Data Source: from January 1997 to December 2022 (~26 years)
Consolidated Returns as of 31 December 2022
Category: Stocks
ETF: iShares MSCI Spain ETF (EWP)

In the last 25 Years, the iShares MSCI Spain ETF (EWP) ETF obtained a 4.32% compound annual return, with a 24.31% standard deviation.

In 2022, the ETF granted a 2.85% dividend yield. If you are interested in getting periodic income, please refer to the iShares MSCI Spain ETF (EWP) ETF: Dividend Yield page.

The ETF is related to the following investment themes:

  • Asset Class: Equity
  • Size: Large Cap
  • Style: Value
  • Region: Developed Europe
  • Country: U.S.

Historical Returns as of Dec 31, 2022

Historical returns and Metrics of iShares MSCI Spain ETF (EWP) ETF.

Returns and metrics are calculated based on monthly returns, assuming:
  • No fees or capital gain taxes
  • the reinvestment of dividends
ISHARES MSCI SPAIN ETF (EWP) ETF
Portfolio Metrics
Data Source: 1 January 1997 - 31 December 2022 (~26 years)
Swipe left to see all data
Metrics as of Dec 31, 2022
1M 3M 6M 1Y 3Y 5Y 10Y 20Y MAX
(~26Y)
Portfolio
Return (%)		 0.16 23.86 5.27 -5.16 -2.97 -2.85 1.20 5.32 5.02
US Inflation (%) -0.31 0.00 0.16 6.45 4.92 3.78 2.60 2.51 2.44
Infl. Adjusted
Return (%)		 0.47 23.86 5.10 -10.91 -7.52 -6.39 -1.36 2.74 2.52
Returns / Inflation rates over 1 year are annualized.
RISK INDICATORS
Standard Deviation (%) 22.92 27.49 23.68 21.36 24.14 24.21
Sharpe Ratio -0.29 -0.13 -0.17 0.03 0.17 0.04
Sortino Ratio -0.45 -0.19 -0.24 0.04 0.25 0.06
MAXIMUM DRAWDOWN
Drawdown Depth (%) -23.74 -32.46 -38.72 -41.58 -58.63 -58.63
Start (yyyy mm) 2022 02 2021 06 2018 02 2014 07 2007 12 2007 12
Bottom (yyyy mm) 2022 09 2022 09 2020 03 2020 03 2012 05 2012 05
Start to Bottom (# months) 8 16 26 69 54 54
Start to Recovery (# months) in progress
> 11
> 19
> 59
> 102
> 181
> 181
ROLLING PERIOD RETURNS - Annualized
Best Return (%) 76.14 36.77 33.47 16.08 6.90
Worst Return (%) -48.65 -15.86 -14.05 -2.78 1.97
% Positive Periods 52% 58% 68% 78% 100%
MONTHS
Positive 1 3 3 5 19 31 61 135 175
Negative 0 0 3 7 17 29 59 105 137
% Positive 100% 100% 50% 42% 53% 52% 51% 56% 56%
WITHDRAWAL RATES (WR)
Safe WR (%) 29.41 16.72 10.73 10.77 7.95
Perpetual WR (%) 0.00 0.00 0.00 2.67 2.46
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the ETF
  • Standard Deviation: it's a measure of the dispersion of returns around the mean
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the ETF. It's calculated by dividing the excess return of the ETF over the risk-free rate by the ETF standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the ETF. It's a modification of the Sharpe Ratio (same formula but the denominator is the ETF downside standard deviation).
  • Maximum Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.
  • Rolling Returns: returns over a time frame (best, worst, % of positive returns).
  • Pos./Neg. Months: number of months with positive/negative return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the original portfolio balance that can be withdrawn at the end of each year with inflation adjustment, without the portfolio running out of money (dollar amount withdrawal).
  • Perpetual Withdrawal Rate (PWR): it's the percentage of portfolio balance that can be withdrawn at the end of each year, while retaining the inflation adjusted portfolio balance (percentage withdrawal).

Correlations as of Dec 31, 2022

Monthly correlations of iShares MSCI Spain ETF (EWP) ETF vs the main Asset Classes, over different timeframes.

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1.

If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.

Asset correlations are calculated based on monthly returns.

Columns are sortable (click on table header to sort).

ISHARES MSCI SPAIN ETF (EWP) ETF
Monthly correlations as of 31 December 2022
Swipe left to see all data
Correlation vs EWP
 
Asset Class 1 Year 5 Years 10 Years Since
Jan 1997
US Total Stock Market
VTI
0.68
0.71
0.65
0.70
US Large Cap
SPY
0.70
0.70
0.65
0.69
US Small Cap
IJR
0.68
0.73
0.59
0.64
US REITs
VNQ
0.57
0.61
0.46
0.50
US Technology
QQQ
0.54
0.53
0.54
0.54
Preferred Stocks
PFF
0.53
0.54
0.48
0.37
EAFE Stocks
EFA
0.88
0.89
0.87
0.84
World All Countries
VT
0.79
0.80
0.77
0.79
Emerging Markets
EEM
0.74
0.75
0.70
0.71
Europe
VGK
0.91
0.91
0.89
0.88
Pacific
VPL
0.80
0.80
0.72
0.64
Latin America
FLLA
0.55
0.73
0.65
0.66
US Total Bond Market
BND
0.63
0.24
0.21
0.11
Long Term Treasuries
TLT
0.41
-0.14
-0.13
-0.17
US Cash
BIL
0.25
-0.11
-0.08
0.03
TIPS
TIP
0.61
0.30
0.28
0.13
Invest. Grade Bonds
LQD
0.69
0.47
0.40
0.28
High Yield Bonds
HYG
0.71
0.64
0.61
0.61
International Bonds
BNDX
0.59
0.22
0.16
0.13
Emerg. Market Bonds
EMB
0.77
0.66
0.60
0.58
Gold
GLD
0.36
0.15
0.06
0.10
Commodities
DBC
0.49
0.65
0.49
0.32

Capital Growth as of Dec 31, 2022

Capital growth, returns, stats are calculated assuming a reinvestment of dividends.

If you are interested in getting periodic income, please refer to the iShares MSCI Spain ETF (EWP) ETF: Dividend Yield page.

An investment of 1000$, since January 1998, now would be worth 2881.66$, with a total return of 188.17% (4.32% annualized).

The Inflation Adjusted Capital now would be 1566.09$, with a net total return of 56.61% (1.81% annualized).
An investment of 1000$, since January 1997, now would be worth 3572.33$, with a total return of 257.23% (5.02% annualized).

The Inflation Adjusted Capital now would be 1908.95$, with a net total return of 90.90% (2.52% annualized).
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Drawdowns

Worst drawdowns since January 1998.

Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-58.63% Dec 2007 May 2012 54 in progress 127 181
-41.76% Feb 1999 Sep 2002 44 Dec 2003 15 59
-22.70% Aug 1998 Aug 1998 1 Dec 1998 4 5
-7.17% Mar 2004 Jul 2004 5 Oct 2004 3 8
-6.41% Mar 2005 Apr 2005 2 Aug 2005 4 6
-4.08% Oct 2005 Nov 2005 2 Jan 2006 2 4
-2.92% May 2006 May 2006 1 Jul 2006 2 3
-2.81% Jun 2007 Aug 2007 3 Sep 2007 1 4
-1.72% Feb 2007 Feb 2007 1 Mar 2007 1 2
-1.61% Jan 2005 Jan 2005 1 Feb 2005 1 2
-0.42% Jun 1998 Jun 1998 1 Jul 1998 1 2

Worst drawdowns since January 1997.

Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-58.63% Dec 2007 May 2012 54 in progress 127 181
-41.76% Feb 1999 Sep 2002 44 Dec 2003 15 59
-22.70% Aug 1998 Aug 1998 1 Dec 1998 4 5
-8.33% Oct 1997 Oct 1997 1 Jan 1998 3 4
-7.17% Mar 2004 Jul 2004 5 Oct 2004 3 8
-6.97% Jul 1997 Aug 1997 2 Sep 1997 1 3
-6.41% Mar 2005 Apr 2005 2 Aug 2005 4 6
-5.30% Jan 1997 Feb 1997 2 Apr 1997 2 4
-4.08% Oct 2005 Nov 2005 2 Jan 2006 2 4
-2.92% May 2006 May 2006 1 Jul 2006 2 3
-2.81% Jun 2007 Aug 2007 3 Sep 2007 1 4
-1.72% Feb 2007 Feb 2007 1 Mar 2007 1 2
-1.61% Jan 2005 Jan 2005 1 Feb 2005 1 2
-0.42% Jun 1998 Jun 1998 1 Jul 1998 1 2

