EZU vs. EWP

Last updated Jun 14, 2026

EZU (iShares MSCI Eurozone ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - EZU tracks the MSCI EMU while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, EZU returned 10.85%/yr vs 12.33%/yr for EWP. Their correlation of 0.85 suggests significant overlap in exposure. EZU charges 0.51%/yr vs 0.50%/yr for EWP.

Performance

EZU vs. EWP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EZU having a 9.10% return and EWP slightly lower at 8.89%. Over the past 10 years, EZU has underperformed EWP with an annualized return of 10.85%, while EWP has yielded a comparatively higher 12.33% annualized return.

EZU

• 1D: 0.00%
• 1M: 6.05%
• YTD: 9.10%
• 6M: 10.35%
• 1Y: 22.18%
• 3Y*: 18.40%
• 5Y*: 9.24%
• 10Y*: 10.85%

EWP

• 1D: 0.63%
• 1M: 5.52%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

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

EZU vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	9.10%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between EZU and EWP is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.85

The correlation between EZU and EWP has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

EZU vs. EWP - Sectors Allocation Comparison

Sectors	EZU	EWP
Financial Services	23.6%	42.4%
Industrials	20.5%	16.3%
Technology	16.5%	5.6%
Consumer Cyclical	7.8%	4.6%
Utilities	6.4%	21.4%
Healthcare	5.8%	1.3%
Consumer Defensive	5.5%	-
Communication Services	5.0%	2.8%
Energy	4.0%	4.1%
Basic Materials	4.0%	-
Real Estate	0.7%	2.8%

Return for Risk

EZU vs. EWP — Risk / Return Rank

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

EZU

EZU Risk / Return Rank: 37
EZU Sharpe Ratio Rank: 36
EZU Sortino Ratio Rank: 36
EZU Omega Ratio Rank: 35
EZU Calmar Ratio Rank: 35
EZU Martin Ratio Rank: 40

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

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.

EZU vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Eurozone ETF (EZU) 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.

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.

	EZU	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.94	-0.79
Sortino ratio: Return per unit of downside risk	1.71	2.62	-0.91
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	1.55	3.26	-1.71
Martin ratio: Return relative to average drawdown	5.60	11.51	-5.91

EZU vs. EWP - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.15, which is lower than the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of EZU 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.

Drawdowns

EZU vs. EWP - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, which is greater than EWP's maximum drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for EZU and EWP.

Drawdown Indicators

	EZU	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-61.19%	-4.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-11.38%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-12.19%	-2.83%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-32.96%	-3.15%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-46.36%	+4.99%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-19.21%	-21.41%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.22%	+0.39%

Volatility

EZU vs. EWP - Volatility Comparison

iShares MSCI Eurozone ETF (EZU) and iShares MSCI Spain ETF (EWP) have volatilities of 6.52% and 6.21%, 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

	EZU	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	6.21%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	16.09%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	19.13%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	20.31%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	22.22%	-1.72%

EZU vs. EWP - Expense Ratio Comparison

EZU has a 0.51% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

EZU vs. EWP - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.61%, more than EWP's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.09%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
EZU iShares MSCI Eurozone ETF	2.61%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%

Frequently Asked Questions

Can I hold both EZU and EWP in my portfolio?

EZU and EWP have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZU or EWP?

EZU has higher volatility (6.52%) compared to EWP (6.21%). In terms of maximum drawdown, EZU dropped -65.32% vs EWP's -61.19%.

Which ETF is better, EZU or EWP?

On 10-year performance, EWP leads with 12.33% vs 10.85% for EZU. On fees, EWP is cheaper at 0.50% per year. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or EWP?

Over the 10-year period, EWP has performed better with a 12.33% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.51% for EZU.

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

EZU has the higher dividend yield at 2.61%, compared with 2.09% for EWP.

What is the main difference between EZU and EWP?

EZU tracks MSCI EMU, while EWP tracks MSCI Spain Index. Their fees differ too: 0.51% for EZU and 0.50% for EWP.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 1.15), 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.