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EWP vs. GDMA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. GDMA

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and GDMA (Gadsden Dynamic Multi-Asset ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while GDMA is a Hedge Fund fund actively managed by Gadsden. EWP is passively managed, while GDMA is actively managed. Over the past 5 years, EWP returned 17.57%/yr vs 7.35%/yr for GDMA. At a 0.31 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.77%/yr for GDMA.

Performance

EWP vs. GDMA - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EWP having a 8.89% return and GDMA slightly higher at 9.12%.

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%

GDMA

1D
0.65%
1M
-0.51%
YTD
9.12%
6M
11.07%
1Y
28.81%
3Y*
16.32%
5Y*
7.35%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. GDMA - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-4.94%
GDMA
Gadsden Dynamic Multi-Asset ETF		9.12%25.29%7.44%1.72%-2.08%3.95%21.08%11.59%-3.70%

Correlation

The correlation between EWP and GDMA is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.38

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

0.23

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2018

0.31

The correlation between EWP and GDMA shifts across timeframes, from 0.23 (5 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

EWP vs. GDMA - Sectors Allocation Comparison

Sectors
EWP
GDMA

Financial Services

41.4%
14.5%

Utilities

21.2%
2.4%

Industrials

16.1%
14.4%

Energy

5.3%
10.0%

Technology

4.9%
23.4%

Consumer Cyclical

4.0%
8.8%

Communication Services

2.9%
7.0%

Real Estate

2.9%
1.6%

Healthcare

1.3%
5.5%

Basic Materials

-

9.0%

Consumer Defensive

-

3.5%

Financial Services

EWP
41.4%
GDMA
14.5%

Utilities

EWP
21.2%
GDMA
2.4%

Industrials

EWP
16.1%
GDMA
14.4%

Energy

EWP
5.3%
GDMA
10.0%

Technology

EWP
4.9%
GDMA
23.4%

Consumer Cyclical

EWP
4.0%
GDMA
8.8%

Communication Services

EWP
2.9%
GDMA
7.0%

Real Estate

EWP
2.9%
GDMA
1.6%

Healthcare

EWP
1.3%
GDMA
5.5%

Basic Materials

EWP

-

GDMA
9.0%

Consumer Defensive

EWP

-

GDMA
3.5%

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

Gadsden Dynamic Multi-Asset ETF

Often compared with EWP:
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Often compared with GDMA:
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Return for Risk

EWP vs. GDMA — 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
GDMA
GDMA Risk / Return Rank: 6969
Overall Rank
GDMA Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
GDMA Sortino Ratio Rank: 6161
Sortino Ratio Rank
GDMA Omega Ratio Rank: 7272
Omega Ratio Rank
GDMA Calmar Ratio Rank: 8080
Calmar Ratio Rank
GDMA Martin Ratio Rank: 6262
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. GDMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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.

EWPGDMADifference
Sharpe ratioReturn per unit of total volatility
1.94
1.93

+0.01

Sortino ratioReturn per unit of downside risk
2.62
2.51

+0.11

Omega ratioGain probability vs. loss probability

1.34

1.37

-0.03

Calmar ratioReturn relative to maximum drawdown

3.26

3.70

-0.44

Martin ratioReturn relative to average drawdown

11.51

9.85

+1.66

EWP vs. GDMA - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is comparable to the GDMA Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EWP and GDMA, 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. GDMA - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than GDMA's maximum drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for EWP and GDMA.

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Drawdown Indicators

EWPGDMADifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-16.66%

-44.53%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-7.53%

-3.85%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-7.53%

-4.66%

Max Drawdown (5Y)

Largest decline over 5 years

-33.76%

-12.74%

-21.02%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.90%

+2.90%

Average Drawdown

Average peak-to-trough decline

-21.41%

-3.79%

-17.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

2.82%

+0.40%

Volatility

EWP vs. GDMA - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Gadsden Dynamic Multi-Asset ETF (GDMA) has a volatility of 7.92%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPGDMADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

7.92%

-1.71%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

11.68%

+4.41%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

14.40%

+4.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

10.02%

+10.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

11.16%

+11.06%

EWP vs. GDMA - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than GDMA's 0.77% expense ratio.

Dividends

EWP vs. GDMA - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than GDMA's 2.56% 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%
GDMA
Gadsden Dynamic Multi-Asset ETF		2.56%2.79%2.32%4.14%1.18%2.10%0.62%3.17%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EWP and GDMA have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDMA has higher volatility (7.92%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs GDMA's -16.66%.

On 5-year performance, EWP leads with 17.57% vs 7.35% for GDMA. On fees, EWP is cheaper at 0.50% per year. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWP has performed better with a 17.57% return vs 7.35%. 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 0.77% for GDMA.

GDMA has the higher dividend yield at 2.56%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while GDMA is Hedge Fund. They also come from different issuers: iShares and Gadsden. Their fees differ too: 0.50% for EWP and 0.77% for GDMA.

EWP currently has the higher Sharpe Ratio (1.94 vs 1.93), 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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