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EWL vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWL vs. FSZ

Last updated Aug 2, 2026
Documentation

EWL (iShares MSCI Switzerland ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWL tracks the MSCI Switzerland Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWL returned 9.91%/yr vs 9.81%/yr for FSZ. Their correlation of 0.81 means they have usually moved in the same direction. EWL charges 0.50%/yr vs 0.80%/yr for FSZ.

Performance

EWL vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and First Trust Switzerland AlphaDEX Fund (FSZ). 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 higher than FSZ's 3.71% return. Both investments have delivered pretty close results over the past 10 years, with EWL having a 9.91% annualized return and FSZ not far behind at 9.81%.

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%

FSZ

1D
-0.86%
1M
-1.77%
6M
0.25%
YTD
3.71%
1Y
10.06%
3Y*
11.44%
5Y*
5.67%
10Y*
9.81%
ALL TIME*
9.28%
*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

FSZ

First Trust Switzerland AlphaDEX Fund
$60.99K$62.05K$87.92K

EWL vs. FSZ - 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%
FSZ
First Trust Switzerland AlphaDEX Fund		3.71%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%

Correlation

The correlation between EWL and FSZ is 0.85, meaning they have usually moved in the same direction, including during past declines.

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

0.85

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

0.82

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

0.80

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

0.82

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.81

The correlation between EWL and FSZ has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

EWL vs. FSZ - Sectors Allocation Comparison

Sectors
EWL
FSZ

Healthcare

37.2%
23.1%

Financial Services

18.2%
18.8%

Consumer Defensive

13.5%
6.3%

Industrials

12.9%
22.2%

Basic Materials

7.0%
8.0%

Consumer Cyclical

6.3%
11.0%

Communication Services

1.2%
3.5%

Technology

1.0%
1.4%

Real Estate

0.9%
3.2%

Utilities

0.4%
2.6%

Energy

-

-

Healthcare

EWL
37.2%
FSZ
23.1%

Financial Services

EWL
18.2%
FSZ
18.8%

Consumer Defensive

EWL
13.5%
FSZ
6.3%

Industrials

EWL
12.9%
FSZ
22.2%

Basic Materials

EWL
7.0%
FSZ
8.0%

Consumer Cyclical

EWL
6.3%
FSZ
11.0%

Communication Services

EWL
1.2%
FSZ
3.5%

Technology

EWL
1.0%
FSZ
1.4%

Real Estate

EWL
0.9%
FSZ
3.2%

Utilities

EWL
0.4%
FSZ
2.6%

Energy

EWL

-

FSZ

-

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

First Trust Switzerland AlphaDEX Fund

Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. TILGXEWL vs. SFNNX
Often compared with FSZ:
FSZ vs. FLSWFSZ vs. IAUFSZ vs. EWGFSZ vs. SPYFSZ vs. EZUFSZ vs. EWIFSZ vs. EWU

Return for Risk

EWL vs. FSZ — 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
FSZ
FSZ Risk / Return Rank: 2525
Overall Rank
FSZ Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2323
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2525
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2626
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. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and First Trust Switzerland AlphaDEX Fund (FSZ). 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.

EWLFSZDifference
Sharpe ratioReturn per unit of total volatility
1.40
0.56

+0.84

Sortino ratioReturn per unit of downside risk
2.06
0.92

+1.14

Omega ratioGain probability vs. loss probability

1.25

1.10

+0.14

Calmar ratioReturn relative to maximum drawdown

1.63

0.78

+0.85

Martin ratioReturn relative to average drawdown

5.39

2.09

+3.30

EWL vs. FSZ - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.40, which is higher than the FSZ Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of EWL and FSZ, 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. FSZ - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWL and FSZ.

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Drawdown Indicators

EWLFSZDifference

Max Drawdown

Largest peak-to-trough decline

-51.62%

-33.97%

-17.65%

Max Drawdown (1Y)

Largest decline over 1 year

-13.48%

-10.39%

-3.09%

Max Drawdown (3Y)

Largest decline over 3 years

-13.48%

-13.93%

+0.45%

Max Drawdown (5Y)

Largest decline over 5 years

-28.99%

-33.96%

+4.97%

Max Drawdown (10Y)

Largest decline over 10 years

-28.99%

-33.97%

+4.98%

Current Drawdown

Current decline from peak

-1.28%

-3.56%

+2.28%

Average Drawdown

Average peak-to-trough decline

-11.04%

-6.96%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

3.89%

+0.19%

Volatility

EWL vs. FSZ - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 4.59%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 5.15%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWLFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

5.15%

-0.56%

Volatility (6M)

Calculated over the trailing 6-month period

12.83%

11.59%

+1.24%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

14.58%

+1.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.22%

19.42%

-3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.30%

18.71%

-2.41%

EWL vs. FSZ - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

EWL vs. FSZ - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.73%, less than FSZ's 2.00% 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%
FSZ
First Trust Switzerland AlphaDEX Fund		2.00%1.80%1.80%2.11%3.50%1.62%1.53%2.01%2.29%1.49%1.93%1.08%

Frequently Asked Questions

EWL and FSZ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSZ has higher volatility (5.15%) compared to EWL (4.59%). In terms of maximum drawdown, EWL dropped -51.62% vs FSZ's -33.97%.

On 10-year performance, EWL leads with 9.91% vs 9.81% for FSZ. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 4.59%. 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 9.81%. 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 0.80% for FSZ.

FSZ has the higher dividend yield at 2.00%, compared with 1.73% for EWL.

EWL tracks MSCI Switzerland Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for EWL and 0.80% for FSZ.

EWL currently has the higher Sharpe Ratio (1.40 vs 0.56), 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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