EWP vs. EWG

Last updated Jul 14, 2026

EWP (iShares MSCI Spain ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EWP returned 12.22%/yr vs 7.74%/yr for EWG. A 0.74 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.49%/yr for EWG.

Performance

EWP vs. EWG - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 11.08% return, which is significantly higher than EWG's -1.04% return. Over the past 10 years, EWP has outperformed EWG with an annualized return of 12.22%, while EWG has yielded a comparatively lower 7.74% annualized return.

EWP

• 1D: -0.86%
• 1M: 2.02%
• 6M: 8.96%
• YTD: 11.08%
• 1Y: 37.49%
• 3Y*: 30.50%
• 5Y*: 20.00%
• 10Y*: 12.22%

EWG

• 1D: -0.63%
• 1M: -0.60%
• 6M: -4.05%
• YTD: -1.04%
• 1Y: -0.93%
• 3Y*: 14.46%
• 5Y*: 5.96%
• 10Y*: 7.74%

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

EWP vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	11.08%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
EWG iShares MSCI Germany ETF	-1.04%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%

Correlation

The correlation between EWP and EWG is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.74

The correlation between EWP and EWG has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

EWP vs. EWG - Sectors Allocation Comparison

Sectors	EWP	EWG
Financial Services	44.3%	20.6%
Utilities	21.6%	4.3%
Industrials	16.0%	29.9%
Technology	4.9%	16.3%
Consumer Cyclical	4.6%	8.7%
Energy	3.9%	-
Communication Services	2.4%	6.5%
Real Estate	2.3%	0.9%
Healthcare	1.3%	6.0%
Basic Materials	-	5.5%
Consumer Defensive	-	1.3%

Return for Risk

EWP vs. EWG — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 78
EWP Sharpe Ratio Rank: 80
EWP Sortino Ratio Rank: 77
EWP Omega Ratio Rank: 75
EWP Calmar Ratio Rank: 80
EWP Martin Ratio Rank: 78

EWG

EWG Risk / Return Rank: 8
EWG Sharpe Ratio Rank: 9
EWG Sortino Ratio Rank: 8
EWG Omega Ratio Rank: 8
EWG Calmar Ratio Rank: 9
EWG Martin Ratio Rank: 8

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. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares MSCI Germany ETF (EWG). 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	EWG	Difference
Sharpe ratio: Return per unit of total volatility	2.01	-0.05	+2.06
Sortino ratio: Return per unit of downside risk	2.72	0.05	+2.67
Omega ratio: Gain probability vs. loss probability	1.35	1.01	+0.34
Calmar ratio: Return relative to maximum drawdown	3.31	-0.06	+3.37
Martin ratio: Return relative to average drawdown	11.81	-0.18	+11.99

EWP vs. EWG - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.01, which is higher than the EWG Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of EWP and EWG, 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. EWG - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EWP and EWG.

Drawdown Indicators

	EWP	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-67.57%	+6.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-14.54%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-15.81%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-42.59%	+12.33%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-46.80%	+0.44%
Current Drawdown Current decline from peak	-2.22%	-5.62%	+3.40%
Average Drawdown Average peak-to-trough decline	-21.36%	-19.15%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	5.11%	-1.93%

Volatility

EWP vs. EWG - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 5.15%, while iShares MSCI Germany ETF (EWG) has a volatility of 5.48%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	5.48%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	16.28%	15.18%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.78%	17.78%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	20.57%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	20.80%	+0.67%

EWP vs. EWG - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

EWP vs. EWG - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, more than EWG's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	2.02%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
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 EWG in my portfolio?

EWP and EWG have a correlation of 0.80, 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 EWG?

EWG has higher volatility (5.48%) compared to EWP (5.15%). In terms of maximum drawdown, EWP dropped -61.19% vs EWG's -67.57%.

Which ETF is better, EWP or EWG?

On 10-year performance, EWP leads with 12.22% vs 7.74% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWP has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or EWG?

Over the 10-year period, EWP has performed better with a 12.22% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or EWG?

EWG is cheaper with a 0.49% expense ratio, compared with 0.50% for EWP.

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

EWP has the higher dividend yield at 2.82%, compared with 2.02% for EWG.

What is the main difference between EWP and EWG?

EWP tracks MSCI Spain Index, while EWG tracks MSCI Germany Index. Their fees differ too: 0.50% for EWP and 0.49% for EWG.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.01 vs -0.05), 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.