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EWP vs. FXU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. FXU

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and FXU (First Trust Utilities AlphaDEX Fund) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while FXU is a Utilities Equities fund tracking the StrataQuant Utilities Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 9.38%/yr for FXU. At a 0.46 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.62%/yr for FXU.

Performance

EWP vs. FXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and First Trust Utilities AlphaDEX Fund (FXU). 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 FXU's 8.19% return. Over the past 10 years, EWP has outperformed FXU with an annualized return of 12.33%, while FXU has yielded a comparatively lower 9.38% annualized return.

EWP

1D
0.63%
1M
4.32%
YTD
8.89%
6M
11.54%
1Y
39.17%
3Y*
32.21%
5Y*
17.57%
10Y*
12.33%

FXU

1D
0.87%
1M
0.66%
YTD
8.19%
6M
8.80%
1Y
17.67%
3Y*
17.64%
5Y*
11.71%
10Y*
9.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. FXU - 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%
FXU
First Trust Utilities AlphaDEX Fund		8.19%21.86%22.50%-2.12%3.68%17.67%1.53%11.67%5.43%0.98%

Correlation

The correlation between EWP and FXU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

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

0.31

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

0.39

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

0.38

Correlation (All Time)
Calculated using the full available price history since May 10, 2007

0.46

Over the past year, the correlation between EWP and FXU has dropped to 0.17 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

EWP vs. FXU - Sectors Allocation Comparison

Sectors
EWP
FXU

Financial Services

41.4%

-

Utilities

21.2%
92.0%

Industrials

16.1%
4.2%

Energy

5.3%
3.7%

Technology

4.9%

-

Consumer Cyclical

4.0%

-

Communication Services

2.9%

-

Real Estate

2.9%

-

Healthcare

1.3%

-

Basic Materials

-

-

Consumer Defensive

-

-

Financial Services

EWP
41.4%
FXU

-

Utilities

EWP
21.2%
FXU
92.0%

Industrials

EWP
16.1%
FXU
4.2%

Energy

EWP
5.3%
FXU
3.7%

Technology

EWP
4.9%
FXU

-

Consumer Cyclical

EWP
4.0%
FXU

-

Communication Services

EWP
2.9%
FXU

-

Real Estate

EWP
2.9%
FXU

-

Healthcare

EWP
1.3%
FXU

-

Basic Materials

EWP

-

FXU

-

Consumer Defensive

EWP

-

FXU

-

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

First Trust Utilities AlphaDEX Fund

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Return for Risk

EWP vs. FXU — 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
FXU
FXU Risk / Return Rank: 3939
Overall Rank
FXU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FXU Sortino Ratio Rank: 3737
Sortino Ratio Rank
FXU Omega Ratio Rank: 3636
Omega Ratio Rank
FXU Calmar Ratio Rank: 4444
Calmar Ratio Rank
FXU Martin Ratio Rank: 3737
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. FXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and First Trust Utilities AlphaDEX Fund (FXU). 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.

EWPFXUDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.26

+0.68

Sortino ratioReturn per unit of downside risk
2.62
1.75

+0.87

Omega ratioGain probability vs. loss probability

1.34

1.21

+0.12

Calmar ratioReturn relative to maximum drawdown

3.26

1.93

+1.33

Martin ratioReturn relative to average drawdown

11.51

5.17

+6.34

EWP vs. FXU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the FXU Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of EWP and FXU, 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. FXU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than FXU's maximum drawdown of -49.00%. Use the drawdown chart below to compare losses from any high point for EWP and FXU.

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Drawdown Indicators

EWPFXUDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-49.00%

-12.19%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-8.63%

-2.75%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-17.46%

+5.27%

Max Drawdown (5Y)

Largest decline over 5 years

-33.76%

-21.87%

-11.89%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-34.81%

-11.55%

Current Drawdown

Current decline from peak

0.00%

-5.57%

+5.57%

Average Drawdown

Average peak-to-trough decline

-21.41%

-7.63%

-13.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.22%

0.00%

Volatility

EWP vs. FXU - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.21% compared to First Trust Utilities AlphaDEX Fund (FXU) at 5.01%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than FXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPFXUDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

5.01%

+1.20%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

10.33%

+5.76%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

13.30%

+5.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

16.61%

+3.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

18.34%

+3.88%

EWP vs. FXU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than FXU's 0.62% expense ratio.

Dividends

EWP vs. FXU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than FXU's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FXU
First Trust Utilities AlphaDEX Fund		2.16%2.29%2.41%2.52%2.03%2.00%3.97%2.34%2.40%3.81%2.62%3.90%

Frequently Asked Questions

EWP and FXU have a correlation of 0.17, 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 FXU (5.01%). In terms of maximum drawdown, EWP dropped -61.19% vs FXU's -49.00%.

On 10-year performance, EWP leads with 12.33% vs 9.38% for FXU. On fees, EWP is cheaper at 0.50% per year. On volatility, FXU has been the lower-risk option at 5.01%. 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 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.62% for FXU.

FXU has the higher dividend yield at 2.16%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while FXU is Utilities Equities. EWP tracks MSCI Spain Index, while FXU tracks StrataQuant Utilities Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for EWP and 0.62% for FXU.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.26), 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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