EWU vs SPY
iShares MSCI United Kingdom ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWU delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $4.0B | $789.1B | |
| Dividend Yield | 3.27% | 1.01% | |
| Holdings | 74 | 505 | |
| YTD Return | +10.35% | +13.68% | |
| 1Y Return | +21.89% | +21.53% | |
| 3Y Return (annualized) | +18.86% | +21.44% | |
| 5Y Return (annualized) | +11.88% | +13.18% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -66.9% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWU vs SPY Performance
iShares MSCI United Kingdom ETF (EWU) 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 EWU returned +21.89% while SPY returned +21.53%. Year to date, EWU is up 10.35% versus a gain of 13.68% for SPY.
Over three years, EWU compounded at +18.86% per year against +21.44% for SPY; over five years the annualized figures are +11.88% and +13.18% respectively. Across the full 30-year window we track, SPY has the edge at +8.85% annualized vs +2.90%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWU has been the more volatile fund, with annualized monthly volatility of 16.6% 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 -66.9% for EWU 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWU 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, EWU currently yields 3.27% against 1.01% for SPY.
Holdings Overlap
EWU and SPY share 0 holdings out of 571 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, EWU or SPY?
EWU 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, EWU or SPY?
Over the past year EWU returned +21.89% vs +21.53% for SPY, so EWU leads on 1-year performance. Over the longest common window we track (30 years), EWU annualized +2.90% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EWU or SPY?
EWU has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: EWU -66.9% vs SPY -56.5%.
Should I hold both EWU and SPY?
EWU and SPY have a monthly-return correlation of 0.79, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWU and SPY?
EWU and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 571 unique securities.
Which pays a higher dividend, EWU or SPY?
EWU yields 3.27% while SPY yields 1.01%, so EWU currently pays the higher dividend yield.
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