EWP vs. SGDM

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and SGDM (Sprott Gold Miners ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while SGDM is a Materials fund tracking the Solactive Gold Miners Custom Factors Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 11.84%/yr for SGDM. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

EWP vs. SGDM - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly higher than SGDM's -4.58% return. Both investments have delivered pretty close results over the past 10 years, with EWP having a 12.33% annualized return and SGDM not far behind at 11.84%.

EWP

• 1D: 0.63%
• 1M: 4.32%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

SGDM

• 1D: 3.49%
• 1M: -14.98%
• YTD: -4.58%
• 6M: -4.02%
• 1Y: 43.72%
• 3Y*: 37.20%
• 5Y*: 17.23%
• 10Y*: 11.84%

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

EWP vs. SGDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
SGDM Sprott Gold Miners ETF	-4.58%	153.46%	12.14%	2.34%	-8.23%	-9.15%	21.85%	44.27%	-15.14%	10.46%

Correlation

The correlation between EWP and SGDM is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.21

The correlation between EWP and SGDM shifts across timeframes, from 0.21 (all time) to 0.37 (3 years), reflecting how their relationship changes across market environments.

EWP vs. SGDM - Sectors Allocation Comparison

Sectors	EWP	SGDM
Financial Services	41.4%	-
Utilities	21.2%	-
Industrials	16.1%	-
Energy	5.3%	-
Technology	4.9%	-
Consumer Cyclical	4.0%	-
Communication Services	2.9%	-
Real Estate	2.9%	-
Healthcare	1.3%	-
Basic Materials	-	99.8%
Consumer Defensive	-	-

Return for Risk

EWP vs. SGDM — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

SGDM

SGDM Risk / Return Rank: 31
SGDM Sharpe Ratio Rank: 32
SGDM Sortino Ratio Rank: 29
SGDM Omega Ratio Rank: 33
SGDM Calmar Ratio Rank: 30
SGDM Martin Ratio Rank: 29

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. SGDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Sprott Gold Miners ETF (SGDM). 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.

	EWP	SGDM	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.01	+0.93
Sortino ratio: Return per unit of downside risk	2.62	1.42	+1.20
Omega ratio: Gain probability vs. loss probability	1.34	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	3.26	1.30	+1.96
Martin ratio: Return relative to average drawdown	11.51	3.60	+7.91

EWP vs. SGDM - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the SGDM Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of EWP and SGDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWP vs. SGDM - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than SGDM's maximum drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for EWP and SGDM.

Drawdown Indicators

	EWP	SGDM	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-54.95%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-35.96%	+24.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-35.96%	+23.77%
Max Drawdown (5Y) Largest decline over 5 years	-33.76%	-45.06%	+11.30%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-49.69%	+3.33%
Current Drawdown Current decline from peak	0.00%	-30.31%	+30.31%
Average Drawdown Average peak-to-trough decline	-21.41%	-25.46%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	12.93%	-9.71%

Volatility

EWP vs. SGDM - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Sprott Gold Miners ETF (SGDM) has a volatility of 16.53%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than SGDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	SGDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	16.53%	-10.32%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	38.64%	-22.55%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	46.24%	-27.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	36.11%	-15.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	36.97%	-14.75%

EWP vs. SGDM - Expense Ratio Comparison

Both EWP and SGDM have an expense ratio of 0.50%.

Dividends

EWP vs. SGDM - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, more than SGDM's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.09%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
SGDM Sprott Gold Miners ETF	1.09%	1.04%	1.04%	1.39%	1.42%	1.33%	0.30%	0.25%	0.50%	0.58%	0.02%	1.47%

Frequently Asked Questions

Can I hold both EWP and SGDM in my portfolio?

EWP and SGDM have a correlation of 0.37, 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 SGDM?

SGDM has higher volatility (16.53%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs SGDM's -54.95%.

Which ETF is better, EWP or SGDM?

On 10-year performance, EWP leads with 12.33% vs 11.84% for SGDM. Both ETFs have the same 0.50% expense ratio. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or SGDM?

Over the 10-year period, EWP has performed better with a 12.33% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or SGDM?

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

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

EWP has the higher dividend yield at 2.09%, compared with 1.09% for SGDM.

What is the main difference between EWP and SGDM?

EWP is categorized as Europe Equities, while SGDM is Materials. EWP tracks MSCI Spain Index, while SGDM tracks Solactive Gold Miners Custom Factors Index. They also come from different issuers: iShares and Sprott.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 1.01), 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.