SPICHA.SW vs. EWP

Last updated Jun 4, 2026

SPICHA.SW (UBS ETF (CH) – SPI® (CHF) A-dis) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - SPICHA.SW tracks the SPI® Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 10 years, SPICHA.SW returned 7.65%/yr vs 8.69%/yr for EWP. At a 0.40 correlation, their price movements are largely independent. SPICHA.SW charges 0.10%/yr vs 0.50%/yr for EWP.

Performance

SPICHA.SW vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPICHA.SW is traded in CHF, while EWP is traded in USD. To make them comparable, the EWP values have been converted to CHF using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPICHA.SW achieves a 2.38% return, which is significantly lower than EWP's 5.19% return. Over the past 10 years, SPICHA.SW has underperformed EWP with an annualized return of 7.65%, while EWP has yielded a comparatively higher 8.69% annualized return.

SPICHA.SW

• 1D: -0.57%
• 1M: 2.01%
• YTD: 2.38%
• 6M: 5.46%
• 1Y: 10.61%
• 3Y*: 7.26%
• 5Y*: 4.49%
• 10Y*: 7.65%

EWP

• 1D: -0.46%
• 1M: 4.58%
• YTD: 5.19%
• 6M: 8.88%
• 1Y: 29.35%
• 3Y*: 24.97%
• 5Y*: 14.06%
• 10Y*: 8.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPICHA.SW vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis	2.38%	17.65%	6.05%	5.82%	-16.70%	23.29%	3.83%	29.94%	-8.35%	19.42%
EWP iShares MSCI Spain ETF	5.19%	55.55%	14.03%	18.59%	-3.88%	3.20%	-12.04%	10.03%	-14.50%	21.59%

Correlation

The correlation between SPICHA.SW and EWP is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 19, 2011	0.40

Return for Risk

SPICHA.SW vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPICHA.SW

SPICHA.SW Risk / Return Rank: 25
SPICHA.SW Sharpe Ratio Rank: 26
SPICHA.SW Sortino Ratio Rank: 26
SPICHA.SW Omega Ratio Rank: 26
SPICHA.SW Calmar Ratio Rank: 22
SPICHA.SW Martin Ratio Rank: 26

EWP

EWP Risk / Return Rank: 55
EWP Sharpe Ratio Rank: 54
EWP Sortino Ratio Rank: 51
EWP Omega Ratio Rank: 51
EWP Calmar Ratio Rank: 61
EWP Martin Ratio Rank: 60

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.

SPICHA.SW vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) 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.

	SPICHA.SW	EWP	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.69	-0.74
Sortino ratio: Return per unit of downside risk	1.41	2.29	-0.87
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	0.99	3.05	-2.06
Martin ratio: Return relative to average drawdown	3.47	10.99	-7.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPICHA.SW vs. EWP - Sharpe Ratio Comparison

The current SPICHA.SW Sharpe Ratio is 0.95, which is lower than the EWP Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SPICHA.SW 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.

Sharpe Ratios by Period

	SPICHA.SW	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.69	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.74	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.40	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.06	+0.50

Drawdowns

SPICHA.SW vs. EWP - Drawdown Comparison

The maximum SPICHA.SW drawdown since its inception was -26.92%, smaller than the maximum EWP drawdown of -65.58%. Use the drawdown chart below to compare losses from any high point for SPICHA.SW and EWP.

Drawdown Indicators

	SPICHA.SW	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-26.92%	-65.58%	+38.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-9.65%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-15.52%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-26.71%	+5.23%
Max Drawdown (10Y) Largest decline over 10 years	-26.92%	-46.45%	+19.53%
Current Drawdown Current decline from peak	-3.00%	-1.42%	-1.58%
Average Drawdown Average peak-to-trough decline	-5.21%	-36.45%	+31.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.68%	+0.41%

Volatility

SPICHA.SW vs. EWP - Volatility Comparison

The current volatility for UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) is 3.25%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.49%. This indicates that SPICHA.SW 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.

Volatility by Period

	SPICHA.SW	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	5.49%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	14.51%	-5.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	17.46%	-6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	19.17%	-5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	22.03%	-8.11%

SPICHA.SW vs. EWP - Expense Ratio Comparison

SPICHA.SW has a 0.10% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

SPICHA.SW vs. EWP - Dividend Comparison

SPICHA.SW's dividend yield for the trailing twelve months is around 2.22%, more than EWP's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.15%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis	2.22%	2.64%	2.96%	2.94%	2.83%	2.26%	2.55%	2.60%	3.21%	2.62%	3.04%	2.87%

Frequently Asked Questions

Can I hold both SPICHA.SW and EWP in my portfolio?

SPICHA.SW and EWP have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPICHA.SW or EWP?

On fees, SPICHA.SW is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPICHA.SW or EWP?

SPICHA.SW is cheaper with a 0.10% expense ratio, compared with 0.50% for EWP.

What is the main difference between SPICHA.SW and EWP?

SPICHA.SW tracks SPI® Index, while EWP tracks MSCI Spain Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.10% for SPICHA.SW and 0.50% for EWP.