Data as of Oct 28, 2026.
EWP vs EWU: Differences, Returns & Fees
Over the year to Oct 28, 2026, EWP returned +15.6% to EWU's +13.9%; 0% of their weight is in the same names.
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Net assets: $2.0bn on Oct 27, 2026 for iShares MSCI Spain ETF, and $3.7bn on Oct 28, 2026 for iShares MSCI United Kingdom ETF.
Pair scorecard
Both cost 0.50% a year; their one-year returns differ by 1.7 points; EWU is 1.9 times larger.
Points (pts) are percentage points.
| Measure | EWP | EWU |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.6% | +13.9% |
| Drawdown | ||
| Below its high | 10.2%, high on Aug 24, 2026 | 4.3%, high on Aug 25, 2026 |
| Benchmark | ||
| What it tracks | MSCI Spain 25/50 Index | MSCI United Kingdom Index |
| Cost and size | ||
| Expense ratio | 0.50% | 0.50% |
| Net assets, as of Oct 27, 2026 | $2.0bn | $3.7bn |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 73.9% | 53.0% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWXEWU returned more: +121.5% to +101.9%. EWU swung less: 20.9% to 26.2%. EWP and EWU fell about the same at their worst: −58.6% and −58.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | EWP | EWU | ACWX | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +101.9% | +121.5% | +129.8% | EWU | Price change plus distributions, reinvested. |
| Annualized | +3.9% | +4.4% | +4.6% | EWU | Total return as a yearly rate. |
| Price return | −5.8% | +8.3% | +42.8% | EWU | Price change alone, distributions left out. |
| Risk | |||||
| Volatility | 26.2% | 20.9% | 19.8% | EWU | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 18.7% | 15.2% | 14.4% | EWU | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −58.6% | −58.6% | −59.4% | Tie | Deepest fall from a high to the low after it. |
| Upside capture | 127.0% | 87.8% | 100.0% | EWP | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 109.8% | 95.2% | 100.0% | EWU | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.11 | 0.97 | 1.00 | EWU lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.70 | 0.84 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.22 | 0.24 | 0.25 | EWU (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.31 | 0.33 | 0.35 | EWU (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.052 | 0.052 | 0.050 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 0.07 | 0.07 | 0.08 | EWU (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | |||||
| Benchmark | ACWX | ACWX | ACWX | The ETF each fund is measured against. | |
| Alpha | +0.2% a year | +0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.07 | 0.09 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −6.3% to +6.8% | −3.6% to +4.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.05 | 0.00 | EWP | Return against its benchmark per unit of tracking error. | |
| Tracking error | 14.5% | 8.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EWP and EWU hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
EWP and EWU on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EWP and EWU are built for the same job. How do they differ in cost, holdings and results?
- What each follows. EWP follows MSCI Spain 25/50 Index and EWU follows MSCI United Kingdom Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return (similar). Over 1 year to Oct 28, 2026 EWP returned +15.6% and EWU +13.9% with distributions reinvested, a gap of 1.7 points.
Data as of Oct 28, 2026.
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EWP
EWP tracks an index. Over the year to Oct 28, 2026 it returned +15.6% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 25 positions, with the top ten at 73.9%. It sat 10.2% below its high of Aug 24, 2026 on Oct 28, 2026.
EWU
EWU tracks an index. Over the year to Oct 28, 2026 it returned +13.9% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 67 positions, with the top ten at 53.0%. It sat 4.3% below its high of Aug 25, 2026 on Oct 28, 2026.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, EWP against EWU, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewp-vs-ewu
ETFIQ. (Oct 28, 2026). EWP against EWU. Retrieved from https://etfiq.com/compare/any/ewp-vs-ewu
[EWP against EWU (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ewp-vs-ewu)
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