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EWM vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. EWP

Last updated Jul 21, 2026
Documentation

EWM (iShares MSCI Malaysia ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, EWM returned 2.51%/yr vs 12.13%/yr for EWP. At a 0.40 correlation, their price movements are largely independent. EWM charges 0.49%/yr vs 0.50%/yr for EWP.

Performance

EWM vs. EWP - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWM achieves a 4.13% return, which is significantly lower than EWP's 10.57% return. Over the past 10 years, EWM has underperformed EWP with an annualized return of 2.51%, while EWP has yielded a comparatively higher 12.13% annualized return.

EWM

1D
-0.96%
1M
1.42%
6M
1.13%
YTD
4.13%
1Y
20.95%
3Y*
14.15%
5Y*
6.17%
10Y*
2.51%
ALL TIME*
1.89%

EWP

1D
-0.83%
1M
-0.58%
6M
9.07%
YTD
10.57%
1Y
37.67%
3Y*
29.90%
5Y*
20.14%
10Y*
12.13%
ALL TIME*
8.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		4.13%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
EWP
iShares MSCI Spain ETF		10.57%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between EWM and EWP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.42

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

0.42

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

0.44

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

0.40

EWM vs. EWP - Sectors Allocation Comparison

Sectors
EWM
EWP

Financial Services

52.0%
43.9%

Industrials

12.6%
16.3%

Utilities

10.9%
21.9%

Basic Materials

8.3%

-

Communication Services

5.2%
2.4%

Consumer Defensive

4.9%

-

Healthcare

3.2%
1.3%

Energy

3.0%
3.9%

Consumer Cyclical

1.1%
4.5%

Real Estate

-

2.4%

Technology

-

4.8%

Financial Services

EWM
52.0%
EWP
43.9%

Industrials

EWM
12.6%
EWP
16.3%

Utilities

EWM
10.9%
EWP
21.9%

Basic Materials

EWM
8.3%
EWP

-

Communication Services

EWM
5.2%
EWP
2.4%

Consumer Defensive

EWM
4.9%
EWP

-

Healthcare

EWM
3.2%
EWP
1.3%

Energy

EWM
3.0%
EWP
3.9%

Consumer Cyclical

EWM
1.1%
EWP
4.5%

Real Estate

EWM

-

EWP
2.4%

Technology

EWM

-

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 Malaysia ETF

iShares MSCI Spain ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

EWM vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWM
EWM Risk / Return Rank: 5454
Overall Rank
EWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWM Omega Ratio Rank: 5454
Omega Ratio Rank
EWM Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWM Martin Ratio Rank: 4545
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 8282
Overall Rank
EWP Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8181
Sortino Ratio Rank
EWP Omega Ratio Rank: 8080
Omega Ratio Rank
EWP Calmar Ratio Rank: 8484
Calmar Ratio Rank
EWP Martin Ratio Rank: 8282
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.

EWM vs. EWP - Risk-Adjusted Trends Comparison

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

EWMEWPDifference
Sharpe ratioReturn per unit of total volatility
1.47
2.03

-0.56

Sortino ratioReturn per unit of downside risk
2.10
2.76

-0.66

Omega ratioGain probability vs. loss probability

1.25

1.35

-0.10

Calmar ratioReturn relative to maximum drawdown

1.98

3.33

-1.34

Martin ratioReturn relative to average drawdown

5.50

11.84

-6.34

EWM vs. EWP - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.47, which is comparable to the EWP Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of EWM 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

EWM vs. EWP - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than EWP's maximum drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EWM and EWP.

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Drawdown Indicators

EWMEWPDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-61.19%

-28.00%

Max Drawdown (1Y)

Largest decline over 1 year

-10.61%

-11.38%

+0.77%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-12.19%

-9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-30.26%

+7.50%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-46.36%

+2.55%

Current Drawdown

Current decline from peak

-7.98%

-2.67%

-5.31%

Average Drawdown

Average peak-to-trough decline

-31.73%

-21.35%

-10.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.82%

3.19%

+0.63%

Volatility

EWM vs. EWP - Volatility Comparison

iShares MSCI Malaysia ETF (EWM) has a higher volatility of 4.42% compared to iShares MSCI Spain ETF (EWP) at 3.76%. This indicates that EWM'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.

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Volatility by Period

EWMEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.42%

3.76%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

11.40%

16.24%

-4.84%

Volatility (1Y)

Calculated over the trailing 1-year period

14.30%

18.67%

-4.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

20.21%

-6.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.15%

21.47%

-5.32%

EWM vs. EWP - Expense Ratio Comparison

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

Dividends

EWM vs. EWP - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.57%, more than EWP's 2.84% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.57%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
EWP
iShares MSCI Spain ETF		2.84%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

EWM and EWP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWM has higher volatility (4.42%) compared to EWP (3.76%). In terms of maximum drawdown, EWM dropped -89.19% vs EWP's -61.19%.

On 10-year performance, EWP leads with 12.13% vs 2.51% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWP has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 12.13% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWM has the higher dividend yield at 3.57%, compared with 2.84% for EWP.

EWM is categorized as Asia Pacific Equities, while EWP is Europe Equities. EWM tracks MSCI Malaysia Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.49% for EWM and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.03 vs 1.47), 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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