EWP vs. IEV

Last updated Jun 4, 2026

EWP (iShares MSCI Spain ETF) and IEV (iShares Europe ETF) are both Europe Equities funds from iShares - EWP tracks the MSCI Spain Index while IEV tracks the S&P Europe 350 Index. Both are passively managed. Over the past 10 years, EWP returned 10.99%/yr vs 9.06%/yr for IEV. Their correlation of 0.83 suggests significant overlap in exposure. EWP charges 0.50%/yr vs 0.59%/yr for IEV.

Performance

EWP vs. IEV - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EWP having a 5.49% return and IEV slightly lower at 5.38%. Over the past 10 years, EWP has outperformed IEV with an annualized return of 10.99%, while IEV has yielded a comparatively lower 9.06% annualized return.

EWP

• 1D: -1.06%
• 1M: 3.64%
• YTD: 5.49%
• 6M: 10.02%
• 1Y: 34.73%
• 3Y*: 30.89%
• 5Y*: 17.03%
• 10Y*: 10.99%

IEV

• 1D: -1.26%
• 1M: 2.73%
• YTD: 5.38%
• 6M: 8.19%
• 1Y: 17.71%
• 3Y*: 15.90%
• 5Y*: 8.55%
• 10Y*: 9.06%

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

EWP vs. IEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
IEV iShares Europe ETF	5.38%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	24.84%

Correlation

The correlation between EWP and IEV is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 31, 2000	0.83

The correlation between EWP and IEV has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

EWP vs. IEV - Sectors Allocation Comparison

Sectors	EWP	IEV
Financial Services	41.4%	23.9%
Utilities	21.2%	5.0%
Industrials	16.1%	19.3%
Energy	5.3%	5.6%
Technology	4.9%	8.7%
Consumer Cyclical	4.0%	6.7%
Communication Services	2.9%	2.9%
Real Estate	2.9%	0.8%
Healthcare	1.3%	13.1%
Basic Materials	-	5.7%
Consumer Defensive	-	8.3%

Return for Risk

EWP vs. IEV — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

IEV

IEV Risk / Return Rank: 31
IEV Sharpe Ratio Rank: 31
IEV Sortino Ratio Rank: 31
IEV Omega Ratio Rank: 29
IEV Calmar Ratio Rank: 29
IEV Martin Ratio Rank: 34

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. IEV - Risk-Adjusted Trends Comparison

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

	EWP	IEV	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.14	+0.72
Sortino ratio: Return per unit of downside risk	2.51	1.67	+0.83
Omega ratio: Gain probability vs. loss probability	1.33	1.20	+0.12
Calmar ratio: Return relative to maximum drawdown	3.07	1.45	+1.62
Martin ratio: Return relative to average drawdown	10.91	5.29	+5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWP vs. IEV - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.87, which is higher than the IEV Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of EWP and IEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWP	IEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.14	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.49	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.49	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.23	+0.08

Drawdowns

EWP vs. IEV - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, roughly equal to the maximum IEV drawdown of -63.27%. Use the drawdown chart below to compare losses from any high point for EWP and IEV.

Drawdown Indicators

	EWP	IEV	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-63.27%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-12.31%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-14.63%	+2.44%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-30.60%	-3.31%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-36.62%	-9.74%
Current Drawdown Current decline from peak	-2.60%	-2.77%	+0.17%
Average Drawdown Average peak-to-trough decline	-21.43%	-15.04%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.36%	-0.17%

Volatility

EWP vs. IEV - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.12% compared to iShares Europe ETF (IEV) at 5.61%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than IEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	IEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	5.61%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	12.95%	+2.69%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	15.62%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	17.57%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	18.66%	+3.57%

EWP vs. IEV - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than IEV's 0.59% expense ratio.

Dividends

EWP vs. IEV - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.15%, less than IEV's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.15%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
IEV iShares Europe ETF	2.59%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%

Frequently Asked Questions

Can I hold both EWP and IEV in my portfolio?

EWP and IEV have a correlation of 0.86, 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 IEV?

EWP has higher volatility (6.12%) compared to IEV (5.61%). In terms of maximum drawdown, EWP dropped -61.19% vs IEV's -63.27%.

Which ETF is better, EWP or IEV?

On 10-year performance, EWP leads with 10.99% vs 9.06% for IEV. On fees, EWP is cheaper at 0.50% per year. On volatility, IEV has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or IEV?

Over the 10-year period, EWP has performed better with a 10.99% return vs 9.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or IEV?

EWP is cheaper with a 0.50% expense ratio, compared with 0.59% for IEV.

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

IEV has the higher dividend yield at 2.59%, compared with 2.15% for EWP.

What is the main difference between EWP and IEV?

EWP tracks MSCI Spain Index, while IEV tracks S&P Europe 350 Index. Their fees differ too: 0.50% for EWP and 0.59% for IEV.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.87 vs 1.14), 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.