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GDMN vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDMN vs. EWP

Last updated Jun 13, 2026

GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - GDMN is a Commodities fund actively managed by WisdomTree, while EWP is a Europe Equities fund tracking the MSCI Spain Index. GDMN is actively managed, while EWP is passively managed. Over the past 3 years, GDMN returned 56.30%/yr vs 32.21%/yr for EWP. At a 0.34 correlation, their price movements are largely independent. GDMN charges 0.45%/yr vs 0.50%/yr for EWP.

Performance

GDMN vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GDMN achieves a -13.77% return, which is significantly lower than EWP's 8.89% return.

GDMN

1D
2.11%
1M
-21.24%
YTD
-13.77%
6M
-13.73%
1Y
51.90%
3Y*
56.30%
5Y*
—
10Y*
—

EWP

1D
0.63%
1M
4.32%
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)

GDMN vs. EWP - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GDMN
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund		-13.77%237.09%28.23%12.97%-14.62%6.93%
EWP
iShares MSCI Spain ETF		8.89%78.03%5.70%30.26%-5.18%5.04%

Correlation

The correlation between GDMN and EWP is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

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

0.35

Correlation (All Time)
Calculated using the full available price history since Dec 16, 2021

0.34

GDMN vs. EWP - Sectors Allocation Comparison

Sectors
GDMN
EWP

Basic Materials

100.0%

-

Communication Services

-

2.9%

Consumer Cyclical

-

4.0%

Consumer Defensive

-

-

Energy

-

5.3%

Financial Services

-

41.4%

Healthcare

-

1.3%

Industrials

-

16.1%

Real Estate

-

2.9%

Technology

-

4.9%

Utilities

-

21.2%

Basic Materials

GDMN
100.0%
EWP

-

Communication Services

GDMN

-

EWP
2.9%

Consumer Cyclical

GDMN

-

EWP
4.0%

Consumer Defensive

GDMN

-

EWP

-

Energy

GDMN

-

EWP
5.3%

Financial Services

GDMN

-

EWP
41.4%

Healthcare

GDMN

-

EWP
1.3%

Industrials

GDMN

-

EWP
16.1%

Real Estate

GDMN

-

EWP
2.9%

Technology

GDMN

-

EWP
4.9%

Utilities

GDMN

-

EWP
21.2%

Compare stocks, funds, or ETFs

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WisdomTree Efficient Gold Plus Gold Miners Strategy Fund

iShares MSCI Spain ETF

Often compared with GDMN:
GDMN vs. GDXGDMN vs. GDEGDMN vs. GldGDMN vs. GLDGDMN vs. IAUMGDMN vs. IAUGDMN vs. AUMI
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

GDMN vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDMN
GDMN Risk / Return Rank: 2929
Overall Rank
GDMN Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GDMN Sortino Ratio Rank: 2828
Sortino Ratio Rank
GDMN Omega Ratio Rank: 3333
Omega Ratio Rank
GDMN Calmar Ratio Rank: 2727
Calmar Ratio Rank
GDMN Martin Ratio Rank: 2626
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 6969
Overall Rank
EWP Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWP Omega Ratio Rank: 6565
Omega Ratio Rank
EWP Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWP Martin Ratio Rank: 7171
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.

GDMN vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) 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.

GDMNEWPDifference
Sharpe ratioReturn per unit of total volatility
0.90
1.94

-1.04

Sortino ratioReturn per unit of downside risk
1.38
2.62

-1.24

Omega ratioGain probability vs. loss probability

1.20

1.34

-0.14

Calmar ratioReturn relative to maximum drawdown

1.17

3.26

-2.09

Martin ratioReturn relative to average drawdown

3.15

11.51

-8.36

GDMN vs. EWP - Sharpe Ratio Comparison

The current GDMN Sharpe Ratio is 0.90, which is lower than the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of GDMN 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.

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Drawdowns

GDMN vs. EWP - Drawdown Comparison

The maximum GDMN drawdown since its inception was -52.82%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for GDMN and EWP.

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Drawdown Indicators

GDMNEWPDifference

Max Drawdown

Largest peak-to-trough decline

-52.82%

-61.19%

+8.37%

Max Drawdown (1Y)

Largest decline over 1 year

-48.76%

-11.38%

-37.38%

Max Drawdown (3Y)

Largest decline over 3 years

-48.76%

-12.19%

-36.57%

Max Drawdown (5Y)

Largest decline over 5 years

—

-33.76%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.36%

—

Current Drawdown

Current decline from peak

-43.39%

0.00%

-43.39%

Average Drawdown

Average peak-to-trough decline

-19.02%

-21.41%

+2.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.01%

3.22%

+14.79%

Volatility

GDMN vs. EWP - Volatility Comparison

WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a higher volatility of 21.98% compared to iShares MSCI Spain ETF (EWP) at 6.21%. This indicates that GDMN's price experiences larger fluctuations and is considered to be riskier 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

GDMNEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.98%

6.21%

+15.77%

Volatility (6M)

Calculated over the trailing 6-month period

54.30%

16.09%

+38.21%

Volatility (1Y)

Calculated over the trailing 1-year period

63.44%

19.13%

+44.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

48.07%

20.31%

+27.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

48.07%

22.22%

+25.85%

GDMN vs. EWP - Expense Ratio Comparison

GDMN has a 0.45% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

GDMN vs. EWP - Dividend Comparison

GDMN's dividend yield for the trailing twelve months is around 3.13%, more than EWP's 2.09% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
GDMN
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund		3.13%2.70%9.44%7.69%1.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GDMN and EWP have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDMN has higher volatility (21.98%) compared to EWP (6.21%). In terms of maximum drawdown, GDMN dropped -52.82% vs EWP's -61.19%.

On 3-year performance, GDMN leads with 56.30% vs 32.21% for EWP. On fees, GDMN is cheaper at 0.45% 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.

Over the 3-year period, GDMN has performed better with a 56.30% return vs 32.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GDMN is cheaper with a 0.45% expense ratio, compared with 0.50% for EWP.

GDMN has the higher dividend yield at 3.13%, compared with 2.09% for EWP.

GDMN is categorized as Commodities, while EWP is Europe Equities. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.45% for GDMN and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (1.94 vs 0.90), 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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