NGD vs. EWP

Last updated Jun 4, 2026

NGD (New Gold Inc.) is a stock, while EWP (iShares MSCI Spain ETF) is Europe Equities fund tracking the MSCI Spain Index. At a 0.21 correlation, their price movements are largely independent.

Performance

NGD vs. EWP - Performance Comparison

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

Returns By Period

NGD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWP

• 1D: -1.06%
• 1M: 3.64%
• YTD: 5.49%
• 6M: 10.02%
• 1Y: 34.73%
• 3Y*: 30.89%
• 5Y*: 17.03%
• 10Y*: 10.99%

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

NGD vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGD New Gold Inc.	4.25%	251.21%	69.86%	48.98%	-34.67%	-31.51%	148.86%	16.28%	-77.00%	-6.00%
EWP iShares MSCI Spain ETF	5.49%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between NGD and EWP is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 19, 2004	0.21

Return for Risk

NGD vs. EWP — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

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.

NGD vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Gold Inc. (NGD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NGD	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.87	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.31	—

Drawdowns

Drawdown Indicators

	NGD	EWP	Difference
Max Drawdown Largest peak-to-trough decline	—	-61.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.36%	—
Current Drawdown Current decline from peak	—	-2.60%	—
Average Drawdown Average peak-to-trough decline	—	-21.43%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.19%	—

Volatility

Volatility by Period

	NGD	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.76%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.24%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.23%	—

Dividends

NGD vs. EWP - Dividend Comparison

NGD has not paid dividends to shareholders, while EWP's dividend yield for the trailing twelve months is around 2.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.15%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
NGD New Gold Inc.	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 NGD and EWP in my portfolio?

NGD and EWP have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.