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EWP vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. EUFN

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and EUFN (iShares MSCI Europe Financials ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 13.48%/yr for EUFN. Their correlation of 0.86 suggests significant overlap in exposure. EWP charges 0.50%/yr vs 0.48%/yr for EUFN.

Performance

EWP vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares MSCI Europe Financials ETF (EUFN). 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 higher than EUFN's 4.75% return. Over the past 10 years, EWP has underperformed EUFN with an annualized return of 12.33%, while EUFN has yielded a comparatively higher 13.48% annualized return.

EWP

1D
0.63%
1M
4.02%
YTD
8.89%
6M
11.54%
1Y
36.89%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%

EUFN

1D
1.20%
1M
3.32%
YTD
4.75%
6M
9.10%
1Y
26.28%
3Y*
32.04%
5Y*
18.43%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. EUFN - 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%
EUFN
iShares MSCI Europe Financials ETF		4.75%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between EWP and EUFN is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.92

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

0.88

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

0.87

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

0.86

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2010

0.86

The correlation between EWP and EUFN has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

EWP vs. EUFN - Sectors Allocation Comparison

Sectors
EWP
EUFN

Financial Services

41.4%
97.1%

Utilities

21.2%

-

Industrials

16.1%
0.4%

Energy

5.3%

-

Technology

4.9%
1.0%

Consumer Cyclical

4.0%
0.2%

Communication Services

2.9%

-

Real Estate

2.9%

-

Healthcare

1.3%

-

Basic Materials

-

-

Consumer Defensive

-

-

Financial Services

EWP
41.4%
EUFN
97.1%

Utilities

EWP
21.2%
EUFN

-

Industrials

EWP
16.1%
EUFN
0.4%

Energy

EWP
5.3%
EUFN

-

Technology

EWP
4.9%
EUFN
1.0%

Consumer Cyclical

EWP
4.0%
EUFN
0.2%

Communication Services

EWP
2.9%
EUFN

-

Real Estate

EWP
2.9%
EUFN

-

Healthcare

EWP
1.3%
EUFN

-

Basic Materials

EWP

-

EUFN

-

Consumer Defensive

EWP

-

EUFN

-

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

iShares MSCI Europe Financials ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL

Return for Risk

EWP vs. EUFN — 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
EUFN
EUFN Risk / Return Rank: 4242
Overall Rank
EUFN Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4242
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3939
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4141
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4444
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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares MSCI Europe Financials ETF (EUFN). 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.

EWPEUFNDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.31

+0.63

Sortino ratioReturn per unit of downside risk
2.62
1.92

+0.70

Omega ratioGain probability vs. loss probability

1.34

1.23

+0.11

Calmar ratioReturn relative to maximum drawdown

3.26

1.79

+1.47

Martin ratioReturn relative to average drawdown

11.51

6.24

+5.27

EWP vs. EUFN - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the EUFN Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of EWP and EUFN, 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. EUFN - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than EUFN's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for EWP and EUFN.

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Drawdown Indicators

EWPEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-53.25%

-7.94%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-14.77%

+3.39%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-15.95%

+3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-33.91%

-35.15%

+1.24%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-53.25%

+6.89%

Current Drawdown

Current decline from peak

0.00%

-0.10%

+0.10%

Average Drawdown

Average peak-to-trough decline

-21.41%

-14.53%

-6.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

4.23%

-1.01%

Volatility

EWP vs. EUFN - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 6.96%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

6.96%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

17.05%

-0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

20.17%

-1.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

21.88%

-1.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

24.53%

-2.31%

EWP vs. EUFN - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than EUFN's 0.48% expense ratio.

Dividends

EWP vs. EUFN - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than EUFN's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		3.41%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
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

With a correlation of 0.92, EWP and EUFN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EUFN has higher volatility (6.96%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs EUFN's -53.25%.

On 10-year performance, EUFN leads with 13.48% vs 12.33% for EWP. On fees, EUFN is cheaper at 0.48% per year. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUFN has performed better with a 13.48% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.48% expense ratio, compared with 0.50% for EWP.

EUFN has the higher dividend yield at 3.41%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while EUFN is Financials Equities. EWP tracks MSCI Spain Index, while EUFN tracks MSCI Europe Financials Index. Their fees differ too: 0.50% for EWP and 0.48% for EUFN.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.31), 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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