iShares MSCI Spain ETF
ALTAR
Score™
8.8% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
17.6x P/Sales
ratio
1.0x
P/BV
ratio
0.9x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Spain Index fund seeks investment results that correspond to the price and yield performance of publicly traded securities in the Spanish market, as measured by the MSCI Spain Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $486
Currency USD
Expense ratio 50 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 23
Wgt avg mkt cap (mns) $33,244
Large cap (>$10bn) 86.0%
Mid cap ($2-10bn) 13.1%
Small cap (<$2bn) 0.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
IBERDROLA SA 19.4 %
BANCO SANTANDER SA 10.9 %
INDITEX 7.4 %
BANCO BILBAO VIZCAYA ARGENTA 5.5 %
GRUPO FERROVIAL 5.1 %
REPSOL YPF SA 4.3 %
TELEFONICA SA 4.1 %
AMADEUS IT HOLDING SA-A SHS 4.1 %
GRIFOLS, S.A. CLASS A 4.1 %
AENA SA 4.0 %
Total 68.9 %

TOP COUNTRY EXPOSURE
SPAIN 93.6 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-24.9% -19.9% -5.7% 0.2% 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.86 55%
MSCI EAFE 1.12 80%
MSCI Emg. Mkts. 0.87 74%

Technical Indicators
Recent close $23.47
30d moving avg. $20.69
Annualized volatility 19.6%
Short interest (ETF) 10.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 852
Turnover 4.1%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $1,212

