EWP vs. GOEX

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while GOEX is a Materials fund tracking the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 12.61%/yr for GOEX. At a 0.25 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.65%/yr for GOEX.

Performance

EWP vs. GOEX - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than GOEX's -10.45% return. Both investments have delivered pretty close results over the past 10 years, with EWP having a 12.33% annualized return and GOEX not far ahead at 12.61%.

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%

GOEX

• 1D: 3.21%
• 1M: -17.89%
• YTD: -10.45%
• 6M: -9.61%
• 1Y: 52.15%
• 3Y*: 44.52%
• 5Y*: 17.19%
• 10Y*: 12.61%

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

EWP vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GOEX Global X Gold Explorers ETF	-10.45%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%

Correlation

The correlation between EWP and GOEX 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	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.25

The correlation between EWP and GOEX shifts across timeframes, from 0.25 (all time) to 0.40 (5 years), reflecting how their relationship changes across market environments.

EWP vs. GOEX - Sectors Allocation Comparison

Sectors	EWP	GOEX
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	-	-

Return for Risk

EWP vs. GOEX — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

GOEX

GOEX Risk / Return Rank: 32
GOEX Sharpe Ratio Rank: 34
GOEX Sortino Ratio Rank: 32
GOEX Omega Ratio Rank: 35
GOEX Calmar Ratio Rank: 31
GOEX Martin Ratio Rank: 30

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. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Global X Gold Explorers ETF (GOEX). 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.

	EWP	GOEX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.07	+0.87
Sortino ratio: Return per unit of downside risk	2.62	1.53	+1.09
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	3.26	1.37	+1.89
Martin ratio: Return relative to average drawdown	11.51	3.79	+7.72

EWP vs. GOEX - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the GOEX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of EWP and GOEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWP vs. GOEX - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for EWP and GOEX.

Drawdown Indicators

	EWP	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-88.83%	+27.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-39.64%	+28.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-39.64%	+27.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.76%	-47.16%	+13.40%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-53.66%	+7.30%
Current Drawdown Current decline from peak	0.00%	-33.91%	+33.91%
Average Drawdown Average peak-to-trough decline	-21.41%	-63.52%	+42.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	14.30%	-11.08%

Volatility

EWP vs. GOEX - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Global X Gold Explorers ETF (GOEX) has a volatility of 17.04%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	17.04%	-10.83%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	41.66%	-25.57%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	50.58%	-31.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	39.35%	-19.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	40.12%	-17.90%

EWP vs. GOEX - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than GOEX's 0.65% expense ratio.

Dividends

EWP vs. GOEX - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than GOEX's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GOEX Global X Gold Explorers ETF	2.32%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both EWP and GOEX in my portfolio?

EWP and GOEX 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.

Which is riskier, EWP or GOEX?

GOEX has higher volatility (17.04%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs GOEX's -88.83%.

Which ETF is better, EWP or GOEX?

On 10-year performance, GOEX leads with 12.61% vs 12.33% for EWP. 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.

Which ETF has performed better, EWP or GOEX?

Over the 10-year period, GOEX has performed better with a 12.61% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or GOEX?

EWP is cheaper with a 0.50% expense ratio, compared with 0.65% for GOEX.

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

GOEX has the higher dividend yield at 2.32%, compared with 2.09% for EWP.

What is the main difference between EWP and GOEX?

EWP is categorized as Europe Equities, while GOEX is Materials. EWP tracks MSCI Spain Index, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for EWP and 0.65% for GOEX.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 1.07), 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.