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EWD vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. FSZ

Last updated Jun 25, 2026

EWD (iShares MSCI Sweden ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWD tracks the MSCI Sweden Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWD returned 9.99%/yr vs 10.31%/yr for FSZ. A 0.71 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.80%/yr for FSZ.

Performance

EWD vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) 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, EWD achieves a 1.51% return, which is significantly lower than FSZ's 3.05% return. Both investments have delivered pretty close results over the past 10 years, with EWD having a 9.99% annualized return and FSZ not far ahead at 10.31%.

EWD

1D
0.08%
1M
-4.68%
YTD
1.51%
6M
1.35%
1Y
12.56%
3Y*
16.27%
5Y*
4.08%
10Y*
9.99%

FSZ

1D
0.51%
1M
0.58%
YTD
3.05%
6M
2.06%
1Y
10.13%
3Y*
13.36%
5Y*
6.21%
10Y*
10.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		1.51%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
FSZ
First Trust Switzerland AlphaDEX Fund		3.05%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%

Correlation

The correlation between EWD and FSZ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

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

0.71

The correlation between EWD and FSZ has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

EWD vs. FSZ - Sectors Allocation Comparison

Sectors
EWD
FSZ

Industrials

45.3%
17.1%

Financial Services

24.1%
22.0%

Communication Services

13.2%
2.4%

Technology

7.5%
4.9%

Basic Materials

3.1%
9.8%

Consumer Cyclical

2.4%
7.3%

Consumer Defensive

2.2%
4.9%

Healthcare

1.2%
14.6%

Real Estate

1.1%
2.4%

Energy

-

-

Utilities

-

2.4%

Industrials

EWD
45.3%
FSZ
17.1%

Financial Services

EWD
24.1%
FSZ
22.0%

Communication Services

EWD
13.2%
FSZ
2.4%

Technology

EWD
7.5%
FSZ
4.9%

Basic Materials

EWD
3.1%
FSZ
9.8%

Consumer Cyclical

EWD
2.4%
FSZ
7.3%

Consumer Defensive

EWD
2.2%
FSZ
4.9%

Healthcare

EWD
1.2%
FSZ
14.6%

Real Estate

EWD
1.1%
FSZ
2.4%

Energy

EWD

-

FSZ

-

Utilities

EWD

-

FSZ
2.4%

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 Sweden ETF

First Trust Switzerland AlphaDEX Fund

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. QQQ
Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EWGFSZ vs. EZUFSZ vs. EWI

Return for Risk

EWD vs. FSZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWD
EWD Risk / Return Rank: 2020
Overall Rank
EWD Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWD Omega Ratio Rank: 1919
Omega Ratio Rank
EWD Calmar Ratio Rank: 2121
Calmar Ratio Rank
EWD Martin Ratio Rank: 2424
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2121
Overall Rank
FSZ Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2222
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2020
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2222
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2121
Martin Ratio Rank
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.

EWD vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) 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.

EWDFSZDifference
Sharpe ratioReturn per unit of total volatility
0.62
0.72

-0.09

Sortino ratioReturn per unit of downside risk
1.00
1.12

-0.12

Omega ratioGain probability vs. loss probability

1.12

1.13

-0.01

Calmar ratioReturn relative to maximum drawdown

0.87

0.98

-0.11

Martin ratioReturn relative to average drawdown

2.81

2.39

+0.43

EWD vs. FSZ - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.62, which is comparable to the FSZ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of EWD 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

EWD vs. FSZ - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWD and FSZ.

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Drawdown Indicators

EWDFSZDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-33.97%

-41.43%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-10.39%

-4.10%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-13.93%

-3.91%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-33.96%

-8.37%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-33.97%

-8.36%

Current Drawdown

Current decline from peak

-8.67%

-4.17%

-4.50%

Average Drawdown

Average peak-to-trough decline

-19.20%

-6.98%

-12.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.47%

4.25%

+0.22%

Volatility

EWD vs. FSZ - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 6.65% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.07%. This indicates that EWD'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

EWDFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.65%

4.07%

+2.58%

Volatility (6M)

Calculated over the trailing 6-month period

17.18%

11.06%

+6.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.33%

14.25%

+6.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.00%

19.35%

+4.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.22%

18.75%

+4.47%

EWD vs. FSZ - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

EWD vs. FSZ - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.68%, more than FSZ's 2.37% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.68%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
FSZ
First Trust Switzerland AlphaDEX Fund		2.37%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

EWD and FSZ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (6.65%) compared to FSZ (4.07%). In terms of maximum drawdown, EWD dropped -75.40% vs FSZ's -33.97%.

On 10-year performance, FSZ leads with 10.31% vs 9.99% for EWD. On fees, EWD is cheaper at 0.55% per year. On volatility, FSZ has been the lower-risk option at 4.07%. 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 10.31% return vs 9.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWD is cheaper with a 0.55% expense ratio, compared with 0.80% for FSZ.

EWD has the higher dividend yield at 3.68%, compared with 2.37% for FSZ.

EWD tracks MSCI Sweden Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.55% for EWD and 0.80% for FSZ.

FSZ currently has the higher Sharpe Ratio (0.72 vs 0.62), 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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