EWP vs. EFNL

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 10.11%/yr for EFNL. A 0.68 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.53%/yr for EFNL.

Performance

EWP vs. EFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares MSCI Finland ETF (EFNL). 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 11.25% return and EFNL slightly higher at 11.71%. Over the past 10 years, EWP has outperformed EFNL with an annualized return of 13.42%, while EFNL has yielded a comparatively lower 10.11% annualized return.

EWP

• 1D: -0.72%
• 1M: 6.13%
• YTD: 11.25%
• 6M: 11.48%
• 1Y: 41.28%
• 3Y*: 33.03%
• 5Y*: 18.75%
• 10Y*: 13.42%

EFNL

• 1D: -2.56%
• 1M: -5.85%
• YTD: 11.71%
• 6M: 12.28%
• 1Y: 34.67%
• 3Y*: 19.81%
• 5Y*: 5.46%
• 10Y*: 10.11%

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

EWP vs. EFNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	11.25%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
EFNL iShares MSCI Finland ETF	11.71%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%

Correlation

The correlation between EWP and EFNL is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012	0.68

The correlation between EWP and EFNL has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

EWP vs. EFNL - Sectors Allocation Comparison

Sectors	EWP	EFNL
Financial Services	42.4%	25.9%
Utilities	21.4%	3.6%
Industrials	16.3%	20.3%
Technology	5.6%	23.3%
Consumer Cyclical	4.6%	4.2%
Energy	4.1%	4.1%
Communication Services	2.8%	2.3%
Real Estate	2.8%	0.7%
Healthcare	1.3%	3.5%
Basic Materials	-	8.9%
Consumer Defensive	-	2.8%

Return for Risk

EWP vs. EFNL — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 71
EWP Sharpe Ratio Rank: 73
EWP Sortino Ratio Rank: 68
EWP Omega Ratio Rank: 67
EWP Calmar Ratio Rank: 75
EWP Martin Ratio Rank: 73

EFNL

EFNL Risk / Return Rank: 66
EFNL Sharpe Ratio Rank: 60
EFNL Sortino Ratio Rank: 55
EFNL Omega Ratio Rank: 55
EFNL Calmar Ratio Rank: 83
EFNL Martin Ratio Rank: 76

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. EFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares MSCI Finland ETF (EFNL). 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	EFNL	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.86	+0.34
Sortino ratio: Return per unit of downside risk	2.94	2.47	+0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.64	4.15	-0.51
Martin ratio: Return relative to average drawdown	12.92	13.42	-0.51

EWP vs. EFNL - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is comparable to the EFNL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of EWP and EFNL, 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. EFNL - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than EFNL's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for EWP and EFNL.

Drawdown Indicators

	EWP	EFNL	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-38.70%	-22.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.38%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-15.93%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-38.70%	+7.07%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-38.70%	-7.66%
Current Drawdown Current decline from peak	-0.72%	-8.22%	+7.50%
Average Drawdown Average peak-to-trough decline	-21.40%	-10.91%	-10.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.59%	+0.61%

Volatility

EWP vs. EFNL - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 5.49%, while iShares MSCI Finland ETF (EFNL) has a volatility of 8.82%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	EFNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	8.82%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	15.81%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	18.70%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	19.88%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	19.93%	+1.63%

EWP vs. EFNL - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than EFNL's 0.53% expense ratio.

Dividends

EWP vs. EFNL - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, more than EFNL's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.02%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
EWP iShares MSCI Spain ETF	2.82%	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 EFNL in my portfolio?

EWP and EFNL have a correlation of 0.67, 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 EFNL?

EFNL has higher volatility (8.82%) compared to EWP (5.49%). In terms of maximum drawdown, EWP dropped -61.19% vs EFNL's -38.70%.

Which ETF is better, EWP or EFNL?

On 10-year performance, EWP leads with 13.42% vs 10.11% for EFNL. On fees, EWP is cheaper at 0.50% per year. On volatility, EWP has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or EFNL?

Over the 10-year period, EWP has performed better with a 13.42% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or EFNL?

EWP is cheaper with a 0.50% expense ratio, compared with 0.53% for EFNL.

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

EWP has the higher dividend yield at 2.82%, compared with 1.02% for EFNL.

What is the main difference between EWP and EFNL?

EWP tracks MSCI Spain Index, while EFNL tracks MSCI Finland IMI 25/50 Index. Their fees differ too: 0.50% for EWP and 0.53% for EFNL.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.21 vs 1.86), 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.