EWP vs. EWL

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 10.14%/yr for EWL. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWP vs. EWL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, EWP has outperformed EWL with an annualized return of 12.33%, while EWL has yielded a comparatively lower 10.14% 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%

EWL

• 1D: -0.30%
• 1M: 1.55%
• YTD: 4.60%
• 6M: 7.45%
• 1Y: 13.57%
• 3Y*: 12.47%
• 5Y*: 6.50%
• 10Y*: 10.14%

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

EWP vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EWL iShares MSCI Switzerland ETF	4.60%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between EWP and EWL is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.62

The correlation between EWP and EWL has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

EWP vs. EWL - Sectors Allocation Comparison

Sectors	EWP	EWL
Financial Services	41.4%	18.6%
Utilities	21.2%	0.4%
Industrials	16.1%	12.0%
Energy	5.3%	-
Technology	4.9%	0.9%
Consumer Cyclical	4.0%	5.4%
Communication Services	2.9%	1.3%
Real Estate	2.9%	0.9%
Healthcare	1.3%	38.8%
Basic Materials	-	6.6%
Consumer Defensive	-	14.9%

Return for Risk

EWP vs. EWL — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

EWL

EWL Risk / Return Rank: 26
EWL Sharpe Ratio Rank: 27
EWL Sortino Ratio Rank: 26
EWL Omega Ratio Rank: 25
EWL Calmar Ratio Rank: 24
EWL Martin Ratio Rank: 27

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. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares MSCI Switzerland ETF (EWL). 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	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.85	+1.09
Sortino ratio: Return per unit of downside risk	2.62	1.30	+1.32
Omega ratio: Gain probability vs. loss probability	1.34	1.15	+0.18
Calmar ratio: Return relative to maximum drawdown	3.26	1.01	+2.25
Martin ratio: Return relative to average drawdown	11.51	3.24	+8.27

EWP vs. EWL - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EWP and EWL, 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. EWL - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWP and EWL.

Drawdown Indicators

	EWP	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-51.62%	-9.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-13.48%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-13.48%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-28.99%	-4.92%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-28.99%	-17.37%
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-21.41%	-11.08%	-10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	4.22%	-1.00%

Volatility

EWP vs. EWL - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.21% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	5.12%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	12.70%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	16.09%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	16.13%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	16.47%	+5.75%

EWP vs. EWL - Expense Ratio Comparison

Both EWP and EWL have an expense ratio of 0.50%.

Dividends

EWP vs. EWL - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, more than EWL's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.63%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
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

Can I hold both EWP and EWL in my portfolio?

EWP and EWL have a correlation of 0.69, 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 EWL?

EWP has higher volatility (6.21%) compared to EWL (5.12%). In terms of maximum drawdown, EWP dropped -61.19% vs EWL's -51.62%.

Which ETF is better, EWP or EWL?

On 10-year performance, EWP leads with 12.33% vs 10.14% for EWL. Both ETFs have the same 0.50% expense ratio. On volatility, EWL has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or EWL?

Over the 10-year period, EWP has performed better with a 12.33% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or EWL?

EWP and EWL have the same expense ratio: 0.50% per year.

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

EWP has the higher dividend yield at 2.09%, compared with 1.63% for EWL.

What is the main difference between EWP and EWL?

EWP tracks MSCI Spain Index, while EWL tracks MSCI Switzerland Index.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 0.85), 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.