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EFNL vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFNL vs. FSZ

Last updated Aug 2, 2026
Documentation

EFNL (iShares MSCI Finland ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EFNL tracks the MSCI Finland IMI 25/50 Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EFNL returned 8.71%/yr vs 9.81%/yr for FSZ. Their 0.65 correlation means they have sometimes moved together and sometimes differently. EFNL charges 0.53%/yr vs 0.80%/yr for FSZ.

Performance

EFNL vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and First Trust Switzerland AlphaDEX Fund (FSZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFNL achieves a 9.24% return, which is significantly higher than FSZ's 3.71% return. Over the past 10 years, EFNL has underperformed FSZ with an annualized return of 8.71%, while FSZ has yielded a comparatively higher 9.81% annualized return.

EFNL

1D
-0.09%
1M
-0.57%
6M
6.20%
YTD
9.24%
1Y
30.08%
3Y*
18.45%
5Y*
3.99%
10Y*
8.71%
ALL TIME*
8.58%

FSZ

1D
-0.86%
1M
-1.77%
6M
0.25%
YTD
3.71%
1Y
10.06%
3Y*
11.44%
5Y*
5.67%
10Y*
9.81%
ALL TIME*
9.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFNL

iShares MSCI Finland ETF
$520.43K$2.79M$3.90M

FSZ

First Trust Switzerland AlphaDEX Fund
$60.99K$62.05K$87.92K

EFNL vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFNL
iShares MSCI Finland ETF		9.24%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%
FSZ
First Trust Switzerland AlphaDEX Fund		3.71%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%

Correlation

The correlation between EFNL and FSZ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.60

Correlation (3Y)
Balances recent behavior with more history.

0.62

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.66

Correlation (10Y)
Provides a long-term view across more market conditions.

0.68

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.65

The correlation between EFNL and FSZ has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

EFNL vs. FSZ - Sectors Allocation Comparison

Sectors
EFNL
FSZ

Financial Services

28.6%
18.8%

Industrials

21.0%
22.2%

Technology

16.4%
1.4%

Basic Materials

9.7%
8.0%

Energy

5.0%

-

Consumer Cyclical

4.4%
11.0%

Healthcare

4.4%
23.1%

Utilities

3.8%
2.6%

Consumer Defensive

3.2%
6.3%

Communication Services

2.3%
3.5%

Real Estate

0.8%
3.2%

Financial Services

EFNL
28.6%
FSZ
18.8%

Industrials

EFNL
21.0%
FSZ
22.2%

Technology

EFNL
16.4%
FSZ
1.4%

Basic Materials

EFNL
9.7%
FSZ
8.0%

Energy

EFNL
5.0%
FSZ

-

Consumer Cyclical

EFNL
4.4%
FSZ
11.0%

Healthcare

EFNL
4.4%
FSZ
23.1%

Utilities

EFNL
3.8%
FSZ
2.6%

Consumer Defensive

EFNL
3.2%
FSZ
6.3%

Communication Services

EFNL
2.3%
FSZ
3.5%

Real Estate

EFNL
0.8%
FSZ
3.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Finland ETF

First Trust Switzerland AlphaDEX Fund

Often compared with EFNL:
EFNL vs. FNDAEFNL vs. CN1G.DEEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI
Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. EWGFSZ vs. SPYFSZ vs. EZUFSZ vs. EWI

Return for Risk

EFNL vs. FSZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EFNL
EFNL Risk / Return Rank: 6666
Overall Rank
EFNL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 6565
Sortino Ratio Rank
EFNL Omega Ratio Rank: 6464
Omega Ratio Rank
EFNL Calmar Ratio Rank: 7272
Calmar Ratio Rank
EFNL Martin Ratio Rank: 6161
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2525
Overall Rank
FSZ Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2323
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2525
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2626
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFNL vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and First Trust Switzerland AlphaDEX Fund (FSZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EFNLFSZDifference
Sharpe ratioReturn per unit of total volatility
1.59
0.56

+1.03

Sortino ratioReturn per unit of downside risk
2.14
0.92

+1.22

Omega ratioGain probability vs. loss probability

1.27

1.10

+0.17

Calmar ratioReturn relative to maximum drawdown

2.52

0.78

+1.73

Martin ratioReturn relative to average drawdown

7.34

2.09

+5.25

EFNL vs. FSZ - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.59, which is higher than the FSZ Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of EFNL and FSZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EFNL vs. FSZ - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EFNL and FSZ.

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Drawdown Indicators

EFNLFSZDifference

Max Drawdown

Largest peak-to-trough decline

-38.70%

-33.97%

-4.73%

Max Drawdown (1Y)

Largest decline over 1 year

-12.17%

-10.39%

-1.78%

Max Drawdown (3Y)

Largest decline over 3 years

-15.78%

-13.93%

-1.85%

Max Drawdown (5Y)

Largest decline over 5 years

-38.70%

-33.96%

-4.74%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

-33.97%

-4.73%

Current Drawdown

Current decline from peak

-10.24%

-3.56%

-6.68%

Average Drawdown

Average peak-to-trough decline

-10.90%

-6.96%

-3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.17%

3.89%

+0.28%

Volatility

EFNL vs. FSZ - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 5.85% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 5.15%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFNLFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

5.15%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

16.37%

11.59%

+4.78%

Volatility (1Y)

Calculated over the trailing 1-year period

19.28%

14.58%

+4.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.00%

19.42%

+0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.90%

18.71%

+1.19%

EFNL vs. FSZ - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

EFNL vs. FSZ - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.04%, less than FSZ's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
EFNL
iShares MSCI Finland ETF		1.04%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%
FSZ
First Trust Switzerland AlphaDEX Fund		2.00%1.80%1.80%2.11%3.50%1.62%1.53%2.01%2.29%1.49%1.93%1.08%

Frequently Asked Questions

EFNL and FSZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (5.85%) compared to FSZ (5.15%). In terms of maximum drawdown, EFNL dropped -38.70% vs FSZ's -33.97%.

On 10-year performance, FSZ leads with 9.81% vs 8.71% for EFNL. On fees, EFNL is cheaper at 0.53% per year. On volatility, FSZ has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FSZ has performed better with a 9.81% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFNL is cheaper with a 0.53% expense ratio, compared with 0.80% for FSZ.

FSZ has the higher dividend yield at 2.00%, compared with 1.04% for EFNL.

EFNL tracks MSCI Finland IMI 25/50 Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.53% for EFNL and 0.80% for FSZ.

EFNL currently has the higher Sharpe Ratio (1.59 vs 0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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