EWL vs. DGRO

Last updated Jul 14, 2026

EWL (iShares MSCI Switzerland ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, EWL returned 9.85%/yr vs 13.26%/yr for DGRO. A 0.65 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.08%/yr for DGRO.

Performance

EWL vs. DGRO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWL achieves a 5.94% return, which is significantly lower than DGRO's 12.23% return. Over the past 10 years, EWL has underperformed DGRO with an annualized return of 9.85%, while DGRO has yielded a comparatively higher 13.26% annualized return.

EWL

• 1D: -0.81%
• 1M: 1.28%
• 6M: 4.77%
• YTD: 5.94%
• 1Y: 16.13%
• 3Y*: 11.76%
• 5Y*: 6.83%
• 10Y*: 9.85%

DGRO

• 1D: 0.19%
• 1M: 2.16%
• 6M: 9.63%
• YTD: 12.23%
• 1Y: 21.63%
• 3Y*: 16.92%
• 5Y*: 11.06%
• 10Y*: 13.26%

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

EWL vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	5.94%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
DGRO iShares Core Dividend Growth ETF	12.23%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EWL and DGRO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.65

The correlation between EWL and DGRO has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

EWL vs. DGRO - Sectors Allocation Comparison

Sectors	EWL	DGRO
Healthcare	36.5%	16.5%
Financial Services	17.5%	20.6%
Consumer Defensive	13.9%	11.1%
Industrials	12.4%	10.4%
Consumer Cyclical	7.6%	5.4%
Basic Materials	7.2%	2.4%
Communication Services	1.2%	0.1%
Technology	0.9%	22.0%
Real Estate	0.9%	-
Utilities	0.4%	6.4%
Energy	-	5.1%

Return for Risk

EWL vs. DGRO — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 33
EWL Sharpe Ratio Rank: 35
EWL Sortino Ratio Rank: 35
EWL Omega Ratio Rank: 34
EWL Calmar Ratio Rank: 30
EWL Martin Ratio Rank: 33

DGRO

DGRO Risk / Return Rank: 86
DGRO Sharpe Ratio Rank: 88
DGRO Sortino Ratio Rank: 90
DGRO Omega Ratio Rank: 87
DGRO Calmar Ratio Rank: 80
DGRO Martin Ratio Rank: 83

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.

EWL vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares Core Dividend Growth ETF (DGRO). 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.

	EWL	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.29	-1.27
Sortino ratio: Return per unit of downside risk	1.54	3.33	-1.79
Omega ratio: Gain probability vs. loss probability	1.18	1.42	-0.23
Calmar ratio: Return relative to maximum drawdown	1.20	3.36	-2.16
Martin ratio: Return relative to average drawdown	3.82	12.98	-9.17

EWL vs. DGRO - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.02, which is lower than the DGRO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of EWL and DGRO, 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

EWL vs. DGRO - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWL and DGRO.

Drawdown Indicators

	EWL	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-35.10%	-16.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-6.47%	-7.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-14.03%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-19.31%	-9.68%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-35.10%	+6.11%
Current Drawdown Current decline from peak	-2.44%	-0.50%	-1.94%
Average Drawdown Average peak-to-trough decline	-11.06%	-3.42%	-7.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	1.67%	+2.57%

Volatility

EWL vs. DGRO - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 4.76% compared to iShares Core Dividend Growth ETF (DGRO) at 2.52%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	2.52%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	6.94%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	9.50%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	13.79%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	16.57%	-0.29%

EWL vs. DGRO - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EWL vs. DGRO - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.75%, less than DGRO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.91%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
EWL iShares MSCI Switzerland ETF	1.75%	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 EWL and DGRO in my portfolio?

EWL and DGRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWL or DGRO?

EWL has higher volatility (4.76%) compared to DGRO (2.52%). In terms of maximum drawdown, EWL dropped -51.62% vs DGRO's -35.10%.

Which ETF is better, EWL or DGRO?

On 10-year performance, DGRO leads with 13.26% vs 9.85% for EWL. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or DGRO?

Over the 10-year period, DGRO has performed better with a 13.26% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.50% for EWL.

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

DGRO has the higher dividend yield at 1.91%, compared with 1.75% for EWL.

What is the main difference between EWL and DGRO?

EWL is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EWL tracks MSCI Switzerland Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.50% for EWL and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.29 vs 1.02), 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.