EWP vs. SHLD

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, EWP returned 36.89% vs 10.40% for SHLD. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

EWP vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Global X Defense Tech ETF (SHLD). 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 SHLD's -1.50% return.

EWP

• 1D: 0.63%
• 1M: 4.02%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 36.89%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

SHLD

• 1D: -2.04%
• 1M: 0.05%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 10.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWP vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	10.94%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between EWP and SHLD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.35

EWP vs. SHLD - Sectors Allocation Comparison

Sectors	EWP	SHLD
Financial Services	41.4%	-
Utilities	21.2%	-
Industrials	16.1%	88.2%
Energy	5.3%	-
Technology	4.9%	11.8%
Consumer Cyclical	4.0%	-
Communication Services	2.9%	-
Real Estate	2.9%	-
Healthcare	1.3%	-
Basic Materials	-	-
Consumer Defensive	-	-

Return for Risk

EWP vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.43	+1.51
Sortino ratio: Return per unit of downside risk	2.62	0.78	+1.84
Omega ratio: Gain probability vs. loss probability	1.34	1.09	+0.25
Calmar ratio: Return relative to maximum drawdown	3.26	0.52	+2.74
Martin ratio: Return relative to average drawdown	11.51	1.28	+10.23

EWP vs. SHLD - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of EWP and SHLD, 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. SHLD - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for EWP and SHLD.

Drawdown Indicators

	EWP	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-20.10%	-41.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-20.10%	+8.72%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	—	—
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	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-21.41%	-3.34%	-18.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	8.12%	-4.90%

Volatility

EWP vs. SHLD - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	9.05%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	19.94%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	24.55%	-5.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	21.29%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	21.29%	+0.93%

EWP vs. SHLD - Expense Ratio Comparison

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

Dividends

EWP vs. SHLD - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, more than SHLD's 0.56% 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%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWP and SHLD in my portfolio?

EWP and SHLD have a correlation of 0.30, 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 SHLD?

SHLD has higher volatility (9.05%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs SHLD's -20.10%.

Which ETF is better, EWP or SHLD?

On 1-year performance, EWP leads with 36.89% vs 10.40% for SHLD. 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 SHLD?

Over the 1-year period, EWP has performed better with a 36.89% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or SHLD?

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

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

EWP has the higher dividend yield at 2.09%, compared with 0.56% for SHLD.

What is the main difference between EWP and SHLD?

EWP is categorized as Europe Equities, while SHLD is Aerospace & Defense. EWP tracks MSCI Spain Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 0.43), 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.