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EWL vs. FLSW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. FLSW

Last updated Aug 2, 2026
Documentation

EWL (iShares MSCI Switzerland ETF) and FLSW (Franklin FTSE Switzerland ETF) are both Europe Equities funds - EWL tracks the MSCI Switzerland Index while FLSW tracks the FTSE Switzerland RIC Capped Index. Both are passively managed. Over the past 5 years, EWL returned 6.77%/yr vs 7.24%/yr for FLSW. Their 0.95 correlation means they have historically moved very closely together. EWL charges 0.50%/yr vs 0.09%/yr for FLSW.

Performance

EWL vs. FLSW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and Franklin FTSE Switzerland ETF (FLSW). 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 7.20% return, which is significantly lower than FLSW's 8.08% 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%

FLSW

1D
-0.67%
1M
-0.67%
6M
5.20%
YTD
8.08%
1Y
23.21%
3Y*
13.06%
5Y*
7.24%
10Y*
—
ALL TIME*
9.98%
*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

FLSW

Franklin FTSE Switzerland ETF
$259.74K$232.62K$274.84K

EWL vs. FLSW - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EWL
iShares MSCI Switzerland ETF		7.20%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-8.49%
FLSW
Franklin FTSE Switzerland ETF		8.08%32.92%-1.77%16.79%-18.14%20.82%13.25%31.66%-7.85%

Correlation

The correlation between EWL and FLSW is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

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

0.98

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2018

0.95

The correlation between EWL and FLSW has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

EWL vs. FLSW - Sectors Allocation Comparison

Sectors
EWL
FLSW

Healthcare

37.2%
38.4%

Financial Services

18.2%
16.4%

Consumer Defensive

13.5%
14.0%

Industrials

12.9%
14.5%

Basic Materials

7.0%
8.1%

Consumer Cyclical

6.3%
5.1%

Communication Services

1.2%
1.1%

Technology

1.0%
1.0%

Real Estate

0.9%
1.2%

Utilities

0.4%
0.2%

Energy

-

-

Healthcare

EWL
37.2%
FLSW
38.4%

Financial Services

EWL
18.2%
FLSW
16.4%

Consumer Defensive

EWL
13.5%
FLSW
14.0%

Industrials

EWL
12.9%
FLSW
14.5%

Basic Materials

EWL
7.0%
FLSW
8.1%

Consumer Cyclical

EWL
6.3%
FLSW
5.1%

Communication Services

EWL
1.2%
FLSW
1.1%

Technology

EWL
1.0%
FLSW
1.0%

Real Estate

EWL
0.9%
FLSW
1.2%

Utilities

EWL
0.4%
FLSW
0.2%

Energy

EWL

-

FLSW

-

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

Franklin FTSE Switzerland ETF

Often compared with EWL:
EWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. TILGXEWL vs. SFNNX
Often compared with FLSW:
FLSW vs. FLGRFLSW vs. FLJHFLSW vs. NOVN.SWFLSW vs. EXS1.DEFLSW vs. UNA.ASFLSW vs. HEAE.LFLSW vs. FSZ

Return for Risk

EWL vs. FLSW — 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
FLSW
FLSW Risk / Return Rank: 5656
Overall Rank
FLSW Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
FLSW Sortino Ratio Rank: 6565
Sortino Ratio Rank
FLSW Omega Ratio Rank: 5757
Omega Ratio Rank
FLSW Calmar Ratio Rank: 4747
Calmar Ratio Rank
FLSW Martin Ratio Rank: 4848
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. FLSW - Risk-Adjusted Trends Comparison

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

EWLFLSWDifference
Sharpe ratioReturn per unit of total volatility
1.40
1.45

-0.05

Sortino ratioReturn per unit of downside risk
2.06
2.16

-0.09

Omega ratioGain probability vs. loss probability

1.25

1.25

0.00

Calmar ratioReturn relative to maximum drawdown

1.63

1.69

-0.05

Martin ratioReturn relative to average drawdown

5.39

5.48

-0.09

EWL vs. FLSW - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.40, which is comparable to the FLSW Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of EWL and FLSW, 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. FLSW - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than FLSW's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for EWL and FLSW.

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Drawdown Indicators

EWLFLSWDifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-28.16%

-23.46%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-13.38%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-13.38%

-0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-28.16%

-0.83%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

—

—

Current Drawdown

Current decline from peak

-1.28%

-0.67%

-0.61%

Average Drawdown

Average peak-to-trough decline

-11.04%

-5.90%

-5.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

4.11%

-0.03%

Volatility

EWL vs. FLSW - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and Franklin FTSE Switzerland ETF (FLSW) have volatilities of 4.59% and 4.48%, 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.

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Volatility by Period

EWLFLSWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

4.48%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

12.83%

12.65%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

15.66%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.22%

15.85%

+0.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.30%

16.86%

-0.56%

EWL vs. FLSW - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than FLSW's 0.09% expense ratio.

Dividends

EWL vs. FLSW - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.73%, less than FLSW's 2.26% 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%
FLSW
Franklin FTSE Switzerland ETF		2.26%2.12%2.04%2.36%2.02%1.86%2.28%1.15%2.86%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.98, EWL and FLSW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWL has higher volatility (4.59%) compared to FLSW (4.48%). In terms of maximum drawdown, EWL dropped -51.62% vs FLSW's -28.16%.

On 5-year performance, FLSW leads with 7.24% vs 6.77% for EWL. On fees, FLSW is cheaper at 0.09% per year. On volatility, FLSW has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLSW has performed better with a 7.24% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLSW is cheaper with a 0.09% expense ratio, compared with 0.50% for EWL.

FLSW has the higher dividend yield at 2.26%, compared with 1.73% for EWL.

EWL tracks MSCI Switzerland Index, while FLSW tracks FTSE Switzerland RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.50% for EWL and 0.09% for FLSW.

FLSW currently has the higher Sharpe Ratio (1.45 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.

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