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EWP vs. ERIC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. ERIC

Last updated Jun 14, 2026

EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index, while ERIC (Telefonaktiebolaget LM Ericsson (publ)) is a stock. Over the past 10 years, EWP returned 12.33%/yr vs 8.16%/yr for ERIC. At a 0.47 correlation, their price movements are largely independent.

Performance

EWP vs. ERIC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Telefonaktiebolaget LM Ericsson (publ) (ERIC). 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 8.89% return, which is significantly lower than ERIC's 29.07% return. Over the past 10 years, EWP has outperformed ERIC with an annualized return of 12.33%, while ERIC has yielded a comparatively lower 8.16% annualized return.

EWP

1D
0.63%
1M
5.52%
YTD
8.89%
6M
11.54%
1Y
39.17%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%

ERIC

1D
1.15%
1M
-1.76%
YTD
29.07%
6M
30.15%
1Y
51.44%
3Y*
37.54%
5Y*
2.33%
10Y*
8.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. ERIC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ERIC
Telefonaktiebolaget LM Ericsson (publ)		29.07%24.14%33.36%13.40%-44.43%-7.26%38.51%0.17%35.45%16.57%

Correlation

The correlation between EWP and ERIC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

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

0.49

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

0.52

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

0.48

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.47

The correlation between EWP and ERIC has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

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iShares MSCI Spain ETF

Telefonaktiebolaget LM Ericsson (publ)

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with ERIC:
ERIC vs. NOKERIC vs. TSLAERIC vs. CIENERIC vs. BBVAERIC vs. INFYERIC vs. MNRERIC vs. VOO

Return for Risk

EWP vs. ERIC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 6969
Overall Rank
EWP Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWP Omega Ratio Rank: 6565
Omega Ratio Rank
EWP Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWP Martin Ratio Rank: 7171
Martin Ratio Rank
ERIC
ERIC Risk / Return Rank: 8282
Overall Rank
ERIC Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ERIC Sortino Ratio Rank: 8080
Sortino Ratio Rank
ERIC Omega Ratio Rank: 8282
Omega Ratio Rank
ERIC Calmar Ratio Rank: 8585
Calmar Ratio Rank
ERIC Martin Ratio Rank: 8484
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. ERIC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Telefonaktiebolaget LM Ericsson (publ) (ERIC). 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.

EWPERICDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.37

+0.57

Sortino ratioReturn per unit of downside risk
2.62
2.20

+0.42

Omega ratioGain probability vs. loss probability

1.34

1.30

+0.03

Calmar ratioReturn relative to maximum drawdown

3.26

3.14

+0.12

Martin ratioReturn relative to average drawdown

11.51

7.76

+3.75

EWP vs. ERIC - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the ERIC Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EWP and ERIC, 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. ERIC - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum ERIC drawdown of -98.59%. Use the drawdown chart below to compare losses from any high point for EWP and ERIC.

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Drawdown Indicators

EWPERICDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-98.59%

+37.40%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-15.79%

+4.41%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-22.61%

+10.42%

Max Drawdown (5Y)

Largest decline over 5 years

-32.96%

-63.96%

+31.00%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-66.59%

+20.23%

Current Drawdown

Current decline from peak

0.00%

-82.52%

+82.52%

Average Drawdown

Average peak-to-trough decline

-21.41%

-67.77%

+46.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

6.38%

-3.16%

Volatility

EWP vs. ERIC - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Telefonaktiebolaget LM Ericsson (publ) (ERIC) has a volatility of 14.05%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than ERIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPERICDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

14.05%

-7.84%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

24.72%

-8.63%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

36.24%

-17.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

34.63%

-14.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

35.26%

-13.04%

Dividends

EWP vs. ERIC - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than ERIC's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
ERIC
Telefonaktiebolaget LM Ericsson (publ)		2.55%3.04%3.22%4.07%4.22%2.15%1.36%1.24%1.42%1.67%5.14%5.30%
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 ERIC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ERIC has higher volatility (14.05%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs ERIC's -98.59%.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.37), 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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