PortfoliosLab logoPortfoliosLab logo

Documentation

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

EWU vs. EWP

Last updated Jun 5, 2026

EWU (iShares MSCI United Kingdom ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - EWU tracks the MSCI United Kingdom Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, EWU returned 7.86%/yr vs 11.09%/yr for EWP. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWU vs. EWP - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with EWU having a 6.59% return and EWP slightly higher at 6.66%. Over the past 10 years, EWU has underperformed EWP with an annualized return of 7.86%, while EWP has yielded a comparatively higher 11.09% annualized return.

EWU

1D
0.99%
1M
0.93%
YTD
6.59%
6M
10.05%
1Y
21.33%
3Y*
17.73%
5Y*
10.86%
10Y*
7.86%

EWP

1D
1.11%
1M
2.28%
YTD
6.66%
6M
11.07%
1Y
36.42%
3Y*
31.66%
5Y*
17.28%
10Y*
11.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWU vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		6.59%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
EWP
iShares MSCI Spain ETF		6.66%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between EWU and EWP is 0.77, 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

0.77

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

0.74

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

0.77

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

0.76

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.67

The correlation between EWU and EWP shifts across timeframes, from 0.67 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

EWU vs. EWP - Sectors Allocation Comparison

Sectors
EWU
EWP

Financial Services

26.0%
41.4%

Consumer Defensive

14.2%

-

Healthcare

13.9%
1.3%

Industrials

12.1%
16.1%

Energy

11.0%
5.3%

Basic Materials

9.3%

-

Utilities

5.1%
21.2%

Consumer Cyclical

4.0%
4.0%

Communication Services

2.4%
2.9%

Technology

0.6%
4.9%

Real Estate

0.6%
2.9%

Financial Services

EWU
26.0%
EWP
41.4%

Consumer Defensive

EWU
14.2%
EWP

-

Healthcare

EWU
13.9%
EWP
1.3%

Industrials

EWU
12.1%
EWP
16.1%

Energy

EWU
11.0%
EWP
5.3%

Basic Materials

EWU
9.3%
EWP

-

Utilities

EWU
5.1%
EWP
21.2%

Consumer Cyclical

EWU
4.0%
EWP
4.0%

Communication Services

EWU
2.4%
EWP
2.9%

Technology

EWU
0.6%
EWP
4.9%

Real Estate

EWU
0.6%
EWP
2.9%

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 United Kingdom ETF

iShares MSCI Spain ETF

Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

EWU vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWU
EWU Risk / Return Rank: 4444
Overall Rank
EWU Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWU Omega Ratio Rank: 4141
Omega Ratio Rank
EWU Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWU Martin Ratio Rank: 4848
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 6060
Overall Rank
EWP Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 5656
Sortino Ratio Rank
EWP Omega Ratio Rank: 5656
Omega Ratio Rank
EWP Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWP Martin Ratio Rank: 6464
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.

EWU vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) and iShares MSCI Spain ETF (EWP). 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.

EWUEWPDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.95

-0.47

Sortino ratioReturn per unit of downside risk
2.12
2.61

-0.49

Omega ratioGain probability vs. loss probability

1.26

1.34

-0.08

Calmar ratioReturn relative to maximum drawdown

2.16

3.21

-1.06

Martin ratioReturn relative to average drawdown

7.80

11.44

-3.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWU vs. EWP - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.49, which is comparable to the EWP Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EWU and EWP, 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

EWUEWPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

1.95

-0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.86

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.50

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.31

-0.05

Drawdowns

EWU vs. EWP - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, roughly equal to the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EWU and EWP.

Loading charts...

Drawdown Indicators

EWUEWPDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-61.19%

-2.80%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-11.38%

+1.46%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-12.19%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-33.91%

+9.00%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-46.36%

+3.03%

Current Drawdown

Current decline from peak

-3.70%

-1.52%

-2.18%

Average Drawdown

Average peak-to-trough decline

-14.16%

-21.43%

+7.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

3.19%

-0.45%

Volatility

EWU vs. EWP - Volatility Comparison

iShares MSCI United Kingdom ETF (EWU) and iShares MSCI Spain ETF (EWP) have volatilities of 5.64% and 5.74%, 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.

Loading charts...

Volatility by Period

EWUEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

5.74%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

15.65%

-3.32%

Volatility (1Y)

Calculated over the trailing 1-year period

14.40%

18.72%

-4.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

20.25%

-3.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

22.23%

-3.39%

EWU vs. EWP - Expense Ratio Comparison

Both EWU and EWP have an expense ratio of 0.50%.

Dividends

EWU vs. EWP - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.50%, more than EWP's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.13%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
EWU
iShares MSCI United Kingdom ETF		3.50%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

EWU and EWP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.74%) compared to EWU (5.64%). In terms of maximum drawdown, EWU dropped -63.99% vs EWP's -61.19%.

On 10-year performance, EWP leads with 11.09% vs 7.86% for EWU. Both ETFs have the same 0.50% expense ratio. On volatility, EWU has been the lower-risk option at 5.64%. 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 11.09% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWU and EWP have the same expense ratio: 0.50% per year.

EWU has the higher dividend yield at 3.50%, compared with 2.13% for EWP.

EWU tracks MSCI United Kingdom Index, while EWP tracks MSCI Spain Index.

EWP currently has the higher Sharpe Ratio (1.95 vs 1.49), 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.

Portfolio Optimizer

Find the right allocation for EWU and EWP

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