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EWP vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. INDY

Last updated Jun 30, 2026
See Documentation

EWP (iShares MSCI Spain ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while INDY is a India Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, EWP returned 12.59%/yr vs 6.46%/yr for INDY. A 0.52 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.65%/yr for INDY.

Performance

EWP vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and iShares India 50 ETF (INDY). 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 11.63% return, which is significantly higher than INDY's -11.64% return. Over the past 10 years, EWP has outperformed INDY with an annualized return of 12.59%, while INDY has yielded a comparatively lower 6.46% annualized return.

EWP

1D
0.94%
1M
3.92%
YTD
11.63%
6M
11.85%
1Y
39.52%
3Y*
31.24%
5Y*
19.53%
10Y*
12.59%

INDY

1D
-0.62%
1M
1.99%
YTD
-11.64%
6M
-10.88%
1Y
-13.84%
3Y*
1.70%
5Y*
2.42%
10Y*
6.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		11.63%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
INDY
iShares India 50 ETF		-11.64%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%

Correlation

The correlation between EWP and INDY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.50

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

0.41

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

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2009

0.52

The correlation between EWP and INDY shifts across timeframes, from 0.41 (3 years) to 0.52 (all time), reflecting how their relationship changes across market environments.

EWP vs. INDY - Sectors Allocation Comparison

Sectors
EWP
INDY

Financial Services

43.5%
35.2%

Utilities

21.7%
2.9%

Industrials

16.4%
8.0%

Technology

4.9%
8.5%

Consumer Cyclical

4.6%
11.0%

Energy

3.8%
11.0%

Real Estate

2.6%

-

Communication Services

2.5%
5.2%

Healthcare

1.3%
4.7%

Basic Materials

-

7.7%

Consumer Defensive

-

6.0%

Financial Services

EWP
43.5%
INDY
35.2%

Utilities

EWP
21.7%
INDY
2.9%

Industrials

EWP
16.4%
INDY
8.0%

Technology

EWP
4.9%
INDY
8.5%

Consumer Cyclical

EWP
4.6%
INDY
11.0%

Energy

EWP
3.8%
INDY
11.0%

Real Estate

EWP
2.6%
INDY

-

Communication Services

EWP
2.5%
INDY
5.2%

Healthcare

EWP
1.3%
INDY
4.7%

Basic Materials

EWP

-

INDY
7.7%

Consumer Defensive

EWP

-

INDY
6.0%

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 India 50 ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. GLININDY vs. INCO

Return for Risk

EWP vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 7676
Overall Rank
EWP Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWP Omega Ratio Rank: 7373
Omega Ratio Rank
EWP Calmar Ratio Rank: 7979
Calmar Ratio Rank
EWP Martin Ratio Rank: 7777
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 22
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 22
Sortino Ratio Rank
INDY Omega Ratio Rank: 33
Omega Ratio Rank
INDY Calmar Ratio Rank: 33
Calmar Ratio Rank
INDY Martin Ratio Rank: 11
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. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares India 50 ETF (INDY). 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.

EWPINDYDifference
Sharpe ratioReturn per unit of total volatility
2.12
-0.97

+3.09

Sortino ratioReturn per unit of downside risk
2.85
-1.38

+4.23

Omega ratioGain probability vs. loss probability

1.37

0.85

+0.52

Calmar ratioReturn relative to maximum drawdown

3.49

-0.75

+4.24

Martin ratioReturn relative to average drawdown

12.36

-1.57

+13.93

EWP vs. INDY - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.12, which is higher than the INDY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EWP and INDY, 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. INDY - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for EWP and INDY.

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Drawdown Indicators

EWPINDYDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-44.74%

-16.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-18.58%

+7.20%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-22.40%

+10.21%

Max Drawdown (5Y)

Largest decline over 5 years

-30.26%

-22.40%

-7.86%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-43.50%

-2.86%

Current Drawdown

Current decline from peak

-0.39%

-17.51%

+17.12%

Average Drawdown

Average peak-to-trough decline

-21.39%

-12.24%

-9.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

9.14%

-5.93%

Volatility

EWP vs. INDY - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.04% compared to iShares India 50 ETF (INDY) at 4.31%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.04%

4.31%

+0.73%

Volatility (6M)

Calculated over the trailing 6-month period

16.15%

12.52%

+3.63%

Volatility (1Y)

Calculated over the trailing 1-year period

18.77%

14.36%

+4.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.27%

15.00%

+5.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.52%

19.51%

+2.01%

EWP vs. INDY - Expense Ratio Comparison

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

Dividends

EWP vs. INDY - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.81%, less than INDY's 9.42% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.81%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
INDY
iShares India 50 ETF		9.42%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

EWP and INDY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.04%) compared to INDY (4.31%). In terms of maximum drawdown, EWP dropped -61.19% vs INDY's -44.74%.

On 10-year performance, EWP leads with 12.59% vs 6.46% for INDY. On fees, EWP is cheaper at 0.50% per year. On volatility, INDY has been the lower-risk option at 4.31%. 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 12.59% return vs 6.46%. 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 0.65% for INDY.

INDY has the higher dividend yield at 9.42%, compared with 2.81% for EWP.

EWP is categorized as Europe Equities, while INDY is India Equities. EWP tracks MSCI Spain Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.50% for EWP and 0.65% for INDY.

EWP currently has the higher Sharpe Ratio (2.12 vs -0.97), 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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