EWL vs. GBTC
EWL (iShares MSCI Switzerland ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 46.47%/yr for GBTC. At a 0.18 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 1.50%/yr for GBTC.
Performance
EWL vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWL achieves a 4.60% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, EWL has underperformed GBTC with an annualized return of 10.14%, while GBTC has yielded a comparatively higher 46.47% 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%
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
EWL vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between EWL and GBTC is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWL vs. GBTC — Risk / Return Rank
EWL
GBTC
EWL vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.85 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | -0.79 | +1.80 |
| Martin ratioReturn relative to average drawdown | 3.24 | -1.39 | +4.63 |
Loading charts...
Drawdowns
EWL vs. GBTC - Drawdown Comparison
The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for EWL and GBTC.
Loading charts...
Drawdown Indicators
| EWL | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.62% | -89.91% | +38.29% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -52.45% | +38.97% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -52.45% | +38.97% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -85.42% | +56.43% |
Max Drawdown (10Y)Largest decline over 10 years | -28.99% | -89.91% | +60.92% |
Current DrawdownCurrent decline from peak | -3.63% | -49.87% | +46.24% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -43.43% | +32.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 29.85% | -25.63% |
Volatility
EWL vs. GBTC - Volatility Comparison
The current volatility for iShares MSCI Switzerland ETF (EWL) is 5.12%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.97%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWL | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 11.97% | -6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 34.41% | -21.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.09% | 44.01% | -27.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 62.25% | -46.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 81.84% | -65.37% |
EWL vs. GBTC - Expense Ratio Comparison
EWL has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
EWL vs. GBTC - Dividend Comparison
EWL's dividend yield for the trailing twelve months is around 1.63%, while GBTC 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% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% | 0.00% |
Frequently Asked Questions
EWL and GBTC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.97%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 46.47% vs 10.14% for EWL. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 46.47% return vs 10.14%. 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 1.50% for GBTC.
EWL has the higher dividend yield at 1.63%, compared with 0.00% for GBTC.
EWL is categorized as Europe Equities, while GBTC is Cryptocurrency. EWL tracks MSCI Switzerland Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.50% for EWL and 1.50% for GBTC.
EWL currently has the higher Sharpe Ratio (0.85 vs -0.94), 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.
Find the right allocation for EWL and GBTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer