EWD vs SPEU: Grades, Fees and Holdings Compared

iShares MSCI Sweden ETF

EWDBNYSE Arca

State Street SPDR Portfolio Europe ETF

SPEUANYSE Arca

Overlap

0.8%by weight

Expense ratio

SPEU −0.44pt a year

EWD0.51%SPEU0.07%

Avg volume · 30D

EWD 11.5×the volume

EWD282KSPEU24.5K

10Y return · a year

EWD +0.4pt

EWD+10.1%SPEU+9.7%

EWD vs SPEU Performance

Oct 29, 2021 – Oct 30, 2026

+28.2%EWD+47.7%SPEU

Expense ratio: EWD 0.51%; SPEU 0.07%, better
Fund size: EWD $1.1B; SPEU $707M
1Y total return: EWD +12.6%, better; SPEU +11.7%
Yield (12M): EWD 3.44%; SPEU 3.60%, better
Holdings: EWD 44; SPEU 1710
Avg volume (30D): EWD 282K sh, better; SPEU 24.5K sh
NAV per share: EWD $52.07; SPEU $54.38
52W range

ETF.net Grade

Pillar letters and Scores for EWD, SPEU, with each pillar’s weight
Pillar	EWD	SPEU
Cost30% weight	C47	A97Higher
Mission25% weight	A92	A100Higher
Risk15% weight	D35	A78Higher
Tradability15% weight	B65Higher	B56
Holdings10% weight	C41	A83Higher
Durability5% weight	B69Higher	C52

Rank among Europe Region funds

How we build Categories ›

Same Category. EWD and SPEU are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds

See all 12 ›

SPEU ranks 1st and EWD 8th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 74
Rank 6BEWLiShares MSCI Switzerland ETFScore 64
Rank 8BEWDiShares MSCI Sweden ETFScore 59
Rank 9CHEDJWisdomTree Europe Hedged Equity FundScore 43

Our read on each fund

ETF.net Research

EWDBiShares MSCI Sweden ETF

SPEUAState Street SPDR Portfolio Europe ETF

In short

EWD Sweden in one ticker, and it has been doing that job since 1996. Roughly 40 Swedish stocks, tracked closely, at a fee below the median for European single-country funds.

SPEU Europe in one line item, priced like a core holding. A 0.07% fee buys the whole STOXX Europe Total Market Index, large caps down to small, in a fund that has been running since 2002.

Stated mandate

EWD The fund aims to follow an index made up of Swedish stocks.

SPEU The fund seeks to deliver returns generally corresponding to the total return of the STOXX Europe Total Market Index.

Why people hold it

EWD Trading since 1996, back when single-country ETFs were a brand-new idea. Decades of live record to judge, not a back-test.
0.51% a year undercuts the 0.56% median for its European single-country peer group.
Sticks close to its MSCI Sweden 25/50 benchmark, one of the stronger implementations in a small European peer group.
Moderately traded with iShares plumbing behind it, so routine buys and sells rarely turn into an expedition.

SPEU Charges 0.07% a year, versus a 0.28% median for its peer group. That is core-index pricing on a single-region fund.
Total-market index, not a blue-chip list: over a thousand western European stocks spanning large, mid and small caps.
Launched in 2002, so it has run through multiple European market cycles under State Street.
Mandate is plain and literal: match the total return of one published European index, with no sector or country tilts bolted on.

Worth knowing

EWD About 40 stocks in one small open economy. A handful of Swedish heavyweights carry a lot of the weight here.
The holdings trade in Swedish krona, so currency moves against the dollar feed straight into your dollar return, either direction.
Not the cheap seat in the neighborhood: Global X's DAX runs 0.20% and iShares' own Switzerland fund, EWL, 0.50%.

SPEU Trading is light next to the giant international funds. Limit orders matter more here, and spreads can widen when volume is thin.
Europe only. Broad international peers like VEU and IXUS cover Asia and emerging markets too, at 0.04% and 0.07%.
Holdings trade in euros, pounds and francs, so currency swings against the dollar move your return alongside the stocks.

