EWL vs. SCHD

Last updated Jun 4, 2026

EWL (iShares MSCI Switzerland ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, EWL returned 9.27%/yr vs 12.77%/yr for SCHD. A 0.61 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.06%/yr for SCHD.

Performance

EWL vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWL achieves a 1.57% return, which is significantly lower than SCHD's 19.01% return. Over the past 10 years, EWL has underperformed SCHD with an annualized return of 9.27%, while SCHD has yielded a comparatively higher 12.77% annualized return.

EWL

• 1D: -1.39%
• 1M: 0.96%
• YTD: 1.57%
• 6M: 4.87%
• 1Y: 12.76%
• 3Y*: 11.12%
• 5Y*: 6.33%
• 10Y*: 9.27%

SCHD

• 1D: 0.00%
• 1M: 2.70%
• YTD: 19.01%
• 6M: 18.63%
• 1Y: 27.16%
• 3Y*: 15.09%
• 5Y*: 8.36%
• 10Y*: 12.77%

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

EWL vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	1.57%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
SCHD Schwab U.S. Dividend Equity ETF	19.01%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between EWL and SCHD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.61

The correlation between EWL and SCHD shifts across timeframes, from 0.45 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

EWL vs. SCHD - Sectors Allocation Comparison

Sectors	EWL	SCHD
Healthcare	38.8%	18.8%
Financial Services	18.6%	9.3%
Consumer Defensive	14.9%	19.2%
Industrials	12.0%	7.5%
Basic Materials	6.6%	1.2%
Consumer Cyclical	5.4%	6.3%
Communication Services	1.3%	6.3%
Real Estate	0.9%	-
Technology	0.9%	16.4%
Utilities	0.4%	0.0%
Energy	-	16.2%

Return for Risk

EWL vs. SCHD — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 22
EWL Sharpe Ratio Rank: 23
EWL Sortino Ratio Rank: 23
EWL Omega Ratio Rank: 22
EWL Calmar Ratio Rank: 21
EWL Martin Ratio Rank: 24

SCHD

SCHD Risk / Return Rank: 80
SCHD Sharpe Ratio Rank: 75
SCHD Sortino Ratio Rank: 84
SCHD Omega Ratio Rank: 73
SCHD Calmar Ratio Rank: 91
SCHD Martin Ratio Rank: 75

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	EWL	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.49	-1.68
Sortino ratio: Return per unit of downside risk	1.24	3.87	-2.63
Omega ratio: Gain probability vs. loss probability	1.15	1.45	-0.30
Calmar ratio: Return relative to maximum drawdown	0.95	5.91	-4.96
Martin ratio: Return relative to average drawdown	3.10	14.53	-11.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWL vs. SCHD - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.82, which is lower than the SCHD Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of EWL and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWL	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	2.49	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.58	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.77	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.86	-0.51

Drawdowns

EWL vs. SCHD - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for EWL and SCHD.

Drawdown Indicators

	EWL	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-33.37%	-18.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-4.61%	-8.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-16.13%	+2.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-16.85%	-12.14%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-33.37%	+4.38%
Current Drawdown Current decline from peak	-6.42%	-1.40%	-5.02%
Average Drawdown Average peak-to-trough decline	-11.09%	-3.32%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	1.88%	+2.25%

Volatility

EWL vs. SCHD - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 5.07% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.66%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	2.66%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	7.66%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	10.96%	+4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	14.38%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	16.72%	-0.25%

EWL vs. SCHD - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

EWL vs. SCHD - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.68%, less than SCHD's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.68%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both EWL and SCHD in my portfolio?

EWL and SCHD have a correlation of 0.45, 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 SCHD?

EWL has higher volatility (5.07%) compared to SCHD (2.66%). In terms of maximum drawdown, EWL dropped -51.62% vs SCHD's -33.37%.

Which ETF is better, EWL or SCHD?

On 10-year performance, SCHD leads with 12.77% vs 9.27% for EWL. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or SCHD?

Over the 10-year period, SCHD has performed better with a 12.77% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.50% for EWL.

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

SCHD has the higher dividend yield at 3.26%, compared with 1.68% for EWL.

What is the main difference between EWL and SCHD?

EWL is categorized as Europe Equities, while SCHD is Dividend. EWL tracks MSCI Switzerland Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.50% for EWL and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.49 vs 0.82), 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.