HEZU vs. EWP

Last updated Jun 23, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds from iShares - HEZU tracks the MSCI EMU 100% USD Hedged Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, HEZU returned 13.36%/yr vs 13.50%/yr for EWP. A 0.74 correlation means they provide meaningful diversification when combined. HEZU charges 0.52%/yr vs 0.50%/yr for EWP.

Performance

HEZU vs. EWP - Performance Comparison

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

Returns By Period

In the year-to-date period, HEZU achieves a 14.69% return, which is significantly higher than EWP's 12.06% return. Both investments have delivered pretty close results over the past 10 years, with HEZU having a 13.36% annualized return and EWP not far ahead at 13.50%.

HEZU

• 1D: 0.34%
• 1M: 5.63%
• YTD: 14.69%
• 6M: 14.92%
• 1Y: 28.75%
• 3Y*: 19.93%
• 5Y*: 13.51%
• 10Y*: 13.36%

EWP

• 1D: 0.76%
• 1M: 6.90%
• YTD: 12.06%
• 6M: 12.64%
• 1Y: 43.48%
• 3Y*: 33.36%
• 5Y*: 19.24%
• 10Y*: 13.50%

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

HEZU vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	14.69%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%
EWP iShares MSCI Spain ETF	12.06%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between HEZU and EWP is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014	0.74

The correlation between HEZU and EWP has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

HEZU vs. EWP - Sectors Allocation Comparison

Sectors	HEZU	EWP
Financial Services	23.8%	42.4%
Industrials	21.0%	16.3%
Technology	16.1%	5.6%
Consumer Cyclical	8.4%	4.6%
Utilities	6.4%	21.4%
Healthcare	5.6%	1.3%
Consumer Defensive	5.5%	-
Communication Services	4.3%	2.8%
Basic Materials	4.1%	-
Energy	3.9%	4.1%
Real Estate	0.9%	2.8%

Return for Risk

HEZU vs. EWP — Risk / Return Rank

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

HEZU

HEZU Risk / Return Rank: 58
HEZU Sharpe Ratio Rank: 58
HEZU Sortino Ratio Rank: 58
HEZU Omega Ratio Rank: 57
HEZU Calmar Ratio Rank: 55
HEZU Martin Ratio Rank: 60

EWP

EWP Risk / Return Rank: 74
EWP Sharpe Ratio Rank: 76
EWP Sortino Ratio Rank: 71
EWP Omega Ratio Rank: 70
EWP Calmar Ratio Rank: 77
EWP Martin Ratio Rank: 74

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.

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.

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.

	HEZU	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.33	-0.46
Sortino ratio: Return per unit of downside risk	2.67	3.08	-0.40
Omega ratio: Gain probability vs. loss probability	1.34	1.40	-0.06
Calmar ratio: Return relative to maximum drawdown	2.64	3.84	-1.20
Martin ratio: Return relative to average drawdown	10.37	13.61	-3.24

HEZU vs. EWP - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.87, which is comparable to the EWP Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of HEZU 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

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.

Drawdown Indicators

	HEZU	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-61.19%	+22.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-11.38%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-12.19%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-31.63%	+8.84%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-46.36%	+7.56%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.81%	-21.40%	+15.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	3.20%	-0.42%

Volatility

HEZU vs. EWP - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 5.04%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.40%. 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.

Volatility by Period

	HEZU	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	5.40%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	16.07%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	18.82%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	20.29%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	22.17%	-3.77%

HEZU vs. EWP - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

HEZU vs. EWP - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.55%, less than EWP's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.80%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.55%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both HEZU and EWP in my portfolio?

HEZU and EWP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEZU or EWP?

EWP has higher volatility (5.40%) compared to HEZU (5.04%). In terms of maximum drawdown, HEZU dropped -38.80% vs EWP's -61.19%.

Which ETF is better, HEZU or EWP?

On 10-year performance, EWP leads with 13.50% vs 13.36% for HEZU. On fees, EWP is cheaper at 0.50% per year. On volatility, HEZU has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEZU or EWP?

Over the 10-year period, EWP has performed better with a 13.50% return vs 13.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEZU or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.52% for HEZU.

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

EWP has the higher dividend yield at 2.80%, compared with 2.55% for HEZU.

What is the main difference between HEZU and EWP?

HEZU tracks MSCI EMU 100% USD Hedged Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.52% for HEZU and 0.50% for EWP.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.33 vs 1.87), 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.