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EWP vs. AVDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. AVDV

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. EWP is passively managed, while AVDV is actively managed. Over the past 5 years, EWP returned 17.57%/yr vs 13.63%/yr for AVDV. A 0.76 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.36%/yr for AVDV.

Performance

EWP vs. AVDV - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly lower than AVDV's 14.99% 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%

AVDV

1D
0.89%
1M
-1.99%
YTD
14.99%
6M
17.18%
1Y
41.91%
3Y*
26.72%
5Y*
13.63%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. AVDV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%0.25%-3.94%7.58%
AVDV
Avantis International Small Cap Value ETF		14.99%49.37%8.67%16.85%-11.47%15.80%5.01%11.78%

Correlation

The correlation between EWP and AVDV is 0.72, 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

0.72

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

0.71

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

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 26, 2019

0.76

The correlation between EWP and AVDV has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

EWP vs. AVDV - Sectors Allocation Comparison

Sectors
EWP
AVDV

Financial Services

41.4%
13.7%

Utilities

21.2%
1.7%

Industrials

16.1%
21.3%

Energy

5.3%
10.8%

Technology

4.9%
6.4%

Consumer Cyclical

4.0%
14.4%

Communication Services

2.9%
2.0%

Real Estate

2.9%
1.1%

Healthcare

1.3%
2.1%

Basic Materials

-

22.5%

Consumer Defensive

-

3.4%

Financial Services

EWP
41.4%
AVDV
13.7%

Utilities

EWP
21.2%
AVDV
1.7%

Industrials

EWP
16.1%
AVDV
21.3%

Energy

EWP
5.3%
AVDV
10.8%

Technology

EWP
4.9%
AVDV
6.4%

Consumer Cyclical

EWP
4.0%
AVDV
14.4%

Communication Services

EWP
2.9%
AVDV
2.0%

Real Estate

EWP
2.9%
AVDV
1.1%

Healthcare

EWP
1.3%
AVDV
2.1%

Basic Materials

EWP

-

AVDV
22.5%

Consumer Defensive

EWP

-

AVDV
3.4%

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 Spain ETF

Avantis International Small Cap Value ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with AVDV:
AVDV vs. VXUSAVDV vs. AVDEAVDV vs. VSSAVDV vs. DISVXAVDV vs. AVDVXAVDV vs. ISVLAVDV vs. AVIV

Return for Risk

EWP vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
AVDV
AVDV Risk / Return Rank: 8181
Overall Rank
AVDV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AVDV Sortino Ratio Rank: 8686
Sortino Ratio Rank
AVDV Omega Ratio Rank: 8686
Omega Ratio Rank
AVDV Calmar Ratio Rank: 7171
Calmar Ratio Rank
AVDV Martin Ratio Rank: 7676
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.

EWP vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Avantis International Small Cap Value ETF (AVDV). 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.

EWPAVDVDifference
Sharpe ratioReturn per unit of total volatility
1.94
2.53

-0.59

Sortino ratioReturn per unit of downside risk
2.62
3.36

-0.74

Omega ratioGain probability vs. loss probability

1.34

1.46

-0.12

Calmar ratioReturn relative to maximum drawdown

3.26

3.12

+0.14

Martin ratioReturn relative to average drawdown

11.51

12.44

-0.94

EWP vs. AVDV - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is comparable to the AVDV Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of EWP and AVDV, 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

EWP vs. AVDV - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than AVDV's maximum drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for EWP and AVDV.

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Drawdown Indicators

EWPAVDVDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-43.01%

-18.18%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-13.19%

+1.81%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-14.17%

+1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-33.76%

-28.08%

-5.68%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.24%

+2.24%

Average Drawdown

Average peak-to-trough decline

-21.41%

-6.76%

-14.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.30%

-0.08%

Volatility

EWP vs. AVDV - Volatility Comparison

iShares MSCI Spain ETF (EWP) and Avantis International Small Cap Value ETF (AVDV) have volatilities of 6.21% and 6.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPAVDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

6.26%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

13.88%

+2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

16.25%

+2.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

17.41%

+2.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

19.77%

+2.45%

EWP vs. AVDV - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than AVDV's 0.36% expense ratio.

Dividends

EWP vs. AVDV - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than AVDV's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
AVDV
Avantis International Small Cap Value ETF		4.11%3.05%4.31%3.29%3.17%2.39%1.67%0.36%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

EWP and AVDV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AVDV has higher volatility (6.26%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs AVDV's -43.01%.

On 5-year performance, EWP leads with 17.57% vs 13.63% for AVDV. On fees, AVDV is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWP has performed better with a 17.57% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AVDV is cheaper with a 0.36% expense ratio, compared with 0.50% for EWP.

AVDV has the higher dividend yield at 4.11%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.50% for EWP and 0.36% for AVDV.

AVDV currently has the higher Sharpe Ratio (2.53 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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