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EWP vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. IEUR

Last updated Aug 2, 2026
Documentation

EWP (iShares MSCI Spain ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain 25/50 Index (Net) while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWP returned 12.83%/yr vs 9.92%/yr for IEUR. Their correlation of 0.84 means they have usually moved in the same direction. EWP charges 0.50%/yr vs 0.09%/yr for IEUR.

Performance

EWP vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares Core MSCI Europe ETF (IEUR). 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 15.87% return, which is significantly higher than IEUR's 10.27% return. Over the past 10 years, EWP has outperformed IEUR with an annualized return of 12.83%, while IEUR has yielded a comparatively lower 9.92% annualized return.

EWP

1D
0.07%
1M
3.05%
6M
10.97%
YTD
15.87%
1Y
42.25%
3Y*
33.14%
5Y*
20.97%
10Y*
12.83%
ALL TIME*
8.75%

IEUR

1D
-0.49%
1M
1.08%
6M
5.44%
YTD
10.27%
1Y
23.45%
3Y*
16.38%
5Y*
9.10%
10Y*
9.92%
ALL TIME*
6.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWP

iShares MSCI Spain ETF
$15.85M$23.74M$20.93M

IEUR

iShares Core MSCI Europe ETF
$76.19M$57.15M$73.12M

EWP vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		15.87%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
IEUR
iShares Core MSCI Europe ETF		10.27%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between EWP and IEUR is 0.87, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.87

Correlation (3Y)
Balances recent behavior with more history.

0.84

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (10Y)
Provides a long-term view across more market conditions.

0.84

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.84

The correlation between EWP and IEUR has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

EWP vs. IEUR - Sectors Allocation Comparison

Sectors
EWP
IEUR

Financial Services

43.9%
24.0%

Utilities

21.9%
4.3%

Industrials

16.3%
19.2%

Technology

4.8%
9.1%

Consumer Cyclical

4.5%
6.7%

Energy

3.9%
4.9%

Communication Services

2.4%
3.3%

Real Estate

2.4%
1.5%

Healthcare

1.3%
12.7%

Basic Materials

-

5.6%

Consumer Defensive

-

8.2%

Financial Services

EWP
43.9%
IEUR
24.0%

Utilities

EWP
21.9%
IEUR
4.3%

Industrials

EWP
16.3%
IEUR
19.2%

Technology

EWP
4.8%
IEUR
9.1%

Consumer Cyclical

EWP
4.5%
IEUR
6.7%

Energy

EWP
3.9%
IEUR
4.9%

Communication Services

EWP
2.4%
IEUR
3.3%

Real Estate

EWP
2.4%
IEUR
1.5%

Healthcare

EWP
1.3%
IEUR
12.7%

Basic Materials

EWP

-

IEUR
5.6%

Consumer Defensive

EWP

-

IEUR
8.2%

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 Core MSCI Europe ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. EWQEWP vs. FEZ
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

EWP vs. IEUR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWP
EWP Risk / Return Rank: 8888
Overall Rank
EWP Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8888
Sortino Ratio Rank
EWP Omega Ratio Rank: 8686
Omega Ratio Rank
EWP Calmar Ratio Rank: 8989
Calmar Ratio Rank
EWP Martin Ratio Rank: 8888
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 6161
Overall Rank
IEUR Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 6565
Sortino Ratio Rank
IEUR Omega Ratio Rank: 6161
Omega Ratio Rank
IEUR Calmar Ratio Rank: 5454
Calmar Ratio Rank
IEUR Martin Ratio Rank: 6363
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWP vs. IEUR - Risk-Adjusted Trends Comparison

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

EWPIEURDifference
Sharpe ratioReturn per unit of total volatility
2.19
1.47

+0.72

Sortino ratioReturn per unit of downside risk
2.96
2.14

+0.82

Omega ratioGain probability vs. loss probability

1.38

1.26

+0.12

Calmar ratioReturn relative to maximum drawdown

3.67

1.92

+1.75

Martin ratioReturn relative to average drawdown

13.09

7.40

+5.69

EWP vs. IEUR - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.19, which is higher than the IEUR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EWP and IEUR, 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. IEUR - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWP and IEUR.

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Drawdown Indicators

EWPIEURDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-36.96%

-24.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-12.04%

+0.66%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-14.25%

+2.06%

Max Drawdown (5Y)

Largest decline over 5 years

-30.26%

-32.75%

+2.49%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-36.96%

-9.40%

Current Drawdown

Current decline from peak

0.00%

-0.49%

+0.49%

Average Drawdown

Average peak-to-trough decline

-21.33%

-8.13%

-13.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

3.12%

+0.07%

Volatility

EWP vs. IEUR - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.92% compared to iShares Core MSCI Europe ETF (IEUR) at 4.45%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

4.45%

+1.47%

Volatility (6M)

Calculated over the trailing 6-month period

16.53%

13.71%

+2.82%

Volatility (1Y)

Calculated over the trailing 1-year period

19.11%

15.80%

+3.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.28%

17.80%

+2.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.50%

18.23%

+3.27%

EWP vs. IEUR - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

EWP vs. IEUR - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.71%, less than IEUR's 3.12% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.71%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
IEUR
iShares Core MSCI Europe ETF		3.12%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

EWP and IEUR have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.92%) compared to IEUR (4.45%). In terms of maximum drawdown, EWP dropped -61.19% vs IEUR's -36.96%.

On 10-year performance, EWP leads with 12.83% vs 9.92% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.45%. 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 12.83% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

IEUR has the higher dividend yield at 3.12%, compared with 2.71% for EWP.

EWP tracks MSCI Spain 25/50 Index (Net), while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.50% for EWP and 0.09% for IEUR.

EWP currently has the higher Sharpe Ratio (2.19 vs 1.47), 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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