EWL vs. IVV

Last updated Jul 14, 2026

EWL (iShares MSCI Switzerland ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWL returned 9.85%/yr vs 15.14%/yr for IVV. A 0.62 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.03%/yr for IVV.

Performance

EWL vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWL achieves a 5.94% return, which is significantly lower than IVV's 10.46% return. Over the past 10 years, EWL has underperformed IVV with an annualized return of 9.85%, while IVV has yielded a comparatively higher 15.14% annualized return.

EWL

• 1D: -0.81%
• 1M: 1.28%
• 6M: 4.77%
• YTD: 5.94%
• 1Y: 16.13%
• 3Y*: 11.76%
• 5Y*: 6.83%
• 10Y*: 9.85%

IVV

• 1D: -0.73%
• 1M: 1.27%
• 6M: 8.36%
• YTD: 10.46%
• 1Y: 21.57%
• 3Y*: 20.16%
• 5Y*: 13.01%
• 10Y*: 15.14%

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

EWL vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	5.94%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
IVV iShares Core S&P 500 ETF	10.46%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between EWL and IVV is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 19, 2000	0.62

The correlation between EWL and IVV shifts across timeframes, from 0.49 (3 years) to 0.63 (10 years), reflecting how their relationship changes across market environments.

EWL vs. IVV - Sectors Allocation Comparison

Sectors	EWL	IVV
Healthcare	36.5%	8.3%
Financial Services	17.5%	11.1%
Consumer Defensive	13.9%	4.5%
Industrials	12.4%	7.8%
Consumer Cyclical	7.6%	9.9%
Basic Materials	7.2%	1.7%
Communication Services	1.2%	10.6%
Technology	0.9%	39.0%
Real Estate	0.9%	1.8%
Utilities	0.4%	2.1%
Energy	-	3.1%

Return for Risk

EWL vs. IVV — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 33
EWL Sharpe Ratio Rank: 35
EWL Sortino Ratio Rank: 35
EWL Omega Ratio Rank: 34
EWL Calmar Ratio Rank: 30
EWL Martin Ratio Rank: 33

IVV

IVV Risk / Return Rank: 66
IVV Sharpe Ratio Rank: 66
IVV Sortino Ratio Rank: 65
IVV Omega Ratio Rank: 66
IVV Calmar Ratio Rank: 61
IVV Martin Ratio Rank: 72

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.72	-0.70
Sortino ratio: Return per unit of downside risk	1.54	2.38	-0.84
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	1.20	2.44	-1.24
Martin ratio: Return relative to average drawdown	3.82	10.60	-6.79

EWL vs. IVV - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.02, which is lower than the IVV Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of EWL and IVV, 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. IVV - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for EWL and IVV.

Drawdown Indicators

	EWL	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-55.25%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-8.89%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-18.75%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-24.53%	-4.46%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-33.90%	+4.91%
Current Drawdown Current decline from peak	-2.44%	-1.11%	-1.33%
Average Drawdown Average peak-to-trough decline	-11.06%	-10.74%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	2.04%	+2.20%

Volatility

EWL vs. IVV - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 4.76% compared to iShares Core S&P 500 ETF (IVV) at 4.32%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.32%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	10.05%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	12.60%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	17.01%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	18.05%	-1.77%

EWL vs. IVV - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

EWL vs. IVV - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.75%, more than IVV's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.75%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
IVV iShares Core S&P 500 ETF	1.09%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Frequently Asked Questions

Can I hold both EWL and IVV in my portfolio?

EWL and IVV have a correlation of 0.52, 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 IVV?

EWL has higher volatility (4.76%) compared to IVV (4.32%). In terms of maximum drawdown, EWL dropped -51.62% vs IVV's -55.25%.

Which ETF is better, EWL or IVV?

On 10-year performance, IVV leads with 15.14% vs 9.85% for EWL. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or IVV?

Over the 10-year period, IVV has performed better with a 15.14% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.75%, compared with 1.09% for IVV.

What is the main difference between EWL and IVV?

EWL is categorized as Europe Equities, while IVV is S&P 500. EWL tracks MSCI Switzerland Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.50% for EWL and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (1.72 vs 1.02), 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.