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EWP vs. SPEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. SPEU

Last updated Aug 2, 2026
Documentation

EWP (iShares MSCI Spain ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - EWP tracks the MSCI Spain 25/50 Index (Net) while SPEU tracks the STOXX Europe Total Market Index. Both are passively managed. Over the past 10 years, EWP returned 12.83%/yr vs 9.87%/yr for SPEU. Their correlation of 0.81 means they have usually moved in the same direction. 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 15.87% return, which is significantly higher than SPEU's 9.83% return. Over the past 10 years, EWP has outperformed SPEU with an annualized return of 12.83%, while SPEU has yielded a comparatively lower 9.87% annualized return.

EWP

1D
0.07%
1M
3.05%
6M
10.97%
YTD
15.87%
1Y
42.25%
3Y*
33.14%
5Y*
20.97%
10Y*
12.83%
ALL TIME*
8.75%

SPEU

1D
-0.45%
1M
1.14%
6M
5.09%
YTD
9.83%
1Y
23.46%
3Y*
16.49%
5Y*
9.09%
10Y*
9.87%
ALL TIME*
7.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWP

iShares MSCI Spain ETF
$15.85M$23.74M$20.93M

SPEU

SPDR Portfolio Europe ETF
$1.27M$1.33M$1.75M

EWP vs. SPEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		15.87%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
SPEU
SPDR Portfolio Europe ETF		9.83%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 0.87, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.87

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

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 0.87 - a consistent structural relationship.

EWP vs. SPEU - Sectors Allocation Comparison

Sectors
EWP
SPEU

Financial Services

43.9%
23.7%

Utilities

21.9%
4.5%

Industrials

16.3%
20.2%

Technology

4.8%
9.8%

Consumer Cyclical

4.5%
7.1%

Energy

3.9%
4.6%

Communication Services

2.4%
2.8%

Real Estate

2.4%
1.5%

Healthcare

1.3%
12.6%

Basic Materials

-

5.3%

Consumer Defensive

-

8.0%

Financial Services

EWP
43.9%
SPEU
23.7%

Utilities

EWP
21.9%
SPEU
4.5%

Industrials

EWP
16.3%
SPEU
20.2%

Technology

EWP
4.8%
SPEU
9.8%

Consumer Cyclical

EWP
4.5%
SPEU
7.1%

Energy

EWP
3.9%
SPEU
4.6%

Communication Services

EWP
2.4%
SPEU
2.8%

Real Estate

EWP
2.4%
SPEU
1.5%

Healthcare

EWP
1.3%
SPEU
12.6%

Basic Materials

EWP

-

SPEU
5.3%

Consumer Defensive

EWP

-

SPEU
8.0%

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. EWQEWP vs. FEZ
Often compared with SPEU:
SPEU vs. VGKSPEU vs. IEVSPEU vs. FLEESPEU vs. GMFSPEU vs. VXUSSPEU vs. IEUSSPEU vs. IOO

Return for Risk

EWP vs. SPEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWP
EWP Risk / Return Rank: 8888
Overall Rank
EWP Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8888
Sortino Ratio Rank
EWP Omega Ratio Rank: 8686
Omega Ratio Rank
EWP Calmar Ratio Rank: 8989
Calmar Ratio Rank
EWP Martin Ratio Rank: 8888
Martin Ratio Rank
SPEU
SPEU Risk / Return Rank: 6060
Overall Rank
SPEU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 6363
Sortino Ratio Rank
SPEU Omega Ratio Rank: 6060
Omega Ratio Rank
SPEU Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPEU Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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
2.19
1.45

+0.74

Sortino ratioReturn per unit of downside risk
2.96
2.11

+0.85

Omega ratioGain probability vs. loss probability

1.38

1.26

+0.12

Calmar ratioReturn relative to maximum drawdown

3.67

1.90

+1.77

Martin ratioReturn relative to average drawdown

13.09

7.13

+5.96

EWP vs. SPEU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.19, which is higher than the SPEU Sharpe Ratio of 1.45. 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

-30.26%

-32.70%

+2.44%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-36.83%

-9.53%

Current Drawdown

Current decline from peak

0.00%

-0.45%

+0.45%

Average Drawdown

Average peak-to-trough decline

-21.33%

-13.76%

-7.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

3.22%

-0.03%

Volatility

EWP vs. SPEU - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.92% compared to SPDR Portfolio Europe ETF (SPEU) at 4.38%. 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

5.92%

4.38%

+1.54%

Volatility (6M)

Calculated over the trailing 6-month period

16.53%

13.78%

+2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

19.11%

15.88%

+3.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.28%

17.57%

+2.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.50%

18.15%

+3.35%

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 2.71%, less than SPEU's 3.37% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.71%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		3.37%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 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.92%) compared to SPEU (4.38%). In terms of maximum drawdown, EWP dropped -61.19% vs SPEU's -62.45%.

On 10-year performance, EWP leads with 12.83% vs 9.87% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.38%. 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 12.83% return vs 9.87%. 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 3.37%, compared with 2.71% for EWP.

EWP tracks MSCI Spain 25/50 Index (Net), 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 (2.19 vs 1.45), 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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