EWL vs. EIDO

Last updated Jun 9, 2026

EWL (iShares MSCI Switzerland ETF) and EIDO (iShares MSCI Indonesia ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while EIDO is a Asia Pacific Equities fund tracking the MSCI Indonesia Investable Market Index. Both are passively managed. Over the past 10 years, EWL returned 9.53%/yr vs -5.06%/yr for EIDO. At a 0.46 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 0.59%/yr for EIDO.

Performance

EWL vs. EIDO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWL achieves a 1.62% return, which is significantly higher than EIDO's -42.25% return. Over the past 10 years, EWL has outperformed EIDO with an annualized return of 9.53%, while EIDO has yielded a comparatively lower -5.06% annualized return.

EWL

• 1D: -0.13%
• 1M: -1.41%
• YTD: 1.62%
• 6M: 5.49%
• 1Y: 11.58%
• 3Y*: 11.54%
• 5Y*: 5.97%
• 10Y*: 9.53%

EIDO

• 1D: -3.83%
• 1M: -27.47%
• YTD: -42.25%
• 6M: -42.21%
• 1Y: -39.51%
• 3Y*: -20.35%
• 5Y*: -10.73%
• 10Y*: -5.06%

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

EWL vs. EIDO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	1.62%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
EIDO iShares MSCI Indonesia ETF	-42.25%	4.90%	-13.02%	2.56%	-0.16%	-0.60%	-7.13%	5.30%	-10.88%	19.40%

Correlation

The correlation between EWL and EIDO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 10, 2010	0.46

The correlation between EWL and EIDO shifts across timeframes, from 0.27 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

EWL vs. EIDO - Sectors Allocation Comparison

Sectors	EWL	EIDO
Healthcare	38.8%	2.4%
Financial Services	18.6%	37.8%
Consumer Defensive	14.9%	7.5%
Industrials	12.0%	6.1%
Basic Materials	6.6%	18.5%
Consumer Cyclical	5.4%	1.6%
Communication Services	1.3%	8.7%
Real Estate	0.9%	1.8%
Technology	0.9%	2.7%
Utilities	0.4%	2.4%
Energy	-	10.6%

Return for Risk

EWL vs. EIDO — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 22
EWL Sharpe Ratio Rank: 23
EWL Sortino Ratio Rank: 23
EWL Omega Ratio Rank: 22
EWL Calmar Ratio Rank: 21
EWL Martin Ratio Rank: 23

EIDO

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

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. EIDO - Risk-Adjusted Trends Comparison

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

	EWL	EIDO	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-1.69	+2.42
Sortino ratio: Return per unit of downside risk	1.13	-2.43	+3.56
Omega ratio: Gain probability vs. loss probability	1.13	0.69	+0.45
Calmar ratio: Return relative to maximum drawdown	0.86	-0.90	+1.77
Martin ratio: Return relative to average drawdown	2.78	-3.09	+5.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWL vs. EIDO - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.74, which is higher than the EIDO Sharpe Ratio of -1.69. The chart below compares the historical Sharpe Ratios of EWL and EIDO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWL	EIDO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	-1.69	+2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.54	+0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	-0.20	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.09	+0.44

Drawdowns

EWL vs. EIDO - Drawdown Comparison

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

Drawdown Indicators

	EWL	EIDO	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-63.21%	+11.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-43.81%	+30.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-51.77%	+38.29%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-51.77%	+22.78%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-59.41%	+30.42%
Current Drawdown Current decline from peak	-6.38%	-60.58%	+54.20%
Average Drawdown Average peak-to-trough decline	-11.09%	-24.65%	+13.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	12.79%	-8.61%

Volatility

EWL vs. EIDO - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 4.22%, while iShares MSCI Indonesia ETF (EIDO) has a volatility of 8.78%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than EIDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	EIDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	8.78%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	19.57%	-7.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	23.54%	-7.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	20.04%	-3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	24.87%	-8.40%

EWL vs. EIDO - Expense Ratio Comparison

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

Dividends

EWL vs. EIDO - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.68%, less than EIDO's 6.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIDO iShares MSCI Indonesia ETF	6.16%	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	1.68%	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 EIDO in my portfolio?

EWL and EIDO have a correlation of 0.27, 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 EIDO?

EIDO has higher volatility (8.78%) compared to EWL (4.22%). In terms of maximum drawdown, EWL dropped -51.62% vs EIDO's -63.21%.

Which ETF is better, EWL or EIDO?

On 10-year performance, EWL leads with 9.53% vs -5.06% for EIDO. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or EIDO?

Over the 10-year period, EWL has performed better with a 9.53% return vs -5.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or EIDO?

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

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

EIDO has the higher dividend yield at 6.16%, compared with 1.68% for EWL.

What is the main difference between EWL and EIDO?

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

Which has better risk-adjusted returns?

EWL currently has the higher Sharpe Ratio (0.74 vs -1.69), 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.