The SPDR MSCI Spain Quality Mix ETF (NYSEArca: QESP) has been slightly better, falling 2.4% over the past month. QESP’s quality factor “captures excess returns to stocks that are characterized by low debt, stable earnings growth and other ‘quality’ metrics,” according to MSCI. [Don’t Ignore Spain ETFs]

Another issue to consider with EWP is the ETF’s top-heavy nature. Just three stocks – Banco Santander (NYSE: SAN), Telefonica (NYSE: TEF) and Banco Bilbao Vizcaya Argentina (NYSE: BBVA) – combine for 44.5% of the fund’s weight. Those stocks are down an average of 2.9% over the past month. [Top-Heavy ETFs]

Spanish stocks are also pricey. “The IBEX 35 trades at 16.4 times the estimated earnings of its members, compared with 15.6 for the Euro Stoxx 50,” according to Bloomberg. Said another way, Spanish stocks trade at roughly the same P/E as their less volatile U.K. counterparts.

iShares MSCI Spain Capped ETF