EWP vs. EPOL

Last updated Aug 2, 2026

EWP (iShares MSCI Spain ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain 25/50 Index (Net) while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, EWP returned 12.83%/yr vs 11.96%/yr for EPOL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. EWP charges 0.50%/yr vs 0.61%/yr for EPOL.

Performance

EWP vs. EPOL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 15.87% return, which is significantly lower than EPOL's 22.62% return. Over the past 10 years, EWP has outperformed EPOL with an annualized return of 12.83%, while EPOL has yielded a comparatively lower 11.96% annualized return.

EWP

• 1D: 0.07%
• 1M: 3.05%
• 6M: 10.97%
• YTD: 15.87%
• 1Y: 42.25%
• 3Y*: 33.14%
• 5Y*: 20.97%
• 10Y*: 12.83%
• ALL TIME*: 8.75%

EPOL

• 1D: 0.16%
• 1M: 8.60%
• 6M: 14.79%
• YTD: 22.62%
• 1Y: 40.70%
• 3Y*: 33.53%
• 5Y*: 18.62%
• 10Y*: 11.96%
• ALL TIME*: 6.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPOL iShares MSCI Poland ETF	$18.30M	$16.66M	$16.43M
EWP iShares MSCI Spain ETF	$15.85M	$23.74M	$20.93M

EWP vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	15.87%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
EPOL iShares MSCI Poland ETF	22.62%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%

Correlation

The correlation between EWP and EPOL is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since May 26, 2010	0.65

The correlation between EWP and EPOL has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

EWP vs. EPOL - Sectors Allocation Comparison

Sectors	EWP	EPOL
Financial Services	43.9%	45.7%
Utilities	21.9%	4.5%
Industrials	16.3%	1.8%
Technology	4.8%	1.7%
Consumer Cyclical	4.5%	14.0%
Energy	3.9%	13.2%
Communication Services	2.4%	5.4%
Real Estate	2.4%	-
Healthcare	1.3%	0.7%
Basic Materials	-	7.1%
Consumer Defensive	-	6.0%

Return for Risk

EWP vs. EPOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWP

EWP Risk / Return Rank: 88
EWP Sharpe Ratio Rank: 89
EWP Sortino Ratio Rank: 88
EWP Omega Ratio Rank: 86
EWP Calmar Ratio Rank: 89
EWP Martin Ratio Rank: 88

EPOL

EPOL Risk / Return Rank: 79
EPOL Sharpe Ratio Rank: 78
EPOL Sortino Ratio Rank: 78
EPOL Omega Ratio Rank: 70
EPOL Calmar Ratio Rank: 89
EPOL Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWP vs. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares MSCI Poland ETF (EPOL). 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	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.76	+0.43
Sortino ratio: Return per unit of downside risk	2.96	2.49	+0.47
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	3.67	3.68	-0.01
Martin ratio: Return relative to average drawdown	13.09	9.96	+3.13

EWP vs. EPOL - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.19, which is comparable to the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EWP and EPOL, 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. EPOL - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, roughly equal to the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for EWP and EPOL.

Drawdown Indicators

	EWP	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-63.72%	+2.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-11.04%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-19.56%	+7.37%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-54.21%	+23.95%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-61.41%	+15.05%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.33%	-26.64%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.07%	-0.88%

Volatility

EWP vs. EPOL - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.92% compared to iShares MSCI Poland ETF (EPOL) at 5.29%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	5.29%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	16.53%	18.34%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.11%	23.12%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	29.12%	-8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	27.42%	-5.92%

EWP vs. EPOL - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

EWP vs. EPOL - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.71%, less than EPOL's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	3.44%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
EWP iShares MSCI Spain ETF	2.71%	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 EPOL in my portfolio?

EWP and EPOL have a correlation of 0.64, 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 EPOL?

EWP has higher volatility (5.92%) compared to EPOL (5.29%). In terms of maximum drawdown, EWP dropped -61.19% vs EPOL's -63.72%.

Which ETF is better, EWP or EPOL?

On 10-year performance, EWP leads with 12.83% vs 11.96% for EPOL. On fees, EWP is cheaper at 0.50% per year. On volatility, EPOL has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or EPOL?

Over the 10-year period, EWP has performed better with a 12.83% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or EPOL?

EWP is cheaper with a 0.50% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 3.44%, compared with 2.71% for EWP.

What is the main difference between EWP and EPOL?

EWP tracks MSCI Spain 25/50 Index (Net), while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.50% for EWP and 0.61% for EPOL.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.19 vs 1.76), 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.