EWL vs. IEI
EWL (iShares MSCI Switzerland ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 1.24%/yr for IEI. At a correlation of -0.09, they often move in opposite directions. EWL charges 0.50%/yr vs 0.15%/yr for IEI.
Performance
EWL vs. IEI - 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 IEI's -0.30% return. Over the past 10 years, EWL has outperformed IEI with an annualized return of 10.14%, while IEI has yielded a comparatively lower 1.24% 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%
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
EWL vs. IEI - 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% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
Correlation
The correlation between EWL and IEI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | -0.09 |
The correlation between EWL and IEI shifts across timeframes, from -0.09 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWL vs. IEI — Risk / Return Rank
EWL
IEI
EWL vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 1.19 | -0.18 |
| Martin ratioReturn relative to average drawdown | 3.24 | 3.35 | -0.11 |
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Drawdowns
EWL vs. IEI - Drawdown Comparison
The maximum EWL drawdown since its inception was -51.62%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for EWL and IEI.
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Drawdown Indicators
| EWL | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.62% | -14.60% | -37.02% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -2.50% | -10.98% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -3.66% | -9.82% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -13.88% | -15.11% |
Max Drawdown (10Y)Largest decline over 10 years | -28.99% | -14.60% | -14.39% |
Current DrawdownCurrent decline from peak | -3.63% | -1.74% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -2.67% | -8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 0.89% | +3.33% |
Volatility
EWL vs. IEI - Volatility Comparison
iShares MSCI Switzerland ETF (EWL) has a higher volatility of 5.12% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWL | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 0.98% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 2.18% | +10.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.09% | 3.00% | +13.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 4.78% | +11.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 3.93% | +12.54% |
EWL vs. IEI - Expense Ratio Comparison
EWL has a 0.50% expense ratio, which is higher than IEI's 0.15% expense ratio.
Dividends
EWL vs. IEI - Dividend Comparison
EWL's dividend yield for the trailing twelve months is around 1.63%, less than IEI's 3.64% yield.
| 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% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
EWL and IEI have a correlation of 0.47, 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 IEI (0.98%). In terms of maximum drawdown, EWL dropped -51.62% vs IEI's -14.60%.
On 10-year performance, EWL leads with 10.14% vs 1.24% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. 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 1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 0.50% for EWL.
IEI has the higher dividend yield at 3.64%, compared with 1.63% for EWL.
EWL is categorized as Europe Equities, while IEI is Government Bonds. EWL tracks MSCI Switzerland Index, while IEI tracks ICE U.S. Treasury 3-7 Year Bond Index. Their fees differ too: 0.50% for EWL and 0.15% for IEI.
IEI currently has the higher Sharpe Ratio (1.00 vs 0.85), 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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