EWL vs. EWQ

Last updated Jun 24, 2026

EWL (iShares MSCI Switzerland ETF) and EWQ (iShares MSCI France ETF) are both Europe Equities funds from iShares - EWL tracks the MSCI Switzerland Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, EWL returned 10.25%/yr vs 10.31%/yr for EWQ. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWL vs. EWQ - Performance Comparison

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

Returns By Period

In the year-to-date period, EWL achieves a 4.35% return, which is significantly higher than EWQ's 1.84% return. Both investments have delivered pretty close results over the past 10 years, with EWL having a 10.25% annualized return and EWQ not far ahead at 10.31%.

EWL

• 1D: 0.38%
• 1M: -0.12%
• YTD: 4.35%
• 6M: 3.59%
• 1Y: 17.04%
• 3Y*: 12.55%
• 5Y*: 6.65%
• 10Y*: 10.25%

EWQ

• 1D: -1.02%
• 1M: 1.44%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 10.78%
• 3Y*: 9.62%
• 5Y*: 6.51%
• 10Y*: 10.31%

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

EWL vs. EWQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	4.35%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
EWQ iShares MSCI France ETF	1.84%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%

Correlation

The correlation between EWL and EWQ is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996	0.68

The correlation between EWL and EWQ shifts across timeframes, from 0.68 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

EWL vs. EWQ - Sectors Allocation Comparison

Sectors	EWL	EWQ
Healthcare	33.3%	8.7%
Financial Services	17.7%	12.8%
Consumer Defensive	15.9%	8.5%
Industrials	12.6%	31.1%
Consumer Cyclical	7.8%	12.0%
Basic Materials	7.4%	7.1%
Communication Services	1.3%	3.1%
Technology	1.1%	4.1%
Real Estate	0.9%	1.3%
Utilities	0.4%	2.6%
Energy	-	8.0%

Return for Risk

EWL vs. EWQ — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 31
EWL Sortino Ratio Rank: 31
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

EWQ

EWQ Risk / Return Rank: 19
EWQ Sharpe Ratio Rank: 19
EWQ Sortino Ratio Rank: 18
EWQ Omega Ratio Rank: 18
EWQ Calmar Ratio Rank: 19
EWQ Martin Ratio Rank: 21

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. EWQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares MSCI France ETF (EWQ). 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	EWQ	Difference
Sharpe ratio: Return per unit of total volatility	1.08	0.61	+0.47
Sortino ratio: Return per unit of downside risk	1.61	0.98	+0.63
Omega ratio: Gain probability vs. loss probability	1.19	1.12	+0.08
Calmar ratio: Return relative to maximum drawdown	1.27	0.78	+0.49
Martin ratio: Return relative to average drawdown	4.04	2.37	+1.67

EWL vs. EWQ - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.08, which is higher than the EWQ Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of EWL and EWQ, 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. EWQ - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWQ drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for EWL and EWQ.

Drawdown Indicators

	EWL	EWQ	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-61.41%	+9.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-13.80%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-15.16%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-31.46%	+2.47%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-39.23%	+10.24%
Current Drawdown Current decline from peak	-3.86%	-5.24%	+1.38%
Average Drawdown Average peak-to-trough decline	-11.08%	-16.06%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	4.56%	-0.33%

Volatility

EWL vs. EWQ - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 4.71%, while iShares MSCI France ETF (EWQ) has a volatility of 5.62%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	EWQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	5.62%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	14.27%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	17.64%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	19.88%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	20.45%	-4.15%

EWL vs. EWQ - Expense Ratio Comparison

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

Dividends

EWL vs. EWQ - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.77%, less than EWQ's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.77%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
EWQ iShares MSCI France ETF	2.94%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%

Frequently Asked Questions

Can I hold both EWL and EWQ in my portfolio?

EWL and EWQ have a correlation of 0.80, 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 EWQ?

EWQ has higher volatility (5.62%) compared to EWL (4.71%). In terms of maximum drawdown, EWL dropped -51.62% vs EWQ's -61.41%.

Which ETF is better, EWL or EWQ?

On 10-year performance, EWQ leads with 10.31% vs 10.25% for EWL. Both ETFs have the same 0.50% expense ratio. On volatility, EWL has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or EWQ?

Over the 10-year period, EWQ has performed better with a 10.31% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or EWQ?

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

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

EWQ has the higher dividend yield at 2.94%, compared with 1.77% for EWL.

What is the main difference between EWL and EWQ?

EWL tracks MSCI Switzerland Index, while EWQ tracks MSCI France Index.

Which has better risk-adjusted returns?

EWL currently has the higher Sharpe Ratio (1.08 vs 0.61), 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.