EWL vs. FDD

Last updated Jun 4, 2026

EWL (iShares MSCI Switzerland ETF) and FDD (First Trust STOXX European Select Dividend Index Fund) are both Europe Equities funds - EWL tracks the MSCI Switzerland Index while FDD tracks the STOXX Europe Select Dividend 30. Both are passively managed. Over the past 10 years, EWL returned 9.27%/yr vs 9.96%/yr for FDD. A 0.67 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.58%/yr for FDD.

Performance

EWL vs. FDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and First Trust STOXX European Select Dividend Index Fund (FDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWL achieves a 1.57% return, which is significantly lower than FDD's 11.53% return. Over the past 10 years, EWL has underperformed FDD with an annualized return of 9.27%, while FDD has yielded a comparatively higher 9.96% annualized return.

EWL

• 1D: -1.39%
• 1M: 0.96%
• YTD: 1.57%
• 6M: 4.87%
• 1Y: 12.76%
• 3Y*: 11.12%
• 5Y*: 6.33%
• 10Y*: 9.27%

FDD

• 1D: -1.17%
• 1M: 3.51%
• YTD: 11.53%
• 6M: 17.78%
• 1Y: 33.02%
• 3Y*: 25.85%
• 5Y*: 11.03%
• 10Y*: 9.96%

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

EWL vs. FDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	1.57%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
FDD First Trust STOXX European Select Dividend Index Fund	11.53%	62.50%	0.28%	14.16%	-16.14%	16.03%	-3.80%	23.79%	-8.98%	19.07%

Correlation

The correlation between EWL and FDD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.67

The correlation between EWL and FDD has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

EWL vs. FDD - Sectors Allocation Comparison

Sectors	EWL	FDD
Healthcare	38.8%	-
Financial Services	18.6%	52.2%
Consumer Defensive	14.9%	3.7%
Industrials	12.0%	12.5%
Basic Materials	6.6%	2.9%
Consumer Cyclical	5.4%	12.3%
Communication Services	1.3%	2.1%
Real Estate	0.9%	3.5%
Technology	0.9%	-
Utilities	0.4%	6.0%
Energy	-	10.8%

Return for Risk

EWL vs. FDD — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 22
EWL Sharpe Ratio Rank: 23
EWL Sortino Ratio Rank: 23
EWL Omega Ratio Rank: 22
EWL Calmar Ratio Rank: 21
EWL Martin Ratio Rank: 24

FDD

FDD Risk / Return Rank: 64
FDD Sharpe Ratio Rank: 63
FDD Sortino Ratio Rank: 62
FDD Omega Ratio Rank: 60
FDD Calmar Ratio Rank: 70
FDD Martin Ratio Rank: 64

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. FDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and First Trust STOXX European Select Dividend Index Fund (FDD). 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.

	EWL	FDD	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.16	-1.34
Sortino ratio: Return per unit of downside risk	1.24	2.98	-1.74
Omega ratio: Gain probability vs. loss probability	1.15	1.37	-0.22
Calmar ratio: Return relative to maximum drawdown	0.95	3.53	-2.58
Martin ratio: Return relative to average drawdown	3.10	11.86	-8.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWL vs. FDD - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.82, which is lower than the FDD Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EWL and FDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWL	FDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	2.16	-1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.60	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.50	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.10	+0.25

Drawdowns

EWL vs. FDD - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum FDD drawdown of -74.77%. Use the drawdown chart below to compare losses from any high point for EWL and FDD.

Drawdown Indicators

	EWL	FDD	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-74.77%	+23.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-9.39%	-4.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-13.06%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-35.11%	+6.12%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-41.43%	+12.44%
Current Drawdown Current decline from peak	-6.42%	-2.26%	-4.16%
Average Drawdown Average peak-to-trough decline	-11.09%	-35.47%	+24.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.79%	+1.34%

Volatility

EWL vs. FDD - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and First Trust STOXX European Select Dividend Index Fund (FDD) have volatilities of 5.07% and 5.22%, 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	FDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	5.22%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	12.35%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	15.43%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	18.39%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	20.16%	-3.69%

EWL vs. FDD - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is lower than FDD's 0.58% expense ratio.

Dividends

EWL vs. FDD - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.68%, less than FDD's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.68%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
FDD First Trust STOXX European Select Dividend Index Fund	3.55%	3.99%	7.65%	6.85%	6.07%	3.44%	4.01%	4.69%	5.05%	2.78%	4.88%	4.35%

Frequently Asked Questions

Can I hold both EWL and FDD in my portfolio?

EWL and FDD have a correlation of 0.72, 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 FDD?

FDD has higher volatility (5.22%) compared to EWL (5.07%). In terms of maximum drawdown, EWL dropped -51.62% vs FDD's -74.77%.

Which ETF is better, EWL or FDD?

On 10-year performance, FDD leads with 9.96% vs 9.27% for EWL. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or FDD?

Over the 10-year period, FDD has performed better with a 9.96% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or FDD?

EWL is cheaper with a 0.50% expense ratio, compared with 0.58% for FDD.

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

FDD has the higher dividend yield at 3.55%, compared with 1.68% for EWL.

What is the main difference between EWL and FDD?

EWL tracks MSCI Switzerland Index, while FDD tracks STOXX Europe Select Dividend 30. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for EWL and 0.58% for FDD.

Which has better risk-adjusted returns?

FDD currently has the higher Sharpe Ratio (2.16 vs 0.82), 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.