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EWP vs. EPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. EPI

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and EPI (WisdomTree India Earnings Fund) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while EPI is a Emerging Markets Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 9.68%/yr for EPI. A 0.54 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.84%/yr for EPI.

Performance

EWP vs. EPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and WisdomTree India Earnings Fund (EPI). 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 11.25% return, which is significantly higher than EPI's -7.84% return. Over the past 10 years, EWP has outperformed EPI with an annualized return of 13.42%, while EPI has yielded a comparatively lower 9.68% 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%

EPI

1D
-1.80%
1M
0.68%
YTD
-7.84%
6M
-8.06%
1Y
-7.64%
3Y*
7.99%
5Y*
6.29%
10Y*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. EPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EPI
WisdomTree India Earnings Fund		-7.84%2.25%10.70%26.03%-4.74%26.41%18.55%1.53%-9.88%39.14%

Correlation

The correlation between EWP and EPI is 0.51, 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

0.51

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

0.41

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

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2008

0.54

The correlation between EWP and EPI shifts across timeframes, from 0.41 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWP vs. EPI - Sectors Allocation Comparison

Sectors
EWP
EPI

Financial Services

42.4%
23.2%

Utilities

21.4%
8.3%

Industrials

16.3%
9.9%

Technology

5.6%
8.3%

Consumer Cyclical

4.6%
7.6%

Energy

4.1%
16.4%

Communication Services

2.8%
2.0%

Real Estate

2.8%
0.9%

Healthcare

1.3%
5.8%

Basic Materials

-

14.2%

Consumer Defensive

-

3.5%

Financial Services

EWP
42.4%
EPI
23.2%

Utilities

EWP
21.4%
EPI
8.3%

Industrials

EWP
16.3%
EPI
9.9%

Technology

EWP
5.6%
EPI
8.3%

Consumer Cyclical

EWP
4.6%
EPI
7.6%

Energy

EWP
4.1%
EPI
16.4%

Communication Services

EWP
2.8%
EPI
2.0%

Real Estate

EWP
2.8%
EPI
0.9%

Healthcare

EWP
1.3%
EPI
5.8%

Basic Materials

EWP

-

EPI
14.2%

Consumer Defensive

EWP

-

EPI
3.5%

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

WisdomTree India Earnings Fund

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with EPI:
EPI vs. INDAEPI vs. FLINEPI vs. INDYEPI vs. SMINEPI vs. NFTYEPI vs. GLINEPI vs. INCO

Return for Risk

EWP vs. EPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
Martin Ratio Rank
EPI
EPI Risk / Return Rank: 55
Overall Rank
EPI Sharpe Ratio Rank: 55
Sharpe Ratio Rank
EPI Sortino Ratio Rank: 44
Sortino Ratio Rank
EPI Omega Ratio Rank: 55
Omega Ratio Rank
EPI Calmar Ratio Rank: 55
Calmar Ratio Rank
EPI Martin Ratio Rank: 44
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. EPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and WisdomTree India Earnings Fund (EPI). 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.

EWPEPIDifference
Sharpe ratioReturn per unit of total volatility
2.21
-0.50

+2.71

Sortino ratioReturn per unit of downside risk
2.94
-0.63

+3.58

Omega ratioGain probability vs. loss probability

1.38

0.93

+0.45

Calmar ratioReturn relative to maximum drawdown

3.64

-0.45

+4.10

Martin ratioReturn relative to average drawdown

12.92

-1.05

+13.96

EWP vs. EPI - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is higher than the EPI Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of EWP and EPI, 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. EPI - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum EPI drawdown of -66.21%. Use the drawdown chart below to compare losses from any high point for EWP and EPI.

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Drawdown Indicators

EWPEPIDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-66.21%

+5.02%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-16.88%

+5.50%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-21.89%

+9.70%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-21.89%

-9.74%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-50.29%

+3.93%

Current Drawdown

Current decline from peak

-0.72%

-15.84%

+15.12%

Average Drawdown

Average peak-to-trough decline

-21.40%

-18.64%

-2.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

7.33%

-4.13%

Volatility

EWP vs. EPI - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.49% compared to WisdomTree India Earnings Fund (EPI) at 4.49%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than EPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

4.49%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

13.15%

+2.92%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

15.21%

+3.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

16.26%

+4.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

20.30%

+1.26%

EWP vs. EPI - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than EPI's 0.84% expense ratio.

Dividends

EWP vs. EPI - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, while EPI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EPI
WisdomTree India Earnings Fund		0.00%0.00%0.27%0.15%6.01%1.18%0.78%1.17%1.18%0.85%1.05%1.20%
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

EWP and EPI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to EPI (4.49%). In terms of maximum drawdown, EWP dropped -61.19% vs EPI's -66.21%.

On 10-year performance, EWP leads with 13.42% vs 9.68% for EPI. On fees, EWP is cheaper at 0.50% per year. On volatility, EPI has been the lower-risk option at 4.49%. 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 13.42% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.84% for EPI.

EWP has the higher dividend yield at 2.82%, compared with 0.00% for EPI.

EWP is categorized as Europe Equities, while EPI is Emerging Markets Equities. EWP tracks MSCI Spain Index, while EPI tracks WisdomTree India Earnings Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EWP and 0.84% for EPI.

EWP currently has the higher Sharpe Ratio (2.21 vs -0.50), 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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