Full EWD profile⁠

Full SPEU profile⁠

EWD vs SPEU Holdings

How EWD and SPEU differ

Overlap by weight

0.8%

Shared holdings make up 14.9% of EWD and 0.8% of SPEU.

Level by level

Holdings7 in both0.8%
Countryby domicile7.9%
Sector11 Sectors61.7%
Asset classEquity100%

Sector

Sector weights in EWD and SPEU, widest gap first
Sector	More in EWDMore in SPEU	EWD	SPEU
Industrials	EWD +25.3 points	44.1%	18.8%
Health Care	SPEU +11.7 points	1.2%	12.9%
Communication	EWD +11.5 points	14.3%	2.8%
Energy	SPEU +6.0 points	0.0%	6.0%
Consumer Staples	SPEU +6.1 points	2.1%	8.2%
Utilities	SPEU +4.7 points	0.0%	4.7%
Consumer Discretionary	SPEU +4.1 points	2.6%	6.7%
Materials	SPEU +2.7 points	2.9%	5.6%
Technology	SPEU +1.8 points	7.0%	8.8%
Financials	EWD +1.6 points	25.8%	24.2%
Real Estate	SPEU +1.4 points	0.0%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in EWD and SPEU, widest gap first
Country	More in EWDMore in SPEU	EWD	SPEU
Sweden	EWD +82.3 points	88.6%	6.3%
United Kingdom	SPEU +21.5 points	0.0%	21.5%
Switzerland	SPEU +14.9 points	0.0%	14.9%
Germany	SPEU +12.9 points	0.0%	12.9%
France	SPEU +12.7 points	0.0%	12.7%
United States	EWD +9.8 points	11.0%	1.2%
Netherlands	SPEU +8.4 points	0.0%	8.4%
Spain	SPEU +5.0 points	0.4%	5.4%
Other countries (17)	SPEU +16.7 points	0.0%	16.7%

Outside the US: EWD 100% developed, 0% emerging. SPEU 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

EWD58.8%
SPEU18.5%

Securities held

EWD40
SPEU1,685

Asset class

EWD: Equity
SPEU: Equity

Holdings

Only in EWD33
In both7
Only in SPEU1,678

Only in EWD

33 securities, 84.4% of EWD by weight

Spotify Technology10.81%
Investor Class B9.90%
Volvo Class B6.45%
Atlas Copco Class A6.35%
Assa Abloy B4.84%
Swedbank4.28%
Skandinaviska Enskilda Banken4.03%
Ericsson B3.86%
Atlas Copco Class B3.27%
Hexagon Class B3.04%
Svenska Handelsbanken-A Shs2.90%
Saab Class B2.88%
Essity Class B2.11%
Epiroc Class A2.08%
Skf B1.25%
Skanska B1.23%
Swedish Orphan Biovitrum1.23%
Trelleborg B1.19%
TELE2 B1.11%
Hennes & Mauritz1.11%
Industrivarden Series1.09%
Epiroc Class B1.06%
Addtech Class B1.05%
Securitas B0.97%
Svenska Cellulosa B0.96%
Millicom International Cellular0.95%
Nibe Industrier Class B0.89%
Beijer Ref Class B0.87%
Lifco Class B0.83%
Industrivarden A0.79%
Lundbergforetagen Class B0.58%
Verisure PLC0.39%
Eur/Usd<0.01%

