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EWL vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. EWI

Last updated Jul 21, 2026
Documentation

EWL (iShares MSCI Switzerland ETF) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds from iShares - EWL tracks the MSCI Switzerland Index while EWI tracks the MSCI Italy Index. Both are passively managed. Over the past 10 years, EWL returned 9.84%/yr vs 14.29%/yr for EWI. A 0.62 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.49%/yr for EWI.

Performance

EWL vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and iShares MSCI Italy ETF (EWI). 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 5.79% return, which is significantly lower than EWI's 12.50% return. Over the past 10 years, EWL has underperformed EWI with an annualized return of 9.84%, while EWI has yielded a comparatively higher 14.29% annualized return.

EWL

1D
-1.35%
1M
1.63%
6M
4.83%
YTD
5.79%
1Y
16.43%
3Y*
11.64%
5Y*
6.85%
10Y*
9.84%
ALL TIME*
7.52%

EWI

1D
-0.53%
1M
-1.09%
6M
11.29%
YTD
12.50%
1Y
29.57%
3Y*
26.26%
5Y*
17.88%
10Y*
14.29%
ALL TIME*
6.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWL vs. EWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWL
iShares MSCI Switzerland ETF		5.79%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%
EWI
iShares MSCI Italy ETF		12.50%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%

Correlation

The correlation between EWL and EWI is 0.68, 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

0.68

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

0.68

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

0.72

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

0.69

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

0.62

The correlation between EWL and EWI has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

EWL vs. EWI - Sectors Allocation Comparison

Sectors
EWL
EWI

Healthcare

37.2%
1.3%

Financial Services

17.7%
50.1%

Consumer Defensive

14.0%
0.9%

Industrials

13.9%
10.4%

Basic Materials

7.3%
1.0%

Consumer Cyclical

6.4%
9.0%

Communication Services

1.2%
2.7%

Real Estate

0.9%

-

Technology

0.9%

-

Utilities

0.4%
18.0%

Energy

-

6.6%

Healthcare

EWL
37.2%
EWI
1.3%

Financial Services

EWL
17.7%
EWI
50.1%

Consumer Defensive

EWL
14.0%
EWI
0.9%

Industrials

EWL
13.9%
EWI
10.4%

Basic Materials

EWL
7.3%
EWI
1.0%

Consumer Cyclical

EWL
6.4%
EWI
9.0%

Communication Services

EWL
1.2%
EWI
2.7%

Real Estate

EWL
0.9%
EWI

-

Technology

EWL
0.9%
EWI

-

Utilities

EWL
0.4%
EWI
18.0%

Energy

EWL

-

EWI
6.6%

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 Italy ETF

Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. TILGX
Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL

Return for Risk

EWL vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWL
EWL Risk / Return Rank: 3636
Overall Rank
EWL Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWL Omega Ratio Rank: 3636
Omega Ratio Rank
EWL Calmar Ratio Rank: 3232
Calmar Ratio Rank
EWL Martin Ratio Rank: 3535
Martin Ratio Rank
EWI
EWI Risk / Return Rank: 6565
Overall Rank
EWI Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 6666
Sortino Ratio Rank
EWI Omega Ratio Rank: 6262
Omega Ratio Rank
EWI Calmar Ratio Rank: 6464
Calmar Ratio Rank
EWI Martin Ratio Rank: 6868
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. EWI - Risk-Adjusted Trends Comparison

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

EWLEWIDifference
Sharpe ratioReturn per unit of total volatility
1.03
1.62

-0.59

Sortino ratioReturn per unit of downside risk
1.56
2.28

-0.72

Omega ratioGain probability vs. loss probability

1.19

1.28

-0.09

Calmar ratioReturn relative to maximum drawdown

1.22

2.38

-1.16

Martin ratioReturn relative to average drawdown

3.88

8.86

-4.98

EWL vs. EWI - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.03, which is lower than the EWI Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EWL and EWI, 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. EWI - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EWL and EWI.

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Drawdown Indicators

EWLEWIDifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-70.38%

+18.76%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-12.48%

-1.00%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-16.80%

+3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-35.25%

+6.26%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

-43.00%

+14.01%

Current Drawdown

Current decline from peak

-2.58%

-1.96%

-0.62%

Average Drawdown

Average peak-to-trough decline

-11.05%

-28.83%

+17.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.24%

3.35%

+0.89%

Volatility

EWL vs. EWI - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 4.25% compared to iShares MSCI Italy ETF (EWI) at 3.97%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWLEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.25%

3.97%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

13.12%

15.51%

-2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

16.03%

18.38%

-2.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.19%

21.09%

-4.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.29%

22.50%

-6.21%

EWL vs. EWI - Expense Ratio Comparison

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

Dividends

EWL vs. EWI - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.75%, less than EWI's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.13%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
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

EWL and EWI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWL has higher volatility (4.25%) compared to EWI (3.97%). In terms of maximum drawdown, EWL dropped -51.62% vs EWI's -70.38%.

On 10-year performance, EWI leads with 14.29% vs 9.84% for EWL. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.29% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWI has the higher dividend yield at 3.13%, compared with 1.75% for EWL.

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

EWI currently has the higher Sharpe Ratio (1.62 vs 1.03), 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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