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EWK vs. FLSW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. FLSW

Last updated Aug 5, 2026
Documentation

EWK (iShares MSCI Belgium ETF) and FLSW (Franklin FTSE Switzerland ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while FLSW tracks the FTSE Switzerland RIC Capped Index. Both are passively managed. Over the past 5 years, EWK returned 6.67%/yr vs 7.31%/yr for FLSW. Their 0.68 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.09%/yr for FLSW.

Performance

EWK vs. FLSW - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWK achieves a 12.08% return, which is significantly higher than FLSW's 9.15% return.

EWK

1D
1.05%
1M
-1.25%
6M
2.98%
YTD
12.08%
1Y
24.12%
3Y*
15.65%
5Y*
6.67%
10Y*
6.90%
ALL TIME*
6.08%

FLSW

1D
1.13%
1M
0.32%
6M
5.77%
YTD
9.15%
1Y
21.63%
3Y*
14.00%
5Y*
7.31%
10Y*
—
ALL TIME*
10.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWK

iShares MSCI Belgium ETF
$968.64K$832.94K$1.32M

FLSW

Franklin FTSE Switzerland ETF
$321.07K$244.54K$271.21K

EWK vs. FLSW - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EWK
iShares MSCI Belgium ETF		12.08%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-23.28%
FLSW
Franklin FTSE Switzerland ETF		9.15%32.92%-1.77%16.79%-18.14%20.82%13.25%31.66%-7.85%

Correlation

The correlation between EWK and FLSW is 0.67, 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.

0.67

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

0.71

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

0.73

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2018

0.68

The correlation between EWK and FLSW has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

EWK vs. FLSW - Sectors Allocation Comparison

Sectors
EWK
FLSW

Healthcare

28.5%
38.4%

Consumer Defensive

25.2%
14.0%

Financial Services

15.9%
16.4%

Real Estate

9.7%
1.2%

Industrials

7.4%
14.5%

Basic Materials

4.8%
8.1%

Utilities

2.7%
0.2%

Consumer Cyclical

1.8%
5.1%

Technology

1.6%
1.0%

Communication Services

1.3%
1.1%

Energy

1.1%

-

Healthcare

EWK
28.5%
FLSW
38.4%

Consumer Defensive

EWK
25.2%
FLSW
14.0%

Financial Services

EWK
15.9%
FLSW
16.4%

Real Estate

EWK
9.7%
FLSW
1.2%

Industrials

EWK
7.4%
FLSW
14.5%

Basic Materials

EWK
4.8%
FLSW
8.1%

Utilities

EWK
2.7%
FLSW
0.2%

Consumer Cyclical

EWK
1.8%
FLSW
5.1%

Technology

EWK
1.6%
FLSW
1.0%

Communication Services

EWK
1.3%
FLSW
1.1%

Energy

EWK
1.1%
FLSW

-

Compare stocks, funds, or ETFs

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iShares MSCI Belgium ETF

Franklin FTSE Switzerland ETF

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. EDENEWK vs. BILEWK vs. SPYEWK vs. VOO
Often compared with FLSW:
FLSW vs. EWLFLSW vs. FLGRFLSW vs. FLJHFLSW vs. NOVN.SWFLSW vs. EXS1.DEFLSW vs. UNA.ASFLSW vs. HEAE.L

Return for Risk

EWK vs. FLSW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWK
EWK Risk / Return Rank: 5151
Overall Rank
EWK Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWK Omega Ratio Rank: 5858
Omega Ratio Rank
EWK Calmar Ratio Rank: 3939
Calmar Ratio Rank
EWK Martin Ratio Rank: 4444
Martin Ratio Rank
FLSW
FLSW Risk / Return Rank: 4646
Overall Rank
FLSW Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
FLSW Sortino Ratio Rank: 5252
Sortino Ratio Rank
FLSW Omega Ratio Rank: 4747
Omega Ratio Rank
FLSW Calmar Ratio Rank: 4141
Calmar Ratio Rank
FLSW Martin Ratio Rank: 4242
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.

EWK vs. FLSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) and Franklin FTSE Switzerland ETF (FLSW). 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.

EWKFLSWDifference
Sharpe ratioReturn per unit of total volatility
1.56
1.41

+0.16

Sortino ratioReturn per unit of downside risk
2.25
2.09

+0.16

Omega ratioGain probability vs. loss probability

1.29

1.24

+0.04

Calmar ratioReturn relative to maximum drawdown

1.57

1.62

-0.06

Martin ratioReturn relative to average drawdown

5.53

5.27

+0.26

EWK vs. FLSW - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.56, which is comparable to the FLSW Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EWK and FLSW, 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

EWK vs. FLSW - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than FLSW's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for EWK and FLSW.

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Drawdown Indicators

EWKFLSWDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-28.16%

-45.94%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-13.38%

-2.09%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-13.38%

-2.09%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-28.16%

-5.08%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

—

—

Current Drawdown

Current decline from peak

-1.60%

0.00%

-1.60%

Average Drawdown

Average peak-to-trough decline

-21.43%

-5.89%

-15.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

4.11%

+0.26%

Volatility

EWK vs. FLSW - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 3.31%, while Franklin FTSE Switzerland ETF (FLSW) has a volatility of 4.02%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than FLSW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWKFLSWDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

4.02%

-0.71%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

12.59%

+0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

15.56%

15.62%

-0.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

15.86%

+2.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.79%

16.86%

+1.93%

EWK vs. FLSW - Expense Ratio Comparison

EWK has a 0.49% expense ratio, which is higher than FLSW's 0.09% expense ratio.

Dividends

EWK vs. FLSW - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, less than FLSW's 2.24% yield.

PositionTTM20252024202320222021202020192018201720162015
EWK
iShares MSCI Belgium ETF		1.83%1.73%3.25%2.09%2.58%3.64%1.66%2.77%2.78%2.91%1.75%2.06%
FLSW
Franklin FTSE Switzerland ETF		2.24%2.12%2.04%2.36%2.02%1.86%2.28%1.15%2.86%0.00%0.00%0.00%

Frequently Asked Questions

EWK and FLSW have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLSW has higher volatility (4.02%) compared to EWK (3.31%). In terms of maximum drawdown, EWK dropped -74.10% vs FLSW's -28.16%.

On 5-year performance, FLSW leads with 7.31% vs 6.67% for EWK. On fees, FLSW is cheaper at 0.09% per year. On volatility, EWK has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLSW has performed better with a 7.31% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLSW is cheaper with a 0.09% expense ratio, compared with 0.49% for EWK.

FLSW has the higher dividend yield at 2.24%, compared with 1.83% for EWK.

EWK tracks MSCI Belgium Investable Market Index, while FLSW tracks FTSE Switzerland RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for EWK and 0.09% for FLSW.

EWK currently has the higher Sharpe Ratio (1.56 vs 1.41), 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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