SGDJ vs. EWP

Last updated Jun 13, 2026

SGDJ (Sprott Junior Gold Miners ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - SGDJ is a Materials fund tracking the Solactive Junior Gold Miners Custom Factors Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, SGDJ returned 10.80%/yr vs 12.33%/yr for EWP. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

SGDJ vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Junior Gold Miners ETF (SGDJ) 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, SGDJ achieves a -5.68% return, which is significantly lower than EWP's 8.89% return. Over the past 10 years, SGDJ has underperformed EWP with an annualized return of 10.80%, while EWP has yielded a comparatively higher 12.33% annualized return.

SGDJ

• 1D: 2.43%
• 1M: -17.01%
• YTD: -5.68%
• 6M: -2.07%
• 1Y: 66.21%
• 3Y*: 47.78%
• 5Y*: 15.18%
• 10Y*: 10.80%

EWP

• 1D: 0.63%
• 1M: 4.32%
• 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)

SGDJ vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGDJ Sprott Junior Gold Miners ETF	-5.68%	174.44%	19.35%	6.66%	-27.60%	-15.12%	47.91%	37.00%	-25.63%	5.94%
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%

Correlation

The correlation between SGDJ and EWP is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 31, 2015	0.25

The correlation between SGDJ and EWP shifts across timeframes, from 0.25 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

SGDJ vs. EWP - Sectors Allocation Comparison

Sectors	SGDJ	EWP
Basic Materials	100.0%	-
Communication Services	-	2.9%
Consumer Cyclical	-	4.0%
Consumer Defensive	-	-
Energy	-	5.3%
Financial Services	-	41.4%
Healthcare	-	1.3%
Industrials	-	16.1%
Real Estate	-	2.9%
Technology	-	4.9%
Utilities	-	21.2%

Return for Risk

SGDJ vs. EWP — Risk / Return Rank

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

SGDJ

SGDJ Risk / Return Rank: 41
SGDJ Sharpe Ratio Rank: 45
SGDJ Sortino Ratio Rank: 38
SGDJ Omega Ratio Rank: 43
SGDJ Calmar Ratio Rank: 42
SGDJ Martin Ratio Rank: 37

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.

SGDJ vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Junior Gold Miners ETF (SGDJ) 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.

	SGDJ	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.94	-0.57
Sortino ratio: Return per unit of downside risk	1.76	2.62	-0.86
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.86	3.26	-1.39
Martin ratio: Return relative to average drawdown	5.04	11.51	-6.47

SGDJ vs. EWP - Sharpe Ratio Comparison

The current SGDJ Sharpe Ratio is 1.37, which is comparable to the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SGDJ 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

SGDJ vs. EWP - Drawdown Comparison

The maximum SGDJ drawdown since its inception was -59.27%, roughly equal to the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for SGDJ and EWP.

Drawdown Indicators

	SGDJ	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-61.19%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-36.84%	-11.38%	-25.46%
Max Drawdown (3Y) Largest decline over 3 years	-36.84%	-12.19%	-24.65%
Max Drawdown (5Y) Largest decline over 5 years	-53.68%	-33.76%	-19.92%
Max Drawdown (10Y) Largest decline over 10 years	-59.27%	-46.36%	-12.91%
Current Drawdown Current decline from peak	-31.23%	0.00%	-31.23%
Average Drawdown Average peak-to-trough decline	-26.25%	-21.41%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.57%	3.22%	+10.35%

Volatility

SGDJ vs. EWP - Volatility Comparison

Sprott Junior Gold Miners ETF (SGDJ) has a higher volatility of 17.17% compared to iShares MSCI Spain ETF (EWP) at 6.21%. This indicates that SGDJ's price experiences larger fluctuations and is considered to be riskier than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGDJ	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.17%	6.21%	+10.96%
Volatility (6M) Calculated over the trailing 6-month period	41.94%	16.09%	+25.85%
Volatility (1Y) Calculated over the trailing 1-year period	49.96%	19.13%	+30.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.69%	20.31%	+20.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.92%	22.22%	+18.70%

SGDJ vs. EWP - Expense Ratio Comparison

Both SGDJ and EWP have an expense ratio of 0.50%.

Dividends

SGDJ vs. EWP - Dividend Comparison

SGDJ's dividend yield for the trailing twelve months is around 8.88%, 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%
SGDJ Sprott Junior Gold Miners ETF	8.88%	8.37%	6.55%	4.55%	2.46%	2.20%	1.97%	0.65%	0.00%	0.14%	1.77%	0.85%

Frequently Asked Questions

Can I hold both SGDJ and EWP in my portfolio?

SGDJ and EWP have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGDJ or EWP?

SGDJ has higher volatility (17.17%) compared to EWP (6.21%). In terms of maximum drawdown, SGDJ dropped -59.27% vs EWP's -61.19%.

Which ETF is better, SGDJ or EWP?

On 10-year performance, EWP leads with 12.33% vs 10.80% for SGDJ. Both ETFs have the same 0.50% expense ratio. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGDJ or EWP?

Over the 10-year period, EWP has performed better with a 12.33% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGDJ or EWP?

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

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

SGDJ has the higher dividend yield at 8.88%, compared with 2.09% for EWP.

What is the main difference between SGDJ and EWP?

SGDJ is categorized as Materials, while EWP is Europe Equities. SGDJ tracks Solactive Junior Gold Miners Custom Factors Index, while EWP tracks MSCI Spain Index. They also come from different issuers: Sprott and iShares.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (1.94 vs 1.37), 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.