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EWP vs. RFEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. RFEU

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and RFEU (First Trust RiverFront Dynamic Europe ETF) are both Europe Equities funds. EWP is passively managed, while RFEU is actively managed. Over the past 10 years, EWP returned 13.42%/yr vs 8.10%/yr for RFEU. A 0.68 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.83%/yr for RFEU.

Performance

EWP vs. RFEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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 11.25% return, which is significantly higher than RFEU's 1.50% return. Over the past 10 years, EWP has outperformed RFEU with an annualized return of 13.42%, while RFEU has yielded a comparatively lower 8.10% annualized return.

EWP

1D
-0.72%
1M
6.13%
YTD
11.25%
6M
11.48%
1Y
41.28%
3Y*
33.03%
5Y*
18.75%
10Y*
13.42%

RFEU

1D
0.00%
1M
0.00%
YTD
1.50%
6M
1.83%
1Y
13.93%
3Y*
12.26%
5Y*
3.77%
10Y*
8.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. RFEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		11.25%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.50%30.78%-1.78%16.19%-24.17%22.83%6.25%23.21%-17.57%26.58%

Correlation

The correlation between EWP and RFEU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.61

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

0.64

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

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2016

0.68

Over the past year, the correlation between EWP and RFEU has dropped to 0.44 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

EWP vs. RFEU - Sectors Allocation Comparison

Sectors
EWP
RFEU

Financial Services

42.4%
18.9%

Utilities

21.4%
6.4%

Industrials

16.3%
15.4%

Technology

5.6%
12.5%

Consumer Cyclical

4.6%
10.6%

Energy

4.1%
8.7%

Communication Services

2.8%
3.8%

Real Estate

2.8%

-

Healthcare

1.3%
13.3%

Basic Materials

-

1.2%

Consumer Defensive

-

9.3%

Financial Services

EWP
42.4%
RFEU
18.9%

Utilities

EWP
21.4%
RFEU
6.4%

Industrials

EWP
16.3%
RFEU
15.4%

Technology

EWP
5.6%
RFEU
12.5%

Consumer Cyclical

EWP
4.6%
RFEU
10.6%

Energy

EWP
4.1%
RFEU
8.7%

Communication Services

EWP
2.8%
RFEU
3.8%

Real Estate

EWP
2.8%
RFEU

-

Healthcare

EWP
1.3%
RFEU
13.3%

Basic Materials

EWP

-

RFEU
1.2%

Consumer Defensive

EWP

-

RFEU
9.3%

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

First Trust RiverFront Dynamic Europe ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with RFEU:
RFEU vs. FDDRFEU vs. SPMORFEU vs. ONEQRFEU vs. HEDJRFEU vs. VTAPXRFEU vs. VEUR.LRFEU vs. IEV

Return for Risk

EWP vs. RFEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
Martin Ratio Rank
RFEU
RFEU Risk / Return Rank: 6767
Overall Rank
RFEU Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
RFEU Sortino Ratio Rank: 6464
Sortino Ratio Rank
RFEU Omega Ratio Rank: 7979
Omega Ratio Rank
RFEU Calmar Ratio Rank: 6565
Calmar Ratio Rank
RFEU Martin Ratio Rank: 6767
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. RFEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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.

EWPRFEUDifference
Sharpe ratioReturn per unit of total volatility
2.21
1.84

+0.37

Sortino ratioReturn per unit of downside risk
2.94
2.71

+0.23

Omega ratioGain probability vs. loss probability

1.38

1.43

-0.05

Calmar ratioReturn relative to maximum drawdown

3.64

2.98

+0.66

Martin ratioReturn relative to average drawdown

12.92

11.26

+1.66

EWP vs. RFEU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is comparable to the RFEU Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of EWP and RFEU, 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. RFEU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than RFEU's maximum drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for EWP and RFEU.

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Drawdown Indicators

EWPRFEUDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-39.74%

-21.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-5.15%

-6.23%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-13.48%

+1.29%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-35.92%

+4.29%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-39.74%

-6.62%

Current Drawdown

Current decline from peak

-0.72%

-0.11%

-0.61%

Average Drawdown

Average peak-to-trough decline

-21.40%

-9.57%

-11.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

1.35%

+1.85%

Volatility

EWP vs. RFEU - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.49% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPRFEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

0.00%

+5.49%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

3.51%

+12.56%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

8.39%

+10.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

16.76%

+3.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

17.53%

+4.03%

EWP vs. RFEU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

EWP vs. RFEU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, which matches RFEU's 2.83% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.82%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
RFEU
First Trust RiverFront Dynamic Europe ETF		2.83%2.87%5.45%3.37%4.98%1.82%2.32%3.08%2.84%1.35%3.16%0.00%

Frequently Asked Questions

EWP and RFEU have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to RFEU (0.00%). In terms of maximum drawdown, EWP dropped -61.19% vs RFEU's -39.74%.

On 10-year performance, EWP leads with 13.42% vs 8.10% for RFEU. On fees, EWP is cheaper at 0.50% per year. On volatility, RFEU has been the lower-risk option at 0.00%. 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 13.42% return vs 8.10%. 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 0.83% for RFEU.

EWP and RFEU have nearly identical dividend yields, around 2.82%.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for EWP and 0.83% for RFEU.

EWP currently has the higher Sharpe Ratio (2.21 vs 1.84), 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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