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EWP vs. EWQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. EWQ

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 10.31%/yr for EWQ. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWP vs. EWQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares MSCI France ETF (EWQ). 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 11.25% return, which is significantly higher than EWQ's 1.84% return. Over the past 10 years, EWP has outperformed EWQ with an annualized return of 13.42%, while EWQ has yielded a comparatively lower 10.31% 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%

EWQ

1D
-1.02%
1M
1.44%
YTD
1.84%
6M
2.05%
1Y
10.78%
3Y*
9.62%
5Y*
6.51%
10Y*
10.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. EWQ - 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%
EWQ
iShares MSCI France ETF		1.84%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%

Correlation

The correlation between EWP and EWQ is 0.80, 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

0.80

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

0.78

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

0.82

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

0.82

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

0.77

The correlation between EWP and EWQ has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

EWP vs. EWQ - Sectors Allocation Comparison

Sectors
EWP
EWQ

Financial Services

42.4%
12.8%

Utilities

21.4%
2.6%

Industrials

16.3%
31.1%

Technology

5.6%
4.1%

Consumer Cyclical

4.6%
12.0%

Energy

4.1%
8.0%

Communication Services

2.8%
3.1%

Real Estate

2.8%
1.3%

Healthcare

1.3%
8.7%

Basic Materials

-

7.1%

Consumer Defensive

-

8.5%

Financial Services

EWP
42.4%
EWQ
12.8%

Utilities

EWP
21.4%
EWQ
2.6%

Industrials

EWP
16.3%
EWQ
31.1%

Technology

EWP
5.6%
EWQ
4.1%

Consumer Cyclical

EWP
4.6%
EWQ
12.0%

Energy

EWP
4.1%
EWQ
8.0%

Communication Services

EWP
2.8%
EWQ
3.1%

Real Estate

EWP
2.8%
EWQ
1.3%

Healthcare

EWP
1.3%
EWQ
8.7%

Basic Materials

EWP

-

EWQ
7.1%

Consumer Defensive

EWP

-

EWQ
8.5%

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 France ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EPI
Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN

Return for Risk

EWP vs. EWQ — 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
EWQ
EWQ Risk / Return Rank: 1919
Overall Rank
EWQ Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 1818
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1818
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1919
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2121
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. EWQ - Risk-Adjusted Trends Comparison

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

EWPEWQDifference
Sharpe ratioReturn per unit of total volatility
2.21
0.61

+1.59

Sortino ratioReturn per unit of downside risk
2.94
0.98

+1.97

Omega ratioGain probability vs. loss probability

1.38

1.12

+0.26

Calmar ratioReturn relative to maximum drawdown

3.64

0.78

+2.86

Martin ratioReturn relative to average drawdown

12.92

2.37

+10.55

EWP vs. EWQ - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is higher than the EWQ Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of EWP and EWQ, 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. EWQ - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, roughly equal to the maximum EWQ drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWP and EWQ.

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Drawdown Indicators

EWPEWQDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-61.41%

+0.22%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-13.80%

+2.42%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-15.16%

+2.97%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-31.46%

-0.17%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-39.23%

-7.13%

Current Drawdown

Current decline from peak

-0.72%

-5.24%

+4.52%

Average Drawdown

Average peak-to-trough decline

-21.40%

-16.06%

-5.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

4.56%

-1.36%

Volatility

EWP vs. EWQ - Volatility Comparison

iShares MSCI Spain ETF (EWP) and iShares MSCI France ETF (EWQ) have volatilities of 5.49% and 5.62%, 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

EWPEWQDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

5.62%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

14.27%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

17.64%

+1.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

19.88%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

20.45%

+1.11%

EWP vs. EWQ - Expense Ratio Comparison

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

Dividends

EWP vs. EWQ - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, less than EWQ's 2.94% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWQ
iShares MSCI France ETF		2.94%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%

Frequently Asked Questions

EWP and EWQ 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.

EWQ has higher volatility (5.62%) compared to EWP (5.49%). In terms of maximum drawdown, EWP dropped -61.19% vs EWQ's -61.41%.

On 10-year performance, EWP leads with 13.42% vs 10.31% for EWQ. Both ETFs have the same 0.50% expense ratio. 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, EWP has performed better with a 13.42% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWQ has the higher dividend yield at 2.94%, compared with 2.82% for EWP.

EWP tracks MSCI Spain Index, while EWQ tracks MSCI France Index.

EWP currently has the higher Sharpe Ratio (2.21 vs 0.61), 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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