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EWP vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. EWI

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 14.84%/yr for EWI. A 0.77 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.49%/yr for EWI.

Performance

EWP vs. EWI - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EWP having a 11.25% return and EWI slightly higher at 11.51%. Over the past 10 years, EWP has underperformed EWI with an annualized return of 13.42%, while EWI has yielded a comparatively higher 14.84% 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%

EWI

1D
-1.72%
1M
3.40%
YTD
11.51%
6M
11.36%
1Y
32.13%
3Y*
29.08%
5Y*
16.72%
10Y*
14.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. EWI - 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%
EWI
iShares MSCI Italy ETF		11.51%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%

Correlation

The correlation between EWP and EWI is 0.88, 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

0.88

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

0.85

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

0.86

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

0.84

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

0.77

The correlation between EWP and EWI shifts across timeframes, from 0.77 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.

EWP vs. EWI - Sectors Allocation Comparison

Sectors
EWP
EWI

Financial Services

42.4%
47.9%

Utilities

21.4%
18.0%

Industrials

16.3%
11.1%

Technology

5.6%

-

Consumer Cyclical

4.6%
9.8%

Energy

4.1%
7.4%

Communication Services

2.8%
2.5%

Real Estate

2.8%

-

Healthcare

1.3%
1.4%

Basic Materials

-

1.1%

Consumer Defensive

-

1.0%

Financial Services

EWP
42.4%
EWI
47.9%

Utilities

EWP
21.4%
EWI
18.0%

Industrials

EWP
16.3%
EWI
11.1%

Technology

EWP
5.6%
EWI

-

Consumer Cyclical

EWP
4.6%
EWI
9.8%

Energy

EWP
4.1%
EWI
7.4%

Communication Services

EWP
2.8%
EWI
2.5%

Real Estate

EWP
2.8%
EWI

-

Healthcare

EWP
1.3%
EWI
1.4%

Basic Materials

EWP

-

EWI
1.1%

Consumer Defensive

EWP

-

EWI
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Spain ETF

iShares MSCI Italy ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQEWP vs. EPI
Often compared with EWI:
EWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRLEWI vs. EDEN

Return for Risk

EWP vs. EWI — 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
EWI
EWI Risk / Return Rank: 5454
Overall Rank
EWI Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWI Omega Ratio Rank: 4949
Omega Ratio Rank
EWI Calmar Ratio Rank: 5656
Calmar Ratio Rank
EWI Martin Ratio Rank: 5858
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. EWI - Risk-Adjusted Trends Comparison

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

EWPEWIDifference
Sharpe ratioReturn per unit of total volatility
2.21
1.75

+0.46

Sortino ratioReturn per unit of downside risk
2.94
2.42

+0.53

Omega ratioGain probability vs. loss probability

1.38

1.30

+0.08

Calmar ratioReturn relative to maximum drawdown

3.64

2.59

+1.06

Martin ratioReturn relative to average drawdown

12.92

9.64

+3.27

EWP vs. EWI - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is comparable to the EWI Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of EWP and EWI, 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. EWI - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EWP and EWI.

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Drawdown Indicators

EWPEWIDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-70.38%

+9.19%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-12.48%

+1.10%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-16.80%

+4.61%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-35.25%

+3.62%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-43.00%

-3.36%

Current Drawdown

Current decline from peak

-0.72%

-2.17%

+1.45%

Average Drawdown

Average peak-to-trough decline

-21.40%

-28.89%

+7.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

3.34%

-0.14%

Volatility

EWP vs. EWI - Volatility Comparison

iShares MSCI Spain ETF (EWP) and iShares MSCI Italy ETF (EWI) have volatilities of 5.49% and 5.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

5.76%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

15.40%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

18.44%

+0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

21.16%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

22.66%

-1.10%

EWP vs. EWI - Expense Ratio Comparison

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

Dividends

EWP vs. EWI - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, less than EWI's 3.16% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.16%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
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 EWI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (5.76%) compared to EWP (5.49%). In terms of maximum drawdown, EWP dropped -61.19% vs EWI's -70.38%.

On 10-year performance, EWI leads with 14.84% vs 13.42% for EWP. On fees, EWI is cheaper at 0.49% per year. On volatility, EWP has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.84% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWI has the higher dividend yield at 3.16%, compared with 2.82% for EWP.

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

EWP currently has the higher Sharpe Ratio (2.21 vs 1.75), 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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