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SPEU vs. EPOL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEU vs. EPOL

Last updated Aug 2, 2026
Documentation

SPEU (SPDR Portfolio Europe ETF) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, SPEU returned 9.87%/yr vs 11.96%/yr for EPOL. Their 0.69 correlation means they have sometimes moved together and sometimes differently. SPEU charges 0.07%/yr vs 0.61%/yr for EPOL.

Performance

SPEU vs. EPOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and iShares MSCI Poland ETF (EPOL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPEU achieves a 9.83% return, which is significantly lower than EPOL's 22.62% return. Over the past 10 years, SPEU has underperformed EPOL with an annualized return of 9.87%, while EPOL has yielded a comparatively higher 11.96% annualized return.

SPEU

1D
-0.45%
1M
1.14%
6M
5.09%
YTD
9.83%
1Y
23.46%
3Y*
16.49%
5Y*
9.09%
10Y*
9.87%
ALL TIME*
7.02%

EPOL

1D
0.16%
1M
8.60%
6M
14.79%
YTD
22.62%
1Y
40.70%
3Y*
33.53%
5Y*
18.62%
10Y*
11.96%
ALL TIME*
6.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPOL

iShares MSCI Poland ETF
$18.30M$16.66M$16.43M

SPEU

SPDR Portfolio Europe ETF
$1.27M$1.33M$1.75M

SPEU vs. EPOL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEU
SPDR Portfolio Europe ETF		9.83%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%
EPOL
iShares MSCI Poland ETF		22.62%77.34%-2.61%50.70%-24.62%12.21%-8.38%-6.13%-13.76%52.43%

Correlation

The correlation between SPEU and EPOL is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.68

Correlation (All Time)
Calculated using the full available price history since May 26, 2010

0.69

The correlation between SPEU and EPOL has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

SPEU vs. EPOL - Sectors Allocation Comparison

Sectors
SPEU
EPOL

Financial Services

23.7%
45.7%

Industrials

20.2%
1.8%

Healthcare

12.6%
0.7%

Technology

9.8%
1.7%

Consumer Defensive

8.0%
6.0%

Consumer Cyclical

7.1%
14.0%

Basic Materials

5.3%
7.1%

Energy

4.6%
13.2%

Utilities

4.5%
4.5%

Communication Services

2.8%
5.4%

Real Estate

1.5%

-

Financial Services

SPEU
23.7%
EPOL
45.7%

Industrials

SPEU
20.2%
EPOL
1.8%

Healthcare

SPEU
12.6%
EPOL
0.7%

Technology

SPEU
9.8%
EPOL
1.7%

Consumer Defensive

SPEU
8.0%
EPOL
6.0%

Consumer Cyclical

SPEU
7.1%
EPOL
14.0%

Basic Materials

SPEU
5.3%
EPOL
7.1%

Energy

SPEU
4.6%
EPOL
13.2%

Utilities

SPEU
4.5%
EPOL
4.5%

Communication Services

SPEU
2.8%
EPOL
5.4%

Real Estate

SPEU
1.5%
EPOL

-

Compare stocks, funds, or ETFs

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

SPDR Portfolio Europe ETF

iShares MSCI Poland ETF

Often compared with SPEU:
SPEU vs. VGKSPEU vs. IEVSPEU vs. FLEESPEU vs. GMFSPEU vs. VXUSSPEU vs. IEUSSPEU vs. IOO
Often compared with EPOL:
EPOL vs. SPYEPOL vs. EWQEPOL vs. IBCJ.DEEPOL vs. EIRLEPOL vs. EWPEPOL vs. EWWEPOL vs. EWK

Return for Risk

SPEU vs. EPOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SPEU
SPEU Risk / Return Rank: 6060
Overall Rank
SPEU Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 6363
Sortino Ratio Rank
SPEU Omega Ratio Rank: 6060
Omega Ratio Rank
SPEU Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPEU Martin Ratio Rank: 6060
Martin Ratio Rank
EPOL
EPOL Risk / Return Rank: 7979
Overall Rank
EPOL Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EPOL Sortino Ratio Rank: 7878
Sortino Ratio Rank
EPOL Omega Ratio Rank: 7070
Omega Ratio Rank
EPOL Calmar Ratio Rank: 8989
Calmar Ratio Rank
EPOL Martin Ratio Rank: 7878
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPEU vs. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and iShares MSCI Poland ETF (EPOL). 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.

SPEUEPOLDifference
Sharpe ratioReturn per unit of total volatility
1.45
1.76

-0.31

Sortino ratioReturn per unit of downside risk
2.11
2.49

-0.38

Omega ratioGain probability vs. loss probability

1.26

1.29

-0.03

Calmar ratioReturn relative to maximum drawdown

1.90

3.68

-1.78

Martin ratioReturn relative to average drawdown

7.13

9.96

-2.83

SPEU vs. EPOL - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.45, which is comparable to the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPEU and EPOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPEU vs. EPOL - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for SPEU and EPOL.

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Drawdown Indicators

SPEUEPOLDifference

Max Drawdown

Largest peak-to-trough decline

-62.45%

-63.72%

+1.27%

Max Drawdown (1Y)

Largest decline over 1 year

-12.09%

-11.04%

-1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-19.56%

+5.39%

Max Drawdown (5Y)

Largest decline over 5 years

-32.70%

-54.21%

+21.51%

Max Drawdown (10Y)

Largest decline over 10 years

-36.83%

-61.41%

+24.58%

Current Drawdown

Current decline from peak

-0.45%

0.00%

-0.45%

Average Drawdown

Average peak-to-trough decline

-13.76%

-26.64%

+12.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

4.07%

-0.85%

Volatility

SPEU vs. EPOL - Volatility Comparison

The current volatility for SPDR Portfolio Europe ETF (SPEU) is 4.38%, while iShares MSCI Poland ETF (EPOL) has a volatility of 5.29%. This indicates that SPEU experiences smaller price fluctuations and is considered to be less risky than EPOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPEUEPOLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.38%

5.29%

-0.91%

Volatility (6M)

Calculated over the trailing 6-month period

13.78%

18.34%

-4.56%

Volatility (1Y)

Calculated over the trailing 1-year period

15.88%

23.12%

-7.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

29.12%

-11.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.15%

27.42%

-9.27%

SPEU vs. EPOL - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than EPOL's 0.61% expense ratio.

Dividends

SPEU vs. EPOL - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.37%, less than EPOL's 3.44% yield.

PositionTTM20252024202320222021202020192018201720162015
EPOL
iShares MSCI Poland ETF		3.44%4.78%6.04%2.87%2.65%1.33%1.44%2.51%1.44%1.88%2.14%2.53%
SPEU
SPDR Portfolio Europe ETF		3.37%3.47%3.29%2.91%3.08%2.67%2.29%3.19%3.99%2.82%3.66%3.62%

Frequently Asked Questions

SPEU and EPOL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPOL has higher volatility (5.29%) compared to SPEU (4.38%). In terms of maximum drawdown, SPEU dropped -62.45% vs EPOL's -63.72%.

On 10-year performance, EPOL leads with 11.96% vs 9.87% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPOL has performed better with a 11.96% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEU is cheaper with a 0.07% expense ratio, compared with 0.61% for EPOL.

EPOL has the higher dividend yield at 3.44%, compared with 3.37% for SPEU.

SPEU tracks STOXX Europe Total Market Index, while EPOL tracks MSCI Poland Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPEU and 0.61% for EPOL.

EPOL currently has the higher Sharpe Ratio (1.76 vs 1.45), 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.

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