EWUS vs. EWP

Last updated Jun 4, 2026

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - EWUS tracks the MSCI United Kingdom Small Cap Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, EWUS returned 3.77%/yr vs 10.99%/yr for EWP. A 0.59 correlation means they provide meaningful diversification when combined. EWUS charges 0.59%/yr vs 0.50%/yr for EWP.

Performance

EWUS vs. EWP - Performance Comparison

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

Returns By Period

In the year-to-date period, EWUS achieves a 1.21% return, which is significantly lower than EWP's 5.49% return. Over the past 10 years, EWUS has underperformed EWP with an annualized return of 3.77%, while EWP has yielded a comparatively higher 10.99% annualized return.

EWUS

• 1D: -1.03%
• 1M: 2.10%
• YTD: 1.21%
• 6M: 5.28%
• 1Y: 8.92%
• 3Y*: 12.21%
• 5Y*: -0.15%
• 10Y*: 3.77%

EWP

• 1D: -1.06%
• 1M: 3.64%
• YTD: 5.49%
• 6M: 10.02%
• 1Y: 34.73%
• 3Y*: 30.89%
• 5Y*: 17.03%
• 10Y*: 10.99%

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

EWUS vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWUS iShares MSCI United Kingdom Small-Cap ETF	1.21%	25.13%	3.55%	15.41%	-31.19%	12.55%	-2.58%	35.16%	-20.16%	32.17%
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between EWUS and EWP is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.59

The correlation between EWUS and EWP shifts across timeframes, from 0.59 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

EWUS vs. EWP - Sectors Allocation Comparison

Sectors	EWUS	EWP
Financial Services	22.9%	41.4%
Industrials	20.7%	16.1%
Consumer Cyclical	14.6%	4.0%
Real Estate	10.1%	2.9%
Basic Materials	6.7%	-
Communication Services	5.7%	2.9%
Consumer Defensive	4.6%	-
Technology	4.3%	4.9%
Energy	3.3%	5.3%
Healthcare	3.2%	1.3%
Utilities	3.0%	21.2%

Return for Risk

EWUS vs. EWP — Risk / Return Rank

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

EWUS

EWUS Risk / Return Rank: 17
EWUS Sharpe Ratio Rank: 17
EWUS Sortino Ratio Rank: 17
EWUS Omega Ratio Rank: 16
EWUS Calmar Ratio Rank: 17
EWUS Martin Ratio Rank: 18

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

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.

EWUS vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

	EWUS	EWP	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.87	-1.36
Sortino ratio: Return per unit of downside risk	0.86	2.51	-1.65
Omega ratio: Gain probability vs. loss probability	1.10	1.33	-0.23
Calmar ratio: Return relative to maximum drawdown	0.59	3.07	-2.48
Martin ratio: Return relative to average drawdown	1.92	10.91	-8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWUS vs. EWP - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.50, which is lower than the EWP Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of EWUS 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.

Sharpe Ratios by Period

	EWUS	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.87	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.85	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.50	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.31	-0.01

Drawdowns

EWUS vs. EWP - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EWUS and EWP.

Drawdown Indicators

	EWUS	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-61.19%	+11.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.21%	-11.38%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.84%	-12.19%	-7.65%
Max Drawdown (5Y) Largest decline over 5 years	-48.14%	-33.91%	-14.23%
Max Drawdown (10Y) Largest decline over 10 years	-49.33%	-46.36%	-2.97%
Current Drawdown Current decline from peak	-5.93%	-2.60%	-3.33%
Average Drawdown Average peak-to-trough decline	-13.08%	-21.43%	+8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	3.19%	+1.46%

Volatility

EWUS vs. EWP - Volatility Comparison

iShares MSCI United Kingdom Small-Cap ETF (EWUS) and iShares MSCI Spain ETF (EWP) have volatilities of 6.12% and 6.12%, 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.

Volatility by Period

	EWUS	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	6.12%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	14.52%	15.64%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	18.76%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	20.24%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	22.23%	+0.36%

EWUS vs. EWP - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

EWUS vs. EWP - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.55%, more than EWP's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.15%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
EWUS iShares MSCI United Kingdom Small-Cap ETF	3.55%	3.59%	3.67%	2.88%	2.03%	3.54%	1.97%	2.59%	3.53%	2.61%	3.18%	2.85%

Frequently Asked Questions

Can I hold both EWUS and EWP in my portfolio?

EWUS and EWP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWUS or EWP?

EWP has higher volatility (6.12%) compared to EWUS (6.12%). In terms of maximum drawdown, EWUS dropped -49.33% vs EWP's -61.19%.

Which ETF is better, EWUS or EWP?

On 10-year performance, EWP leads with 10.99% vs 3.77% for EWUS. On fees, EWP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWUS or EWP?

Over the 10-year period, EWP has performed better with a 10.99% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWUS or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.59% for EWUS.

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

EWUS has the higher dividend yield at 3.55%, compared with 2.15% for EWP.

What is the main difference between EWUS and EWP?

EWUS tracks MSCI United Kingdom Small Cap Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.59% for EWUS and 0.50% for EWP.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.87 vs 0.50), 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.