EWL vs. FSZ

Last updated Jun 24, 2026

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 10.25%/yr vs 10.25%/yr for FSZ. Their correlation of 0.81 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, EWL achieves a 4.35% return, which is significantly higher than FSZ's 2.53% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: EWL at 10.25% and FSZ at 10.25%.

EWL

• 1D: 0.38%
• 1M: -0.12%
• YTD: 4.35%
• 6M: 3.59%
• 1Y: 17.04%
• 3Y*: 12.55%
• 5Y*: 6.65%
• 10Y*: 10.25%

FSZ

• 1D: -0.05%
• 1M: 0.06%
• YTD: 2.53%
• 6M: 1.73%
• 1Y: 11.07%
• 3Y*: 13.17%
• 5Y*: 6.20%
• 10Y*: 10.25%

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

EWL vs. FSZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	4.35%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
FSZ First Trust Switzerland AlphaDEX Fund	2.53%	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 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	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 0.84 - a consistent structural relationship.

EWL vs. FSZ - Sectors Allocation Comparison

Sectors	EWL	FSZ
Healthcare	33.3%	14.6%
Financial Services	17.7%	22.0%
Consumer Defensive	15.9%	4.9%
Industrials	12.6%	17.1%
Consumer Cyclical	7.8%	7.3%
Basic Materials	7.4%	9.8%
Communication Services	1.3%	2.4%
Technology	1.1%	4.9%
Real Estate	0.9%	2.4%
Utilities	0.4%	2.4%
Energy	-	-

Return for Risk

EWL vs. FSZ — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 31
EWL Sortino Ratio Rank: 31
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

FSZ

FSZ Risk / Return Rank: 23
FSZ Sharpe Ratio Rank: 23
FSZ Sortino Ratio Rank: 23
FSZ Omega Ratio Rank: 22
FSZ Calmar Ratio Rank: 23
FSZ Martin Ratio Rank: 22

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. 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.

	EWL	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	1.08	0.78	+0.30
Sortino ratio: Return per unit of downside risk	1.61	1.21	+0.40
Omega ratio: Gain probability vs. loss probability	1.19	1.14	+0.05
Calmar ratio: Return relative to maximum drawdown	1.27	1.07	+0.20
Martin ratio: Return relative to average drawdown	4.04	2.61	+1.43

EWL vs. FSZ - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.08, which is higher than the FSZ Sharpe Ratio of 0.78. 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.

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.

Drawdown Indicators

	EWL	FSZ	Difference
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	-3.86%	-4.66%	+0.80%
Average Drawdown Average peak-to-trough decline	-11.08%	-6.98%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	4.24%	-0.01%

Volatility

EWL vs. FSZ - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 4.71% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.07%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.07%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	11.05%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	14.34%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	19.35%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	18.75%	-2.45%

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 1.77%, less than FSZ's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.77%	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	2.38%	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

Can I hold both EWL and FSZ in my portfolio?

EWL and FSZ have a correlation of 0.84, 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 FSZ?

EWL has higher volatility (4.71%) compared to FSZ (4.07%). In terms of maximum drawdown, EWL dropped -51.62% vs FSZ's -33.97%.

Which ETF is better, EWL or FSZ?

On 10-year performance, FSZ leads with 10.25% vs 10.25% for EWL. On fees, EWL is cheaper at 0.50% per year. On volatility, FSZ has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or FSZ?

Over the 10-year period, FSZ has performed better with a 10.25% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or FSZ?

EWL is cheaper with a 0.50% expense ratio, compared with 0.80% for FSZ.

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

FSZ has the higher dividend yield at 2.38%, compared with 1.77% for EWL.

What is the main difference between EWL and FSZ?

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.

Which has better risk-adjusted returns?

EWL currently has the higher Sharpe Ratio (1.08 vs 0.78), 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.