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SPEU vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEU vs. EWP

Last updated Jun 24, 2026

SPEU (SPDR Portfolio Europe ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, SPEU returned 10.12%/yr vs 13.42%/yr for EWP. Their correlation of 0.81 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.50%/yr for EWP.

Performance

SPEU vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and iShares MSCI Spain ETF (EWP). 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 5.69% return, which is significantly lower than EWP's 11.25% return. Over the past 10 years, SPEU has underperformed EWP with an annualized return of 10.12%, while EWP has yielded a comparatively higher 13.42% annualized return.

SPEU

1D
-1.28%
1M
-0.38%
YTD
5.69%
6M
5.86%
1Y
18.69%
3Y*
16.48%
5Y*
8.37%
10Y*
10.12%

EWP

1D
-0.72%
1M
6.13%
YTD
11.25%
6M
11.48%
1Y
41.28%
3Y*
33.03%
5Y*
18.75%
10Y*
13.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEU
SPDR Portfolio Europe ETF		5.69%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%
EWP
iShares MSCI Spain ETF		11.25%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%

Correlation

The correlation between SPEU and EWP is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2002

0.81

The correlation between SPEU and EWP has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

SPEU vs. EWP - Sectors Allocation Comparison

Sectors
SPEU
EWP

Financial Services

23.1%
42.4%

Industrials

20.0%
16.3%

Healthcare

11.2%
1.3%

Technology

10.1%
5.6%

Consumer Defensive

7.7%

-

Consumer Cyclical

6.5%
4.6%

Basic Materials

6.0%

-

Energy

5.5%
4.1%

Utilities

4.8%
21.4%

Communication Services

3.4%
2.8%

Real Estate

1.7%
2.8%

Financial Services

SPEU
23.1%
EWP
42.4%

Industrials

SPEU
20.0%
EWP
16.3%

Healthcare

SPEU
11.2%
EWP
1.3%

Technology

SPEU
10.1%
EWP
5.6%

Consumer Defensive

SPEU
7.7%
EWP

-

Consumer Cyclical

SPEU
6.5%
EWP
4.6%

Basic Materials

SPEU
6.0%
EWP

-

Energy

SPEU
5.5%
EWP
4.1%

Utilities

SPEU
4.8%
EWP
21.4%

Communication Services

SPEU
3.4%
EWP
2.8%

Real Estate

SPEU
1.7%
EWP
2.8%

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 Spain ETF

Often compared with SPEU:
SPEU vs. VGKSPEU vs. FLEESPEU vs. IEVSPEU vs. VXUSSPEU vs. GMFSPEU vs. IEUSSPEU vs. IOO
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

SPEU vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEU
SPEU Risk / Return Rank: 3434
Overall Rank
SPEU Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 3535
Sortino Ratio Rank
SPEU Omega Ratio Rank: 3333
Omega Ratio Rank
SPEU Calmar Ratio Rank: 3232
Calmar Ratio Rank
SPEU Martin Ratio Rank: 3838
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
Martin Ratio Rank
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.

SPEU vs. EWP - Risk-Adjusted Trends Comparison

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

SPEUEWPDifference
Sharpe ratioReturn per unit of total volatility
1.19
2.21

-1.02

Sortino ratioReturn per unit of downside risk
1.75
2.94

-1.19

Omega ratioGain probability vs. loss probability

1.21

1.38

-0.17

Calmar ratioReturn relative to maximum drawdown

1.55

3.64

-2.09

Martin ratioReturn relative to average drawdown

5.68

12.92

-7.24

SPEU vs. EWP - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.19, which is lower than the EWP Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of SPEU 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.

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Drawdowns

SPEU vs. EWP - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for SPEU and EWP.

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Drawdown Indicators

SPEUEWPDifference

Max Drawdown

Largest peak-to-trough decline

-62.45%

-61.19%

-1.26%

Max Drawdown (1Y)

Largest decline over 1 year

-12.09%

-11.38%

-0.71%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-12.19%

-1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-32.70%

-31.63%

-1.07%

Max Drawdown (10Y)

Largest decline over 10 years

-36.83%

-46.36%

+9.53%

Current Drawdown

Current decline from peak

-2.23%

-0.72%

-1.51%

Average Drawdown

Average peak-to-trough decline

-13.82%

-21.40%

+7.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

3.20%

+0.10%

Volatility

SPEU vs. EWP - Volatility Comparison

The current volatility for SPDR Portfolio Europe ETF (SPEU) is 4.97%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.49%. This indicates that SPEU 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.

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Volatility by Period

SPEUEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

5.49%

-0.52%

Volatility (6M)

Calculated over the trailing 6-month period

13.42%

16.07%

-2.65%

Volatility (1Y)

Calculated over the trailing 1-year period

15.82%

18.81%

-2.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.58%

20.29%

-2.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

21.56%

-3.37%

SPEU vs. EWP - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

SPEU vs. EWP - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.50%, more than EWP's 2.82% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.82%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
SPEU
SPDR Portfolio Europe ETF		3.50%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 EWP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to SPEU (4.97%). In terms of maximum drawdown, SPEU dropped -62.45% vs EWP's -61.19%.

On 10-year performance, EWP leads with 13.42% vs 10.12% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWP has performed better with a 13.42% return vs 10.12%. 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 0.50% for EWP.

SPEU has the higher dividend yield at 3.50%, compared with 2.82% for EWP.

SPEU tracks STOXX Europe Total Market Index, while EWP tracks MSCI Spain Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPEU and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.21 vs 1.19), 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.

Portfolio Optimizer

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