HEZU vs. EWP
Compare and contrast key facts about iShares Currency Hedged MSCI Eurozone ETF (HEZU) and iShares MSCI Spain ETF (EWP).
HEZU and EWP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEZU is a passively managed fund by iShares that tracks the performance of the MSCI EMU 100% USD Hedged Index. It was launched on Jul 9, 2014. EWP is a passively managed fund by iShares that tracks the performance of the MSCI Spain Index. It was launched on Mar 12, 1996. Both HEZU and EWP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
HEZU vs. EWP - Performance Comparison
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HEZU vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 1.17% | 25.93% | 10.63% | 22.98% | -9.54% | 23.51% | 0.52% | 29.48% | -10.23% | 14.26% |
EWP iShares MSCI Spain ETF | 1.91% | 78.03% | 5.70% | 30.26% | -5.18% | 0.25% | -3.94% | 11.93% | -15.32% | 26.98% |
Returns By Period
In the year-to-date period, HEZU achieves a 1.17% return, which is significantly lower than EWP's 1.91% return. Both investments have delivered pretty close results over the past 10 years, with HEZU having a 11.43% annualized return and EWP not far behind at 10.92%.
HEZU
- 1D
- 1.30%
- 1M
- -3.80%
- YTD
- 1.17%
- 6M
- 4.77%
- 1Y
- 16.24%
- 3Y*
- 15.13%
- 5Y*
- 11.76%
- 10Y*
- 11.43%
EWP
- 1D
- 1.16%
- 1M
- -1.95%
- YTD
- 1.91%
- 6M
- 12.22%
- 1Y
- 47.20%
- 3Y*
- 29.41%
- 5Y*
- 18.37%
- 10Y*
- 10.92%
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HEZU vs. EWP - Expense Ratio Comparison
HEZU has a 0.52% expense ratio, which is higher than EWP's 0.50% expense ratio.
Return for Risk
HEZU vs. EWP — Risk / Return Rank
HEZU
EWP
HEZU vs. EWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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.
| HEZU | EWP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.90 | 2.20 | -1.30 |
Sortino ratioReturn per unit of downside risk | 1.34 | 2.79 | -1.45 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.41 | -0.22 |
Calmar ratioReturn relative to maximum drawdown | 1.47 | 3.94 | -2.47 |
Martin ratioReturn relative to average drawdown | 5.46 | 15.00 | -9.54 |
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
| HEZU | EWP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | 2.20 | -1.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.92 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.49 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.31 | +0.23 |
Correlation
The correlation between HEZU and EWP is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
HEZU vs. EWP - Dividend Comparison
HEZU's dividend yield for the trailing twelve months is around 2.89%, more than EWP's 2.23% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 2.89% | 2.92% | 2.77% | 2.52% | 23.26% | 2.25% | 2.32% | 5.40% | 3.48% | 1.92% | 3.11% | 2.68% |
EWP iShares MSCI Spain ETF | 2.23% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
Drawdowns
HEZU vs. EWP - Drawdown Comparison
The maximum HEZU drawdown since its inception was -38.80%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for HEZU and EWP.
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Drawdown Indicators
| HEZU | EWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -61.19% | +22.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.62% | -12.19% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -22.79% | -33.91% | +11.12% |
Max Drawdown (10Y)Largest decline over 10 years | -38.80% | -46.36% | +7.56% |
Current DrawdownCurrent decline from peak | -6.39% | -5.70% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -5.89% | -21.54% | +15.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.20% | -0.06% |
Volatility
HEZU vs. EWP - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 6.56%, while iShares MSCI Spain ETF (EWP) has a volatility of 8.33%. This indicates that HEZU 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
| HEZU | EWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.56% | 8.33% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 14.14% | -3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.11% | 21.52% | -3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 20.02% | -3.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 22.21% | -3.84% |