IEV vs. SPEU
IEV (iShares Europe ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - IEV tracks the S&P Europe 350 Index while SPEU tracks the STOXX Europe Total Market Index. Both are passively managed. Over the past 10 years, IEV returned 10.14%/yr vs 10.12%/yr for SPEU. Their correlation of 0.93 suggests significant overlap in exposure. IEV charges 0.59%/yr vs 0.07%/yr for SPEU.
Performance
IEV vs. SPEU - Performance Comparison
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Returns By Period
In the year-to-date period, IEV achieves a 5.99% return, which is significantly higher than SPEU's 5.69% return. Both investments have delivered pretty close results over the past 10 years, with IEV having a 10.14% annualized return and SPEU not far behind at 10.12%.
IEV
- 1D
- -1.27%
- 1M
- -0.01%
- YTD
- 5.99%
- 6M
- 5.92%
- 1Y
- 19.17%
- 3Y*
- 16.29%
- 5Y*
- 8.83%
- 10Y*
- 10.14%
SPEU
- 1D
- -1.28%
- 1M
- -0.38%
- YTD
- 5.69%
- 6M
- 5.86%
- 1Y
- 18.69%
- 3Y*
- 16.48%
- 5Y*
- 8.37%
- 10Y*
- 10.12%
IEV vs. SPEU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEV iShares Europe ETF | 5.99% | 35.63% | 1.36% | 20.14% | -14.24% | 16.73% | 4.07% | 24.03% | -14.68% | 24.84% |
SPEU SPDR Portfolio Europe ETF | 5.69% | 35.80% | 1.93% | 19.85% | -15.97% | 16.20% | 6.35% | 26.15% | -13.79% | 23.80% |
Correlation
The correlation between IEV and SPEU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002 | 0.93 |
The correlation between IEV and SPEU has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.
IEV vs. SPEU - Sectors Allocation Comparison
Sectors
IEV
SPEU
Financial Services
Industrials
Healthcare
Technology
Consumer Defensive
Consumer Cyclical
Basic Materials
Energy
Utilities
Communication Services
Real Estate
Financial Services
IEV
SPEU
Industrials
IEV
SPEU
Healthcare
IEV
SPEU
Technology
IEV
SPEU
Consumer Defensive
IEV
SPEU
Consumer Cyclical
IEV
SPEU
Basic Materials
IEV
SPEU
Energy
IEV
SPEU
Utilities
IEV
SPEU
Communication Services
IEV
SPEU
Real Estate
IEV
SPEU
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Return for Risk
IEV vs. SPEU — Risk / Return Rank
IEV
SPEU
IEV vs. SPEU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) 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.
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.
| IEV | SPEU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.55 | +0.01 |
| Martin ratioReturn relative to average drawdown | 5.71 | 5.68 | +0.03 |
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Drawdowns
IEV vs. SPEU - Drawdown Comparison
The maximum IEV drawdown since its inception was -63.27%, roughly equal to the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for IEV and SPEU.
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Drawdown Indicators
| IEV | SPEU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.27% | -62.45% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -12.31% | -12.09% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -14.17% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | -32.70% | +2.10% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | -36.83% | +0.21% |
Current DrawdownCurrent decline from peak | -2.20% | -2.23% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -15.01% | -13.82% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 3.30% | +0.06% |
Volatility
IEV vs. SPEU - Volatility Comparison
iShares Europe ETF (IEV) and SPDR Portfolio Europe ETF (SPEU) have volatilities of 5.01% and 4.97%, 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.
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Volatility by Period
| IEV | SPEU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 4.97% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.50% | 13.42% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.99% | 15.82% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.64% | 17.58% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 18.19% | +0.09% |
IEV vs. SPEU - Expense Ratio Comparison
IEV has a 0.59% expense ratio, which is higher than SPEU's 0.07% expense ratio.
Dividends
IEV vs. SPEU - Dividend Comparison
IEV's dividend yield for the trailing twelve months is around 2.84%, less than SPEU's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEV iShares Europe ETF | 2.84% | 2.73% | 3.10% | 2.77% | 3.06% | 2.81% | 1.76% | 3.06% | 3.43% | 2.39% | 3.08% | 2.81% |
SPEU SPDR Portfolio Europe ETF | 3.50% | 3.47% | 3.29% | 2.91% | 3.08% | 2.67% | 2.29% | 3.19% | 3.99% | 2.82% | 3.66% | 3.62% |
Frequently Asked Questions
With a correlation of 0.99, IEV and SPEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IEV has higher volatility (5.01%) compared to SPEU (4.97%). In terms of maximum drawdown, IEV dropped -63.27% vs SPEU's -62.45%.
On 10-year performance, IEV leads with 10.14% vs 10.12% for SPEU. On fees, SPEU is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEV has performed better with a 10.14% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEU is cheaper with a 0.07% expense ratio, compared with 0.59% for IEV.
SPEU has the higher dividend yield at 3.50%, compared with 2.84% for IEV.
IEV tracks S&P Europe 350 Index, while SPEU tracks STOXX Europe Total Market Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for IEV and 0.07% for SPEU.
IEV currently has the higher Sharpe Ratio (1.21 vs 1.19), 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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