EWL vs. FXF
EWL (iShares MSCI Switzerland ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 1.06%/yr for FXF. At a 0.38 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 0.40%/yr for FXF.
Performance
EWL vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, EWL achieves a 4.60% return, which is significantly higher than FXF's -0.80% return. Over the past 10 years, EWL has outperformed FXF with an annualized return of 10.14%, while FXF has yielded a comparatively lower 1.06% 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%
FXF
- 1D
- -0.15%
- 1M
- -1.88%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
EWL vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between EWL and FXF is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.38 |
The correlation between EWL and FXF shifts across timeframes, from 0.38 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWL vs. FXF — Risk / Return Rank
EWL
FXF
EWL vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.03 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.25 | +0.76 |
| Martin ratioReturn relative to average drawdown | 3.24 | 0.54 | +2.70 |
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Drawdowns
EWL vs. FXF - Drawdown Comparison
The maximum EWL drawdown since its inception was -51.62%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for EWL and FXF.
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Drawdown Indicators
| EWL | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.62% | -35.58% | -16.04% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -4.97% | -8.51% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -8.52% | -4.96% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -12.68% | -16.31% |
Max Drawdown (10Y)Largest decline over 10 years | -28.99% | -15.04% | -13.95% |
Current DrawdownCurrent decline from peak | -3.63% | -19.02% | +15.39% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -20.83% | +9.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 2.28% | +1.94% |
Volatility
EWL vs. FXF - Volatility Comparison
iShares MSCI Switzerland ETF (EWL) has a higher volatility of 5.12% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.81%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWL | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 1.81% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 5.56% | +7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.09% | 7.49% | +8.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 8.33% | +7.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 7.57% | +8.90% |
EWL vs. FXF - Expense Ratio Comparison
EWL has a 0.50% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
EWL vs. FXF - Dividend Comparison
EWL's dividend yield for the trailing twelve months is around 1.63%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWL and FXF have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWL has higher volatility (5.12%) compared to FXF (1.81%). In terms of maximum drawdown, EWL dropped -51.62% vs FXF's -35.58%.
On 10-year performance, EWL leads with 10.14% vs 1.06% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. 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 10.14% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.50% for EWL.
EWL has the higher dividend yield at 1.63%, compared with 0.00% for FXF.
EWL is categorized as Europe Equities, while FXF is Currency. EWL tracks MSCI Switzerland Index, while FXF tracks Swiss Franc. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for EWL and 0.40% for FXF.
EWL currently has the higher Sharpe Ratio (0.85 vs 0.17), 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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