EWP vs. EWO

Last updated Jun 4, 2026

EWP (iShares MSCI Spain ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 10 years, EWP returned 10.99%/yr vs 14.00%/yr for EWO. A 0.62 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.49%/yr for EWO.

Performance

EWP vs. EWO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 5.49% return, which is significantly lower than EWO's 14.52% return. Over the past 10 years, EWP has underperformed EWO with an annualized return of 10.99%, while EWO has yielded a comparatively higher 14.00% annualized return.

EWP

• 1D: -1.06%
• 1M: 3.64%
• YTD: 5.49%
• 6M: 10.02%
• 1Y: 34.73%
• 3Y*: 30.89%
• 5Y*: 17.03%
• 10Y*: 10.99%

EWO

• 1D: -1.79%
• 1M: 5.62%
• YTD: 14.52%
• 6M: 21.29%
• 1Y: 43.71%
• 3Y*: 33.18%
• 5Y*: 14.75%
• 10Y*: 14.00%

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

EWP vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
EWO iShares MSCI Austria ETF	14.52%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%

Correlation

The correlation between EWP and EWO is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 2, 1996	0.62

The correlation between EWP and EWO shifts across timeframes, from 0.62 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

EWP vs. EWO - Sectors Allocation Comparison

Sectors	EWP	EWO
Financial Services	41.4%	46.6%
Utilities	21.2%	7.5%
Industrials	16.1%	14.2%
Energy	5.3%	10.8%
Technology	4.9%	6.6%
Consumer Cyclical	4.0%	1.9%
Communication Services	2.9%	-
Real Estate	2.9%	4.4%
Healthcare	1.3%	-
Basic Materials	-	8.1%
Consumer Defensive	-	-

Return for Risk

EWP vs. EWO — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

EWO

EWO Risk / Return Rank: 66
EWO Sharpe Ratio Rank: 72
EWO Sortino Ratio Rank: 71
EWO Omega Ratio Rank: 65
EWO Calmar Ratio Rank: 63
EWO Martin Ratio Rank: 59

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. EWO - Risk-Adjusted Trends Comparison

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

	EWP	EWO	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.38	-0.51
Sortino ratio: Return per unit of downside risk	2.51	3.27	-0.76
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	3.07	3.12	-0.05
Martin ratio: Return relative to average drawdown	10.91	10.58	+0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWP vs. EWO - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.87, which is comparable to the EWO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EWP and EWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWP	EWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.38	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.68	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.61	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.27	+0.04

Drawdowns

EWP vs. EWO - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for EWP and EWO.

Drawdown Indicators

	EWP	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-75.69%	+14.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-14.08%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-16.75%	+4.56%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-41.82%	+7.91%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-58.10%	+11.74%
Current Drawdown Current decline from peak	-2.60%	-1.79%	-0.81%
Average Drawdown Average peak-to-trough decline	-21.43%	-28.12%	+6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.14%	-0.95%

Volatility

EWP vs. EWO - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.12%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.71%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	6.71%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	15.08%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	18.52%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	21.84%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	22.86%	-0.63%

EWP vs. EWO - Expense Ratio Comparison

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

Dividends

EWP vs. EWO - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.15%, more than EWO's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.08%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
EWP iShares MSCI Spain ETF	2.15%	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 EWO in my portfolio?

EWP and EWO have a correlation of 0.76, 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 EWO?

EWO has higher volatility (6.71%) compared to EWP (6.12%). In terms of maximum drawdown, EWP dropped -61.19% vs EWO's -75.69%.

Which ETF is better, EWP or EWO?

On 10-year performance, EWO leads with 14.00% vs 10.99% for EWP. On fees, EWO is cheaper at 0.49% per year. On volatility, EWP has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or EWO?

Over the 10-year period, EWO has performed better with a 14.00% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or EWO?

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

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

EWP has the higher dividend yield at 2.15%, compared with 2.08% for EWO.

What is the main difference between EWP and EWO?

EWP tracks MSCI Spain Index, while EWO tracks MSCI Austria Investable Market Index. Their fees differ too: 0.50% for EWP and 0.49% for EWO.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.38 vs 1.87), 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.