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EWP vs. SPEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. SPEU

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - EWP tracks the MSCI Spain Index while SPEU tracks the STOXX Europe Total Market Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 10.12%/yr for SPEU. Their correlation of 0.81 suggests significant overlap in exposure. EWP charges 0.50%/yr vs 0.07%/yr for SPEU.

Performance

EWP vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and SPDR Portfolio Europe ETF (SPEU). 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 SPEU's 5.69% return. Over the past 10 years, EWP has outperformed SPEU with an annualized return of 13.42%, while SPEU has yielded a comparatively lower 10.12% 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%

SPEU

1D
-1.28%
1M
-0.38%
YTD
5.69%
6M
5.86%
1Y
18.69%
3Y*
16.48%
5Y*
8.37%
10Y*
10.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. SPEU - 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%
SPEU
SPDR Portfolio Europe ETF		5.69%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%

Correlation

The correlation between EWP and SPEU is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.86

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

0.83

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

0.84

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

0.83

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2002

0.81

The correlation between EWP and SPEU has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

EWP vs. SPEU - Sectors Allocation Comparison

Sectors
EWP
SPEU

Financial Services

42.4%
23.1%

Utilities

21.4%
4.8%

Industrials

16.3%
20.0%

Technology

5.6%
10.1%

Consumer Cyclical

4.6%
6.5%

Energy

4.1%
5.5%

Communication Services

2.8%
3.4%

Real Estate

2.8%
1.7%

Healthcare

1.3%
11.2%

Basic Materials

-

6.0%

Consumer Defensive

-

7.7%

Financial Services

EWP
42.4%
SPEU
23.1%

Utilities

EWP
21.4%
SPEU
4.8%

Industrials

EWP
16.3%
SPEU
20.0%

Technology

EWP
5.6%
SPEU
10.1%

Consumer Cyclical

EWP
4.6%
SPEU
6.5%

Energy

EWP
4.1%
SPEU
5.5%

Communication Services

EWP
2.8%
SPEU
3.4%

Real Estate

EWP
2.8%
SPEU
1.7%

Healthcare

EWP
1.3%
SPEU
11.2%

Basic Materials

EWP

-

SPEU
6.0%

Consumer Defensive

EWP

-

SPEU
7.7%

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

SPDR Portfolio Europe ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with SPEU:
SPEU vs. VGKSPEU vs. FLEESPEU vs. IEVSPEU vs. VXUSSPEU vs. GMFSPEU vs. IEUSSPEU vs. IOO

Return for Risk

EWP vs. SPEU — 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
SPEU
SPEU Risk / Return Rank: 3434
Overall Rank
SPEU Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 3535
Sortino Ratio Rank
SPEU Omega Ratio Rank: 3333
Omega Ratio Rank
SPEU Calmar Ratio Rank: 3232
Calmar Ratio Rank
SPEU Martin Ratio Rank: 3838
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. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and SPDR Portfolio Europe ETF (SPEU). 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.

EWPSPEUDifference
Sharpe ratioReturn per unit of total volatility
2.21
1.19

+1.02

Sortino ratioReturn per unit of downside risk
2.94
1.75

+1.19

Omega ratioGain probability vs. loss probability

1.38

1.21

+0.17

Calmar ratioReturn relative to maximum drawdown

3.64

1.55

+2.09

Martin ratioReturn relative to average drawdown

12.92

5.68

+7.24

EWP vs. SPEU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is higher than the SPEU Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of EWP and SPEU, 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. SPEU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, roughly equal to the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for EWP and SPEU.

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Drawdown Indicators

EWPSPEUDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-62.45%

+1.26%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-12.09%

+0.71%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-14.17%

+1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-32.70%

+1.07%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-36.83%

-9.53%

Current Drawdown

Current decline from peak

-0.72%

-2.23%

+1.51%

Average Drawdown

Average peak-to-trough decline

-21.40%

-13.82%

-7.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

3.30%

-0.10%

Volatility

EWP vs. SPEU - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.49% compared to SPDR Portfolio Europe ETF (SPEU) at 4.97%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPSPEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

4.97%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

13.42%

+2.65%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

15.82%

+2.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

17.58%

+2.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

18.19%

+3.37%

EWP vs. SPEU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than SPEU's 0.07% expense ratio.

Dividends

EWP vs. SPEU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, less than SPEU's 3.50% 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%
SPEU
SPDR Portfolio Europe ETF		3.50%3.47%3.29%2.91%3.08%2.67%2.29%3.19%3.99%2.82%3.66%3.62%

Frequently Asked Questions

EWP and SPEU have a correlation of 0.86, 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 SPEU (4.97%). In terms of maximum drawdown, EWP dropped -61.19% vs SPEU's -62.45%.

On 10-year performance, EWP leads with 13.42% vs 10.12% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.97%. 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 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEU is cheaper with a 0.07% expense ratio, compared with 0.50% for EWP.

SPEU has the higher dividend yield at 3.50%, compared with 2.82% for EWP.

EWP tracks MSCI Spain Index, while SPEU tracks STOXX Europe Total Market Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EWP and 0.07% for SPEU.

EWP currently has the higher Sharpe Ratio (2.21 vs 1.19), 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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