PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWL vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. EWU

Last updated Aug 2, 2026
Documentation

EWL (iShares MSCI Switzerland ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds from iShares - EWL tracks the MSCI Switzerland Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, EWL returned 9.91%/yr vs 8.57%/yr for EWU. Their 0.65 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWL vs. EWU - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWL achieves a 7.20% return, which is significantly lower than EWU's 11.65% return. Over the past 10 years, EWL has outperformed EWU with an annualized return of 9.91%, while EWU has yielded a comparatively lower 8.57% annualized return.

EWL

1D
-1.19%
1M
-1.28%
6M
4.45%
YTD
7.20%
1Y
22.60%
3Y*
12.29%
5Y*
6.77%
10Y*
9.91%
ALL TIME*
7.56%

EWU

1D
-0.55%
1M
2.65%
6M
6.38%
YTD
11.65%
1Y
25.32%
3Y*
18.10%
5Y*
12.40%
10Y*
8.57%
ALL TIME*
6.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWL

iShares MSCI Switzerland ETF
$28.12M$30.49M$28.31M

EWU

iShares MSCI United Kingdom ETF
$39.99M$65.00M$64.94M

EWL vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWL
iShares MSCI Switzerland ETF		7.20%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%
EWU
iShares MSCI United Kingdom ETF		11.65%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between EWL and EWU is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.74

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (10Y)
Provides a long-term view across more market conditions.

0.76

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

0.65

The correlation between EWL and EWU shifts across timeframes, from 0.65 (all time) to 0.76 (10 years), reflecting how their relationship changes across market environments.

EWL vs. EWU - Sectors Allocation Comparison

Sectors
EWL
EWU

Healthcare

37.2%
13.2%

Financial Services

18.2%
27.5%

Consumer Defensive

13.5%
13.9%

Industrials

12.9%
14.0%

Basic Materials

7.0%
7.7%

Consumer Cyclical

6.3%
3.9%

Communication Services

1.2%
2.2%

Technology

1.0%
0.6%

Real Estate

0.9%
0.7%

Utilities

0.4%
4.5%

Energy

-

11.2%

Healthcare

EWL
37.2%
EWU
13.2%

Financial Services

EWL
18.2%
EWU
27.5%

Consumer Defensive

EWL
13.5%
EWU
13.9%

Industrials

EWL
12.9%
EWU
14.0%

Basic Materials

EWL
7.0%
EWU
7.7%

Consumer Cyclical

EWL
6.3%
EWU
3.9%

Communication Services

EWL
1.2%
EWU
2.2%

Technology

EWL
1.0%
EWU
0.6%

Real Estate

EWL
0.9%
EWU
0.7%

Utilities

EWL
0.4%
EWU
4.5%

Energy

EWL

-

EWU
11.2%

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 United Kingdom ETF

Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. TILGX
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

EWL vs. EWU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWL
EWL Risk / Return Rank: 5454
Overall Rank
EWL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWL Omega Ratio Rank: 5656
Omega Ratio Rank
EWL Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWL Martin Ratio Rank: 4747
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 7474
Overall Rank
EWU Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWU Omega Ratio Rank: 7373
Omega Ratio Rank
EWU Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWU Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWL vs. EWU - Risk-Adjusted Trends Comparison

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

EWLEWUDifference
Sharpe ratioReturn per unit of total volatility
1.40
1.73

-0.33

Sortino ratioReturn per unit of downside risk
2.06
2.47

-0.41

Omega ratioGain probability vs. loss probability

1.25

1.30

-0.06

Calmar ratioReturn relative to maximum drawdown

1.63

2.60

-0.97

Martin ratioReturn relative to average drawdown

5.39

8.55

-3.16

EWL vs. EWU - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.40, which is comparable to the EWU Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EWL and EWU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWL vs. EWU - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for EWL and EWU.

Loading charts...

Drawdown Indicators

EWLEWUDifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-63.99%

+12.37%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-9.92%

-3.56%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-12.63%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-24.91%

-4.08%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

-43.33%

+14.34%

Current Drawdown

Current decline from peak

-1.28%

-0.55%

-0.73%

Average Drawdown

Average peak-to-trough decline

-11.04%

-14.10%

+3.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

3.02%

+1.06%

Volatility

EWL vs. EWU - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 4.59% and 4.43%, 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.

Loading charts...

Volatility by Period

EWLEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

4.43%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

12.83%

12.91%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

14.96%

+0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.22%

16.39%

-0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.30%

18.23%

-1.93%

EWL vs. EWU - Expense Ratio Comparison

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

Dividends

EWL vs. EWU - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.73%, less than EWU's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWL
iShares MSCI Switzerland ETF		1.73%1.71%2.21%2.12%2.04%1.73%1.45%1.85%2.56%2.05%2.75%2.58%
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%

Frequently Asked Questions

EWL and EWU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWL has higher volatility (4.59%) compared to EWU (4.43%). In terms of maximum drawdown, EWL dropped -51.62% vs EWU's -63.99%.

On 10-year performance, EWL leads with 9.91% vs 8.57% for EWU. Both ETFs have the same 0.50% expense ratio. On volatility, EWU has been the lower-risk option at 4.43%. 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 9.91% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWU has the higher dividend yield at 3.09%, compared with 1.73% for EWL.

EWL tracks MSCI Switzerland Index, while EWU tracks MSCI United Kingdom Index.

EWU currently has the higher Sharpe Ratio (1.73 vs 1.40), 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.

Portfolio Optimizer

Find the right allocation for EWL and EWU

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer