EWL vs. EWH

Last updated Jun 13, 2026

EWL (iShares MSCI Switzerland ETF) and EWH (iShares MSCI Hong Kong ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 4.79%/yr for EWH. At a 0.42 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 0.49%/yr for EWH.

Performance

EWL vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and iShares MSCI Hong Kong ETF (EWH). 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 EWH's 3.53% return. Over the past 10 years, EWL has outperformed EWH with an annualized return of 10.14%, while EWH has yielded a comparatively lower 4.79% 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%

EWH

• 1D: 0.55%
• 1M: -10.39%
• YTD: 3.53%
• 6M: 3.83%
• 1Y: 16.40%
• 3Y*: 7.74%
• 5Y*: -0.57%
• 10Y*: 4.79%

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

EWL vs. EWH - 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%
EWH iShares MSCI Hong Kong ETF	3.53%	34.50%	0.00%	-13.87%	-6.81%	-3.49%	4.17%	10.74%	-8.76%	36.46%

Correlation

The correlation between EWL and EWH is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.43

EWL vs. EWH - Sectors Allocation Comparison

Sectors	EWL	EWH
Healthcare	38.8%	-
Financial Services	18.6%	45.4%
Consumer Defensive	14.9%	2.7%
Industrials	12.0%	16.6%
Basic Materials	6.6%	-
Consumer Cyclical	5.4%	3.7%
Communication Services	1.3%	1.7%
Real Estate	0.9%	18.7%
Technology	0.9%	-
Utilities	0.4%	11.2%
Energy	-	-

Return for Risk

EWL vs. EWH — 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

EWH

EWH Risk / Return Rank: 31
EWH Sharpe Ratio Rank: 30
EWH Sortino Ratio Rank: 30
EWH Omega Ratio Rank: 29
EWH Calmar Ratio Rank: 29
EWH Martin Ratio Rank: 34

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. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares MSCI Hong Kong ETF (EWH). 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	EWH	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.98	-0.13
Sortino ratio: Return per unit of downside risk	1.30	1.46	-0.16
Omega ratio: Gain probability vs. loss probability	1.15	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	1.01	1.28	-0.26
Martin ratio: Return relative to average drawdown	3.24	4.57	-1.33

EWL vs. EWH - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.85, which is comparable to the EWH Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of EWL and EWH, 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. EWH - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EWL and EWH.

Drawdown Indicators

	EWL	EWH	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-66.44%	+14.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-12.91%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-24.93%	+11.45%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-41.28%	+12.29%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-42.71%	+13.72%
Current Drawdown Current decline from peak	-3.63%	-10.39%	+6.76%
Average Drawdown Average peak-to-trough decline	-11.08%	-19.47%	+8.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	3.60%	+0.62%

Volatility

EWL vs. EWH - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and iShares MSCI Hong Kong ETF (EWH) have volatilities of 5.12% and 5.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	EWH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.23%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	12.44%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	16.80%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	20.08%	-3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	19.59%	-3.12%

EWL vs. EWH - Expense Ratio Comparison

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

Dividends

EWL vs. EWH - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.63%, less than EWH's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWH iShares MSCI Hong Kong ETF	5.02%	5.20%	4.17%	4.28%	2.91%	2.78%	2.56%	2.71%	2.93%	4.35%	3.08%	2.63%
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 EWH in my portfolio?

EWL and EWH have a correlation of 0.44, 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 EWH?

EWH has higher volatility (5.23%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs EWH's -66.44%.

Which ETF is better, EWL or EWH?

On 10-year performance, EWL leads with 10.14% vs 4.79% for EWH. On fees, EWH 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 EWH?

Over the 10-year period, EWL has performed better with a 10.14% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or EWH?

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

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

EWH has the higher dividend yield at 5.02%, compared with 1.63% for EWL.

What is the main difference between EWL and EWH?

EWL is categorized as Europe Equities, while EWH is Asia Pacific Equities. EWL tracks MSCI Switzerland Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.50% for EWL and 0.49% for EWH.

Which has better risk-adjusted returns?

EWH currently has the higher Sharpe Ratio (0.98 vs 0.85), 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.