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

VWRL.L vs. EWP

Last updated Jun 9, 2026

VWRL.L (Vanguard FTSE All-World UCITS ETF Distributing) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - VWRL.L is a Global Equities fund tracking the FTSE All-World Index, while EWP is a Europe Equities fund tracking the MSCI Spain Index. Both are passively managed. Over the past 10 years, VWRL.L returned 13.37%/yr vs 12.24%/yr for EWP. At a 0.45 correlation, their price movements are largely independent. VWRL.L charges 0.19%/yr vs 0.50%/yr for EWP.

Performance

VWRL.L vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE All-World UCITS ETF Distributing (VWRL.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

VWRL.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, VWRL.L achieves a 10.38% return, which is significantly higher than EWP's 6.12% return. Over the past 10 years, VWRL.L has outperformed EWP with an annualized return of 13.37%, while EWP has yielded a comparatively lower 12.24% annualized return.

VWRL.L

1D
-0.21%
1M
2.33%
YTD
10.38%
6M
10.56%
1Y
27.51%
3Y*
17.75%
5Y*
12.03%
10Y*
13.37%

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)

VWRL.L vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWRL.L
Vanguard FTSE All-World UCITS ETF Distributing		10.38%13.99%19.60%15.61%-8.44%20.05%12.13%22.04%-4.71%13.21%
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 VWRL.L 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

0.28

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

0.34

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

0.42

Correlation (All Time)
Calculated using the full available price history since May 22, 2012

0.45

The correlation between VWRL.L and EWP shifts across timeframes, from 0.28 (3 years) to 0.45 (all time), reflecting how their relationship changes across market environments.

VWRL.L vs. EWP - Sectors Allocation Comparison

Sectors
VWRL.L
EWP

Technology

29.5%
4.9%

Financial Services

16.2%
41.4%

Industrials

10.4%
16.1%

Consumer Cyclical

9.2%
4.0%

Communication Services

8.7%
2.9%

Healthcare

8.0%
1.3%

Consumer Defensive

5.0%

-

Energy

4.2%
5.3%

Basic Materials

3.8%

-

Utilities

2.9%
21.2%

Real Estate

1.8%
2.9%

Technology

VWRL.L
29.5%
EWP
4.9%

Financial Services

VWRL.L
16.2%
EWP
41.4%

Industrials

VWRL.L
10.4%
EWP
16.1%

Consumer Cyclical

VWRL.L
9.2%
EWP
4.0%

Communication Services

VWRL.L
8.7%
EWP
2.9%

Healthcare

VWRL.L
8.0%
EWP
1.3%

Consumer Defensive

VWRL.L
5.0%
EWP

-

Energy

VWRL.L
4.2%
EWP
5.3%

Basic Materials

VWRL.L
3.8%
EWP

-

Utilities

VWRL.L
2.9%
EWP
21.2%

Real Estate

VWRL.L
1.8%
EWP
2.9%

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 All-World UCITS ETF Distributing

iShares MSCI Spain ETF

Often compared with VWRL.L:
VWRL.L vs. ACWIVWRL.L vs. VHYL.ASVWRL.L vs. VHVG.LVWRL.L vs. VUSA.LVWRL.L vs. VOOVWRL.L vs. VHYG.LVWRL.L vs. VEVE.L
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

VWRL.L vs. EWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWRL.L
VWRL.L Risk / Return Rank: 8686
Overall Rank
VWRL.L Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
VWRL.L Sortino Ratio Rank: 8888
Sortino Ratio Rank
VWRL.L Omega Ratio Rank: 8888
Omega Ratio Rank
VWRL.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
VWRL.L Martin Ratio Rank: 8484
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF Distributing (VWRL.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.

VWRL.LEWPDifference
Sharpe ratioReturn per unit of total volatility
2.63
2.13

+0.51

Sortino ratioReturn per unit of downside risk
3.64
2.83

+0.81

Omega ratioGain probability vs. loss probability

1.50

1.37

+0.13

Calmar ratioReturn relative to maximum drawdown

3.87

3.43

+0.43

Martin ratioReturn relative to average drawdown

15.69

12.55

+3.13

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

VWRL.L vs. EWP - Sharpe Ratio Comparison

The current VWRL.L Sharpe Ratio is 2.63, which is comparable to the EWP Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of VWRL.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

VWRL.LEWPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.63

2.13

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

1.06

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.61

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.93

0.24

+0.69

Drawdowns

VWRL.L vs. EWP - Drawdown Comparison

The maximum VWRL.L drawdown since its inception was -24.99%, smaller than the maximum EWP drawdown of -51.00%. Use the drawdown chart below to compare losses from any high point for VWRL.L and EWP.

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Drawdown Indicators

VWRL.LEWPDifference

Max Drawdown

Largest peak-to-trough decline

-24.99%

-51.00%

+26.01%

Max Drawdown (1Y)

Largest decline over 1 year

-7.08%

-10.24%

+3.16%

Max Drawdown (3Y)

Largest decline over 3 years

-17.47%

-10.75%

-6.72%

Max Drawdown (5Y)

Largest decline over 5 years

-17.47%

-18.95%

+1.48%

Max Drawdown (10Y)

Largest decline over 10 years

-24.99%

-39.42%

+14.43%

Current Drawdown

Current decline from peak

-1.81%

-1.71%

-0.10%

Average Drawdown

Average peak-to-trough decline

-3.32%

-13.12%

+9.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.75%

2.79%

-1.04%

Volatility

VWRL.L vs. EWP - Volatility Comparison

The current volatility for Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L) is 2.99%, while iShares MSCI Spain ETF (EWP) has a volatility of 4.18%. This indicates that VWRL.L 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.

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Volatility by Period

VWRL.LEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.99%

4.18%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

7.71%

13.81%

-6.10%

Volatility (1Y)

Calculated over the trailing 1-year period

10.43%

16.55%

-6.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.86%

17.19%

-4.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.25%

20.12%

-5.87%

VWRL.L vs. EWP - Expense Ratio Comparison

VWRL.L has a 0.19% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

VWRL.L vs. EWP - Dividend Comparison

VWRL.L's dividend yield for the trailing twelve months is around 1.26%, 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%
VWRL.L
Vanguard FTSE All-World UCITS ETF Distributing		1.26%1.39%1.49%1.72%2.03%1.45%1.58%1.95%2.22%1.90%1.95%2.00%

Frequently Asked Questions

VWRL.L 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.

On fees, VWRL.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VWRL.L is cheaper with a 0.19% expense ratio, compared with 0.50% for EWP.

VWRL.L is categorized as Global Equities, while EWP is Europe Equities. VWRL.L tracks FTSE All-World Index, while EWP tracks MSCI Spain Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.19% for VWRL.L and 0.50% for EWP.

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