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EWP vs. NOVN.SW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. NOVN.SW

Last updated Jun 9, 2026

EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index, while NOVN.SW (Novartis AG) is a stock. Over the past 10 years, EWP returned 11.50%/yr vs 12.27%/yr for NOVN.SW. At a 0.34 correlation, their price movements are largely independent.

Performance

EWP vs. NOVN.SW - Performance Comparison

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

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Different Trading Currencies

EWP is traded in USD, while NOVN.SW is traded in CHF. To make them comparable, the NOVN.SW values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EWP achieves a 5.10% return, which is significantly lower than NOVN.SW's 9.27% return. Over the past 10 years, EWP has underperformed NOVN.SW with an annualized return of 11.50%, while NOVN.SW has yielded a comparatively higher 12.27% 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%

NOVN.SW

1D
2.41%
1M
0.52%
YTD
9.27%
6M
14.43%
1Y
28.10%
3Y*
19.80%
5Y*
15.74%
10Y*
12.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. NOVN.SW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
NOVN.SW
Novartis AG		9.27%46.11%0.96%22.94%7.48%-3.63%4.07%30.55%5.39%21.32%

Correlation

The correlation between EWP and NOVN.SW is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.35

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

0.36

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

0.32

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2007

0.34

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

Novartis AG

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with NOVN.SW:
NOVN.SW vs. NvoNOVN.SW vs. RHHBYNOVN.SW vs. NOVNOVN.SW vs. FLSWNOVN.SW vs. NESN.SWNOVN.SW vs. LLYNOVN.SW vs. VOO

Return for Risk

EWP vs. NOVN.SW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 5959
Overall Rank
EWP Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 5656
Sortino Ratio Rank
EWP Omega Ratio Rank: 5555
Omega Ratio Rank
EWP Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWP Martin Ratio Rank: 6363
Martin Ratio Rank
NOVN.SW
NOVN.SW Risk / Return Rank: 7575
Overall Rank
NOVN.SW Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
NOVN.SW Sortino Ratio Rank: 7272
Sortino Ratio Rank
NOVN.SW Omega Ratio Rank: 7272
Omega Ratio Rank
NOVN.SW Calmar Ratio Rank: 7777
Calmar Ratio Rank
NOVN.SW Martin Ratio Rank: 7777
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. NOVN.SW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Novartis AG (NOVN.SW). 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.

EWPNOVN.SWDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.45

+0.33

Sortino ratioReturn per unit of downside risk
2.40
1.95

+0.45

Omega ratioGain probability vs. loss probability

1.31

1.25

+0.06

Calmar ratioReturn relative to maximum drawdown

2.92

2.28

+0.65

Martin ratioReturn relative to average drawdown

10.37

5.55

+4.82

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. NOVN.SW - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.77, which is comparable to the NOVN.SW Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of EWP and NOVN.SW, 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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Sharpe Ratios by Period

EWPNOVN.SWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

1.45

+0.33

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

0.65

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.55

-0.24

Drawdowns

EWP vs. NOVN.SW - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than NOVN.SW's maximum drawdown of -40.85%. Use the drawdown chart below to compare losses from any high point for EWP and NOVN.SW.

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Drawdown Indicators

EWPNOVN.SWDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-40.85%

-20.34%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-13.01%

+1.63%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-19.68%

+7.49%

Max Drawdown (5Y)

Largest decline over 5 years

-33.91%

-21.10%

-12.81%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-24.72%

-21.64%

Current Drawdown

Current decline from peak

-2.96%

-10.88%

+7.92%

Average Drawdown

Average peak-to-trough decline

-21.43%

-9.01%

-12.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

5.30%

-2.10%

Volatility

EWP vs. NOVN.SW - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 5.07%, while Novartis AG (NOVN.SW) has a volatility of 6.66%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than NOVN.SW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPNOVN.SWDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.07%

6.66%

-1.59%

Volatility (6M)

Calculated over the trailing 6-month period

15.70%

15.00%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

18.79%

20.53%

-1.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.25%

19.42%

+0.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.24%

18.99%

+3.25%

Dividends

EWP vs. NOVN.SW - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.16%, less than NOVN.SW's 3.19% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
NOVN.SW
Novartis AG		3.19%3.19%3.72%3.77%3.91%3.94%3.72%3.27%3.98%3.98%4.35%3.58%

Frequently Asked Questions

EWP and NOVN.SW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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