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EWL vs. EWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. EWY

Last updated Jun 13, 2026

EWL (iShares MSCI Switzerland ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 16.84%/yr for EWY. At a 0.49 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 0.59%/yr for EWY.

Performance

EWL vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and iShares MSCI South Korea ETF (EWY). 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 4.60% return, which is significantly lower than EWY's 103.10% return. Over the past 10 years, EWL has underperformed EWY with an annualized return of 10.14%, while EWY has yielded a comparatively higher 16.84% 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%

EWY

1D
-0.75%
1M
4.68%
YTD
103.10%
6M
117.85%
1Y
198.25%
3Y*
46.46%
5Y*
18.80%
10Y*
16.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWL vs. EWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWY
iShares MSCI South Korea ETF		103.10%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%

Correlation

The correlation between EWL and EWY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

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

0.44

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

0.48

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

0.52

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.49

The correlation between EWL and EWY shifts across timeframes, from 0.40 (1 year) to 0.52 (10 years), reflecting how their relationship changes across market environments.

EWL vs. EWY - Sectors Allocation Comparison

Sectors
EWL
EWY

Healthcare

38.8%
3.5%

Financial Services

18.6%
9.6%

Consumer Defensive

14.9%
1.7%

Industrials

12.0%
20.4%

Basic Materials

6.6%
2.0%

Consumer Cyclical

5.4%
5.7%

Communication Services

1.3%
2.9%

Real Estate

0.9%

-

Technology

0.9%
52.4%

Utilities

0.4%
0.4%

Energy

-

1.4%

Healthcare

EWL
38.8%
EWY
3.5%

Financial Services

EWL
18.6%
EWY
9.6%

Consumer Defensive

EWL
14.9%
EWY
1.7%

Industrials

EWL
12.0%
EWY
20.4%

Basic Materials

EWL
6.6%
EWY
2.0%

Consumer Cyclical

EWL
5.4%
EWY
5.7%

Communication Services

EWL
1.3%
EWY
2.9%

Real Estate

EWL
0.9%
EWY

-

Technology

EWL
0.9%
EWY
52.4%

Utilities

EWL
0.4%
EWY
0.4%

Energy

EWL

-

EWY
1.4%

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 South Korea ETF

Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. IDAP.L
Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH

Return for Risk

EWL vs. EWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWL
EWL Risk / Return Rank: 2626
Overall Rank
EWL Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWL Omega Ratio Rank: 2525
Omega Ratio Rank
EWL Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWL Martin Ratio Rank: 2727
Martin Ratio Rank
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
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. EWY - Risk-Adjusted Trends Comparison

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

EWLEWYDifference
Sharpe ratioReturn per unit of total volatility
0.85
4.29

-3.44

Sortino ratioReturn per unit of downside risk
1.30
4.08

-2.78

Omega ratioGain probability vs. loss probability

1.15

1.59

-0.44

Calmar ratioReturn relative to maximum drawdown

1.01

8.65

-7.63

Martin ratioReturn relative to average drawdown

3.24

30.24

-26.99

EWL vs. EWY - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.85, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of EWL and EWY, 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. EWY - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EWL and EWY.

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Drawdown Indicators

EWLEWYDifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-74.14%

+22.52%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-23.08%

+9.60%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-27.36%

+13.88%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-48.55%

+19.56%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

-49.73%

+20.74%

Current Drawdown

Current decline from peak

-3.63%

-8.88%

+5.25%

Average Drawdown

Average peak-to-trough decline

-11.08%

-20.11%

+9.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.22%

6.59%

-2.37%

Volatility

EWL vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 5.12%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWLEWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.12%

25.64%

-20.52%

Volatility (6M)

Calculated over the trailing 6-month period

12.70%

42.65%

-29.95%

Volatility (1Y)

Calculated over the trailing 1-year period

16.09%

46.51%

-30.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.13%

30.15%

-14.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.47%

28.06%

-11.59%

EWL vs. EWY - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

EWL vs. EWY - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.63%, more than EWY's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWY
iShares MSCI South Korea ETF		1.03%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%

Frequently Asked Questions

EWL and EWY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (25.64%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs EWY's -74.14%.

On 10-year performance, EWY leads with 16.84% vs 10.14% for EWL. On fees, EWL is cheaper at 0.50% 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.

Over the 10-year period, EWY has performed better with a 16.84% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWL is cheaper with a 0.50% expense ratio, compared with 0.59% for EWY.

EWL has the higher dividend yield at 1.63%, compared with 1.03% for EWY.

EWL is categorized as Europe Equities, while EWY is Asia Pacific Equities. EWL tracks MSCI Switzerland Index, while EWY tracks MSCI Korea Index. Their fees differ too: 0.50% for EWL and 0.59% for EWY.

EWY currently has the higher Sharpe Ratio (4.29 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.

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