UIVM vs. EWP

Last updated Jun 13, 2026

UIVM (VictoryShares International Value Momentum ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - UIVM is a Momentum fund tracking the Nasdaq Victory International Value Momentum Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 5 years, UIVM returned 11.89%/yr vs 17.57%/yr for EWP. Their correlation of 0.81 suggests significant overlap in exposure. UIVM charges 0.35%/yr vs 0.50%/yr for EWP.

Performance

UIVM vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares International Value Momentum ETF (UIVM) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UIVM achieves a 15.12% return, which is significantly higher than EWP's 8.89% return.

UIVM

• 1D: 0.32%
• 1M: 0.05%
• YTD: 15.12%
• 6M: 17.12%
• 1Y: 33.17%
• 3Y*: 24.11%
• 5Y*: 11.89%
• 10Y*: —

EWP

• 1D: 0.63%
• 1M: 4.32%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

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

UIVM vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UIVM VictoryShares International Value Momentum ETF	15.12%	45.47%	5.23%	16.79%	-13.31%	11.85%	0.76%	15.29%	-17.41%	2.36%
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	1.12%

Correlation

The correlation between UIVM and EWP is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.81

The correlation between UIVM and EWP has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

UIVM vs. EWP - Sectors Allocation Comparison

Sectors	UIVM	EWP
Financial Services	30.1%	41.4%
Industrials	21.8%	16.1%
Consumer Cyclical	8.2%	4.0%
Consumer Defensive	6.2%	-
Healthcare	5.8%	1.3%
Basic Materials	5.6%	-
Utilities	5.2%	21.2%
Real Estate	4.8%	2.9%
Technology	4.6%	4.9%
Energy	4.6%	5.3%
Communication Services	3.2%	2.9%

Return for Risk

UIVM vs. EWP — Risk / Return Rank

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

UIVM

UIVM Risk / Return Rank: 73
UIVM Sharpe Ratio Rank: 76
UIVM Sortino Ratio Rank: 76
UIVM Omega Ratio Rank: 77
UIVM Calmar Ratio Rank: 67
UIVM Martin Ratio Rank: 66

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

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.

UIVM vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares International Value Momentum ETF (UIVM) 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.

	UIVM	EWP	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.94	+0.19
Sortino ratio: Return per unit of downside risk	2.96	2.62	+0.34
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	2.95	3.26	-0.31
Martin ratio: Return relative to average drawdown	10.70	11.51	-0.80

UIVM vs. EWP - Sharpe Ratio Comparison

The current UIVM Sharpe Ratio is 2.13, which is comparable to the EWP Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of UIVM 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.

Drawdowns

UIVM vs. EWP - Drawdown Comparison

The maximum UIVM drawdown since its inception was -42.73%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for UIVM and EWP.

Drawdown Indicators

	UIVM	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-61.19%	+18.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-11.38%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-12.19%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	-33.76%	+5.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.36%	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-9.68%	-21.41%	+11.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.22%	-0.19%

Volatility

UIVM vs. EWP - Volatility Comparison

VictoryShares International Value Momentum ETF (UIVM) and iShares MSCI Spain ETF (EWP) have volatilities of 6.01% and 6.21%, 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.

Volatility by Period

	UIVM	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	6.21%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	13.25%	16.09%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	19.13%	-3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	20.31%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	22.22%	-4.97%

UIVM vs. EWP - Expense Ratio Comparison

UIVM has a 0.35% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

UIVM vs. EWP - Dividend Comparison

UIVM's dividend yield for the trailing twelve months is around 3.02%, more than EWP's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.09%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
UIVM VictoryShares International Value Momentum ETF	3.02%	3.70%	5.09%	4.35%	3.03%	3.48%	1.63%	3.49%	2.78%	0.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UIVM and EWP in my portfolio?

UIVM and EWP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UIVM or EWP?

EWP has higher volatility (6.21%) compared to UIVM (6.01%). In terms of maximum drawdown, UIVM dropped -42.73% vs EWP's -61.19%.

Which ETF is better, UIVM or EWP?

On 5-year performance, EWP leads with 17.57% vs 11.89% for UIVM. On fees, UIVM is cheaper at 0.35% per year. On volatility, UIVM has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UIVM or EWP?

Over the 5-year period, EWP has performed better with a 17.57% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UIVM or EWP?

UIVM is cheaper with a 0.35% expense ratio, compared with 0.50% for EWP.

Which ETF pays a higher dividend yield, UIVM or EWP?

UIVM has the higher dividend yield at 3.02%, compared with 2.09% for EWP.

What is the main difference between UIVM and EWP?

UIVM is categorized as Momentum, while EWP is Europe Equities. UIVM tracks Nasdaq Victory International Value Momentum Index, while EWP tracks MSCI Spain Index. They also come from different issuers: Victory Capital and iShares. Their fees differ too: 0.35% for UIVM and 0.50% for EWP.

Which has better risk-adjusted returns?

UIVM currently has the higher Sharpe Ratio (2.13 vs 1.94), 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.