EWP vs. SPICHA.SW

Last updated Jun 9, 2026

EWP (iShares MSCI Spain ETF) and SPICHA.SW (UBS ETF (CH) – SPI® (CHF) A-dis) are both Europe Equities funds - EWP tracks the MSCI Spain Index while SPICHA.SW tracks the SPI® Index. Both are passively managed. Over the past 10 years, EWP returned 11.50%/yr vs 9.95%/yr for SPICHA.SW. At a 0.45 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.10%/yr for SPICHA.SW.

Performance

EWP vs. SPICHA.SW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EWP is traded in USD, while SPICHA.SW is traded in CHF. To make them comparable, the SPICHA.SW values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EWP achieves a 5.10% return, which is significantly higher than SPICHA.SW's 3.56% return. Over the past 10 years, EWP has outperformed SPICHA.SW with an annualized return of 11.50%, while SPICHA.SW has yielded a comparatively lower 9.95% annualized return.

EWP

• 1D: -0.23%
• 1M: -1.00%
• YTD: 5.10%
• 6M: 9.82%
• 1Y: 33.13%
• 3Y*: 30.85%
• 5Y*: 16.75%
• 10Y*: 11.50%

SPICHA.SW

• 1D: 1.18%
• 1M: -0.06%
• YTD: 3.56%
• 6M: 7.77%
• 1Y: 14.94%
• 3Y*: 12.73%
• 5Y*: 7.43%
• 10Y*: 9.95%

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

EWP vs. SPICHA.SW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	5.10%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis	3.56%	34.32%	-1.27%	16.22%	-17.68%	18.95%	14.20%	32.02%	-9.32%	24.87%

Correlation

The correlation between EWP and SPICHA.SW is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 19, 2011	0.45

The correlation between EWP and SPICHA.SW shifts across timeframes, from 0.45 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EWP vs. SPICHA.SW — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 59
EWP Sharpe Ratio Rank: 58
EWP Sortino Ratio Rank: 56
EWP Omega Ratio Rank: 55
EWP Calmar Ratio Rank: 65
EWP Martin Ratio Rank: 63

SPICHA.SW

SPICHA.SW Risk / Return Rank: 26
SPICHA.SW Sharpe Ratio Rank: 28
SPICHA.SW Sortino Ratio Rank: 27
SPICHA.SW Omega Ratio Rank: 27
SPICHA.SW Calmar Ratio Rank: 23
SPICHA.SW Martin Ratio Rank: 26

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. SPICHA.SW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW). 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.

	EWP	SPICHA.SW	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.07	+0.71
Sortino ratio: Return per unit of downside risk	2.40	1.59	+0.81
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	2.92	1.19	+1.74
Martin ratio: Return relative to average drawdown	10.37	3.85	+6.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWP vs. SPICHA.SW - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.77, which is higher than the SPICHA.SW Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of EWP and SPICHA.SW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWP	SPICHA.SW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.07	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.46	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.64	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.52	-0.21

Drawdowns

EWP vs. SPICHA.SW - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than SPICHA.SW's maximum drawdown of -27.79%. Use the drawdown chart below to compare losses from any high point for EWP and SPICHA.SW.

Drawdown Indicators

	EWP	SPICHA.SW	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-27.79%	-33.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-13.01%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-13.54%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-27.79%	-6.12%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-27.79%	-18.57%
Current Drawdown Current decline from peak	-2.96%	-4.72%	+1.76%
Average Drawdown Average peak-to-trough decline	-21.43%	-6.69%	-14.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.98%	-0.78%

Volatility

EWP vs. SPICHA.SW - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.07% compared to UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) at 4.39%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than SPICHA.SW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	SPICHA.SW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	4.39%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	11.58%	+4.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	14.53%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	16.20%	+4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	15.64%	+6.60%

EWP vs. SPICHA.SW - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than SPICHA.SW's 0.10% expense ratio.

Dividends

EWP vs. SPICHA.SW - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.16%, less than SPICHA.SW's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.16%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis	2.20%	2.64%	2.96%	2.94%	2.83%	2.26%	2.55%	2.60%	3.21%	2.62%	3.04%	2.87%

Frequently Asked Questions

Can I hold both EWP and SPICHA.SW in my portfolio?

EWP and SPICHA.SW have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWP or SPICHA.SW?

On fees, SPICHA.SW is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWP or SPICHA.SW?

SPICHA.SW is cheaper with a 0.10% expense ratio, compared with 0.50% for EWP.

What is the main difference between EWP and SPICHA.SW?

EWP tracks MSCI Spain Index, while SPICHA.SW tracks SPI® Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for EWP and 0.10% for SPICHA.SW.