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the iShares MSCI Spain ETF ETF based on the alternatives' overlap in portfolio holdings with EWP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWP Expense: 50 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWP
Ticker Fund
Name
Overlap1
vs EWP
(%)
Expense
ratio
(bp)
Savings
vs EWP
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWP
(%)
IDOG ALPS International Sector Dividend Dogs ETF 10.3 50 0 11.0 +2.1
DMDV AAM S&P Developed Markets High Dividend Value ETF 9.2 39 11 10.9 +2.0
LVHI Legg Mason International Low Volatility High Dividend ETF 8.6 40 10 10.2 +1.4
GVAL Cambria Global Value ETF 8.5 69 -19 10.8 +2.0
INFR Legg Mason Global Infrastructure ETF 8.4 40 10 6.0 -2.8
DWX SPDR S&P International Dividend ETF 8.2 45 5 7.7 -1.1
FEZ SPDR EURO STOXX 50 ETF 8.0 29 21 7.1 -1.7
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 7.9 30 20 7.4 -1.5
EZU iShares MSCI Eurozone ETF 7.5 49 1 6.7 -2.1
GII SPDR S&P Global Infrastructure ETF 7.3 40 10 5.2 -3.6
IGF iShares Global Infrastructure ETF 7.3 46 4 5.1 -3.7
EURZ Xtrackers Eurozone Equity ETF 7.3 9 41 7.0 -1.8
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 7.0 20 30 9.3 +0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 6.6 45 5 6.8 -2.1
JXI iShares Global Utilities ETF 6.5 46 4 5.8 -3.0
EUFN iShares MSCI Europe Financials ETF 6.2 48 2 11.5 +2.7
FAN First Trust Global Wind Energy ETF 6.0 60 -10 6.3 -2.6
DOO WisdomTree International Dividend ex-Financials Fund 5.6 58 -8 8.7 -0.2
EFAS Global X MSCI SuperDividend EAFE ETF 4.8 55 -5 9.8 +0.9
EUMV iShares Edge MSCI Min Vol Europe ETF 4.8 25 25 5.5 -3.4
IQDG WisdomTree International Quality Dividend Growth Fund 4.7 38 12 6.4 -2.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 4.7 58 -8 6.4 -2.5
IDV iShares International Select Dividend ETF 4.5 49 1 12.3 +3.4
FID First Trust S&P International Dividend Aristocrats ETF 4.3 60 -10 9.6 +0.8
DTH WisdomTree DEFA Equity Income Fund 4.2 58 -8 9.6 +0.7
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 4.1 47 3 6.4 -2.5
AWAY ETFMG Travel Tech ETF 4.1 75 -25 -1.5 -10.3
JPEU JPMorgan Diversified Return Europe Equity ETF 4.1 37 13 6.8 -2.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 3.9 58 -8 6.1 -2.8
ESGN Columbia Sustainable International Equity Income ETF 3.8 45 5 11.1 +2.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 3.8 25 25 6.7 -2.1
DOL WisdomTree International LargeCap Dividend Fund 3.7 48 2 8.5 -0.3
IEV iShares Europe ETF 3.7 59 -9 6.8 -2.0
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 3.7 20 30 10.9 +2.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 3.7 45 5 6.8 -2.1
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 3.6 45 5 9.8 +0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 3.6 30 20 6.8 -2.0
BBEU JPMorgan BetaBuilders Europe ETF 3.6 9 41 7.3 -1.6
EFV iShares MSCI EAFE Value ETF 3.6 39 11 10.0 +1.2
FLEE Franklin FTSE Europe ETF 3.6 9 41 7.0 -1.9
FLEH Franklin FTSE Europe Hedged ETF 3.5 9 41 7.2 -1.7
DDEZ WisdomTree Europe Multifactor Fund 3.5 43 7 7.2 -1.7
WDIV SPDR Global Dividend ETF 3.5 40 10 9.5 +0.7
NLR VanEck Vectors Uranium+Nuclear Energy ETF 3.5 60 -10 8.6 -0.2
EUDV ProShares MSCI Europe Dividend Growers ETF 3.4 55 -5 6.9 -2.0
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 3.4 46 4 5.2 -3.6
ICOW Pacer Developed Markets International Cash Cows 100 ETF 3.4 65 -15 11.7 +2.9
FGD First Trust Dow Jones Global Select Dividend Index Fund 3.4 58 -8 9.9 +1.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 3.3 14 36 7.0 -1.9
IEUR iShares Core MSCI Europe ETF 3.3 9 41 7.3 -1.6
VGK Vanguard FTSE Europe ETF 3.2 8 42 7.3 -1.6
FEU SPDR Portfolio Europe ETF 3.2 9 41 7.3 -1.6
FEUZ First Trust Eurozone AlphaDEX ETF 3.1 80 -30 7.8 -1.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 3.1 45 5 8.8 0.0
TPIF Timothy Plan International ETF 3.1 62 -12 7.0 -1.9
FDEV Fidelity Targeted International Factor ETF 3.1 39 11 6.5 -2.3
OEUR O'shares FTSE Europe Quality Dividend ETF 3.0 48 2 6.6 -2.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 3.0 35 15 8.6 -0.2
RFEU First Trust Riverfront Dynamic Europe ETF 2.9 83 -33 5.0 -3.9
IDMO Invesco S&P International Developed Momentum ETF 2.9 25 25 4.7 -4.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 2.9 30 20 6.2 -2.6
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 2.9 70 -20 4.3 -4.5
IQIN IQ 500 International ETF 2.9 25 25 9.0 +0.1
DWM WisdomTree International Equity Fund 2.8 48 2 8.2 -0.6
IQDE FlexShares International Quality Dividend Defensive Index Fd 2.8 47 3 12.7 +3.9
VYMI Vanguard International High Dividend Yield ETF 2.7 32 18 10.1 +1.3
MOTI VanEck Vectors Morningstar International Moat ETF 2.7 57 -7 8.3 -0.6
FIDI Fidelity International High Dividend ETF 2.7 39 11 10.8 +2.0
FDD First Trust Stoxx European Select Dividend Index Fund 2.7 57 -7 11.8 +3.0
NUDM Nuveen ESG International Developed Markets Equity ETF 2.7 40 10 6.9 -2.0
IQDF FlexShares International Quality Dividend Index Fund 2.7 47 3 12.9 +4.1
GLIF AGFiQ Global Infrastructure ETF 2.7 45 5 5.1 -3.8
LEGR First Trust Index Digital Transaction & Process Technology E 2.7 65 -15 7.1 -1.8
SCID Global X Scientific Beta Europe ETF 2.6 38 12 6.9 -2.0
FNDF Schwab Fundamental International Large Co. Index ETF 2.6 25 25 8.7 -0.2
GEX VanEck Vectors Global Alternative Energy ETF 2.6 63 -13 4.7 -4.1
PZD Invesco Cleantech ETF 2.6 68 -18 4.7 -4.2
ICLN iShares Global Clean Energy ETF 2.6 46 4 3.4 -5.5
ESGD iShares MSCI EAFE ESG Optimized ETF 2.6 20 30 7.2 -1.7
IQSI IQ Candriam ESG International Equity ETF 2.6 15 35 7.3 -1.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 2.6 39 11 6.7 -2.2
JHMD John Hancock Multifactor Developed International ETF 2.4 45 5 7.4 -1.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 2.3 20 30 7.3 -1.6
IDY Pacific Global International Equity Income ETF 2.3 39 11 8.0 -0.8
EFA iShares MSCI EAFE ETF 2.3 32 18 7.2 -1.7
RFDI First Trust Riverfront Dynamic Developed International ETF 2.3 83 -33 6.3 -2.5
IVLU iShares Edge MSCI Intl Value Factor ETF 2.3 30 20 11.3 +2.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 2.3 35 15 7.0 -1.8
FLM First Trust Global Engineering & Construction ETF 2.3 70 -20 9.8 +1.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 2.2 29 21 8.1 -0.8
GSIE Goldman Sachs ActiveBeta International Equity ETF 2.2 25 25 6.8 -2.0
HFXI IQ 50 Percent Hedged FTSE International ETF 2.2 20 30 7.5 -1.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.2 47 3 13.5 +4.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 2.2 16 34 7.1 -1.7
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.1 50 0 6.6 -2.2
RBIN Nationwide Risk-Based International Equity ETF 2.1 42 8 6.5 -2.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 2.1 7 43 7.6 -1.3
GENY Principal Millennials Index ETF 2.1 45 5 4.0 -4.9
RNDM Developed International Equity Select ETF 2.0 65 -15 6.4 -2.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI Spain ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.5 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.59
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.