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SPEU vs. IEV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEU vs. IEV

Last updated Jun 23, 2026

SPEU (SPDR Portfolio Europe ETF) and IEV (iShares Europe ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while IEV tracks the S&P Europe 350 Index. Both are passively managed. Over the past 10 years, SPEU returned 10.26%/yr vs 10.28%/yr for IEV. Their correlation of 0.93 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.59%/yr for IEV.

Performance

SPEU vs. IEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and iShares Europe ETF (IEV). 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 investments are quite close, with SPEU having a 7.07% return and IEV slightly higher at 7.36%. Both investments have delivered pretty close results over the past 10 years, with SPEU having a 10.26% annualized return and IEV not far ahead at 10.28%.

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%

IEV

1D
-0.04%
1M
1.28%
YTD
7.36%
6M
7.91%
1Y
21.69%
3Y*
16.78%
5Y*
9.34%
10Y*
10.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. IEV - 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%
IEV
iShares Europe ETF		7.36%35.63%1.36%20.14%-14.24%16.73%4.07%24.03%-14.68%24.84%

Correlation

The correlation between SPEU and IEV is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.99

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

0.99

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

0.99

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

0.98

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

0.93

The correlation between SPEU and IEV has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

SPEU vs. IEV - Sectors Allocation Comparison

Sectors
SPEU
IEV

Financial Services

23.1%
24.5%

Industrials

20.0%
18.8%

Healthcare

11.2%
12.1%

Technology

10.1%
9.9%

Consumer Defensive

7.7%
8.6%

Consumer Cyclical

6.5%
6.8%

Basic Materials

6.0%
5.5%

Energy

5.5%
4.6%

Utilities

4.8%
4.6%

Communication Services

3.4%
3.3%

Real Estate

1.7%
0.6%

Financial Services

SPEU
23.1%
IEV
24.5%

Industrials

SPEU
20.0%
IEV
18.8%

Healthcare

SPEU
11.2%
IEV
12.1%

Technology

SPEU
10.1%
IEV
9.9%

Consumer Defensive

SPEU
7.7%
IEV
8.6%

Consumer Cyclical

SPEU
6.5%
IEV
6.8%

Basic Materials

SPEU
6.0%
IEV
5.5%

Energy

SPEU
5.5%
IEV
4.6%

Utilities

SPEU
4.8%
IEV
4.6%

Communication Services

SPEU
3.4%
IEV
3.3%

Real Estate

SPEU
1.7%
IEV
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 Europe ETF

Often compared with SPEU:
SPEU vs. VGKSPEU vs. FLEESPEU vs. VXUSSPEU vs. GMFSPEU vs. IEUSSPEU vs. IOOSPEU vs. VOO
Often compared with IEV:
IEV vs. VGKIEV vs. IEURIEV vs. SPYIEV vs. FEZIEV vs. EZUIEV vs. VOOIEV vs. VEA

Return for Risk

SPEU vs. IEV — 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
IEV
IEV Risk / Return Rank: 3939
Overall Rank
IEV Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
IEV Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEV Omega Ratio Rank: 3838
Omega Ratio Rank
IEV Calmar Ratio Rank: 3636
Calmar Ratio Rank
IEV Martin Ratio Rank: 4141
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. IEV - Risk-Adjusted Trends Comparison

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

SPEUIEVDifference
Sharpe ratioReturn per unit of total volatility
1.36
1.37

-0.01

Sortino ratioReturn per unit of downside risk
1.98
1.99

-0.01

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

1.77

1.77

0.00

Martin ratioReturn relative to average drawdown

6.49

6.47

+0.02

SPEU vs. IEV - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.36, which is comparable to the IEV Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SPEU and IEV, 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. IEV - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum IEV drawdown of -63.27%. Use the drawdown chart below to compare losses from any high point for SPEU and IEV.

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Drawdown Indicators

SPEUIEVDifference

Max Drawdown

Largest peak-to-trough decline

-62.45%

-63.27%

+0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-12.09%

-12.31%

+0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-14.63%

+0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-32.70%

-30.60%

-2.10%

Max Drawdown (10Y)

Largest decline over 10 years

-36.83%

-36.62%

-0.21%

Current Drawdown

Current decline from peak

-0.96%

-0.95%

-0.01%

Average Drawdown

Average peak-to-trough decline

-13.82%

-15.02%

+1.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

3.36%

-0.07%

Volatility

SPEU vs. IEV - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) and iShares Europe ETF (IEV) have volatilities of 4.84% and 4.90%, 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

SPEUIEVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

4.90%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

13.37%

13.46%

-0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

15.96%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

17.63%

-0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.46%

18.61%

-0.15%

SPEU vs. IEV - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than IEV's 0.59% expense ratio.

Dividends

SPEU vs. IEV - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 5.04%, more than IEV's 2.81% yield.

PositionTTM20252024202320222021202020192018201720162015
IEV
iShares Europe ETF		2.81%2.73%3.10%2.77%3.06%2.81%1.76%3.06%3.43%2.39%3.08%2.81%
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 0.99, SPEU and IEV 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.

IEV has higher volatility (4.90%) compared to SPEU (4.84%). In terms of maximum drawdown, SPEU dropped -62.45% vs IEV's -63.27%.

On 10-year performance, IEV leads with 10.28% vs 10.26% for SPEU. 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, IEV has performed better with a 10.28% return vs 10.26%. 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 0.59% for IEV.

SPEU has the higher dividend yield at 5.04%, compared with 2.81% for IEV.

SPEU tracks STOXX Europe Total Market Index, while IEV tracks S&P Europe 350 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPEU and 0.59% for IEV.

IEV currently has the higher Sharpe Ratio (1.37 vs 1.36), 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 IEV

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