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EWM vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. EWP

Last updated Jun 13, 2026

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 2.79%/yr vs 12.33%/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 2.89% return, which is significantly lower than EWP's 8.89% return. Over the past 10 years, EWM has underperformed EWP with an annualized return of 2.79%, while EWP has yielded a comparatively higher 12.33% annualized return.

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%

EWP

1D
0.63%
1M
4.02%
YTD
8.89%
6M
11.54%
1Y
36.89%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
EWP
iShares MSCI Spain ETF		8.89%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 0.52, 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

0.52

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

0.43

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

0.43

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

0.45

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

0.40

The correlation between EWM and EWP shifts across timeframes, from 0.40 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWM vs. EWP - Sectors Allocation Comparison

Sectors
EWM
EWP

Financial Services

46.6%
41.4%

Industrials

11.1%
16.1%

Utilities

10.8%
21.2%

Basic Materials

8.9%

-

Consumer Defensive

7.3%

-

Communication Services

6.6%
2.9%

Energy

3.9%
5.3%

Healthcare

3.8%
1.3%

Consumer Cyclical

1.1%
4.0%

Real Estate

-

2.9%

Technology

-

4.9%

Financial Services

EWM
46.6%
EWP
41.4%

Industrials

EWM
11.1%
EWP
16.1%

Utilities

EWM
10.8%
EWP
21.2%

Basic Materials

EWM
8.9%
EWP

-

Consumer Defensive

EWM
7.3%
EWP

-

Communication Services

EWM
6.6%
EWP
2.9%

Energy

EWM
3.9%
EWP
5.3%

Healthcare

EWM
3.8%
EWP
1.3%

Consumer Cyclical

EWM
1.1%
EWP
4.0%

Real Estate

EWM

-

EWP
2.9%

Technology

EWM

-

EWP
4.9%

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. AAXJEWM vs. VOOEWM 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: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 6969
Overall Rank
EWP Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWP Omega Ratio Rank: 6565
Omega Ratio Rank
EWP Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWP Martin Ratio Rank: 7171
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
1.36
1.94

-0.58

Sortino ratioReturn per unit of downside risk
1.92
2.62

-0.70

Omega ratioGain probability vs. loss probability

1.24

1.34

-0.10

Calmar ratioReturn relative to maximum drawdown

2.09

3.26

-1.16

Martin ratioReturn relative to average drawdown

6.65

11.51

-4.86

EWM vs. EWP - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.36, which is lower than the EWP Sharpe Ratio of 1.94. 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

-9.14%

-11.38%

+2.24%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-12.19%

-9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-33.91%

+11.15%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-46.36%

+2.55%

Current Drawdown

Current decline from peak

-9.08%

0.00%

-9.08%

Average Drawdown

Average peak-to-trough decline

-31.80%

-21.41%

-10.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

3.22%

-0.35%

Volatility

EWM vs. EWP - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.97%, while iShares MSCI Spain ETF (EWP) has a volatility of 6.21%. This indicates that EWM 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

EWMEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.97%

6.21%

-2.24%

Volatility (6M)

Calculated over the trailing 6-month period

10.95%

16.09%

-5.14%

Volatility (1Y)

Calculated over the trailing 1-year period

14.10%

19.13%

-5.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

20.31%

-6.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

22.22%

-5.95%

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 3.32%, more than EWP's 2.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.32%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		2.09%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 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (6.21%) compared to EWM (3.97%). In terms of maximum drawdown, EWM dropped -89.19% vs EWP's -61.19%.

On 10-year performance, EWP leads with 12.33% vs 2.79% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.97%. 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 12.33% return vs 2.79%. 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 3.32%, compared with 2.09% 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 (1.94 vs 1.36), 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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