EIDO vs. EWL

Last updated Jun 30, 2026

EIDO (iShares MSCI Indonesia ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - EIDO is a Indonesia Equities fund tracking the MSCI Indonesia Investable Market Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EIDO returned -4.88%/yr vs 9.99%/yr for EWL. At a 0.45 correlation, their price movements are largely independent. EIDO charges 0.59%/yr vs 0.50%/yr for EWL.

Performance

EIDO vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Indonesia ETF (EIDO) and iShares MSCI Switzerland ETF (EWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIDO achieves a -36.53% return, which is significantly lower than EWL's 7.35% return. Over the past 10 years, EIDO has underperformed EWL with an annualized return of -4.88%, while EWL has yielded a comparatively higher 9.99% annualized return.

EIDO

• 1D: -1.77%
• 1M: -6.69%
• YTD: -36.53%
• 6M: -36.36%
• 1Y: -31.48%
• 3Y*: -17.32%
• 5Y*: -7.52%
• 10Y*: -4.88%

EWL

• 1D: 1.36%
• 1M: 1.96%
• YTD: 7.35%
• 6M: 6.66%
• 1Y: 17.83%
• 3Y*: 13.15%
• 5Y*: 7.49%
• 10Y*: 9.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EIDO vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIDO iShares MSCI Indonesia ETF	-36.53%	4.90%	-13.02%	2.56%	-0.16%	-0.60%	-7.13%	5.30%	-10.88%	19.40%
EWL iShares MSCI Switzerland ETF	7.35%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between EIDO and EWL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.45

Over the past year, the correlation between EIDO and EWL has dropped to 0.23 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

EIDO vs. EWL - Sectors Allocation Comparison

Sectors	EIDO	EWL
Financial Services	42.5%	17.3%
Basic Materials	12.8%	7.3%
Communication Services	10.2%	1.3%
Energy	9.2%	-
Consumer Defensive	7.9%	13.9%
Industrials	5.2%	12.3%
Technology	3.9%	1.0%
Real Estate	2.4%	0.9%
Consumer Cyclical	2.1%	7.7%
Utilities	2.0%	0.4%
Healthcare	1.8%	36.5%

Return for Risk

EIDO vs. EWL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EIDO

EIDO Risk / Return Rank: 1
EIDO Sharpe Ratio Rank: 0
EIDO Sortino Ratio Rank: 1
EIDO Omega Ratio Rank: 1
EIDO Calmar Ratio Rank: 3
EIDO Martin Ratio Rank: 0

EWL

EWL Risk / Return Rank: 32
EWL Sharpe Ratio Rank: 34
EWL Sortino Ratio Rank: 34
EWL Omega Ratio Rank: 32
EWL Calmar Ratio Rank: 29
EWL Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EIDO vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Indonesia ETF (EIDO) and iShares MSCI Switzerland ETF (EWL). 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.

	EIDO	EWL	Difference
Sharpe ratio: Return per unit of total volatility	-1.24	1.14	-2.37
Sortino ratio: Return per unit of downside risk	-1.76	1.68	-3.44
Omega ratio: Gain probability vs. loss probability	0.77	1.20	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.72	1.33	-2.05
Martin ratio: Return relative to average drawdown	-2.07	4.22	-6.29

EIDO vs. EWL - Sharpe Ratio Comparison

The current EIDO Sharpe Ratio is -1.24, which is lower than the EWL Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of EIDO and EWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EIDO vs. EWL - Drawdown Comparison

The maximum EIDO drawdown since its inception was -63.21%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EIDO and EWL.

Drawdown Indicators

	EIDO	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-63.21%	-51.62%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-43.81%	-13.48%	-30.33%
Max Drawdown (3Y) Largest decline over 3 years	-51.77%	-13.48%	-38.29%
Max Drawdown (5Y) Largest decline over 5 years	-51.77%	-28.99%	-22.78%
Max Drawdown (10Y) Largest decline over 10 years	-59.41%	-28.99%	-30.42%
Current Drawdown Current decline from peak	-56.68%	-1.09%	-55.59%
Average Drawdown Average peak-to-trough decline	-24.75%	-11.07%	-13.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.25%	4.24%	+11.01%

Volatility

EIDO vs. EWL - Volatility Comparison

iShares MSCI Indonesia ETF (EIDO) has a higher volatility of 14.93% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that EIDO's price experiences larger fluctuations and is considered to be riskier than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIDO	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.93%	5.12%	+9.81%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	12.77%	+9.87%
Volatility (1Y) Calculated over the trailing 1-year period	25.55%	15.81%	+9.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	16.14%	+4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	16.28%	+8.66%

EIDO vs. EWL - Expense Ratio Comparison

EIDO has a 0.59% expense ratio, which is higher than EWL's 0.50% expense ratio.

Dividends

EIDO vs. EWL - Dividend Comparison

EIDO's dividend yield for the trailing twelve months is around 3.51%, more than EWL's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIDO iShares MSCI Indonesia ETF	3.51%	3.56%	5.20%	2.94%	2.53%	1.33%	1.51%	1.78%	1.99%	1.26%	1.16%	1.67%
EWL iShares MSCI Switzerland ETF	1.72%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%

Frequently Asked Questions

Can I hold both EIDO and EWL in my portfolio?

EIDO and EWL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIDO or EWL?

EIDO has higher volatility (14.93%) compared to EWL (5.12%). In terms of maximum drawdown, EIDO dropped -63.21% vs EWL's -51.62%.

Which ETF is better, EIDO or EWL?

On 10-year performance, EWL leads with 9.99% vs -4.88% for EIDO. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIDO or EWL?

Over the 10-year period, EWL has performed better with a 9.99% return vs -4.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIDO or EWL?

EWL is cheaper with a 0.50% expense ratio, compared with 0.59% for EIDO.

Which ETF pays a higher dividend yield, EIDO or EWL?

EIDO has the higher dividend yield at 3.51%, compared with 1.72% for EWL.

What is the main difference between EIDO and EWL?

EIDO is categorized as Indonesia Equities, while EWL is Europe Equities. EIDO tracks MSCI Indonesia Investable Market Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.59% for EIDO and 0.50% for EWL.

Which has better risk-adjusted returns?

EWL currently has the higher Sharpe Ratio (1.14 vs -1.24), 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.