EWP vs. DAX
EWP (iShares MSCI Spain ETF) and DAX (Global X DAX Germany ETF) are both Europe Equities funds - EWP tracks the MSCI Spain Index while DAX tracks the DAX Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 9.57%/yr for DAX. A 0.75 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.20%/yr for DAX.
Performance
EWP vs. DAX - Performance Comparison
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Returns By Period
In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than DAX's -1.45% return. Over the past 10 years, EWP has outperformed DAX with an annualized return of 12.33%, while DAX has yielded a comparatively lower 9.57% annualized return.
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%
DAX
- 1D
- 0.26%
- 1M
- 0.49%
- YTD
- -1.45%
- 6M
- -0.46%
- 1Y
- 2.74%
- 3Y*
- 16.82%
- 5Y*
- 7.62%
- 10Y*
- 9.57%
EWP vs. DAX - 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% |
DAX Global X DAX Germany ETF | -1.45% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
Correlation
The correlation between EWP and DAX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | 0.75 |
The correlation between EWP and DAX has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
EWP vs. DAX - Sectors Allocation Comparison
Sectors
EWP
DAX
Financial Services
Utilities
Industrials
Energy
-
Technology
Consumer Cyclical
Communication Services
Real Estate
Healthcare
Basic Materials
-
Consumer Defensive
-
Financial Services
EWP
DAX
Utilities
EWP
DAX
Industrials
EWP
DAX
Energy
EWP
DAX
-
Technology
EWP
DAX
Consumer Cyclical
EWP
DAX
Communication Services
EWP
DAX
Real Estate
EWP
DAX
Healthcare
EWP
DAX
Basic Materials
EWP
-
DAX
Consumer Defensive
EWP
-
DAX
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Return for Risk
EWP vs. DAX — Risk / Return Rank
EWP
DAX
EWP vs. DAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Global X DAX Germany ETF (DAX). 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 | DAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.04 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 0.19 | +3.07 |
| Martin ratioReturn relative to average drawdown | 11.51 | 0.58 | +10.93 |
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Drawdowns
EWP vs. DAX - Drawdown Comparison
The maximum EWP drawdown since its inception was -61.19%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for EWP and DAX.
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Drawdown Indicators
| EWP | DAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.19% | -45.58% | -15.61% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -14.82% | +3.44% |
Max Drawdown (3Y)Largest decline over 3 years | -12.19% | -16.03% | +3.84% |
Max Drawdown (5Y)Largest decline over 5 years | -33.91% | -39.72% | +5.81% |
Max Drawdown (10Y)Largest decline over 10 years | -46.36% | -45.58% | -0.78% |
Current DrawdownCurrent decline from peak | 0.00% | -5.39% | +5.39% |
Average DrawdownAverage peak-to-trough decline | -21.41% | -10.49% | -10.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 4.77% | -1.55% |
Volatility
EWP vs. DAX - Volatility Comparison
iShares MSCI Spain ETF (EWP) has a higher volatility of 6.21% compared to Global X DAX Germany ETF (DAX) at 5.86%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWP | DAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 5.86% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 14.79% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 18.01% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 20.44% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 21.25% | +0.97% |
EWP vs. DAX - Expense Ratio Comparison
EWP has a 0.50% expense ratio, which is higher than DAX's 0.20% expense ratio.
Dividends
EWP vs. DAX - Dividend Comparison
EWP's dividend yield for the trailing twelve months is around 2.09%, more than DAX's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | 1.50% | 1.47% | 2.24% | 2.48% | 2.80% | 2.65% | 2.25% | 2.47% | 3.33% | 1.73% | 1.78% | 1.41% |
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 DAX have a correlation of 0.80, 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 DAX (5.86%). In terms of maximum drawdown, EWP dropped -61.19% vs DAX's -45.58%.
On 10-year performance, EWP leads with 12.33% vs 9.57% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 5.86%. 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 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAX is cheaper with a 0.20% expense ratio, compared with 0.50% for EWP.
EWP has the higher dividend yield at 2.09%, compared with 1.50% for DAX.
EWP tracks MSCI Spain Index, while DAX tracks DAX Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for EWP and 0.20% for DAX.
EWP currently has the higher Sharpe Ratio (1.94 vs 0.15), 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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