EWP vs SPY
iShares MSCI Spain ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWP delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $2.1B | $789.1B | |
| Dividend Yield | 2.81% | 1.01% | |
| Holdings | 30 | 505 | |
| YTD Return | +16.33% | +13.39% | |
| 1Y Return | +37.01% | +22.52% | |
| 3Y Return (annualized) | +34.53% | +21.36% | |
| 5Y Return (annualized) | +20.83% | +13.19% | |
| Volatility (annualized) | 23.4% | 15.3% | |
| Max Drawdown | -73.7% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWP vs SPY Performance
iShares MSCI Spain ETF (EWP) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWP returned +37.01% while SPY returned +22.52%. Year to date, EWP is up 16.33% versus a gain of 13.39% for SPY.
Over three years, EWP compounded at +34.53% per year against +21.36% for SPY; over five years the annualized figures are +20.83% and +13.19% respectively. Across the full 30-year window we track, SPY has the edge at +8.84% annualized vs +5.72%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWP has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -73.7% for EWP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWP charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EWP currently yields 2.81% against 1.01% for SPY.
Holdings Overlap
EWP and SPY share 0 holdings out of 527 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EWP or SPY?
EWP has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, EWP or SPY?
Over the past year EWP returned +37.01% vs +22.52% for SPY, so EWP leads on 1-year performance. Over the longest common window we track (30 years), EWP annualized +5.72% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, EWP or SPY?
EWP has been the more volatile fund at 23.4% annualized versus 15.3% for SPY. Worst drawdown: EWP -73.7% vs SPY -56.5%.
Should I hold both EWP and SPY?
EWP and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWP and SPY?
EWP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 527 unique securities.
Which pays a higher dividend, EWP or SPY?
EWP yields 2.81% while SPY yields 1.01%, so EWP currently pays the higher dividend yield.
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