EXUS.DE vs. EWP
EXUS.DE (Xtrackers MSCI World ex USA UCITS ETF 1C USD) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - EXUS.DE is a Global Equities fund tracking the MSCI World ex USA index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past year, EXUS.DE returned 20.32% vs 31.51% for EWP. At a 0.49 correlation, their price movements are largely independent. EXUS.DE charges 0.15%/yr vs 0.50%/yr for EWP.
Performance
EXUS.DE vs. EWP - Performance Comparison
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Different Trading Currencies
EXUS.DE is traded in EUR, while EWP is traded in USD. To make them comparable, the EWP values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EXUS.DE achieves a 9.64% return, which is significantly higher than EWP's 7.04% return.
EXUS.DE
- 1D
- 0.19%
- 1M
- 2.59%
- YTD
- 9.64%
- 6M
- 11.77%
- 1Y
- 20.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWP
- 1D
- -0.34%
- 1M
- 1.16%
- YTD
- 7.04%
- 6M
- 10.81%
- 1Y
- 31.51%
- 3Y*
- 27.83%
- 5Y*
- 18.02%
- 10Y*
- 11.22%
EXUS.DE vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EXUS.DE Xtrackers MSCI World ex USA UCITS ETF 1C USD | 9.64% | 17.80% | 5.15% |
EWP iShares MSCI Spain ETF | 7.04% | 56.90% | 11.09% |
Correlation
The correlation between EXUS.DE and EWP is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.49 |
The correlation between EXUS.DE and EWP has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
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Return for Risk
EXUS.DE vs. EWP — Risk / Return Rank
EXUS.DE
EWP
EXUS.DE vs. EWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.DE) 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.
| EXUS.DE | EWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 3.32 | -1.01 |
| Martin ratioReturn relative to average drawdown | 9.01 | 12.40 | -3.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EXUS.DE | EWP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 1.90 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.05 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.20 | +0.90 |
Drawdowns
EXUS.DE vs. EWP - Drawdown Comparison
The maximum EXUS.DE drawdown since its inception was -16.21%, smaller than the maximum EWP drawdown of -54.88%. Use the drawdown chart below to compare losses from any high point for EXUS.DE and EWP.
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Drawdown Indicators
| EXUS.DE | EWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.21% | -54.88% | +38.67% |
Max Drawdown (1Y)Largest decline over 1 year | -8.68% | -9.54% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.07% | — |
Current DrawdownCurrent decline from peak | -0.76% | -1.16% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -1.78% | -16.44% | +14.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 2.56% | -0.33% |
Volatility
EXUS.DE vs. EWP - Volatility Comparison
The current volatility for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.DE) is 3.28%, while iShares MSCI Spain ETF (EWP) has a volatility of 4.15%. This indicates that EXUS.DE experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXUS.DE | EWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 4.15% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.06% | 13.94% | -3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.37% | 16.73% | -4.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.39% | 17.22% | -3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.39% | 20.43% | -7.04% |
EXUS.DE vs. EWP - Expense Ratio Comparison
EXUS.DE has a 0.15% expense ratio, which is lower than EWP's 0.50% expense ratio.
Dividends
EXUS.DE vs. EWP - Dividend Comparison
EXUS.DE has not paid dividends to shareholders, while EWP's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 2.16% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
EXUS.DE Xtrackers MSCI World ex USA UCITS ETF 1C USD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EXUS.DE and EWP have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXUS.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXUS.DE is cheaper with a 0.15% expense ratio, compared with 0.50% for EWP.
EXUS.DE is categorized as Global Equities, while EWP is Europe Equities. EXUS.DE tracks MSCI World ex USA index, while EWP tracks MSCI Spain Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for EXUS.DE and 0.50% for EWP.
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