EWP vs. SLV
EWP (iShares MSCI Spain ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 12.68%/yr for SLV. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EWP vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, EWP achieves a 11.25% return, which is significantly higher than SLV's -13.49% return. Over the past 10 years, EWP has outperformed SLV with an annualized return of 13.42%, while SLV has yielded a comparatively lower 12.68% 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%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
EWP vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between EWP and SLV is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.27 |
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Return for Risk
EWP vs. SLV — Risk / Return Rank
EWP
SLV
EWP vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.25 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 1.47 | +2.17 |
| Martin ratioReturn relative to average drawdown | 12.92 | 3.16 | +9.75 |
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Drawdowns
EWP vs. SLV - Drawdown Comparison
The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for EWP and SLV.
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Drawdown Indicators
| EWP | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.19% | -76.28% | +15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -47.23% | +35.85% |
Max Drawdown (3Y)Largest decline over 3 years | -12.19% | -47.23% | +35.04% |
Max Drawdown (5Y)Largest decline over 5 years | -31.63% | -47.23% | +15.60% |
Max Drawdown (10Y)Largest decline over 10 years | -46.36% | -47.23% | +0.87% |
Current DrawdownCurrent decline from peak | -0.72% | -47.23% | +46.51% |
Average DrawdownAverage peak-to-trough decline | -21.40% | -44.65% | +23.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 21.91% | -18.71% |
Volatility
EWP vs. SLV - Volatility Comparison
The current volatility for iShares MSCI Spain ETF (EWP) is 5.49%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWP | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 14.34% | -8.85% |
Volatility (6M)Calculated over the trailing 6-month period | 16.07% | 59.27% | -43.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.81% | 60.33% | -41.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.29% | 36.59% | -16.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 32.09% | -10.53% |
EWP vs. SLV - Expense Ratio Comparison
Both EWP and SLV have an expense ratio of 0.50%.
Dividends
EWP vs. SLV - Dividend Comparison
EWP's dividend yield for the trailing twelve months is around 2.82%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWP and SLV have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.34%) compared to EWP (5.49%). In terms of maximum drawdown, EWP dropped -61.19% vs SLV's -76.28%.
On 10-year performance, EWP leads with 13.42% vs 12.68% for SLV. Both ETFs have the same 0.50% expense ratio. On volatility, EWP has been the lower-risk option at 5.49%. 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 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWP and SLV have the same expense ratio: 0.50% per year.
EWP has the higher dividend yield at 2.82%, compared with 0.00% for SLV.
EWP is categorized as Europe Equities, while SLV is Silver. EWP tracks MSCI Spain Index, while SLV tracks LBMA Silver Price.
EWP currently has the higher Sharpe Ratio (2.21 vs 1.15), 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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