EWP vs. MLPD.L

Last updated Jun 9, 2026

EWP (iShares MSCI Spain ETF) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while MLPD.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, EWP returned 11.50%/yr vs 7.11%/yr for MLPD.L. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

EWP vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWP achieves a 5.10% return, which is significantly lower than MLPD.L's 18.82% return. Over the past 10 years, EWP has outperformed MLPD.L with an annualized return of 11.50%, while MLPD.L has yielded a comparatively lower 7.11% annualized return.

EWP

• 1D: -0.23%
• 1M: -1.00%
• YTD: 5.10%
• 6M: 9.82%
• 1Y: 33.13%
• 3Y*: 30.85%
• 5Y*: 16.75%
• 10Y*: 11.50%

MLPD.L

• 1D: -0.49%
• 1M: 1.36%
• YTD: 18.82%
• 6M: 14.62%
• 1Y: 15.61%
• 3Y*: 18.84%
• 5Y*: 16.46%
• 10Y*: 7.11%

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

EWP vs. MLPD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	5.10%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	18.82%	2.34%	22.53%	19.70%	31.82%	36.90%	-31.38%	7.22%	-14.92%	-8.67%

Correlation

The correlation between EWP and MLPD.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since May 17, 2013	0.24

The correlation between EWP and MLPD.L shifts across timeframes, from -0.04 (1 year) to 0.25 (10 years), reflecting how their relationship changes across market environments.

EWP vs. MLPD.L - Sectors Allocation Comparison

Sectors	EWP	MLPD.L
Financial Services	41.4%	-
Utilities	21.2%	3.2%
Industrials	16.1%	0.2%
Energy	5.3%	96.7%
Technology	4.9%	-
Consumer Cyclical	4.0%	-
Communication Services	2.9%	-
Real Estate	2.9%	-
Healthcare	1.3%	-
Basic Materials	-	-
Consumer Defensive	-	-

Return for Risk

EWP vs. MLPD.L — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 59
EWP Sharpe Ratio Rank: 58
EWP Sortino Ratio Rank: 56
EWP Omega Ratio Rank: 55
EWP Calmar Ratio Rank: 65
EWP Martin Ratio Rank: 63

MLPD.L

MLPD.L Risk / Return Rank: 34
MLPD.L Sharpe Ratio Rank: 34
MLPD.L Sortino Ratio Rank: 31
MLPD.L Omega Ratio Rank: 31
MLPD.L Calmar Ratio Rank: 41
MLPD.L 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. MLPD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). 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	MLPD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.09	+0.68
Sortino ratio: Return per unit of downside risk	2.40	1.55	+0.85
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	2.92	1.83	+1.09
Martin ratio: Return relative to average drawdown	10.37	4.68	+5.69
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. MLPD.L - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.77, which is higher than the MLPD.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of EWP and MLPD.L, 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	MLPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.09	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.81	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.25	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.13	+0.19

Drawdowns

EWP vs. MLPD.L - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum MLPD.L drawdown of -82.22%. Use the drawdown chart below to compare losses from any high point for EWP and MLPD.L.

Drawdown Indicators

	EWP	MLPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-82.22%	+21.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.48%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-17.24%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-21.78%	-12.13%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-75.74%	+29.38%
Current Drawdown Current decline from peak	-2.96%	-3.16%	+0.20%
Average Drawdown Average peak-to-trough decline	-21.43%	-28.08%	+6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.33%	-0.13%

Volatility

EWP vs. MLPD.L - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.07% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) at 4.46%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	MLPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	4.46%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	10.93%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	14.24%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	20.36%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	28.33%	-6.09%

EWP vs. MLPD.L - Expense Ratio Comparison

Both EWP and MLPD.L have an expense ratio of 0.50%.

Dividends

EWP vs. MLPD.L - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.16%, less than MLPD.L's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.16%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.56%	8.21%	8.18%	8.60%	7.98%	8.57%	11.03%	10.06%	9.87%	8.15%	8.14%	9.96%

Frequently Asked Questions

Can I hold both EWP and MLPD.L in my portfolio?

EWP and MLPD.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWP or MLPD.L?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWP or MLPD.L?

EWP and MLPD.L have the same expense ratio: 0.50% per year.

What is the main difference between EWP and MLPD.L?

EWP is categorized as Europe Equities, while MLPD.L is Energy Equities. EWP tracks MSCI Spain Index, while MLPD.L tracks MSCI World/Energy NR USD. They also come from different issuers: iShares and Invesco.