iShares MSCI Spain ETF (EWP) Performance
EWP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +8.3% since Dec 31, 2025
- 1 year
- +19.5% total return
- 5 years
- +19.2% a year
- 10 years
- +11.4% a year
- Since first price
- +8.7% a year since 1996
EWP trailing returns vs SPY, QQQ, AGG
| Period | EWP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.7% | −4.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.6% | −2.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.6% | +3.0% | +7.8% | +8.4% | −1.5% |
| YTD | +8.3% | +6.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +19.5% | +16.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +139.3%+33.8%/yr | +117.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +141.0%+19.2%/yr | +105.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +193.3%+11.4%/yr | +112.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +191.7%+7.4%/yr | +63.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +157.8%+4.8%/yr | +16.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +1,013.1%+8.4%/yr | +278.5% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +1,192.4%+8.7%/yr | +329.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWP vs SPY
From Mar 18, 1996: EWP grew to $129,237, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWP returns by calendar year
16 of 29 full years positive. Best 2025 (+78.0%), worst 2008 (−36.8%). 2026 is year to date.
EWP annual returns table
| Year | EWP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +8.3% | −11.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +78.0% | −12.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.7% | −11.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +30.3% | −12.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −5.2% | −28.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +0.2% | −17.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −3.9% | −38.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +11.9% | −11.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −15.3% | −25.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +27.0% | −7.5% | +21.7% | +32.7% | +3.6% |
| 2016 | −1.8% | −19.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −15.5% | −21.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −6.3% | −19.5% | +13.5% | +19.2% | +6.0% |
| 2013 | +31.9% | −15.4% | +32.3% | +36.6% | −2.0% |
| 2012 | +5.4% | −37.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −9.8% | −34.7% | +1.9% | +3.4% | +7.7% |
| 2010 | −18.8% | −39.7% | +15.1% | +19.9% | +6.4% |
| 2009 | +33.1% | −35.8% | +26.4% | +54.7% | +3.0% |
| 2008 | −36.8% | −55.1% | −36.8% | −41.7% | +7.9% |
| 2007 | +20.9% | −9.9% | +5.1% | +19.0% | +6.6% |
| 2006 | +49.2% | −12.9% | +15.8% | +7.1% | +3.9% |
| 2005 | +4.6% | −9.5% | +4.8% | +1.6% | +2.3% |
| 2004 | +30.2% | −13.5% | +10.7% | +10.5% | +3.8% |
| 2003 | +57.4% | −13.7% | +28.2% | +49.7% | — |
| 2002 | −13.5% | −30.3% | −21.6% | −37.4% | — |
| 2001 | −9.3% | −36.8% | −11.8% | −33.3% | — |
| 2000 | −11.9% | −27.1% | −9.7% | −36.1% | — |
| 1999 | −1.5% | −25.4% | +20.4% | — | — |
| 1998 | +50.4% | −28.1% | +28.7% | — | — |
| 1997 | +24.0% | −17.1% | +33.5% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWP largest drawdowns
Now 9.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 10, 2007 | −61.2% | Mar 9, 2009 | Aug 23, 2024 | 1.2 years | 16.7 years |
| Jan 6, 1999 | −49.6% | Sep 24, 2002 | Jan 12, 2004 | 3.7 years | 5.0 years |
| Jul 20, 1998 | −28.1% | Oct 1, 1998 | Jan 4, 1999 | 2 months | 6 months |
| Oct 1, 1997 | −17.1% | Oct 28, 1997 | Jan 5, 1998 | 27 days | 3 months |
| Jul 7, 1997 | −13.5% | Aug 5, 1997 | Oct 1, 1997 | 29 days | 3 months |
| Feb 17, 2004 | −13.5% | May 17, 2004 | Oct 21, 2004 | 3 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWP risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +33.4% | +20.8% | +11.8% | +8.7% |
| Volatility (annualized) | 16.2% | 18.9% | 20.7% | 23.3% |
| Sharpe ratio | 1.61 | 0.91 | 0.53 | — |
| Sortino ratio | 3.40 | 1.60 | 0.86 | — |
| Best month | +14.1% | +14.1% | +27.4% | +27.4% |
| Worst month | −5.7% | −10.2% | −22.7% | −23.7% |
| Best 12 months | +78.0% | +78.0% | +78.0% | +78.0% |
| Worst 12 months | +5.7% | −24.1% | −28.1% | −48.6% |
| Positive months | 72% | 65% | 60% | 58% |
| Beta vs S&P 500 | 0.43 | 0.67 | 0.81 | — |
| Correlation with S&P 500 | 0.33 | 0.56 | 0.60 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −48.6% | +9.2% | +78.0% | 60% |
| 3-year (a year) | 332 | −15.8% | +4.6% | +40.1% | 65% |
| 5-year (a year) | 308 | −14.0% | +4.3% | +33.5% | 73% |
| 10-year (a year) | 248 | −2.7% | +4.5% | +16.2% | 82% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWP performance overview
iShares MSCI Spain ETF (EWP) returned +19.5% over the past year and +11.4% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +8.7% a year, turning $10,000 into about $129,237. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −61.2%, from Dec 10, 2007 to Mar 9, 2009, and it took 15.5 years to get back to the old high. EWP finished 16 of its 29 full calendar years with a gain; the best year was 2025 (+78.0%) and the worst 2008 (−36.8%). Volatility has been 23.3% a year.
Related: EWP chart, EWP holdings, EWP dividends. See the EWP overview for the latest quote and fund facts.
EWP performance FAQ
What is the EWP return over the past year?
EWP returned +19.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 16.0%.
What is the average annual return of EWP?
EWP has returned +19.2% a year over 5 years, +11.4% a year over 10 years, +8.7% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWP be worth?
$10,000 invested in EWP at its first recorded close on March 18, 1996 would be worth about $129,237 on October 23, 2026 with distributions reinvested.
What was the worst year for EWP?
The worst calendar year was 2008, with a total return of −36.8%. The best was 2025 at +78.0%.
What is the biggest drawdown of EWP?
The largest peak-to-trough decline was −61.2% between December 10, 2007 and March 9, 2009. It recovered to the old high on August 23, 2024, 15.5 years after the bottom.
How volatile is EWP?
Over the past 3 years EWP had an annualized volatility of 16.2% and a Sharpe ratio of 1.61 (excess return over 1–3 month T-bills per unit of risk).