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SPEU vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEU vs. EWU

Last updated Jul 12, 2026
Documentation

SPEU (SPDR Portfolio Europe ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, SPEU returned 9.66%/yr vs 8.22%/yr for EWU. Their correlation of 0.86 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.50%/yr for EWU.

Performance

SPEU vs. EWU - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with SPEU having a 7.58% return and EWU slightly lower at 7.48%. Over the past 10 years, SPEU has outperformed EWU with an annualized return of 9.66%, while EWU has yielded a comparatively lower 8.22% annualized return.

SPEU

1D
0.13%
1M
0.18%
6M
5.02%
YTD
7.58%
1Y
17.20%
3Y*
16.70%
5Y*
8.81%
10Y*
9.66%

EWU

1D
0.41%
1M
0.23%
6M
5.53%
YTD
7.48%
1Y
20.69%
3Y*
18.12%
5Y*
11.29%
10Y*
8.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEU
SPDR Portfolio Europe ETF		7.58%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%
EWU
iShares MSCI United Kingdom ETF		7.48%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between SPEU and EWU is 0.87, 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

0.87

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

0.88

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

0.89

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

0.89

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

0.86

The correlation between SPEU and EWU has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

SPEU vs. EWU - Sectors Allocation Comparison

Sectors
SPEU
EWU

Financial Services

23.1%
25.7%

Industrials

20.0%
13.2%

Healthcare

11.2%
14.5%

Technology

10.1%
0.7%

Consumer Defensive

7.7%
13.1%

Consumer Cyclical

6.5%
3.8%

Basic Materials

6.0%
9.5%

Energy

5.5%
11.6%

Utilities

4.8%
5.1%

Communication Services

3.4%
2.3%

Real Estate

1.7%
0.6%

Financial Services

SPEU
23.1%
EWU
25.7%

Industrials

SPEU
20.0%
EWU
13.2%

Healthcare

SPEU
11.2%
EWU
14.5%

Technology

SPEU
10.1%
EWU
0.7%

Consumer Defensive

SPEU
7.7%
EWU
13.1%

Consumer Cyclical

SPEU
6.5%
EWU
3.8%

Basic Materials

SPEU
6.0%
EWU
9.5%

Energy

SPEU
5.5%
EWU
11.6%

Utilities

SPEU
4.8%
EWU
5.1%

Communication Services

SPEU
3.4%
EWU
2.3%

Real Estate

SPEU
1.7%
EWU
0.6%

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 United Kingdom ETF

Often compared with SPEU:
SPEU vs. VGKSPEU vs. IEVSPEU vs. FLEESPEU vs. VXUSSPEU vs. GMFSPEU vs. IEUSSPEU vs. IOO
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

SPEU vs. EWU — 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: 3333
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 3434
Sortino Ratio Rank
SPEU Omega Ratio Rank: 3131
Omega Ratio Rank
SPEU Calmar Ratio Rank: 3232
Calmar Ratio Rank
SPEU Martin Ratio Rank: 3838
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4848
Overall Rank
EWU Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4848
Sortino Ratio Rank
EWU Omega Ratio Rank: 4545
Omega Ratio Rank
EWU Calmar Ratio Rank: 4949
Calmar Ratio Rank
EWU Martin Ratio Rank: 5050
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. EWU - Risk-Adjusted Trends Comparison

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

SPEUEWUDifference
Sharpe ratioReturn per unit of total volatility
0.99
1.33

-0.33

Sortino ratioReturn per unit of downside risk
1.50
1.94

-0.44

Omega ratioGain probability vs. loss probability

1.18

1.24

-0.06

Calmar ratioReturn relative to maximum drawdown

1.31

1.99

-0.68

Martin ratioReturn relative to average drawdown

4.78

6.58

-1.80

SPEU vs. EWU - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 0.99, which is comparable to the EWU Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of SPEU and EWU, 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. EWU - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for SPEU and EWU.

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Drawdown Indicators

SPEUEWUDifference

Max Drawdown

Largest peak-to-trough decline

-62.45%

-63.99%

+1.54%

Max Drawdown (1Y)

Largest decline over 1 year

-12.09%

-9.92%

-2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-12.63%

-1.54%

Max Drawdown (5Y)

Largest decline over 5 years

-32.70%

-24.91%

-7.79%

Max Drawdown (10Y)

Largest decline over 10 years

-36.83%

-43.33%

+6.50%

Current Drawdown

Current decline from peak

-1.50%

-2.90%

+1.40%

Average Drawdown

Average peak-to-trough decline

-13.79%

-14.13%

+0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.31%

3.00%

+0.31%

Volatility

SPEU vs. EWU - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 4.95% and 4.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPEUEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.95%

4.73%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

13.66%

12.78%

+0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

15.92%

14.90%

+1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

16.43%

+1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.13%

18.22%

-0.09%

SPEU vs. EWU - Expense Ratio Comparison

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

Dividends

SPEU vs. EWU - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.44%, more than EWU's 3.21% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.21%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
SPEU
SPDR Portfolio Europe ETF		3.44%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 EWU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPEU has higher volatility (4.95%) compared to EWU (4.73%). In terms of maximum drawdown, SPEU dropped -62.45% vs EWU's -63.99%.

On 10-year performance, SPEU leads with 9.66% vs 8.22% for EWU. On fees, SPEU is cheaper at 0.07% per year. On volatility, EWU has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPEU has performed better with a 9.66% return vs 8.22%. 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 EWU.

SPEU has the higher dividend yield at 3.44%, compared with 3.21% for EWU.

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

EWU currently has the higher Sharpe Ratio (1.33 vs 0.99), 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

Find the right allocation for SPEU and EWU

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