EWL vs. TCIEX

Last updated Jun 3, 2026

EWL (iShares MSCI Switzerland ETF) and TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) are both funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 10 years, EWL returned 9.42%/yr vs 9.34%/yr for TCIEX. A 0.79 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.05%/yr for TCIEX.

Performance

EWL vs. TCIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWL achieves a 3.00% return, which is significantly lower than TCIEX's 9.16% return. Both investments have delivered pretty close results over the past 10 years, with EWL having a 9.42% annualized return and TCIEX not far behind at 9.34%.

EWL

• 1D: -0.37%
• 1M: 0.78%
• YTD: 3.00%
• 6M: 6.59%
• 1Y: 13.30%
• 3Y*: 11.64%
• 5Y*: 6.87%
• 10Y*: 9.42%

TCIEX

• 1D: -0.26%
• 1M: 2.56%
• YTD: 9.16%
• 6M: 12.06%
• 1Y: 20.85%
• 3Y*: 16.94%
• 5Y*: 8.64%
• 10Y*: 9.34%

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

EWL vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	3.00%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	9.16%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%

Correlation

The correlation between EWL and TCIEX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.79

The correlation between EWL and TCIEX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

EWL vs. TCIEX — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 24
EWL Sharpe Ratio Rank: 24
EWL Sortino Ratio Rank: 24
EWL Omega Ratio Rank: 23
EWL Calmar Ratio Rank: 22
EWL Martin Ratio Rank: 25

TCIEX

TCIEX Risk / Return Rank: 27
TCIEX Sharpe Ratio Rank: 25
TCIEX Sortino Ratio Rank: 24
TCIEX Omega Ratio Rank: 25
TCIEX Calmar Ratio Rank: 28
TCIEX Martin Ratio Rank: 33

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. TCIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). 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	TCIEX	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.48	-0.63
Sortino ratio Return per unit of downside risk	1.29	2.12	-0.83
Omega ratio Gain probability vs. loss probability	1.15	1.27	-0.11
Calmar ratio Return relative to maximum drawdown	1.04	2.04	-1.00
Martin ratio Return relative to average drawdown	3.42	7.66	-4.24
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. TCIEX - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 0.85, which is lower than the TCIEX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWL and TCIEX, 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	TCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.48	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.54	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.56	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.41	-0.05

Drawdowns

EWL vs. TCIEX - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, smaller than the maximum TCIEX drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for EWL and TCIEX.

Drawdown Indicators

	EWL	TCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-59.27%	+7.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-11.35%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-13.58%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-29.25%	+0.26%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-33.58%	+4.59%
Current Drawdown Current decline from peak	-5.10%	-0.82%	-4.28%
Average Drawdown Average peak-to-trough decline	-11.09%	-10.58%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.02%	+1.09%

Volatility

EWL vs. TCIEX - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) has a higher volatility of 5.12% compared to TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) at 4.68%. This indicates that EWL's price experiences larger fluctuations and is considered to be riskier than TCIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	TCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.68%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.29%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	15.14%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	16.10%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	16.65%	-0.19%

EWL vs. TCIEX - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than TCIEX's 0.05% expense ratio.

Dividends

EWL vs. TCIEX - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.66%, less than TCIEX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.66%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.56%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%

Frequently Asked Questions

Can I hold both EWL and TCIEX in my portfolio?

EWL and TCIEX have a correlation of 0.81, 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 TCIEX?

EWL has higher volatility (5.12%) compared to TCIEX (4.68%). In terms of maximum drawdown, EWL dropped -51.62% vs TCIEX's -59.27%.

Which has better risk-adjusted returns?

TCIEX currently has the higher Sharpe Ratio (1.48 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.