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SPEU vs. IEUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEU vs. IEUS

Last updated Jun 23, 2026

SPEU (SPDR Portfolio Europe ETF) and IEUS (iShares MSCI Europe Small-Cap ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while IEUS tracks the MSCI Europe Small Cap Index. Both are passively managed. Over the past 10 years, SPEU returned 10.26%/yr vs 8.57%/yr for IEUS. Their correlation of 0.82 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.40%/yr for IEUS.

Performance

SPEU vs. IEUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and iShares MSCI Europe Small-Cap ETF (IEUS). 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 7.07% return, which is significantly higher than IEUS's 4.38% return. Over the past 10 years, SPEU has outperformed IEUS with an annualized return of 10.26%, while IEUS has yielded a comparatively lower 8.57% annualized return.

SPEU

1D
0.04%
1M
0.91%
YTD
7.07%
6M
7.79%
1Y
21.32%
3Y*
16.98%
5Y*
8.88%
10Y*
10.26%

IEUS

1D
-0.26%
1M
-2.09%
YTD
4.38%
6M
5.30%
1Y
13.23%
3Y*
14.44%
5Y*
3.31%
10Y*
8.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. IEUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEU
SPDR Portfolio Europe ETF		7.07%35.80%1.93%19.85%-15.97%16.20%6.35%26.15%-13.79%23.80%
IEUS
iShares MSCI Europe Small-Cap ETF		4.38%32.06%-1.59%17.34%-27.07%15.06%12.99%29.72%-20.17%35.04%

Correlation

The correlation between SPEU and IEUS is 0.92, 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

0.92

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

0.90

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

0.92

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

0.88

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2007

0.82

The correlation between SPEU and IEUS shifts across timeframes, from 0.82 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

SPEU vs. IEUS - Sectors Allocation Comparison

Sectors
SPEU
IEUS

Financial Services

23.1%
15.0%

Industrials

20.0%
26.6%

Healthcare

11.2%
7.5%

Technology

10.1%
7.9%

Consumer Defensive

7.7%
3.6%

Consumer Cyclical

6.5%
12.1%

Basic Materials

6.0%
7.4%

Energy

5.5%
4.8%

Utilities

4.8%
2.3%

Communication Services

3.4%
4.5%

Real Estate

1.7%
8.3%

Financial Services

SPEU
23.1%
IEUS
15.0%

Industrials

SPEU
20.0%
IEUS
26.6%

Healthcare

SPEU
11.2%
IEUS
7.5%

Technology

SPEU
10.1%
IEUS
7.9%

Consumer Defensive

SPEU
7.7%
IEUS
3.6%

Consumer Cyclical

SPEU
6.5%
IEUS
12.1%

Basic Materials

SPEU
6.0%
IEUS
7.4%

Energy

SPEU
5.5%
IEUS
4.8%

Utilities

SPEU
4.8%
IEUS
2.3%

Communication Services

SPEU
3.4%
IEUS
4.5%

Real Estate

SPEU
1.7%
IEUS
8.3%

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 Europe Small-Cap ETF

Often compared with SPEU:
SPEU vs. VGKSPEU vs. FLEESPEU vs. IEVSPEU vs. VXUSSPEU vs. GMFSPEU vs. IOOSPEU vs. VOO
Often compared with IEUS:
IEUS vs. SMEA.LIEUS vs. DBEUIEUS vs. USSC.LIEUS vs. IPRP.LIEUS vs. VGKIEUS vs. VOOIEUS vs. ^GSPC

Return for Risk

SPEU vs. IEUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEU
SPEU Risk / Return Rank: 3939
Overall Rank
SPEU Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 3939
Sortino Ratio Rank
SPEU Omega Ratio Rank: 3838
Omega Ratio Rank
SPEU Calmar Ratio Rank: 3636
Calmar Ratio Rank
SPEU Martin Ratio Rank: 4141
Martin Ratio Rank
IEUS
IEUS Risk / Return Rank: 2424
Overall Rank
IEUS Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEUS Sortino Ratio Rank: 2323
Sortino Ratio Rank
IEUS Omega Ratio Rank: 2323
Omega Ratio Rank
IEUS Calmar Ratio Rank: 2323
Calmar Ratio Rank
IEUS Martin Ratio Rank: 2727
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. IEUS - Risk-Adjusted Trends Comparison

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

SPEUIEUSDifference
Sharpe ratioReturn per unit of total volatility
1.36
0.82

+0.54

Sortino ratioReturn per unit of downside risk
1.98
1.26

+0.72

Omega ratioGain probability vs. loss probability

1.24

1.15

+0.09

Calmar ratioReturn relative to maximum drawdown

1.77

1.04

+0.73

Martin ratioReturn relative to average drawdown

6.49

3.52

+2.97

SPEU vs. IEUS - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.36, which is higher than the IEUS Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SPEU and IEUS, 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. IEUS - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum IEUS drawdown of -63.09%. Use the drawdown chart below to compare losses from any high point for SPEU and IEUS.

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Drawdown Indicators

SPEUIEUSDifference

Max Drawdown

Largest peak-to-trough decline

-62.45%

-63.09%

+0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-12.09%

-12.81%

+0.72%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-18.05%

+3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-32.70%

-44.86%

+12.16%

Max Drawdown (10Y)

Largest decline over 10 years

-36.83%

-44.86%

+8.03%

Current Drawdown

Current decline from peak

-0.96%

-3.17%

+2.21%

Average Drawdown

Average peak-to-trough decline

-13.82%

-15.50%

+1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

3.77%

-0.48%

Volatility

SPEU vs. IEUS - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) and iShares MSCI Europe Small-Cap ETF (IEUS) have volatilities of 4.84% and 4.82%, 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

SPEUIEUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

4.82%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

13.37%

13.63%

-0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

16.23%

-0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

20.83%

-3.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.46%

20.42%

-1.96%

SPEU vs. IEUS - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than IEUS's 0.40% expense ratio.

Dividends

SPEU vs. IEUS - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 5.04%, more than IEUS's 3.22% yield.

PositionTTM20252024202320222021202020192018201720162015
IEUS
iShares MSCI Europe Small-Cap ETF		3.22%3.19%3.25%2.97%3.00%2.63%1.21%4.03%3.21%2.13%2.48%2.06%
SPEU
SPDR Portfolio Europe ETF		5.04%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

With a correlation of 0.92, SPEU and IEUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SPEU has higher volatility (4.84%) compared to IEUS (4.82%). In terms of maximum drawdown, SPEU dropped -62.45% vs IEUS's -63.09%.

On 10-year performance, SPEU leads with 10.26% vs 8.57% for IEUS. On fees, SPEU is cheaper at 0.07% per year. Their volatility is very similar. 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 10.26% return vs 8.57%. 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 0.40% for IEUS.

SPEU has the higher dividend yield at 5.04%, compared with 3.22% for IEUS.

SPEU tracks STOXX Europe Total Market Index, while IEUS tracks MSCI Europe Small Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPEU and 0.40% for IEUS.

SPEU currently has the higher Sharpe Ratio (1.36 vs 0.82), 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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