PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWP vs. VAPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. VAPX.L

Last updated Jun 9, 2026

EWP (iShares MSCI Spain ETF) and VAPX.L (Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while VAPX.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Pac Ex JPN NR USD. Both are passively managed. Over the past 10 years, EWP returned 11.50%/yr vs 11.74%/yr for VAPX.L. At a 0.49 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.15%/yr for VAPX.L.

Performance

EWP vs. VAPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

EWP is traded in USD, while VAPX.L is traded in GBP. To make them comparable, the VAPX.L 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 lower than VAPX.L's 39.58% return. Both investments have delivered pretty close results over the past 10 years, with EWP having a 11.50% annualized return and VAPX.L not far ahead at 11.74%.

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%

VAPX.L

1D
0.35%
1M
-2.11%
YTD
39.58%
6M
44.97%
1Y
70.32%
3Y*
25.08%
5Y*
10.60%
10Y*
11.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. VAPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VAPX.L
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing		39.58%41.25%-5.11%9.37%-12.16%0.91%18.84%17.37%-14.69%31.84%

Correlation

The correlation between EWP and VAPX.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.48

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

0.51

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

0.50

Correlation (All Time)
Calculated using the full available price history since May 22, 2013

0.49

The correlation between EWP and VAPX.L has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

EWP vs. VAPX.L - Sectors Allocation Comparison

Sectors
EWP
VAPX.L

Financial Services

41.4%
25.3%

Utilities

21.2%
2.0%

Industrials

16.1%
12.5%

Energy

5.3%
2.3%

Technology

4.9%
30.2%

Consumer Cyclical

4.0%
5.3%

Communication Services

2.9%
2.4%

Real Estate

2.9%
4.9%

Healthcare

1.3%
3.3%

Basic Materials

-

9.5%

Consumer Defensive

-

2.5%

Financial Services

EWP
41.4%
VAPX.L
25.3%

Utilities

EWP
21.2%
VAPX.L
2.0%

Industrials

EWP
16.1%
VAPX.L
12.5%

Energy

EWP
5.3%
VAPX.L
2.3%

Technology

EWP
4.9%
VAPX.L
30.2%

Consumer Cyclical

EWP
4.0%
VAPX.L
5.3%

Communication Services

EWP
2.9%
VAPX.L
2.4%

Real Estate

EWP
2.9%
VAPX.L
4.9%

Healthcare

EWP
1.3%
VAPX.L
3.3%

Basic Materials

EWP

-

VAPX.L
9.5%

Consumer Defensive

EWP

-

VAPX.L
2.5%

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

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with VAPX.L:
VAPX.L vs. HMXJ.LVAPX.L vs. VFEG.LVAPX.L vs. V3PA.DEVAPX.L vs. EIXVAPX.L vs. INAA.LVAPX.L vs. VTVAPX.L vs. SPHD

Return for Risk

EWP vs. VAPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 5959
Overall Rank
EWP Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 5656
Sortino Ratio Rank
EWP Omega Ratio Rank: 5555
Omega Ratio Rank
EWP Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWP Martin Ratio Rank: 6363
Martin Ratio Rank
VAPX.L
VAPX.L Risk / Return Rank: 9393
Overall Rank
VAPX.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VAPX.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
VAPX.L Omega Ratio Rank: 9494
Omega Ratio Rank
VAPX.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
VAPX.L Martin Ratio Rank: 9191
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. VAPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L). 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.

EWPVAPX.LDifference
Sharpe ratioReturn per unit of total volatility
1.77
3.02

-1.24

Sortino ratioReturn per unit of downside risk
2.40
3.68

-1.28

Omega ratioGain probability vs. loss probability

1.31

1.54

-0.23

Calmar ratioReturn relative to maximum drawdown

2.92

4.63

-1.71

Martin ratioReturn relative to average drawdown

10.37

17.93

-7.56

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. VAPX.L - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.77, which is lower than the VAPX.L Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of EWP and VAPX.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

EWPVAPX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

3.02

-1.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.55

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.61

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.43

-0.12

Drawdowns

EWP vs. VAPX.L - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than VAPX.L's maximum drawdown of -38.96%. Use the drawdown chart below to compare losses from any high point for EWP and VAPX.L.

Loading charts...

Drawdown Indicators

EWPVAPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-38.96%

-22.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-15.09%

+3.71%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-20.38%

+8.19%

Max Drawdown (5Y)

Largest decline over 5 years

-33.91%

-31.90%

-2.01%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-38.96%

-7.40%

Current Drawdown

Current decline from peak

-2.96%

-9.65%

+6.69%

Average Drawdown

Average peak-to-trough decline

-21.43%

-10.17%

-11.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

3.91%

-0.71%

Volatility

EWP vs. VAPX.L - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 5.07%, while Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) has a volatility of 12.47%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than VAPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWPVAPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.07%

12.47%

-7.40%

Volatility (6M)

Calculated over the trailing 6-month period

15.70%

20.85%

-5.15%

Volatility (1Y)

Calculated over the trailing 1-year period

18.79%

23.25%

-4.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.25%

19.18%

+1.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.24%

19.32%

+2.92%

EWP vs. VAPX.L - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than VAPX.L's 0.15% expense ratio.

Dividends

EWP vs. VAPX.L - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.16%, more than VAPX.L's 1.91% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VAPX.L
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing		1.91%2.70%3.47%3.53%4.32%3.51%2.08%3.39%3.52%3.10%2.71%3.49%

Frequently Asked Questions

EWP and VAPX.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VAPX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VAPX.L is cheaper with a 0.15% expense ratio, compared with 0.50% for EWP.

EWP is categorized as Europe Equities, while VAPX.L is Asia Pacific Equities. EWP tracks MSCI Spain Index, while VAPX.L tracks MSCI AC Asia Pac Ex JPN NR USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWP and 0.15% for VAPX.L.

Portfolio Optimizer

Find the right allocation for EWP and VAPX.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer