ISVL vs. EWP

Last updated Jun 14, 2026

ISVL (iShares International Developed Small Cap Value Factor ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - ISVL is a Small Cap Value Equities fund tracking the FTSE Developed ex US ex Korea Small Cap Focused Value Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 5 years, ISVL returned 10.55%/yr vs 17.57%/yr for EWP. A 0.77 correlation means they provide meaningful diversification when combined. ISVL charges 0.30%/yr vs 0.50%/yr for EWP.

Performance

ISVL vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Developed Small Cap Value Factor ETF (ISVL) 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, ISVL achieves a 10.51% return, which is significantly higher than EWP's 8.89% return.

ISVL

• 1D: 0.50%
• 1M: 2.42%
• YTD: 10.51%
• 6M: 13.02%
• 1Y: 29.60%
• 3Y*: 21.36%
• 5Y*: 10.55%
• 10Y*: —

EWP

• 1D: 0.63%
• 1M: 5.52%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

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

ISVL vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISVL iShares International Developed Small Cap Value Factor ETF	10.51%	42.84%	4.58%	17.56%	-13.69%	8.32%
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%

Correlation

The correlation between ISVL and EWP is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.77

The correlation between ISVL and EWP has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

ISVL vs. EWP - Sectors Allocation Comparison

Sectors	ISVL	EWP
Industrials	21.9%	16.3%
Financial Services	20.7%	42.4%
Consumer Cyclical	11.1%	4.6%
Real Estate	10.8%	2.8%
Basic Materials	10.2%	-
Energy	6.3%	4.1%
Technology	5.2%	5.6%
Consumer Defensive	4.6%	-
Healthcare	3.6%	1.3%
Communication Services	2.9%	2.8%
Utilities	1.3%	21.4%

Return for Risk

ISVL vs. EWP — Risk / Return Rank

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

ISVL

ISVL Risk / Return Rank: 63
ISVL Sharpe Ratio Rank: 69
ISVL Sortino Ratio Rank: 70
ISVL Omega Ratio Rank: 68
ISVL Calmar Ratio Rank: 53
ISVL Martin Ratio Rank: 58

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

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.

ISVL vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Small Cap Value Factor ETF (ISVL) 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.

	ISVL	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.94	0.00
Sortino ratio: Return per unit of downside risk	2.74	2.62	+0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	2.30	3.26	-0.96
Martin ratio: Return relative to average drawdown	8.97	11.51	-2.54

ISVL vs. EWP - Sharpe Ratio Comparison

The current ISVL Sharpe Ratio is 1.94, which is comparable to the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ISVL 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

ISVL vs. EWP - Drawdown Comparison

The maximum ISVL drawdown since its inception was -30.48%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for ISVL and EWP.

Drawdown Indicators

	ISVL	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-30.48%	-61.19%	+30.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-11.38%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.93%	-12.19%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-32.96%	+2.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.36%	—
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-6.63%	-21.41%	+14.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.22%	-0.02%

Volatility

ISVL vs. EWP - Volatility Comparison

The current volatility for iShares International Developed Small Cap Value Factor ETF (ISVL) is 4.96%, while iShares MSCI Spain ETF (EWP) has a volatility of 6.21%. This indicates that ISVL 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

	ISVL	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	6.21%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	16.09%	-3.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	19.13%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	20.31%	-3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	22.22%	-5.43%

ISVL vs. EWP - Expense Ratio Comparison

ISVL has a 0.30% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

ISVL vs. EWP - Dividend Comparison

ISVL's dividend yield for the trailing twelve months is around 2.43%, more than EWP's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.09%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
ISVL iShares International Developed Small Cap Value Factor ETF	2.43%	2.69%	3.92%	3.82%	3.37%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISVL and EWP in my portfolio?

ISVL and EWP have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISVL or EWP?

EWP has higher volatility (6.21%) compared to ISVL (4.96%). In terms of maximum drawdown, ISVL dropped -30.48% vs EWP's -61.19%.

Which ETF is better, ISVL or EWP?

On 5-year performance, EWP leads with 17.57% vs 10.55% for ISVL. On fees, ISVL is cheaper at 0.30% per year. On volatility, ISVL has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISVL or EWP?

Over the 5-year period, EWP has performed better with a 17.57% return vs 10.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISVL or EWP?

ISVL is cheaper with a 0.30% expense ratio, compared with 0.50% for EWP.

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

ISVL has the higher dividend yield at 2.43%, compared with 2.09% for EWP.

What is the main difference between ISVL and EWP?

ISVL is categorized as Small Cap Value Equities, while EWP is Europe Equities. ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.30% for ISVL and 0.50% for EWP.

Which has better risk-adjusted returns?

ISVL currently has the higher Sharpe Ratio (1.94 vs 1.94), 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.