IEUS vs. SPEU

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Europe Small-Cap ETF (IEUS) and SPDR Portfolio Europe ETF (SPEU).

IEUS and SPEU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEUS is a passively managed fund by iShares that tracks the performance of the MSCI Europe Small Cap Index. It was launched on Nov 12, 2007. SPEU is a passively managed fund by State Street that tracks the performance of the STOXX Europe Total Market. It was launched on Oct 15, 2002. Both IEUS and SPEU 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

IEUS vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Small-Cap ETF (IEUS) and SPDR Portfolio Europe ETF (SPEU). The values are adjusted to include any dividend payments, if applicable.

IEUS vs. SPEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUS iShares MSCI Europe Small-Cap ETF	-3.23%	32.06%	-1.59%	17.34%	-27.07%	15.06%	12.99%	29.72%	-20.17%	35.04%
SPEU SPDR Portfolio Europe ETF	-1.25%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%

Returns By Period

In the year-to-date period, IEUS achieves a -3.23% return, which is significantly lower than SPEU's -1.25% return. Over the past 10 years, IEUS has underperformed SPEU with an annualized return of 6.93%, while SPEU has yielded a comparatively higher 9.00% annualized return.

IEUS

• 1D: 3.16%
• 1M: -9.17%
• YTD: -3.23%
• 6M: -0.36%
• 1Y: 19.62%
• 3Y*: 10.97%
• 5Y*: 2.82%
• 10Y*: 6.93%

SPEU

• 1D: 3.20%
• 1M: -8.30%
• YTD: -1.25%
• 6M: 4.53%
• 1Y: 20.92%
• 3Y*: 14.15%
• 5Y*: 8.52%
• 10Y*: 9.00%

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

IEUS vs. SPEU - Expense Ratio Comparison

IEUS has a 0.40% expense ratio, which is higher than SPEU's 0.09% expense ratio.

IEUS

iShares MSCI Europe Small-Cap ETF

SPEU

SPDR Portfolio Europe ETF

Return for Risk

IEUS vs. SPEU — Risk / Return Rank

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

IEUS

IEUS Risk / Return Rank: 57
IEUS Sharpe Ratio Rank: 55
IEUS Sortino Ratio Rank: 60
IEUS Omega Ratio Rank: 60
IEUS Calmar Ratio Rank: 57
IEUS Martin Ratio Rank: 53

SPEU

SPEU Risk / Return Rank: 69
SPEU Sharpe Ratio Rank: 72
SPEU Sortino Ratio Rank: 72
SPEU Omega Ratio Rank: 69
SPEU Calmar Ratio Rank: 66
SPEU Martin Ratio Rank: 65

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.

IEUS vs. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) and SPDR Portfolio Europe ETF (SPEU). 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.

	IEUS	SPEU	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.23	-0.27
Sortino ratio Return per unit of downside risk	1.51	1.73	-0.22
Omega ratio Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio Return relative to maximum drawdown	1.42	1.60	-0.18
Martin ratio Return relative to average drawdown	4.97	6.13	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUS vs. SPEU - Sharpe Ratio Comparison

The current IEUS Sharpe Ratio is 0.96, which is comparable to the SPEU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of IEUS and SPEU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEUS	SPEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.23	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.49	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.49	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.30	-0.09

Correlation

The correlation between IEUS and SPEU is 0.81, 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

IEUS vs. SPEU - Dividend Comparison

IEUS's dividend yield for the trailing twelve months is around 3.30%, less than SPEU's 3.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEUS iShares MSCI Europe Small-Cap ETF	3.30%	3.19%	3.25%	2.97%	3.00%	2.63%	1.21%	4.03%	3.21%	2.13%	2.48%	2.06%
SPEU SPDR Portfolio Europe ETF	3.63%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Drawdowns

IEUS vs. SPEU - Drawdown Comparison

The maximum IEUS drawdown since its inception was -62.12%, roughly equal to the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for IEUS and SPEU.

Drawdown Indicators

	IEUS	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-62.12%	-62.45%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-12.09%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-44.86%	-32.70%	-12.16%
Max Drawdown (10Y) Largest decline over 10 years	-44.86%	-36.83%	-8.03%
Current Drawdown Current decline from peak	-9.90%	-8.66%	-1.24%
Average Drawdown Average peak-to-trough decline	-15.03%	-13.93%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.16%	+0.48%

Volatility

IEUS vs. SPEU - Volatility Comparison

iShares MSCI Europe Small-Cap ETF (IEUS) and SPDR Portfolio Europe ETF (SPEU) have volatilities of 7.78% and 7.66%, 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

	IEUS	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	7.66%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	10.92%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	17.21%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	17.32%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	18.43%	+2.00%