Rolling Returns ( more details)

iShares MSCI Spain ETF (EWP) ETF: annualized rolling and average returns

Swipe left to see all data
Rolling
Period		 Return (*) Negative
Periods
Average (%) Best (%) Worst (%)
1 Year
 7.65 76.14
Apr 1997 - Mar 1998 		-48.65
Mar 2008 - Feb 2009 		47.51%
2 Years
 5.57 47.86
Jun 2012 - May 2014 		-25.55
Mar 2007 - Feb 2009 		46.02%
3 Years
 4.57 36.77
Oct 2002 - Sep 2005 		-15.86
Dec 2007 - Nov 2010 		42.24%
5 Years
 4.61 33.47
Oct 2002 - Sep 2007 		-14.05
Jun 2007 - May 2012 		32.41%
7 Years
 4.92 21.27
Oct 2002 - Sep 2009 		-4.91
Dec 2009 - Nov 2016 		26.20%
10 Years
 4.78 16.08
Nov 1997 - Oct 2007 		-2.78
Dec 2006 - Nov 2016 		22.28%
15 Years
 4.23 9.40
Oct 2002 - Sep 2017 		-3.10
Nov 2007 - Oct 2022 		10.53%
20 Years
 4.65 6.90
Apr 1997 - Mar 2017 		1.97
Apr 2000 - Mar 2020 		0.00%
(*) Annualized rolling and average returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the iShares MSCI Spain ETF (EWP) ETF: Rolling Returns page.

Seasonality

iShares MSCI Spain ETF (EWP) ETF: in which months is it better to invest?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.

For further information about the seasonality, check the Asset Class Seasonality page.
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
1.81
60%
-2.32
40%
-4.90
20%
2.28
80%
0.66
60%
-1.30
60%
-0.83
40%
-2.03
40%
-3.04
20%
1.64
60%
6.23
60%
1.70
80%
 Capital Growth on monthly avg returns
100
101.81
99.45
94.58
96.73
97.37
96.10
95.31
93.37
90.54
92.02
97.75
99.42
Best 8.7
2018 		3.9
2021 		1.3
2021 		5.6
2021 		6.8
2022 		4.4
2020 		4.0
2018 		2.3
2020 		4.2
2019 		10.6
2022 		27.4
2020 		5.3
2021
Worst -3.8
2021 		-7.8
2018 		-22.7
2020 		-3.5
2022 		-8.3
2018 		-9.8
2022 		-5.1
2019 		-5.9
2018 		-9.0
2022 		-6.5
2018 		-10.2
2021 		-4.1
2018
Monthly Seasonality over the period Jan 2018 - Dec 2022
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.21
50%
-1.00
40%
-0.77
40%
3.88
90%
0.05
50%
-2.32
40%
1.55
60%
-2.05
30%
-1.13
40%
2.26
70%
2.10
40%
0.67
60%
 Capital Growth on monthly avg returns
100
100.21
99.20
98.44
102.27
102.32
99.94
101.49
99.41
98.29
100.52
102.63
103.31
Best 8.7
2018 		7.2
2015 		11.4
2017 		10.2
2013 		6.8
2022 		4.4
2020 		13.0
2013 		2.3
2020 		14.0
2013 		10.6
2022 		27.4
2020 		8.0
2016
Worst -6.8
2016 		-7.8
2018 		-22.7
2020 		-3.5
2022 		-8.3
2018 		-9.8
2022 		-5.1
2019 		-6.5
2015 		-9.0
2022 		-6.5
2018 		-10.2
2021 		-7.6
2014
Monthly Seasonality over the period Jan 2013 - Dec 2022
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
-0.10
54%
-0.17
54%
0.58
54%
2.70
77%
-0.58
50%
-0.56
46%
0.77
50%
-1.36
42%
-0.09
54%
2.46
69%
1.54
58%
2.68
65%
 Capital Growth on monthly avg returns
100
99.90
99.73
100.31
103.01
102.41
101.84
102.62
101.22
101.13
103.62
105.22
108.04
Best 14.0
2011 		12.0
1998 		15.2
1998 		15.6
2009 		14.8
2009 		19.5
2012 		24.0
2010 		14.0
2012 		14.0
2013 		15.5
1998 		27.4
2020 		15.1
2008
Worst -17.2
2009 		-11.5
2009 		-22.7
2020 		-11.1
2012 		-18.0
2012 		-11.5
2008 		-9.6
2002 		-22.7
1998 		-15.2
2002 		-23.7
2008 		-19.5
2010 		-7.6
2014
Monthly Seasonality over the period Jan 1997 - Dec 2022

Monthly/Yearly Returns

iShares MSCI Spain ETF (EWP) ETF data source starts from January 1997: let's focus on monthly and yearly returns.

