IWDA.AS vs. EWP

Last updated Jun 5, 2026

IWDA.AS (iShares Core MSCI World UCITS ETF USD (Acc)) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - IWDA.AS is a Global Equities fund tracking the MSCI World Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, IWDA.AS returned 12.81%/yr vs 11.22%/yr for EWP. At a 0.40 correlation, their price movements are largely independent. IWDA.AS charges 0.20%/yr vs 0.50%/yr for EWP.

Performance

IWDA.AS vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IWDA.AS 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, IWDA.AS achieves a 11.06% return, which is significantly higher than EWP's 7.04% return. Over the past 10 years, IWDA.AS has outperformed EWP with an annualized return of 12.81%, while EWP has yielded a comparatively lower 11.22% annualized return.

IWDA.AS

• 1D: -0.03%
• 1M: 3.65%
• YTD: 11.06%
• 6M: 11.08%
• 1Y: 23.22%
• 3Y*: 17.53%
• 5Y*: 12.88%
• 10Y*: 12.81%

EWP

• 1D: -0.34%
• 1M: 1.16%
• YTD: 7.04%
• 6M: 10.81%
• 1Y: 31.51%
• 3Y*: 27.83%
• 5Y*: 18.02%
• 10Y*: 11.22%

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

IWDA.AS vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWDA.AS iShares Core MSCI World UCITS ETF USD (Acc)	11.06%	7.08%	27.23%	19.89%	-13.54%	32.54%	6.20%	29.58%	-4.16%	7.49%
EWP iShares MSCI Spain ETF	7.04%	56.90%	12.68%	26.35%	0.70%	7.75%	-11.86%	14.46%	-11.35%	11.38%

Correlation

The correlation between IWDA.AS and EWP is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 20, 2009	0.40

The correlation between IWDA.AS and EWP shifts across timeframes, from 0.26 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWDA.AS vs. EWP — Risk / Return Rank

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

IWDA.AS

IWDA.AS Risk / Return Rank: 71
IWDA.AS Sharpe Ratio Rank: 66
IWDA.AS Sortino Ratio Rank: 67
IWDA.AS Omega Ratio Rank: 69
IWDA.AS Calmar Ratio Rank: 74
IWDA.AS Martin Ratio Rank: 77

EWP

EWP Risk / Return Rank: 59
EWP Sharpe Ratio Rank: 58
EWP Sortino Ratio Rank: 56
EWP Omega Ratio Rank: 55
EWP Calmar Ratio Rank: 65
EWP Martin Ratio Rank: 63

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.

IWDA.AS vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS) 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.

	IWDA.AS	EWP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.90	+0.26
Sortino ratio: Return per unit of downside risk	3.03	2.55	+0.48
Omega ratio: Gain probability vs. loss probability	1.41	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.64	3.32	+0.32
Martin ratio: Return relative to average drawdown	14.53	12.40	+2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWDA.AS vs. EWP - Sharpe Ratio Comparison

The current IWDA.AS Sharpe Ratio is 2.15, which is comparable to the EWP Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IWDA.AS 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.

Sharpe Ratios by Period

	IWDA.AS	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	1.90	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	1.05	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.55	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.20	+0.62

Drawdowns

IWDA.AS vs. EWP - Drawdown Comparison

The maximum IWDA.AS drawdown since its inception was -33.63%, smaller than the maximum EWP drawdown of -54.88%. Use the drawdown chart below to compare losses from any high point for IWDA.AS and EWP.

Drawdown Indicators

	IWDA.AS	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-33.63%	-54.88%	+21.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-9.54%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	-21.59%	-13.29%	-8.30%
Max Drawdown (5Y) Largest decline over 5 years	-21.59%	-17.81%	-3.78%
Max Drawdown (10Y) Largest decline over 10 years	-33.63%	-42.07%	+8.44%
Current Drawdown Current decline from peak	-0.34%	-1.16%	+0.82%
Average Drawdown Average peak-to-trough decline	-4.25%	-16.44%	+12.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.56%	-0.93%

Volatility

IWDA.AS vs. EWP - Volatility Comparison

The current volatility for iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS) is 2.62%, while iShares MSCI Spain ETF (EWP) has a volatility of 4.15%. This indicates that IWDA.AS 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

	IWDA.AS	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	4.15%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	13.94%	-6.33%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	16.73%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.08%	17.22%	-3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	20.43%	-5.44%

IWDA.AS vs. EWP - Expense Ratio Comparison

IWDA.AS has a 0.20% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

IWDA.AS vs. EWP - Dividend Comparison

IWDA.AS has not paid dividends to shareholders, while EWP's dividend yield for the trailing twelve months is around 2.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IWDA.AS iShares Core MSCI World UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWDA.AS and EWP in my portfolio?

IWDA.AS and EWP have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWDA.AS or EWP?

On fees, IWDA.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWDA.AS or EWP?

IWDA.AS is cheaper with a 0.20% expense ratio, compared with 0.50% for EWP.

What is the main difference between IWDA.AS and EWP?

IWDA.AS is categorized as Global Equities, while EWP is Europe Equities. IWDA.AS tracks MSCI World Index, while EWP tracks MSCI Spain Index. Their fees differ too: 0.20% for IWDA.AS and 0.50% for EWP.