EWP vs. DISV

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and DISV (Dimensional International Small Cap Value ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while DISV is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional. EWP is passively managed, while DISV is actively managed. Over the past 3 years, EWP returned 32.21%/yr vs 23.86%/yr for DISV. A 0.78 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.42%/yr for DISV.

Performance

EWP vs. DISV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Dimensional International Small Cap Value ETF (DISV). 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 lower than DISV's 11.15% 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%

DISV

• 1D: 0.82%
• 1M: -0.33%
• YTD: 11.15%
• 6M: 13.74%
• 1Y: 33.75%
• 3Y*: 23.86%
• 5Y*: —
• 10Y*: —

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

EWP vs. DISV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-0.00%
DISV Dimensional International Small Cap Value ETF	11.15%	47.42%	5.87%	19.52%	-9.36%

Correlation

The correlation between EWP and DISV is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.78

The correlation between EWP and DISV has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

EWP vs. DISV - Sectors Allocation Comparison

Sectors	EWP	DISV
Financial Services	41.4%	18.6%
Utilities	21.2%	2.6%
Industrials	16.1%	18.1%
Energy	5.3%	9.2%
Technology	4.9%	4.1%
Consumer Cyclical	4.0%	15.3%
Communication Services	2.9%	3.4%
Real Estate	2.9%	3.2%
Healthcare	1.3%	3.0%
Basic Materials	-	18.3%
Consumer Defensive	-	4.3%

Return for Risk

EWP vs. DISV — 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

DISV

DISV Risk / Return Rank: 70
DISV Sharpe Ratio Rank: 78
DISV Sortino Ratio Rank: 78
DISV Omega Ratio Rank: 75
DISV Calmar Ratio Rank: 59
DISV Martin Ratio Rank: 61

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. DISV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Dimensional International Small Cap Value ETF (DISV). 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	DISV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.18	-0.24
Sortino ratio: Return per unit of downside risk	2.62	2.98	-0.36
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.26	2.56	+0.70
Martin ratio: Return relative to average drawdown	11.51	9.52	+1.99

EWP vs. DISV - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is comparable to the DISV Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of EWP and DISV, 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. DISV - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than DISV's maximum drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for EWP and DISV.

Drawdown Indicators

	EWP	DISV	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-26.77%	-34.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-12.69%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-14.15%	+1.96%
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%	-2.21%	+2.21%
Average Drawdown Average peak-to-trough decline	-21.41%	-4.89%	-16.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.41%	-0.19%

Volatility

EWP vs. DISV - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.21% compared to Dimensional International Small Cap Value ETF (DISV) at 5.06%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than DISV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	DISV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	5.06%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	12.26%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	14.92%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	17.40%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	17.40%	+4.82%

EWP vs. DISV - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than DISV's 0.42% expense ratio.

Dividends

EWP vs. DISV - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than DISV's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DISV Dimensional International Small Cap Value ETF	2.38%	2.69%	2.77%	2.73%	1.23%	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 DISV in my portfolio?

EWP and DISV have a correlation of 0.74, 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 DISV?

EWP has higher volatility (6.21%) compared to DISV (5.06%). In terms of maximum drawdown, EWP dropped -61.19% vs DISV's -26.77%.

Which ETF is better, EWP or DISV?

On 3-year performance, EWP leads with 32.21% vs 23.86% for DISV. On fees, DISV is cheaper at 0.42% per year. On volatility, DISV has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or DISV?

Over the 3-year period, EWP has performed better with a 32.21% return vs 23.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or DISV?

DISV is cheaper with a 0.42% expense ratio, compared with 0.50% for EWP.

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

DISV has the higher dividend yield at 2.38%, compared with 2.09% for EWP.

What is the main difference between EWP and DISV?

EWP is categorized as Europe Equities, while DISV is Foreign Small & Mid Cap Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.50% for EWP and 0.42% for DISV.

Which has better risk-adjusted returns?

DISV currently has the higher Sharpe Ratio (2.18 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.