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EWP vs. GDMN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. GDMN

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while GDMN is a Commodities fund actively managed by WisdomTree. EWP is passively managed, while GDMN is actively managed. Over the past 3 years, EWP returned 32.21%/yr vs 56.30%/yr for GDMN. At a 0.34 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.45%/yr for GDMN.

Performance

EWP vs. GDMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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 GDMN's -13.77% 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%

GDMN

1D
2.11%
1M
-21.24%
YTD
-13.77%
6M
-13.73%
1Y
51.90%
3Y*
56.30%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. GDMN - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%5.04%
GDMN
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund		-13.77%237.09%28.23%12.97%-14.62%6.93%

Correlation

The correlation between EWP and GDMN is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.36

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

0.35

Correlation (All Time)
Calculated using the full available price history since Dec 16, 2021

0.34

EWP vs. GDMN - Sectors Allocation Comparison

Sectors
EWP
GDMN

Financial Services

41.4%

-

Utilities

21.2%

-

Industrials

16.1%

-

Energy

5.3%

-

Technology

4.9%

-

Consumer Cyclical

4.0%

-

Communication Services

2.9%

-

Real Estate

2.9%

-

Healthcare

1.3%

-

Basic Materials

-

100.0%

Consumer Defensive

-

-

Financial Services

EWP
41.4%
GDMN

-

Utilities

EWP
21.2%
GDMN

-

Industrials

EWP
16.1%
GDMN

-

Energy

EWP
5.3%
GDMN

-

Technology

EWP
4.9%
GDMN

-

Consumer Cyclical

EWP
4.0%
GDMN

-

Communication Services

EWP
2.9%
GDMN

-

Real Estate

EWP
2.9%
GDMN

-

Healthcare

EWP
1.3%
GDMN

-

Basic Materials

EWP

-

GDMN
100.0%

Consumer Defensive

EWP

-

GDMN

-

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

WisdomTree Efficient Gold Plus Gold Miners Strategy Fund

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with GDMN:
GDMN vs. GDXGDMN vs. GDEGDMN vs. GldGDMN vs. GLDGDMN vs. IAUMGDMN vs. IAUGDMN vs. AUMI

Return for Risk

EWP vs. GDMN — 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
GDMN
GDMN Risk / Return Rank: 2929
Overall Rank
GDMN Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GDMN Sortino Ratio Rank: 2828
Sortino Ratio Rank
GDMN Omega Ratio Rank: 3333
Omega Ratio Rank
GDMN Calmar Ratio Rank: 2727
Calmar Ratio Rank
GDMN Martin Ratio Rank: 2626
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. GDMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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.

EWPGDMNDifference
Sharpe ratioReturn per unit of total volatility
1.94
0.90

+1.04

Sortino ratioReturn per unit of downside risk
2.62
1.38

+1.24

Omega ratioGain probability vs. loss probability

1.34

1.20

+0.14

Calmar ratioReturn relative to maximum drawdown

3.26

1.17

+2.09

Martin ratioReturn relative to average drawdown

11.51

3.15

+8.36

EWP vs. GDMN - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the GDMN Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of EWP and GDMN, 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. GDMN - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than GDMN's maximum drawdown of -52.82%. Use the drawdown chart below to compare losses from any high point for EWP and GDMN.

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Drawdown Indicators

EWPGDMNDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-52.82%

-8.37%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-48.76%

+37.38%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-48.76%

+36.57%

Max Drawdown (5Y)

Largest decline over 5 years

-33.76%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

—

—

Current Drawdown

Current decline from peak

0.00%

-43.39%

+43.39%

Average Drawdown

Average peak-to-trough decline

-21.41%

-19.02%

-2.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

18.01%

-14.79%

Volatility

EWP vs. GDMN - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a volatility of 21.98%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPGDMNDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

21.98%

-15.77%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

54.30%

-38.21%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

63.44%

-44.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.31%

48.07%

-27.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.22%

48.07%

-25.85%

EWP vs. GDMN - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than GDMN's 0.45% expense ratio.

Dividends

EWP vs. GDMN - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than GDMN's 3.13% 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%
GDMN
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund		3.13%2.70%9.44%7.69%1.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EWP and GDMN have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDMN has higher volatility (21.98%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs GDMN's -52.82%.

On 3-year performance, GDMN leads with 56.30% vs 32.21% for EWP. On fees, GDMN is cheaper at 0.45% 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 3-year period, GDMN has performed better with a 56.30% return vs 32.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GDMN is cheaper with a 0.45% expense ratio, compared with 0.50% for EWP.

GDMN has the higher dividend yield at 3.13%, compared with 2.09% for EWP.

EWP is categorized as Europe Equities, while GDMN is Commodities. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EWP and 0.45% for GDMN.

EWP currently has the higher Sharpe Ratio (1.94 vs 0.90), 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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