EWP vs. AA
EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index, while AA (Alcoa Corporation) is a stock. Over the past 5 years, EWP returned 17.57%/yr vs 14.08%/yr for AA. At a 0.40 correlation, their price movements are largely independent.
Performance
EWP vs. AA - Performance Comparison
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Returns By Period
In the year-to-date period, EWP achieves a 8.89% return, which is significantly lower than AA's 29.83% return.
EWP
- 1D
- 0.63%
- 1M
- 5.52%
- YTD
- 8.89%
- 6M
- 11.54%
- 1Y
- 39.17%
- 3Y*
- 32.21%
- 5Y*
- 17.57%
- 10Y*
- 12.33%
AA
- 1D
- -0.30%
- 1M
- 10.16%
- YTD
- 29.83%
- 6M
- 49.53%
- 1Y
- 144.85%
- 3Y*
- 24.73%
- 5Y*
- 14.08%
- 10Y*
- —
EWP vs. AA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AA Alcoa Corporation | 29.83% | 42.46% | 12.43% | -24.33% | -23.12% | 159.05% | 7.16% | -19.07% | -50.66% | 91.84% |
Correlation
The correlation between EWP and AA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2016 | 0.40 |
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Return for Risk
EWP vs. AA — Risk / Return Rank
EWP
AA
EWP vs. AA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Alcoa Corporation (AA). 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.
| EWP | AA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.36 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 6.49 | -3.24 |
| Martin ratioReturn relative to average drawdown | 11.51 | 20.55 | -9.04 |
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Drawdowns
EWP vs. AA - Drawdown Comparison
The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum AA drawdown of -90.90%. Use the drawdown chart below to compare losses from any high point for EWP and AA.
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Drawdown Indicators
| EWP | AA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.19% | -90.90% | +29.71% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -21.77% | +10.39% |
Max Drawdown (3Y)Largest decline over 3 years | -12.19% | -52.25% | +40.06% |
Max Drawdown (5Y)Largest decline over 5 years | -32.96% | -75.46% | +42.50% |
Max Drawdown (10Y)Largest decline over 10 years | -46.36% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -24.27% | +24.27% |
Average DrawdownAverage peak-to-trough decline | -21.41% | -46.12% | +24.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 6.87% | -3.65% |
Volatility
EWP vs. AA - Volatility Comparison
The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Alcoa Corporation (AA) has a volatility of 21.35%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than AA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWP | AA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 21.35% | -15.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 41.11% | -25.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 54.44% | -35.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 56.26% | -35.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 55.66% | -33.44% |
Dividends
EWP vs. AA - Dividend Comparison
EWP's dividend yield for the trailing twelve months is around 2.09%, more than AA's 0.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 0.58% | 0.75% | 1.06% | 1.18% | 0.88% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.00% |
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
EWP and AA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AA has higher volatility (21.35%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs AA's -90.90%.
AA currently has the higher Sharpe Ratio (2.60 vs 1.94), 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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