Only in SPEU

1,678 securities, 99.1% of SPEU by weight

Asml Holding NV4.03%
Roche Holding AG2.11%
Novartis AG Reg1.88%
Hsbc Holdings PLC1.84%
Banco Santander SA1.68%
Astrazeneca PLC1.67%
Nestle SA Reg1.60%
Sap SE1.45%
Siemens AG Reg1.39%
Totalenergies SE1.33%
Allianz SE Reg1.15%
Schneider Electric SE0.99%
Shell PLC0.97%
Iberdrola SA0.95%
Ubs Group AG Reg0.91%
Rolls Royce Holdings PLC0.88%
Shell PLC0.88%
Unilever PLC0.86%
Abb Ltd Reg0.85%
Bp PLC0.85%
Banco Bilbao Vizcaya Argenta0.84%
British American Tobacco PLC0.81%
Airbus SE0.80%
Air Liquide SA0.78%
Unicredit Spa0.78%
Novo Nordisk A/S B0.77%
Siemens Energy AG0.77%
Safran SA0.71%
Zurich Insurance Group AG0.70%
L Oreal0.70%
Cie Financiere Richemo A Reg0.66%
Lvmh Moet Hennessy Louis Vui0.65%
Intesa Sanpaolo0.64%
Bnp Paribas0.63%
Deutsche Telekom AG Reg0.61%
Gsk PLC0.61%
Ing Groep NV0.57%
Rio Tinto PLC0.55%
National Grid PLC0.55%
Bae Systems PLC0.54%
Axa SA0.52%
Anheuser Busch Inbev Sa/Nv0.51%
Enel Spa0.50%
Investor Ab B Shs0.49%
Muenchener Rueckver AG Reg0.49%
Infineon Technologies AG0.49%
Barclays PLC0.48%
Lloyds Banking Group PLC0.47%
Relx PLC0.44%
Industria De Diseno Textil0.43%

Weight gaps

All 7 Holdings in both funds, largest gap first.

Holding weights in EWD and SPEU, widest gap first
Holding	More in EWDMore in SPEU	EWD	SPEU
Sandvik	EWD +4.80 points	5.04%	0.24%
Alfa Laval	EWD +2.01 points	2.11%	0.10%
Boliden	EWD +1.83 points	1.92%	0.09%
Eqt	EWD +1.79 points	1.95%	0.16%
Telia Company	EWD +1.43 points	1.50%	0.07%
Evolution	EWD +1.37 points	1.42%	0.05%
Indutrade	EWD +0.89 points	0.93%	0.04%

All 39 EWD holdings⁠All 1,701 SPEU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWD vs SPEU Cost

Overpaying EWD vs SPEU

$8,685

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EWD 0.51%
$10,165
SPEU 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

EWD 0.51%
SPEU 0.07%
Overpaying

Year by year

Year	EWD	SPEU	Overpaying
10	$918	$128	$790
20	$3,527	$503	$3,024
30	$10,165	$1,480	$8,685

Expense ratio

0.51%EWD
0.07%SPEU, cheaper

SPEU0.07%EWD0.51%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

SPEU cheapest of 12 funds

EWD 7th cheapest of 12 funds

EWD vs SPEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EWD 3.44%; SPEU 3.60%, better
Payout (12M): EWD $1.80; SPEU $1.94
Last payment: EWD $1.19; SPEU $0.23
Ex-dividend: EWD Jun 15, 2026; SPEU Sep 21, 2026
Paid on: EWD Jun 18, 2026; SPEU Sep 23, 2026
Frequency: EWD Twice a year; SPEU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EWDTwice a year · 18 paymentsAll EWD payments⁠

SPEUQuarterly · 39 paymentsAll SPEU payments⁠

EWD vs SPEU Risk

Fall from peak · 5 years

EWD
SPEU

Risk facts

VolatilityStd dev, 3 years: EWD 19.2%SPEU 12.9%, better
Return per unit of riskSharpe ratio, 3 years: EWD 0.92SPEU 1.10, better
Worst fallMax drawdown, 5 years: EWD −42.2%SPEU −32.7%, better
Market sensitivityBeta, 5 years: EWD 1.10SPEU 0.95; Market = 1

EWD and SPEU in the news

All news⁠

Income Watch
A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%
Sep 20, 2026SPEU

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EWD vs SPEU

In short

Stated mandate

Why people hold it

Worth knowing

How EWD and SPEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EWD

Only in SPEU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%

How EWD and SPEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EWD

Only in SPEU

Weight gaps