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IHYG.L vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHYG.L vs. EWP

Last updated Jun 5, 2026

IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, IHYG.L returned 3.09%/yr vs 10.74%/yr for EWP. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

IHYG.L vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IHYG.L is traded in EUR, while EWP is traded in USD. To make them comparable, the EWP values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IHYG.L achieves a 0.69% return, which is significantly lower than EWP's 7.41% return. Over the past 10 years, IHYG.L has underperformed EWP with an annualized return of 3.09%, while EWP has yielded a comparatively higher 10.74% annualized return.

IHYG.L

1D
0.07%
1M
0.48%
YTD
0.69%
6M
1.34%
1Y
3.29%
3Y*
6.31%
5Y*
2.68%
10Y*
3.09%

EWP

1D
-0.44%
1M
0.44%
YTD
7.41%
6M
11.27%
1Y
32.67%
3Y*
27.65%
5Y*
18.27%
10Y*
10.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHYG.L vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		0.69%5.32%5.71%11.34%-9.47%3.04%1.14%9.71%-3.57%4.81%
EWP
iShares MSCI Spain ETF		7.41%56.90%12.68%26.35%0.70%7.75%-11.86%14.46%-11.35%11.38%

Correlation

The correlation between IHYG.L and EWP is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2010

0.37

IHYG.L vs. EWP - Sectors Allocation Comparison

Sectors
IHYG.L
EWP

Financial Services

100.0%
41.4%

Basic Materials

-

-

Communication Services

-

2.9%

Consumer Cyclical

-

4.0%

Consumer Defensive

-

-

Energy

-

5.3%

Healthcare

-

1.3%

Industrials

-

16.1%

Real Estate

-

2.9%

Technology

-

4.9%

Utilities

-

21.2%

Financial Services

IHYG.L
100.0%
EWP
41.4%

Basic Materials

IHYG.L

-

EWP

-

Communication Services

IHYG.L

-

EWP
2.9%

Consumer Cyclical

IHYG.L

-

EWP
4.0%

Consumer Defensive

IHYG.L

-

EWP

-

Energy

IHYG.L

-

EWP
5.3%

Healthcare

IHYG.L

-

EWP
1.3%

Industrials

IHYG.L

-

EWP
16.1%

Real Estate

IHYG.L

-

EWP
2.9%

Technology

IHYG.L

-

EWP
4.9%

Utilities

IHYG.L

-

EWP
21.2%

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iShares € High Yield Corp Bond UCITS ETF EUR (Dist)

iShares MSCI Spain ETF

Often compared with IHYG.L:
IHYG.L vs. IEAC.ASIHYG.L vs. XAT1.DEIHYG.L vs. XHYA.DEIHYG.L vs. GLDIHYG.L vs. SDHA.LIHYG.L vs. YIEL.LIHYG.L vs. XHYG.L
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

IHYG.L vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHYG.L
IHYG.L Risk / Return Rank: 2727
Overall Rank
IHYG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IHYG.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
IHYG.L Omega Ratio Rank: 2626
Omega Ratio Rank
IHYG.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IHYG.L Martin Ratio Rank: 3232
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 5656
Overall Rank
EWP Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWP Omega Ratio Rank: 5252
Omega Ratio Rank
EWP Calmar Ratio Rank: 6161
Calmar Ratio Rank
EWP Martin Ratio Rank: 6161
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.

IHYG.L vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) 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.

IHYG.LEWPDifference
Sharpe ratioReturn per unit of total volatility
0.88
1.97

-1.08

Sortino ratioReturn per unit of downside risk
1.43
2.63

-1.20

Omega ratioGain probability vs. loss probability

1.17

1.34

-0.17

Calmar ratioReturn relative to maximum drawdown

1.14

3.44

-2.30

Martin ratioReturn relative to average drawdown

4.71

12.78

-8.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHYG.L vs. EWP - Sharpe Ratio Comparison

The current IHYG.L Sharpe Ratio is 0.88, which is lower than the EWP Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of IHYG.L 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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Sharpe Ratios by Period

IHYG.LEWPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.88

1.97

-1.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

1.07

-0.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.53

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.21

+0.42

Drawdowns

IHYG.L vs. EWP - Drawdown Comparison

The maximum IHYG.L drawdown since its inception was -25.61%, smaller than the maximum EWP drawdown of -54.88%. Use the drawdown chart below to compare losses from any high point for IHYG.L and EWP.

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Drawdown Indicators

IHYG.LEWPDifference

Max Drawdown

Largest peak-to-trough decline

-25.61%

-54.88%

+29.27%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-9.54%

+6.78%

Max Drawdown (3Y)

Largest decline over 3 years

-3.89%

-13.29%

+9.40%

Max Drawdown (5Y)

Largest decline over 5 years

-14.59%

-17.81%

+3.22%

Max Drawdown (10Y)

Largest decline over 10 years

-25.61%

-42.07%

+16.46%

Current Drawdown

Current decline from peak

-0.16%

-0.82%

+0.66%

Average Drawdown

Average peak-to-trough decline

-2.05%

-16.43%

+14.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

2.56%

-1.89%

Volatility

IHYG.L vs. EWP - Volatility Comparison

The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 1.01%, while iShares MSCI Spain ETF (EWP) has a volatility of 4.36%. This indicates that IHYG.L 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

IHYG.LEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

4.36%

-3.35%

Volatility (6M)

Calculated over the trailing 6-month period

3.07%

13.94%

-10.87%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

16.70%

-13.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.44%

17.21%

-11.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.79%

20.42%

-13.63%

IHYG.L vs. EWP - Expense Ratio Comparison

Both IHYG.L and EWP have an expense ratio of 0.50%.

Dividends

IHYG.L vs. EWP - Dividend Comparison

IHYG.L's dividend yield for the trailing twelve months is around 5.17%, more than EWP's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.16%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		5.17%5.44%6.10%5.41%3.70%3.07%3.67%3.76%3.68%3.77%4.03%4.59%

Frequently Asked Questions

IHYG.L and EWP have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IHYG.L and EWP have the same expense ratio: 0.50% per year.

IHYG.L is categorized as European High Yield Bonds, while EWP is Europe Equities. IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index, while EWP tracks MSCI Spain Index.

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