EWP vs. VTI

Last updated Jul 22, 2026

EWP (iShares MSCI Spain ETF) and VTI (Vanguard Total Stock Market ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, EWP returned 12.28%/yr vs 14.58%/yr for VTI. A 0.64 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.03%/yr for VTI.

Performance

EWP vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Spain ETF (EWP) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWP achieves a 12.06% return, which is significantly higher than VTI's 10.86% return. Over the past 10 years, EWP has underperformed VTI with an annualized return of 12.28%, while VTI has yielded a comparatively higher 14.58% 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%

VTI

• 1D: 0.87%
• 1M: 0.14%
• 6M: 10.91%
• YTD: 10.86%
• 1Y: 20.79%
• 3Y*: 19.44%
• 5Y*: 11.97%
• 10Y*: 14.58%
• ALL TIME*: 9.61%

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

EWP vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VTI Vanguard Total Stock Market ETF	10.86%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between EWP and VTI is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 31, 2001	0.64

The correlation between EWP and VTI shifts across timeframes, from 0.52 (3 years) to 0.64 (all time), reflecting how their relationship changes across market environments.

EWP vs. VTI - Sectors Allocation Comparison

Sectors	EWP	VTI
Financial Services	43.9%	11.8%
Utilities	21.9%	2.2%
Industrials	16.3%	10.2%
Technology	4.8%	36.1%
Consumer Cyclical	4.5%	9.4%
Energy	3.9%	3.2%
Communication Services	2.4%	9.1%
Real Estate	2.4%	2.3%
Healthcare	1.3%	9.7%
Basic Materials	-	1.9%
Consumer Defensive	-	4.3%

Return for Risk

EWP vs. VTI — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 83
EWP Sharpe Ratio Rank: 85
EWP Sortino Ratio Rank: 82
EWP Omega Ratio Rank: 81
EWP Calmar Ratio Rank: 84
EWP Martin Ratio Rank: 83

VTI

VTI Risk / Return Rank: 67
VTI Sharpe Ratio Rank: 67
VTI Sortino Ratio Rank: 65
VTI Omega Ratio Rank: 65
VTI Calmar Ratio Rank: 63
VTI Martin Ratio Rank: 76

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Vanguard Total Stock Market ETF (VTI). 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.

	EWP	VTI	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.62	+0.45
Sortino ratio: Return per unit of downside risk	2.81	2.25	+0.55
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	3.40	2.34	+1.06
Martin ratio: Return relative to average drawdown	12.09	10.21	+1.88

EWP vs. VTI - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.07, which is comparable to the VTI Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EWP and VTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWP vs. VTI - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than VTI's maximum drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for EWP and VTI.

Drawdown Indicators

	EWP	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-55.45%	-5.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.92%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-19.30%	+7.11%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-25.36%	-4.90%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-35.00%	-11.36%
Current Drawdown Current decline from peak	-1.36%	-1.03%	-0.33%
Average Drawdown Average peak-to-trough decline	-21.35%	-7.99%	-13.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.04%	+1.15%

Volatility

EWP vs. VTI - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 3.99% compared to Vanguard Total Stock Market ETF (VTI) at 3.14%. This indicates that EWP's price experiences larger fluctuations and is considered to be riskier than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.14%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	10.21%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	12.88%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	17.49%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	18.29%	+3.19%

EWP vs. VTI - Expense Ratio Comparison

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

Dividends

EWP vs. VTI - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.80%, more than VTI's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTI Vanguard Total Stock Market ETF	1.06%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both EWP and VTI in my portfolio?

EWP and VTI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWP or VTI?

EWP has higher volatility (3.99%) compared to VTI (3.14%). In terms of maximum drawdown, EWP dropped -61.19% vs VTI's -55.45%.

Which ETF is better, EWP or VTI?

On 10-year performance, VTI leads with 14.58% vs 12.28% for EWP. On fees, VTI is cheaper at 0.03% per year. On volatility, VTI has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or VTI?

Over the 10-year period, VTI has performed better with a 14.58% return vs 12.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or VTI?

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

Which ETF pays a higher dividend yield, EWP or VTI?

EWP has the higher dividend yield at 2.80%, compared with 1.06% for VTI.

What is the main difference between EWP and VTI?

EWP is categorized as Europe Equities, while VTI is Large Cap Blend Equities. EWP tracks MSCI Spain Index, while VTI tracks CRSP US Total Market Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWP and 0.03% for VTI.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.07 vs 1.62), 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.