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EWUS vs. SPEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWUS vs. SPEU

Last updated Aug 5, 2026
Documentation

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - EWUS tracks the MSCI United Kingdom Small Cap Index while SPEU tracks the STOXX Europe Total Market Index. Both are passively managed. Over the past 10 years, EWUS returned 5.50%/yr vs 10.00%/yr for SPEU. Their 0.71 correlation means they have sometimes moved together and sometimes differently. EWUS charges 0.59%/yr vs 0.07%/yr for SPEU.

Performance

EWUS vs. SPEU - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWUS achieves a 9.03% return, which is significantly lower than SPEU's 11.43% return. Over the past 10 years, EWUS has underperformed SPEU with an annualized return of 5.50%, while SPEU has yielded a comparatively higher 10.00% annualized return.

EWUS

1D
1.41%
1M
5.34%
6M
3.64%
YTD
9.03%
1Y
15.70%
3Y*
14.50%
5Y*
1.50%
10Y*
5.50%
ALL TIME*
6.84%

SPEU

1D
1.02%
1M
2.61%
6M
6.12%
YTD
11.43%
1Y
23.86%
3Y*
17.75%
5Y*
9.07%
10Y*
10.00%
ALL TIME*
7.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWUS

iShares MSCI United Kingdom Small-Cap ETF
$138.90K$173.11K$230.43K

SPEU

SPDR Portfolio Europe ETF
$1.33M$1.30M$1.67M

EWUS vs. SPEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWUS
iShares MSCI United Kingdom Small-Cap ETF		9.03%25.13%3.55%15.41%-31.19%12.55%-2.58%35.16%-20.16%32.17%
SPEU
SPDR Portfolio Europe ETF		11.43%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%

Correlation

The correlation between EWUS and SPEU is 0.86, meaning they have usually moved in the same direction, including during past declines.

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

0.86

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

0.84

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

0.87

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

0.78

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.71

The correlation between EWUS and SPEU shifts across timeframes, from 0.71 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

EWUS vs. SPEU - Sectors Allocation Comparison

Sectors
EWUS
SPEU

Financial Services

22.8%
23.7%

Industrials

22.0%
20.2%

Consumer Cyclical

16.8%
7.1%

Real Estate

9.9%
1.5%

Communication Services

6.3%
2.8%

Basic Materials

5.4%
5.3%

Utilities

4.1%
4.5%

Consumer Defensive

3.9%
8.0%

Technology

3.5%
9.8%

Healthcare

3.0%
12.6%

Energy

1.7%
4.6%

Financial Services

EWUS
22.8%
SPEU
23.7%

Industrials

EWUS
22.0%
SPEU
20.2%

Consumer Cyclical

EWUS
16.8%
SPEU
7.1%

Real Estate

EWUS
9.9%
SPEU
1.5%

Communication Services

EWUS
6.3%
SPEU
2.8%

Basic Materials

EWUS
5.4%
SPEU
5.3%

Utilities

EWUS
4.1%
SPEU
4.5%

Consumer Defensive

EWUS
3.9%
SPEU
8.0%

Technology

EWUS
3.5%
SPEU
9.8%

Healthcare

EWUS
3.0%
SPEU
12.6%

Energy

EWUS
1.7%
SPEU
4.6%

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 Small-Cap ETF

SPDR Portfolio Europe ETF

Often compared with EWUS:
EWUS vs. EWUEWUS vs. HSCZEWUS vs. SCJEWUS vs. EWZSEWUS vs. SCZEWUS vs. SMINEWUS vs. QQQ
Often compared with SPEU:
SPEU vs. VGKSPEU vs. IEVSPEU vs. FLEESPEU vs. GMFSPEU vs. VXUSSPEU vs. IEUSSPEU vs. IOO

Return for Risk

EWUS vs. SPEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWUS
EWUS Risk / Return Rank: 3131
Overall Rank
EWUS Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
EWUS Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWUS Omega Ratio Rank: 3030
Omega Ratio Rank
EWUS Calmar Ratio Rank: 2929
Calmar Ratio Rank
EWUS Martin Ratio Rank: 3232
Martin Ratio Rank
SPEU
SPEU Risk / Return Rank: 5454
Overall Rank
SPEU Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 5656
Sortino Ratio Rank
SPEU Omega Ratio Rank: 5252
Omega Ratio Rank
SPEU Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPEU Martin Ratio Rank: 5656
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.

EWUS vs. SPEU - Risk-Adjusted Trends Comparison

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

EWUSSPEUDifference
Sharpe ratioReturn per unit of total volatility
0.87
1.51

-0.65

Sortino ratioReturn per unit of downside risk
1.37
2.19

-0.81

Omega ratioGain probability vs. loss probability

1.16

1.27

-0.11

Calmar ratioReturn relative to maximum drawdown

1.04

1.98

-0.94

Martin ratioReturn relative to average drawdown

3.27

7.43

-4.17

EWUS vs. SPEU - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.87, which is lower than the SPEU Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EWUS and SPEU, 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

EWUS vs. SPEU - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for EWUS and SPEU.

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Drawdown Indicators

EWUSSPEUDifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-62.45%

+13.12%

Max Drawdown (1Y)

Largest decline over 1 year

-15.21%

-12.09%

-3.12%

Max Drawdown (3Y)

Largest decline over 3 years

-19.84%

-14.17%

-5.67%

Max Drawdown (5Y)

Largest decline over 5 years

-48.14%

-32.70%

-15.44%

Max Drawdown (10Y)

Largest decline over 10 years

-49.33%

-36.83%

-12.50%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-12.98%

-13.76%

+0.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.82%

3.22%

+1.60%

Volatility

EWUS vs. SPEU - Volatility Comparison

iShares MSCI United Kingdom Small-Cap ETF (EWUS) has a higher volatility of 5.34% compared to SPDR Portfolio Europe ETF (SPEU) at 4.11%. This indicates that EWUS's price experiences larger fluctuations and is considered to be riskier than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWUSSPEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.34%

4.11%

+1.23%

Volatility (6M)

Calculated over the trailing 6-month period

15.35%

13.76%

+1.59%

Volatility (1Y)

Calculated over the trailing 1-year period

18.21%

15.85%

+2.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

17.58%

+3.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.50%

18.16%

+3.34%

EWUS vs. SPEU - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is higher than SPEU's 0.07% expense ratio.

Dividends

EWUS vs. SPEU - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.02%, less than SPEU's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EWUS
iShares MSCI United Kingdom Small-Cap ETF		3.02%3.59%3.67%2.88%2.03%3.54%1.97%2.59%3.53%2.61%3.18%2.85%
SPEU
SPDR Portfolio Europe ETF		3.32%3.47%3.29%2.91%3.08%2.67%2.29%3.19%3.99%2.82%3.66%3.62%

Frequently Asked Questions

EWUS and SPEU have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWUS has higher volatility (5.34%) compared to SPEU (4.11%). In terms of maximum drawdown, EWUS dropped -49.33% vs SPEU's -62.45%.

On 10-year performance, SPEU leads with 10.00% vs 5.50% for EWUS. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPEU has performed better with a 10.00% return vs 5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEU is cheaper with a 0.07% expense ratio, compared with 0.59% for EWUS.

SPEU has the higher dividend yield at 3.32%, compared with 3.02% for EWUS.

EWUS tracks MSCI United Kingdom Small Cap Index, while SPEU tracks STOXX Europe Total Market Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EWUS and 0.07% for SPEU.

SPEU currently has the higher Sharpe Ratio (1.51 vs 0.87), 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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