EWL vs. IYW
EWL (iShares MSCI Switzerland ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, EWL returned 10.14%/yr vs 25.63%/yr for IYW. At a 0.50 correlation, their price movements are largely independent. EWL charges 0.50%/yr vs 0.38%/yr for IYW.
Performance
EWL vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, EWL achieves a 4.60% return, which is significantly lower than IYW's 22.66% return. Over the past 10 years, EWL has underperformed IYW with an annualized return of 10.14%, while IYW has yielded a comparatively higher 25.63% 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%
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
EWL vs. IYW - 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% |
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between EWL and IYW is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 19, 2000 | 0.50 |
The correlation between EWL and IYW shifts across timeframes, from 0.33 (1 year) to 0.52 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWL vs. IYW — Risk / Return Rank
EWL
IYW
EWL vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and iShares U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.38 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 2.70 | -1.69 |
| Martin ratioReturn relative to average drawdown | 3.24 | 8.68 | -5.44 |
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Drawdowns
EWL vs. IYW - Drawdown Comparison
The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for EWL and IYW.
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Drawdown Indicators
| EWL | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.62% | -81.90% | +30.28% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -17.81% | +4.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -26.47% | +12.99% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -39.44% | +10.45% |
Max Drawdown (10Y)Largest decline over 10 years | -28.99% | -39.44% | +10.45% |
Current DrawdownCurrent decline from peak | -3.63% | -5.81% | +2.18% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -34.62% | +23.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 5.54% | -1.32% |
Volatility
EWL vs. IYW - Volatility Comparison
The current volatility for iShares MSCI Switzerland ETF (EWL) is 5.12%, while iShares U.S. Technology ETF (IYW) has a volatility of 9.41%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWL | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 9.41% | -4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 17.67% | -4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.09% | 21.47% | -5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 26.07% | -9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 25.20% | -8.73% |
EWL vs. IYW - Expense Ratio Comparison
EWL has a 0.50% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
EWL vs. IYW - Dividend Comparison
EWL's dividend yield for the trailing twelve months is around 1.63%, more than IYW's 0.11% 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% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
EWL and IYW have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.41%) compared to EWL (5.12%). In terms of maximum drawdown, EWL dropped -51.62% vs IYW's -81.90%.
On 10-year performance, IYW leads with 25.63% vs 10.14% for EWL. On fees, IYW is cheaper at 0.38% 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, IYW has performed better with a 25.63% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.50% for EWL.
EWL has the higher dividend yield at 1.63%, compared with 0.11% for IYW.
EWL is categorized as Europe Equities, while IYW is Technology Equities. EWL tracks MSCI Switzerland Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. Their fees differ too: 0.50% for EWL and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (2.24 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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