EWP vs. BBEU

Last updated Jun 3, 2026

EWP (iShares MSCI Spain ETF) and BBEU (JPMorgan BetaBuilders Europe ETF) are both Europe Equities funds - EWP tracks the MSCI Spain Index while BBEU tracks the Morningstar Developed Europe Target Market Exposure Index. Both are passively managed. Over the past 5 years, EWP returned 17.20%/yr vs 9.22%/yr for BBEU. Their correlation of 0.84 suggests significant overlap in exposure. EWP charges 0.50%/yr vs 0.09%/yr for BBEU.

Performance

EWP vs. BBEU - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with EWP having a 6.62% return and BBEU slightly higher at 6.83%.

EWP

• 1D: 0.02%
• 1M: 1.54%
• YTD: 6.62%
• 6M: 12.03%
• 1Y: 34.29%
• 3Y*: 31.36%
• 5Y*: 17.20%
• 10Y*: 11.11%

BBEU

• 1D: 0.52%
• 1M: 2.04%
• YTD: 6.83%
• 6M: 10.61%
• 1Y: 18.82%
• 3Y*: 16.97%
• 5Y*: 9.22%
• 10Y*: —

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

EWP vs. BBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EWP iShares MSCI Spain ETF	6.62%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-10.60%
BBEU JPMorgan BetaBuilders Europe ETF	6.83%	36.37%	1.85%	20.31%	-14.72%	17.50%	5.00%	23.96%	-13.25%

Correlation

The correlation between EWP and BBEU is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018	0.84

The correlation between EWP and BBEU has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

EWP vs. BBEU - Sectors Allocation Comparison

Sectors	EWP	BBEU
Financial Services	41.4%	21.8%
Utilities	21.2%	3.0%
Industrials	16.1%	14.8%
Energy	5.3%	3.4%
Technology	4.9%	7.7%
Consumer Cyclical	4.0%	4.7%
Communication Services	2.9%	2.8%
Real Estate	2.9%	0.3%
Healthcare	1.3%	10.7%
Basic Materials	-	4.5%
Consumer Defensive	-	8.4%

Return for Risk

EWP vs. BBEU — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 56
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 50
EWP Omega Ratio Rank: 50
EWP Calmar Ratio Rank: 63
EWP Martin Ratio Rank: 62

BBEU

BBEU Risk / Return Rank: 34
BBEU Sharpe Ratio Rank: 34
BBEU Sortino Ratio Rank: 34
BBEU Omega Ratio Rank: 32
BBEU Calmar Ratio Rank: 33
BBEU Martin Ratio Rank: 38

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. BBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and JPMorgan BetaBuilders Europe ETF (BBEU). 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.

	EWP	BBEU	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.22	+0.62
Sortino ratio Return per unit of downside risk	2.48	1.79	+0.69
Omega ratio Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio Return relative to maximum drawdown	3.18	1.64	+1.54
Martin ratio Return relative to average drawdown	11.33	6.10	+5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWP vs. BBEU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.84, which is higher than the BBEU Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of EWP and BBEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWP	BBEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.22	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.53	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.48	-0.17

Drawdowns

EWP vs. BBEU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than BBEU's maximum drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for EWP and BBEU.

Drawdown Indicators

	EWP	BBEU	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-36.27%	-24.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-12.23%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-14.23%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-31.08%	-2.83%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	—	—
Current Drawdown Current decline from peak	-1.56%	-1.45%	-0.11%
Average Drawdown Average peak-to-trough decline	-21.44%	-6.14%	-15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.28%	-0.09%

Volatility

EWP vs. BBEU - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.86% compared to JPMorgan BetaBuilders Europe ETF (BBEU) at 5.80%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than BBEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	BBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	5.80%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	15.60%	12.92%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	15.46%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	17.48%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	19.32%	+2.91%

EWP vs. BBEU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than BBEU's 0.09% expense ratio.

Dividends

EWP vs. BBEU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.13%, less than BBEU's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBEU JPMorgan BetaBuilders Europe ETF	2.78%	2.83%	4.16%	2.94%	4.72%	2.63%	2.29%	3.24%	0.49%	0.00%	0.00%	0.00%
EWP iShares MSCI Spain ETF	2.13%	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 BBEU in my portfolio?

EWP and BBEU have a correlation of 0.86, 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 BBEU?

EWP has higher volatility (6.86%) compared to BBEU (5.80%). In terms of maximum drawdown, EWP dropped -61.19% vs BBEU's -36.27%.

Which ETF is better, EWP or BBEU?

On 5-year performance, EWP leads with 17.20% vs 9.22% for BBEU. On fees, BBEU is cheaper at 0.09% per year. On volatility, BBEU has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or BBEU?

Over the 5-year period, EWP has performed better with a 17.20% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or BBEU?

BBEU is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

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

BBEU has the higher dividend yield at 2.78%, compared with 2.13% for EWP.

What is the main difference between EWP and BBEU?

EWP tracks MSCI Spain Index, while BBEU tracks Morningstar Developed Europe Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.50% for EWP and 0.09% for BBEU.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.84 vs 1.22), 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.