We are providing two different views:
  • Histogram: it shows the distribution of the returns recorded so far
  • Plain Table: it shows the detailed monthly and yearly returns
MONTHLY RETURNS HISTOGRAM
Jan 1997 - Dec 2022
175 Positive Months (56%) - 137 Negative Months (44%)
MONTHLY RETURNS TABLE
Jan 1997 - Dec 2022
(Scroll down to see all data)
Swipe left to see all data
Yearly Return(%)
Monthly Return(%)
Year Total Infl.Adj Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022
 -5.16 -10.91 0.4 -3.0 -0.5 -3.5 6.8 -9.8 -1.6 -5.1 -9.0 10.6 11.8 0.2
2021
 +0.27 -6.32 -3.8 3.9 1.3 5.6 6.3 -6.2 -2.3 1.2 -4.1 4.8 -10.2 5.3
2020
 -3.95 -5.24 -3.1 -6.1 -22.7 2.2 4.6 4.4 0.8 2.3 -6.0 -3.4 27.4 2.8
2019
 +11.91 +9.41 6.9 1.5 -1.6 4.8 -6.1 4.2 -5.1 -2.6 4.2 2.7 -0.8 4.3
2018
 -15.32 -16.90 8.7 -7.8 -1.0 2.3 -8.3 1.0 4.0 -5.9 -0.4 -6.5 2.9 -4.1
2017
 +26.99 +24.36 3.7 -0.7 11.4 5.0 4.5 -0.6 3.9 -1.2 0.1 0.3 -0.6 -0.9
2016
 -1.82 -3.81 -6.8 -5.0 8.5 6.1 -3.1 -8.7 5.1 0.9 1.2 2.3 -8.3 8.0
2015
 -15.51 -16.12 -5.8 7.2 -0.5 3.3 -3.1 -2.1 2.1 -6.5 -7.4 6.0 -3.2 -5.4
2014
 -6.28 -6.99 -1.8 4.8 2.8 2.9 2.0 1.4 -4.5 -1.0 -4.0 -2.8 2.1 -7.6
2013
 +31.86 +29.91 3.7 -4.7 -5.4 10.2 -3.1 -6.7 13.0 -2.6 14.0 8.5 -0.2 4.1
2012
 +5.43 +3.63 2.2 0.8 -6.0 -11.1 -18.0 19.5 -7.6 14.0 6.1 2.5 1.9 7.2
2011
 -10.08 -12.67 14.0 0.4 0.9 8.0 -5.6 -0.6 -8.1 -7.2 -10.0 9.0 -6.7 -1.5
2010
 -18.87 -20.07 -10.3 -6.0 4.3 -6.2 -15.2 -2.4 24.0 -6.7 10.4 5.6 -19.5 9.5
2009
 +33.02 +29.50 -17.2 -11.5 8.4 15.6 14.8 3.1 12.5 5.5 4.8 -3.1 5.5 -3.7
2008
 -36.78 -36.84 -10.1 0.3 7.0 2.1 -0.4 -11.5 -1.3 -6.3 -7.1 -23.7 -3.3 15.1
2007
 +20.93 +16.19 2.8 -1.7 4.2 0.4 5.5 -2.8 0.4 -0.5 4.6 11.3 0.2 -4.4
2006
 +49.25 +45.55 6.4 3.4 2.5 4.8 -2.9 2.0 2.8 3.3 4.7 7.3 5.1 1.7
2005
 +4.56 +1.11 -1.6 2.9 -3.6 -3.0 0.2 1.7 4.3 1.0 5.0 -3.2 -0.9 2.0
2004
 +30.13 +26.02 2.1 4.4 -4.1 -2.4 0.8 2.1 -3.5 1.4 3.5 9.3 7.8 6.3
2003
 +57.40 +54.50 3.0 0.8 -1.5 13.8 5.3 2.9 1.7 -0.9 -0.6 5.8 5.5 11.5
2002
 -13.53 -15.54 -5.6 1.1 3.3 2.5 0.1 -6.9 -9.6 2.4 -15.2 11.8 10.2 -5.2
2001
 -9.26 -10.65 11.1 -4.1 -6.5 4.9 -5.7 -6.0 -1.0 2.5 -12.6 3.0 7.5 -0.2
2000
 -11.98 -14.87 -8.2 9.4 0.9 -7.0 -1.9 -0.5 -1.2 -1.7 0.3 -3.6 -9.3 12.3
1999
 -1.46 -4.04 0.0 -2.7 -6.0 1.4 -2.3 2.8 -7.0 2.2 -1.5 2.3 5.1 5.1
1998
 +50.32 +47.93 8.2 12.0 15.2 2.6 0.0 -0.4 3.6 -22.7 3.5 15.5 5.0 4.8
1997
 +23.97 +21.89 -1.4 -3.9 3.7 5.0 9.6 5.6 -5.6 -1.4 13.1 -8.3 4.9 2.6
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