simplify US Equity Plus QIS ETF (SPQ).

EWI and SPQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWI is a passively managed fund by iShares that tracks the performance of the MSCI Italy Index. It was launched on Mar 12, 1996. SPQ is an actively managed fund by Simplify. It was launched on Nov 13, 2023.

Performance

EWI vs. SPQ - Performance Comparison

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

EWI vs. SPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWI iShares MSCI Italy ETF	-1.67%	55.72%	10.23%	6.06%
SPQ Simplify US Equity Plus QIS ETF	0.00%	-4.67%	20.38%	5.51%

Returns By Period

EWI

• 1D: 4.11%
• 1M: -6.82%
• YTD: -1.67%
• 6M: 4.18%
• 1Y: 30.14%
• 3Y*: 24.97%
• 5Y*: 14.90%
• 10Y*: 12.01%

SPQ

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWI vs. SPQ - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than SPQ's 1.00% expense ratio.

SPQ

Simplify US Equity Plus QIS ETF

EWI

iShares MSCI Italy ETF

Return for Risk

EWI vs. SPQ — Risk / Return Rank

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

EWI

EWI Risk / Return Rank: 78
EWI Sharpe Ratio Rank: 79
EWI Sortino Ratio Rank: 80
EWI Omega Ratio Rank: 77
EWI Calmar Ratio Rank: 78
EWI Martin Ratio Rank: 78

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.

EWI vs. SPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and Simplify US Equity Plus QIS ETF (SPQ). 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.

	EWI	SPQ	Difference
Sharpe ratio Return per unit of total volatility	1.41	—	—
Sortino ratio Return per unit of downside risk	2.00	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	2.02	—	—
Martin ratio Return relative to average drawdown	8.08	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EWI	SPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	—	—

Correlation

The correlation between EWI and SPQ is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EWI vs. SPQ - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 2.85%, while SPQ has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	2.85%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
SPQ Simplify US Equity Plus QIS ETF	0.00%	0.31%	17.17%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	EWI	SPQ	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	—	—
Current Drawdown Current decline from peak	-7.79%	—	—
Average Drawdown Average peak-to-trough decline	-29.10%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	—	—

Volatility

Volatility by Period

	EWI	SPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.29%	—	—