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EWP vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. VOO

Last updated Aug 2, 2026
Documentation

EWP (iShares MSCI Spain ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain 25/50 Index (Net), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWP returned 12.83%/yr vs 15.14%/yr for VOO. Their 0.64 correlation means they have sometimes moved together and sometimes differently. EWP charges 0.50%/yr vs 0.03%/yr for VOO.

Performance

EWP vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.16% return. Over the past 10 years, EWP has underperformed VOO with an annualized return of 12.83%, while VOO has yielded a comparatively higher 15.14% 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%

VOO

1D
0.71%
1M
0.26%
6M
8.58%
YTD
10.16%
1Y
21.58%
3Y*
19.42%
5Y*
12.83%
10Y*
15.14%
ALL TIME*
14.78%
*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

VOO

Vanguard S&P 500 ETF
$3.82B$3.78B$5.44B

EWP vs. VOO - 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%
VOO
Vanguard S&P 500 ETF		10.16%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between EWP and VOO is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.65

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

0.51

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

0.59

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

0.60

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.64

The correlation between EWP and VOO shifts across timeframes, from 0.51 (3 years) to 0.65 (1 year), reflecting how their relationship changes across market environments.

EWP vs. VOO - Sectors Allocation Comparison

Sectors
EWP
VOO

Financial Services

43.9%
11.4%

Utilities

21.9%
2.2%

Industrials

16.3%
8.5%

Technology

4.8%
38.6%

Consumer Cyclical

4.5%
9.5%

Energy

3.9%
3.0%

Communication Services

2.4%
9.9%

Real Estate

2.4%
1.8%

Healthcare

1.3%
8.9%

Basic Materials

-

1.7%

Consumer Defensive

-

4.5%

Financial Services

EWP
43.9%
VOO
11.4%

Utilities

EWP
21.9%
VOO
2.2%

Industrials

EWP
16.3%
VOO
8.5%

Technology

EWP
4.8%
VOO
38.6%

Consumer Cyclical

EWP
4.5%
VOO
9.5%

Energy

EWP
3.9%
VOO
3.0%

Communication Services

EWP
2.4%
VOO
9.9%

Real Estate

EWP
2.4%
VOO
1.8%

Healthcare

EWP
1.3%
VOO
8.9%

Basic Materials

EWP

-

VOO
1.7%

Consumer Defensive

EWP

-

VOO
4.5%

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 S&P 500 ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. EWQEWP vs. FEZEWP vs. EPI
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

EWP vs. VOO — 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
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6565
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Vanguard S&P 500 ETF (VOO). 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.

EWPVOODifference
Sharpe ratioReturn per unit of total volatility
2.19
1.53

+0.65

Sortino ratioReturn per unit of downside risk
2.96
2.13

+0.83

Omega ratioGain probability vs. loss probability

1.38

1.28

+0.10

Calmar ratioReturn relative to maximum drawdown

3.67

2.21

+1.47

Martin ratioReturn relative to average drawdown

13.09

9.44

+3.65

EWP vs. VOO - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.19, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of EWP and VOO, 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. VOO - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EWP and VOO.

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Drawdown Indicators

EWPVOODifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-33.99%

-27.20%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-8.90%

-2.48%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-18.69%

+6.50%

Max Drawdown (5Y)

Largest decline over 5 years

-30.26%

-24.52%

-5.74%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-33.99%

-12.37%

Current Drawdown

Current decline from peak

0.00%

-1.38%

+1.38%

Average Drawdown

Average peak-to-trough decline

-21.33%

-3.67%

-17.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

2.08%

+1.11%

Volatility

EWP vs. VOO - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.92% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

3.54%

+2.38%

Volatility (6M)

Calculated over the trailing 6-month period

16.53%

10.10%

+6.43%

Volatility (1Y)

Calculated over the trailing 1-year period

19.11%

12.82%

+6.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.28%

16.93%

+3.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.50%

18.01%

+3.49%

EWP vs. VOO - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

EWP vs. VOO - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.71%, more than VOO's 1.07% 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%
VOO
Vanguard S&P 500 ETF		1.07%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

EWP and VOO have a correlation of 0.65, 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 VOO (3.54%). In terms of maximum drawdown, EWP dropped -61.19% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.14% vs 12.83% for EWP. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.14% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.50% for EWP.

EWP has the higher dividend yield at 2.71%, compared with 1.07% for VOO.

EWP is categorized as Europe Equities, while VOO is S&P 500. EWP tracks MSCI Spain 25/50 Index (Net), while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWP and 0.03% for VOO.

EWP currently has the higher Sharpe Ratio (2.19 vs 1.53), 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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