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EWP vs. VPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. VPU

Last updated Jul 22, 2026
Documentation

EWP (iShares MSCI Spain ETF) and VPU (Vanguard Utilities ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index. Both are passively managed. Over the past 10 years, EWP returned 12.28%/yr vs 8.73%/yr for VPU. At a 0.41 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.09%/yr for VPU.

Performance

EWP vs. VPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Vanguard Utilities ETF (VPU). 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 12.06% return, which is significantly higher than VPU's 6.36% return. Over the past 10 years, EWP has outperformed VPU with an annualized return of 12.28%, while VPU has yielded a comparatively lower 8.73% annualized return.

EWP

1D
1.35%
1M
0.76%
6M
12.23%
YTD
12.06%
1Y
38.48%
3Y*
30.48%
5Y*
20.45%
10Y*
12.28%
ALL TIME*
8.64%

VPU

1D
0.01%
1M
0.81%
6M
5.41%
YTD
6.36%
1Y
9.89%
3Y*
12.74%
5Y*
9.81%
10Y*
8.73%
ALL TIME*
9.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. VPU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		12.06%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
VPU
Vanguard Utilities ETF		6.36%16.46%23.04%-7.45%1.06%17.40%-0.74%24.89%4.38%12.44%

Correlation

The correlation between EWP and VPU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.14

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

0.28

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

0.35

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

0.30

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2004

0.41

Over the past year, the correlation between EWP and VPU has dropped to 0.14 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

EWP vs. VPU - Sectors Allocation Comparison

Sectors
EWP
VPU

Financial Services

43.9%

-

Utilities

21.9%
98.8%

Industrials

16.3%
0.4%

Technology

4.8%

-

Consumer Cyclical

4.5%

-

Energy

3.9%
0.4%

Communication Services

2.4%

-

Real Estate

2.4%

-

Healthcare

1.3%

-

Basic Materials

-

-

Consumer Defensive

-

-

Financial Services

EWP
43.9%
VPU

-

Utilities

EWP
21.9%
VPU
98.8%

Industrials

EWP
16.3%
VPU
0.4%

Technology

EWP
4.8%
VPU

-

Consumer Cyclical

EWP
4.5%
VPU

-

Energy

EWP
3.9%
VPU
0.4%

Communication Services

EWP
2.4%
VPU

-

Real Estate

EWP
2.4%
VPU

-

Healthcare

EWP
1.3%
VPU

-

Basic Materials

EWP

-

VPU

-

Consumer Defensive

EWP

-

VPU

-

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 Utilities ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with VPU:
VPU vs. XLUVPU vs. FUTYVPU vs. VOOVPU vs. IDUVPU vs. SPYVPU vs. VUIAXVPU vs. SCHD

Return for Risk

EWP vs. VPU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 8383
Overall Rank
EWP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8282
Sortino Ratio Rank
EWP Omega Ratio Rank: 8181
Omega Ratio Rank
EWP Calmar Ratio Rank: 8484
Calmar Ratio Rank
EWP Martin Ratio Rank: 8383
Martin Ratio Rank
VPU
VPU Risk / Return Rank: 2626
Overall Rank
VPU Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
VPU Sortino Ratio Rank: 2424
Sortino Ratio Rank
VPU Omega Ratio Rank: 2424
Omega Ratio Rank
VPU Calmar Ratio Rank: 3030
Calmar Ratio Rank
VPU Martin Ratio Rank: 2525
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. VPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Vanguard Utilities ETF (VPU). 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.

EWPVPUDifference
Sharpe ratioReturn per unit of total volatility
2.07
0.68

+1.39

Sortino ratioReturn per unit of downside risk
2.81
1.01

+1.80

Omega ratioGain probability vs. loss probability

1.36

1.12

+0.24

Calmar ratioReturn relative to maximum drawdown

3.40

1.12

+2.28

Martin ratioReturn relative to average drawdown

12.09

2.32

+9.77

EWP vs. VPU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.07, which is higher than the VPU Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of EWP and VPU, 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. VPU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than VPU's maximum drawdown of -46.31%. Use the drawdown chart below to compare losses from any high point for EWP and VPU.

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Drawdown Indicators

EWPVPUDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-46.31%

-14.88%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-8.90%

-2.48%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-17.34%

+5.15%

Max Drawdown (5Y)

Largest decline over 5 years

-30.26%

-25.15%

-5.11%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-36.42%

-9.94%

Current Drawdown

Current decline from peak

-1.36%

-4.40%

+3.04%

Average Drawdown

Average peak-to-trough decline

-21.35%

-7.76%

-13.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

4.27%

-1.08%

Volatility

EWP vs. VPU - Volatility Comparison

iShares MSCI Spain ETF (EWP) and Vanguard Utilities ETF (VPU) have volatilities of 3.99% and 4.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWPVPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

4.11%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

16.27%

11.56%

+4.71%

Volatility (1Y)

Calculated over the trailing 1-year period

18.68%

14.55%

+4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.19%

17.04%

+3.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.48%

19.15%

+2.33%

EWP vs. VPU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than VPU's 0.09% expense ratio.

Dividends

EWP vs. VPU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.80%, more than VPU's 2.66% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.80%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
VPU
Vanguard Utilities ETF		2.66%2.73%3.02%3.49%2.98%2.70%3.17%2.83%3.23%3.18%3.19%3.63%

Frequently Asked Questions

EWP and VPU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VPU has higher volatility (4.11%) compared to EWP (3.99%). In terms of maximum drawdown, EWP dropped -61.19% vs VPU's -46.31%.

On 10-year performance, EWP leads with 12.28% vs 8.73% for VPU. On fees, VPU is cheaper at 0.09% per year. On volatility, EWP has been the lower-risk option at 3.99%. 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 12.28% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VPU is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

EWP has the higher dividend yield at 2.80%, compared with 2.66% for VPU.

EWP is categorized as Europe Equities, while VPU is Utilities Equities. EWP tracks MSCI Spain Index, while VPU tracks MSCI US Investable Market Utilities 25/50 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWP and 0.09% for VPU.

EWP currently has the higher Sharpe Ratio (2.07 vs 0.68), 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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