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EWL vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. EWA

Last updated Jun 13, 2026

EWL (iShares MSCI Switzerland ETF) and EWA (iShares MSCI-Australia ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 8.75%/yr for EWA. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWL vs. EWA - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWL achieves a 4.60% return, which is significantly lower than EWA's 11.57% return. Over the past 10 years, EWL has outperformed EWA with an annualized return of 10.14%, while EWA has yielded a comparatively lower 8.75% annualized return.

EWL

1D
-0.30%
1M
1.55%
YTD
4.60%
6M
7.45%
1Y
13.57%
3Y*
12.47%
5Y*
6.50%
10Y*
10.14%

EWA

1D
0.90%
1M
0.34%
YTD
11.57%
6M
12.06%
1Y
13.27%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWL vs. EWA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWL
iShares MSCI Switzerland ETF		4.60%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between EWL and EWA is 0.62, 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

0.62

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

0.64

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

0.66

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

0.67

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.52

The correlation between EWL and EWA shifts across timeframes, from 0.52 (all time) to 0.67 (10 years), reflecting how their relationship changes across market environments.

EWL vs. EWA - Sectors Allocation Comparison

Sectors
EWL
EWA

Healthcare

38.8%
4.9%

Financial Services

18.6%
43.6%

Consumer Defensive

14.9%
3.6%

Industrials

12.0%
4.5%

Basic Materials

6.6%
23.0%

Consumer Cyclical

5.4%
6.1%

Communication Services

1.3%
2.0%

Real Estate

0.9%
5.0%

Technology

0.9%
1.1%

Utilities

0.4%
1.7%

Energy

-

4.5%

Healthcare

EWL
38.8%
EWA
4.9%

Financial Services

EWL
18.6%
EWA
43.6%

Consumer Defensive

EWL
14.9%
EWA
3.6%

Industrials

EWL
12.0%
EWA
4.5%

Basic Materials

EWL
6.6%
EWA
23.0%

Consumer Cyclical

EWL
5.4%
EWA
6.1%

Communication Services

EWL
1.3%
EWA
2.0%

Real Estate

EWL
0.9%
EWA
5.0%

Technology

EWL
0.9%
EWA
1.1%

Utilities

EWL
0.4%
EWA
1.7%

Energy

EWL

-

EWA
4.5%

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 Switzerland ETF

iShares MSCI-Australia ETF

Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. IDAP.L
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY

Return for Risk

EWL vs. EWA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWL
EWL Risk / Return Rank: 2626
Overall Rank
EWL Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWL Omega Ratio Rank: 2525
Omega Ratio Rank
EWL Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWL Martin Ratio Rank: 2727
Martin Ratio Rank
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
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.

EWL vs. EWA - Risk-Adjusted Trends Comparison

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

EWLEWADifference
Sharpe ratioReturn per unit of total volatility
0.85
0.77

+0.08

Sortino ratioReturn per unit of downside risk
1.30
1.15

+0.14

Omega ratioGain probability vs. loss probability

1.15

1.14

+0.01

Calmar ratioReturn relative to maximum drawdown

1.01

1.33

-0.32

Martin ratioReturn relative to average drawdown

3.24

3.68

-0.44

EWL vs. EWA - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.85, which is comparable to the EWA Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of EWL and EWA, 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

EWL vs. EWA - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWA drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for EWL and EWA.

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Drawdown Indicators

EWLEWADifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-66.98%

+15.36%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-10.01%

-3.47%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-21.91%

+8.43%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-24.87%

-4.12%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

-45.54%

+16.55%

Current Drawdown

Current decline from peak

-3.63%

-3.44%

-0.19%

Average Drawdown

Average peak-to-trough decline

-11.08%

-11.32%

+0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.22%

3.62%

+0.60%

Volatility

EWL vs. EWA - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 5.12%, while iShares MSCI-Australia ETF (EWA) has a volatility of 5.80%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than EWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWLEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.12%

5.80%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

12.70%

14.62%

-1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

16.09%

17.40%

-1.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.13%

19.80%

-3.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.47%

22.62%

-6.15%

EWL vs. EWA - Expense Ratio Comparison

Both EWL and EWA have an expense ratio of 0.50%.

Dividends

EWL vs. EWA - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.63%, less than EWA's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
EWL
iShares MSCI Switzerland ETF		1.63%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

EWL and EWA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWA has higher volatility (5.80%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs EWA's -66.98%.

On 10-year performance, EWL leads with 10.14% vs 8.75% for EWA. Both ETFs have the same 0.50% expense ratio. 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.

Over the 10-year period, EWL has performed better with a 10.14% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWL and EWA have the same expense ratio: 0.50% per year.

EWA has the higher dividend yield at 2.88%, compared with 1.63% for EWL.

EWL is categorized as Europe Equities, while EWA is Asia Pacific Equities. EWL tracks MSCI Switzerland Index, while EWA tracks MSCI Australia Index.

EWL currently has the higher Sharpe Ratio (0.85 vs 0.77), 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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