PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
INDY vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDY vs. EWP

Last updated Jun 30, 2026
See Documentation

INDY (iShares India 50 ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, INDY returned 6.46%/yr vs 12.59%/yr for EWP. A 0.52 correlation means they provide meaningful diversification when combined. INDY charges 0.65%/yr vs 0.50%/yr for EWP.

Performance

INDY vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, INDY achieves a -11.64% return, which is significantly lower than EWP's 11.63% return. Over the past 10 years, INDY has underperformed EWP with an annualized return of 6.46%, while EWP has yielded a comparatively higher 12.59% annualized return.

INDY

1D
-0.62%
1M
1.99%
YTD
-11.64%
6M
-10.88%
1Y
-13.84%
3Y*
1.70%
5Y*
2.42%
10Y*
6.46%

EWP

1D
0.94%
1M
3.92%
YTD
11.63%
6M
11.85%
1Y
39.52%
3Y*
31.24%
5Y*
19.53%
10Y*
12.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDY vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDY
iShares India 50 ETF		-11.64%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%
EWP
iShares MSCI Spain ETF		11.63%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between INDY and EWP is 0.50, 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

0.50

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

0.41

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

0.49

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

0.48

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2009

0.52

The correlation between INDY and EWP shifts across timeframes, from 0.41 (3 years) to 0.52 (all time), reflecting how their relationship changes across market environments.

INDY vs. EWP - Sectors Allocation Comparison

Sectors
INDY
EWP

Financial Services

35.2%
43.5%

Consumer Cyclical

11.0%
4.6%

Energy

11.0%
3.8%

Technology

8.5%
4.9%

Industrials

8.0%
16.4%

Basic Materials

7.7%

-

Consumer Defensive

6.0%

-

Communication Services

5.2%
2.5%

Healthcare

4.7%
1.3%

Utilities

2.9%
21.7%

Real Estate

-

2.6%

Financial Services

INDY
35.2%
EWP
43.5%

Consumer Cyclical

INDY
11.0%
EWP
4.6%

Energy

INDY
11.0%
EWP
3.8%

Technology

INDY
8.5%
EWP
4.9%

Industrials

INDY
8.0%
EWP
16.4%

Basic Materials

INDY
7.7%
EWP

-

Consumer Defensive

INDY
6.0%
EWP

-

Communication Services

INDY
5.2%
EWP
2.5%

Healthcare

INDY
4.7%
EWP
1.3%

Utilities

INDY
2.9%
EWP
21.7%

Real Estate

INDY

-

EWP
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares India 50 ETF

iShares MSCI Spain ETF

Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. GLININDY vs. INCO
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

INDY vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDY
INDY Risk / Return Rank: 22
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 22
Sortino Ratio Rank
INDY Omega Ratio Rank: 33
Omega Ratio Rank
INDY Calmar Ratio Rank: 33
Calmar Ratio Rank
INDY Martin Ratio Rank: 11
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 7676
Overall Rank
EWP Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWP Omega Ratio Rank: 7373
Omega Ratio Rank
EWP Calmar Ratio Rank: 7979
Calmar Ratio Rank
EWP Martin Ratio Rank: 7777
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.

INDY vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.

INDYEWPDifference
Sharpe ratioReturn per unit of total volatility
-0.97
2.12

-3.09

Sortino ratioReturn per unit of downside risk
-1.38
2.85

-4.23

Omega ratioGain probability vs. loss probability

0.85

1.37

-0.52

Calmar ratioReturn relative to maximum drawdown

-0.75

3.49

-4.24

Martin ratioReturn relative to average drawdown

-1.57

12.36

-13.93

INDY vs. EWP - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -0.97, which is lower than the EWP Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of INDY 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.

Loading charts...

Drawdowns

INDY vs. EWP - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for INDY and EWP.

Loading charts...

Drawdown Indicators

INDYEWPDifference

Max Drawdown

Largest peak-to-trough decline

-44.74%

-61.19%

+16.45%

Max Drawdown (1Y)

Largest decline over 1 year

-18.58%

-11.38%

-7.20%

Max Drawdown (3Y)

Largest decline over 3 years

-22.40%

-12.19%

-10.21%

Max Drawdown (5Y)

Largest decline over 5 years

-22.40%

-30.26%

+7.86%

Max Drawdown (10Y)

Largest decline over 10 years

-43.50%

-46.36%

+2.86%

Current Drawdown

Current decline from peak

-17.51%

-0.39%

-17.12%

Average Drawdown

Average peak-to-trough decline

-12.24%

-21.39%

+9.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.14%

3.21%

+5.93%

Volatility

INDY vs. EWP - Volatility Comparison

The current volatility for iShares India 50 ETF (INDY) is 4.31%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.04%. This indicates that INDY 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.

Loading charts...

Volatility by Period

INDYEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.31%

5.04%

-0.73%

Volatility (6M)

Calculated over the trailing 6-month period

12.52%

16.15%

-3.63%

Volatility (1Y)

Calculated over the trailing 1-year period

14.36%

18.77%

-4.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.00%

20.27%

-5.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.51%

21.52%

-2.01%

INDY vs. EWP - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

INDY vs. EWP - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.42%, more than EWP's 2.81% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.81%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
INDY
iShares India 50 ETF		9.42%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

INDY and EWP have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.04%) compared to INDY (4.31%). In terms of maximum drawdown, INDY dropped -44.74% vs EWP's -61.19%.

On 10-year performance, EWP leads with 12.59% vs 6.46% for INDY. On fees, EWP is cheaper at 0.50% per year. On volatility, INDY has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 12.59% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.65% for INDY.

INDY has the higher dividend yield at 9.42%, compared with 2.81% for EWP.

INDY is categorized as India Equities, while EWP is Europe Equities. INDY tracks Nifty 50 Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.65% for INDY and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.12 vs -0.97), 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.

Portfolio Optimizer

Find the right allocation for INDY and EWP

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer