EWL vs. EWG

Last updated Jun 13, 2026

EWL (iShares MSCI Switzerland ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds from iShares - EWL tracks the MSCI Switzerland Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 8.18%/yr for EWG. A 0.68 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.49%/yr for EWG.

Performance

EWL vs. EWG - Performance Comparison

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

Returns By Period

In the year-to-date period, EWL achieves a 4.60% return, which is significantly higher than EWG's -0.45% return. Over the past 10 years, EWL has outperformed EWG with an annualized return of 10.14%, while EWG has yielded a comparatively lower 8.18% 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%

EWG

• 1D: 0.09%
• 1M: 0.36%
• YTD: -0.45%
• 6M: 0.31%
• 1Y: 1.88%
• 3Y*: 15.78%
• 5Y*: 5.72%
• 10Y*: 8.18%

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

EWL vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EWG iShares MSCI Germany ETF	-0.45%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	27.42%

Correlation

The correlation between EWL and EWG 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	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.68

The correlation between EWL and EWG has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

EWL vs. EWG - Sectors Allocation Comparison

Sectors	EWL	EWG
Healthcare	38.8%	6.1%
Financial Services	18.6%	21.6%
Consumer Defensive	14.9%	1.4%
Industrials	12.0%	30.3%
Basic Materials	6.6%	5.8%
Consumer Cyclical	5.4%	8.2%
Communication Services	1.3%	6.6%
Real Estate	0.9%	1.3%
Technology	0.9%	13.8%
Utilities	0.4%	4.9%
Energy	-	-

Return for Risk

EWL vs. EWG — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 26
EWL Sharpe Ratio Rank: 27
EWL Sortino Ratio Rank: 26
EWL Omega Ratio Rank: 25
EWL Calmar Ratio Rank: 24
EWL Martin Ratio Rank: 27

EWG

EWG Risk / Return Rank: 11
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 11
EWG Omega Ratio Rank: 11
EWG Calmar Ratio Rank: 11
EWG Martin Ratio Rank: 11

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. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares MSCI Germany ETF (EWG). 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	EWG	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.11	+0.74
Sortino ratio: Return per unit of downside risk	1.30	0.27	+1.02
Omega ratio: Gain probability vs. loss probability	1.15	1.03	+0.12
Calmar ratio: Return relative to maximum drawdown	1.01	0.13	+0.88
Martin ratio: Return relative to average drawdown	3.24	0.38	+2.86

EWL vs. EWG - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.85, which is higher than the EWG Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of EWL and EWG, 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. EWG - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for EWL and EWG.

Drawdown Indicators

	EWL	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-67.57%	+15.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-14.54%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-15.81%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-43.23%	+14.24%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-46.80%	+17.81%
Current Drawdown Current decline from peak	-3.63%	-5.05%	+1.42%
Average Drawdown Average peak-to-trough decline	-11.08%	-19.18%	+8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	4.97%	-0.75%

Volatility

EWL vs. EWG - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 5.12%, while iShares MSCI Germany ETF (EWG) has a volatility of 6.22%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than EWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	6.22%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	14.61%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	17.66%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	20.54%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	21.10%	-4.63%

EWL vs. EWG - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

EWL vs. EWG - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.63%, more than EWG's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	1.61%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
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

Can I hold both EWL and EWG in my portfolio?

EWL and EWG 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.

Which is riskier, EWL or EWG?

EWG has higher volatility (6.22%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs EWG's -67.57%.

Which ETF is better, EWL or EWG?

On 10-year performance, EWL leads with 10.14% vs 8.18% for EWG. On fees, EWG is cheaper at 0.49% per year. 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.

Which ETF has performed better, EWL or EWG?

Over the 10-year period, EWL has performed better with a 10.14% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or EWG?

EWG is cheaper with a 0.49% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.63%, compared with 1.61% for EWG.

What is the main difference between EWL and EWG?

EWL tracks MSCI Switzerland Index, while EWG tracks MSCI Germany Index. Their fees differ too: 0.50% for EWL and 0.49% for EWG.

Which has better risk-adjusted returns?

EWL currently has the higher Sharpe Ratio (0.85 vs 0.11), 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.