EWP vs. MOOD

Last updated Jun 4, 2026

EWP (iShares MSCI Spain ETF) and MOOD (Relative Sentiment Tactical Allocation ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while MOOD is a Tactical Allocation fund actively managed by Relative Sentiment. EWP is passively managed, while MOOD is actively managed. Over the past 3 years, EWP returned 30.89%/yr vs 20.58%/yr for MOOD. A 0.67 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.68%/yr for MOOD.

Performance

EWP vs. MOOD - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 5.49% return, which is significantly lower than MOOD's 14.40% 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%

MOOD

• 1D: -0.58%
• 1M: 3.67%
• YTD: 14.40%
• 6M: 16.67%
• 1Y: 36.14%
• 3Y*: 20.58%
• 5Y*: —
• 10Y*: —

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

EWP vs. MOOD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	0.77%
MOOD Relative Sentiment Tactical Allocation ETF	14.40%	30.39%	12.53%	12.56%	-2.90%

Correlation

The correlation between EWP and MOOD is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 20, 2022	0.67

The correlation between EWP and MOOD has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

EWP vs. MOOD - Sectors Allocation Comparison

Sectors	EWP	MOOD
Financial Services	41.4%	15.7%
Utilities	21.2%	2.7%
Industrials	16.1%	12.6%
Energy	5.3%	3.7%
Technology	4.9%	27.6%
Consumer Cyclical	4.0%	9.5%
Communication Services	2.9%	7.9%
Real Estate	2.9%	2.5%
Healthcare	1.3%	8.4%
Basic Materials	-	4.4%
Consumer Defensive	-	5.1%

Return for Risk

EWP vs. MOOD — 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

MOOD

MOOD Risk / Return Rank: 72
MOOD Sharpe Ratio Rank: 78
MOOD Sortino Ratio Rank: 64
MOOD Omega Ratio Rank: 83
MOOD Calmar Ratio Rank: 74
MOOD Martin Ratio Rank: 63

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. MOOD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Relative Sentiment Tactical Allocation ETF (MOOD). 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	MOOD	Difference
Sharpe ratio Return per unit of total volatility	1.87	2.57	-0.71
Sortino ratio Return per unit of downside risk	2.51	3.01	-0.50
Omega ratio Gain probability vs. loss probability	1.33	1.51	-0.18
Calmar ratio Return relative to maximum drawdown	3.07	3.74	-0.67
Martin ratio Return relative to average drawdown	10.91	11.60	-0.68
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. MOOD - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.87, which is comparable to the MOOD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of EWP and MOOD, 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	MOOD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.57	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.35	-1.04

Drawdowns

EWP vs. MOOD - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than MOOD's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for EWP and MOOD.

Drawdown Indicators

	EWP	MOOD	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-14.34%	-46.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-9.71%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-9.71%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	—	—
Current Drawdown Current decline from peak	-2.60%	-0.61%	-1.99%
Average Drawdown Average peak-to-trough decline	-21.43%	-2.32%	-19.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.12%	+0.07%

Volatility

EWP vs. MOOD - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 6.12% compared to Relative Sentiment Tactical Allocation ETF (MOOD) at 3.22%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than MOOD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	MOOD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	3.22%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	12.32%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	14.11%	+4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	12.07%	+8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	12.07%	+10.16%

EWP vs. MOOD - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than MOOD's 0.68% expense ratio.

Dividends

EWP vs. MOOD - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.15%, more than MOOD's 0.35% 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%
MOOD Relative Sentiment Tactical Allocation ETF	0.35%	0.40%	1.33%	1.34%	1.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWP and MOOD in my portfolio?

EWP and MOOD have a correlation of 0.59, 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 MOOD?

EWP has higher volatility (6.12%) compared to MOOD (3.22%). In terms of maximum drawdown, EWP dropped -61.19% vs MOOD's -14.34%.

Which ETF is better, EWP or MOOD?

On 3-year performance, EWP leads with 30.89% vs 20.58% for MOOD. On fees, EWP is cheaper at 0.50% per year. On volatility, MOOD has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or MOOD?

Over the 3-year period, EWP has performed better with a 30.89% return vs 20.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or MOOD?

EWP is cheaper with a 0.50% expense ratio, compared with 0.68% for MOOD.

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

EWP has the higher dividend yield at 2.15%, compared with 0.35% for MOOD.

What is the main difference between EWP and MOOD?

EWP is categorized as Europe Equities, while MOOD is Tactical Allocation. They also come from different issuers: iShares and Relative Sentiment. Their fees differ too: 0.50% for EWP and 0.68% for MOOD.

Which has better risk-adjusted returns?

MOOD currently has the higher Sharpe Ratio (2.57 vs 1.87), 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.