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VAPX.L vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VAPX.L vs. EWP

Last updated Jun 9, 2026

VAPX.L (Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - VAPX.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Pac Ex JPN NR USD, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, VAPX.L returned 12.48%/yr vs 12.24%/yr for EWP. At a 0.41 correlation, their price movements are largely independent. VAPX.L charges 0.15%/yr vs 0.50%/yr for EWP.

Performance

VAPX.L vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VAPX.L is traded in GBP, while EWP is traded in USD. To make them comparable, the EWP values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VAPX.L achieves a 40.82% return, which is significantly higher than EWP's 6.12% return. Both investments have delivered pretty close results over the past 10 years, with VAPX.L having a 12.48% annualized return and EWP not far behind at 12.24%.

VAPX.L

1D
0.30%
1M
0.03%
YTD
40.82%
6M
44.79%
1Y
72.72%
3Y*
22.66%
5Y*
11.85%
10Y*
12.48%

EWP

1D
-0.26%
1M
1.15%
YTD
6.12%
6M
9.64%
1Y
34.95%
3Y*
28.29%
5Y*
18.07%
10Y*
12.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VAPX.L vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VAPX.L
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing		40.82%31.34%-3.50%3.89%-1.65%1.83%15.31%12.85%-9.57%20.38%
EWP
iShares MSCI Spain ETF		6.12%65.34%7.55%23.75%6.10%1.20%-6.76%7.67%-10.30%16.00%

Correlation

The correlation between VAPX.L and EWP is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.33

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

0.32

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

0.39

Correlation (All Time)
Calculated using the full available price history since May 22, 2013

0.41

VAPX.L vs. EWP - Sectors Allocation Comparison

Sectors
VAPX.L
EWP

Technology

30.2%
4.9%

Financial Services

25.3%
41.4%

Industrials

12.5%
16.1%

Basic Materials

9.5%

-

Consumer Cyclical

5.3%
4.0%

Real Estate

4.9%
2.9%

Healthcare

3.3%
1.3%

Consumer Defensive

2.5%

-

Communication Services

2.4%
2.9%

Energy

2.3%
5.3%

Utilities

2.0%
21.2%

Technology

VAPX.L
30.2%
EWP
4.9%

Financial Services

VAPX.L
25.3%
EWP
41.4%

Industrials

VAPX.L
12.5%
EWP
16.1%

Basic Materials

VAPX.L
9.5%
EWP

-

Consumer Cyclical

VAPX.L
5.3%
EWP
4.0%

Real Estate

VAPX.L
4.9%
EWP
2.9%

Healthcare

VAPX.L
3.3%
EWP
1.3%

Consumer Defensive

VAPX.L
2.5%
EWP

-

Communication Services

VAPX.L
2.4%
EWP
2.9%

Energy

VAPX.L
2.3%
EWP
5.3%

Utilities

VAPX.L
2.0%
EWP
21.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing

iShares MSCI Spain ETF

Often compared with VAPX.L:
VAPX.L vs. HMXJ.LVAPX.L vs. VFEG.LVAPX.L vs. V3PA.DEVAPX.L vs. EIXVAPX.L vs. INAA.LVAPX.L vs. VTVAPX.L vs. SPHD
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

VAPX.L vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VAPX.L
VAPX.L Risk / Return Rank: 9393
Overall Rank
VAPX.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VAPX.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
VAPX.L Omega Ratio Rank: 9494
Omega Ratio Rank
VAPX.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
VAPX.L Martin Ratio Rank: 9191
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 5959
Overall Rank
EWP Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 5656
Sortino Ratio Rank
EWP Omega Ratio Rank: 5555
Omega Ratio Rank
EWP Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWP Martin Ratio Rank: 6363
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.

VAPX.L vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) 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.

VAPX.LEWPDifference
Sharpe ratioReturn per unit of total volatility
3.43
2.13

+1.30

Sortino ratioReturn per unit of downside risk
4.10
2.83

+1.27

Omega ratioGain probability vs. loss probability

1.63

1.37

+0.26

Calmar ratioReturn relative to maximum drawdown

5.40

3.43

+1.97

Martin ratioReturn relative to average drawdown

19.83

12.55

+7.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAPX.L vs. EWP - Sharpe Ratio Comparison

The current VAPX.L Sharpe Ratio is 3.43, which is higher than the EWP Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of VAPX.L 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.

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Sharpe Ratios by Period

VAPX.LEWPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.43

2.13

+1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.06

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.61

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.24

+0.28

Drawdowns

VAPX.L vs. EWP - Drawdown Comparison

The maximum VAPX.L drawdown since its inception was -30.88%, smaller than the maximum EWP drawdown of -51.00%. Use the drawdown chart below to compare losses from any high point for VAPX.L and EWP.

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Drawdown Indicators

VAPX.LEWPDifference

Max Drawdown

Largest peak-to-trough decline

-30.88%

-51.00%

+20.12%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-10.24%

-3.17%

Max Drawdown (3Y)

Largest decline over 3 years

-16.81%

-10.75%

-6.06%

Max Drawdown (5Y)

Largest decline over 5 years

-17.55%

-18.95%

+1.40%

Max Drawdown (10Y)

Largest decline over 10 years

-30.88%

-39.42%

+8.54%

Current Drawdown

Current decline from peak

-8.79%

-1.71%

-7.08%

Average Drawdown

Average peak-to-trough decline

-6.31%

-13.12%

+6.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

2.79%

+0.87%

Volatility

VAPX.L vs. EWP - Volatility Comparison

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) has a higher volatility of 11.60% compared to iShares MSCI Spain ETF (EWP) at 4.18%. This indicates that VAPX.L's price experiences larger fluctuations and is considered to be riskier than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VAPX.LEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.60%

4.18%

+7.42%

Volatility (6M)

Calculated over the trailing 6-month period

18.95%

13.81%

+5.14%

Volatility (1Y)

Calculated over the trailing 1-year period

21.14%

16.55%

+4.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.22%

17.19%

-0.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.48%

20.12%

-2.64%

VAPX.L vs. EWP - Expense Ratio Comparison

VAPX.L has a 0.15% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

VAPX.L vs. EWP - Dividend Comparison

VAPX.L's dividend yield for the trailing twelve months is around 1.91%, less than EWP's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.16%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
VAPX.L
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing		1.91%2.70%3.47%3.53%4.32%3.51%2.08%3.39%3.52%3.10%2.71%3.49%

Frequently Asked Questions

VAPX.L and EWP have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VAPX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VAPX.L is cheaper with a 0.15% expense ratio, compared with 0.50% for EWP.

VAPX.L is categorized as Asia Pacific Equities, while EWP is Europe Equities. VAPX.L tracks MSCI AC Asia Pac Ex JPN NR USD, while EWP tracks MSCI Spain Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VAPX.L and 0.50% for EWP.

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