EWP vs. AUMI

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and AUMI (Themes Gold Miners ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index. Both are passively managed. Over the past year, EWP returned 39.17% vs 38.17% for AUMI. At a 0.39 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.35%/yr for AUMI.

Performance

EWP vs. AUMI - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than AUMI's -11.62% return.

EWP

• 1D: 0.63%
• 1M: 4.32%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

AUMI

• 1D: 2.52%
• 1M: -17.27%
• YTD: -11.62%
• 6M: -9.97%
• 1Y: 38.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWP vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	1.89%
AUMI Themes Gold Miners ETF	-11.62%	164.18%	30.61%	10.23%

Correlation

The correlation between EWP and AUMI is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.39

EWP vs. AUMI - Sectors Allocation Comparison

Sectors	EWP	AUMI
Financial Services	41.4%	-
Utilities	21.2%	-
Industrials	16.1%	-
Energy	5.3%	-
Technology	4.9%	-
Consumer Cyclical	4.0%	-
Communication Services	2.9%	0.1%
Real Estate	2.9%	-
Healthcare	1.3%	-
Basic Materials	-	99.4%
Consumer Defensive	-	-

Return for Risk

EWP vs. AUMI — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

AUMI

AUMI Risk / Return Rank: 25
AUMI Sharpe Ratio Rank: 25
AUMI Sortino Ratio Rank: 25
AUMI Omega Ratio Rank: 28
AUMI Calmar Ratio Rank: 24
AUMI Martin Ratio Rank: 24

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.

EWP vs. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Themes Gold Miners ETF (AUMI). 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	AUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.78	+1.16
Sortino ratio: Return per unit of downside risk	2.62	1.24	+1.38
Omega ratio: Gain probability vs. loss probability	1.34	1.17	+0.17
Calmar ratio: Return relative to maximum drawdown	3.26	0.98	+2.27
Martin ratio: Return relative to average drawdown	11.51	2.81	+8.70

EWP vs. AUMI - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the AUMI Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of EWP and AUMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWP vs. AUMI - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than AUMI's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for EWP and AUMI.

Drawdown Indicators

	EWP	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-39.28%	-21.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-39.28%	+27.90%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	—	—
Current Drawdown Current decline from peak	0.00%	-33.51%	+33.51%
Average Drawdown Average peak-to-trough decline	-21.41%	-7.35%	-14.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	13.72%	-10.50%

Volatility

EWP vs. AUMI - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Themes Gold Miners ETF (AUMI) has a volatility of 17.47%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than AUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	17.47%	-11.26%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	40.45%	-24.36%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	49.48%	-30.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	42.24%	-21.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	42.24%	-20.02%

EWP vs. AUMI - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than AUMI's 0.35% expense ratio.

Dividends

EWP vs. AUMI - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, more than AUMI's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUMI Themes Gold Miners ETF	0.98%	0.86%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both EWP and AUMI in my portfolio?

EWP and AUMI have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWP or AUMI?

AUMI has higher volatility (17.47%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs AUMI's -39.28%.

Which ETF is better, EWP or AUMI?

On 1-year performance, EWP leads with 39.17% vs 38.17% for AUMI. On fees, AUMI is cheaper at 0.35% per year. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or AUMI?

Over the 1-year period, EWP has performed better with a 39.17% return vs 38.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or AUMI?

AUMI is cheaper with a 0.35% expense ratio, compared with 0.50% for EWP.

Which ETF pays a higher dividend yield, EWP or AUMI?

EWP has the higher dividend yield at 2.09%, compared with 0.98% for AUMI.

What is the main difference between EWP and AUMI?

EWP is categorized as Europe Equities, while AUMI is Gold. EWP tracks MSCI Spain Index, while AUMI tracks Solactive Global Pure Gold Miners Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.50% for EWP and 0.35% for AUMI.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 0.78), 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.