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EWP vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. EWM

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 2.79%/yr for EWM. At a 0.40 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.49%/yr for EWM.

Performance

EWP vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares MSCI Malaysia ETF (EWM). 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 EWM's 2.89% return. Over the past 10 years, EWP has outperformed EWM with an annualized return of 12.33%, while EWM has yielded a comparatively lower 2.79% 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%

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. EWM - 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%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EWP and EWM is 0.52, 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

0.52

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

0.43

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

0.43

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

0.45

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

0.40

The correlation between EWP and EWM shifts across timeframes, from 0.40 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWP vs. EWM - Sectors Allocation Comparison

Sectors
EWP
EWM

Financial Services

41.4%
46.6%

Utilities

21.2%
10.8%

Industrials

16.1%
11.1%

Energy

5.3%
3.9%

Technology

4.9%

-

Consumer Cyclical

4.0%
1.1%

Communication Services

2.9%
6.6%

Real Estate

2.9%

-

Healthcare

1.3%
3.8%

Basic Materials

-

8.9%

Consumer Defensive

-

7.3%

Financial Services

EWP
41.4%
EWM
46.6%

Utilities

EWP
21.2%
EWM
10.8%

Industrials

EWP
16.1%
EWM
11.1%

Energy

EWP
5.3%
EWM
3.9%

Technology

EWP
4.9%
EWM

-

Consumer Cyclical

EWP
4.0%
EWM
1.1%

Communication Services

EWP
2.9%
EWM
6.6%

Real Estate

EWP
2.9%
EWM

-

Healthcare

EWP
1.3%
EWM
3.8%

Basic Materials

EWP

-

EWM
8.9%

Consumer Defensive

EWP

-

EWM
7.3%

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 Malaysia ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

EWP vs. EWM — 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
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
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. EWM - Risk-Adjusted Trends Comparison

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

EWPEWMDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.36

+0.58

Sortino ratioReturn per unit of downside risk
2.62
1.92

+0.70

Omega ratioGain probability vs. loss probability

1.34

1.24

+0.10

Calmar ratioReturn relative to maximum drawdown

3.26

2.09

+1.16

Martin ratioReturn relative to average drawdown

11.51

6.65

+4.86

EWP vs. EWM - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EWP and EWM, 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. EWM - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EWP and EWM.

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Drawdown Indicators

EWPEWMDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-89.19%

+28.00%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-9.14%

-2.24%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-21.31%

+9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-33.91%

-22.76%

-11.15%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-43.81%

-2.55%

Current Drawdown

Current decline from peak

0.00%

-9.08%

+9.08%

Average Drawdown

Average peak-to-trough decline

-21.41%

-31.80%

+10.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

2.87%

+0.35%

Volatility

EWP vs. EWM - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.21% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

3.97%

+2.24%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

10.95%

+5.14%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

14.10%

+5.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

13.72%

+6.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

16.27%

+5.95%

EWP vs. EWM - Expense Ratio Comparison

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

Dividends

EWP vs. EWM - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
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 EWM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (6.21%) compared to EWM (3.97%). In terms of maximum drawdown, EWP dropped -61.19% vs EWM's -89.19%.

On 10-year performance, EWP leads with 12.33% vs 2.79% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 12.33% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWM has the higher dividend yield at 3.32%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while EWM is Asia Pacific Equities. EWP tracks MSCI Spain Index, while EWM tracks MSCI Malaysia Index. Their fees differ too: 0.50% for EWP and 0.49% for EWM.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.36), 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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