EWL vs. VOOG

Last updated Jul 14, 2026

EWL (iShares MSCI Switzerland ETF) and VOOG (Vanguard S&P 500 Growth ETF) are both exchange-traded funds - EWL is a Europe Equities fund tracking the MSCI Switzerland Index, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, EWL returned 9.85%/yr vs 17.54%/yr for VOOG. A 0.60 correlation means they provide meaningful diversification when combined. EWL charges 0.50%/yr vs 0.07%/yr for VOOG.

Performance

EWL vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Switzerland ETF (EWL) and Vanguard S&P 500 Growth ETF (VOOG). 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 VOOG's 10.97% return. Over the past 10 years, EWL has underperformed VOOG with an annualized return of 9.85%, while VOOG has yielded a comparatively higher 17.54% 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%

VOOG

• 1D: -1.55%
• 1M: 1.18%
• 6M: 9.32%
• YTD: 10.97%
• 1Y: 23.89%
• 3Y*: 25.02%
• 5Y*: 13.53%
• 10Y*: 17.54%

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

EWL vs. VOOG - 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%
VOOG Vanguard S&P 500 Growth ETF	10.97%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%

Correlation

The correlation between EWL and VOOG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.60

Over the past year, the correlation between EWL and VOOG has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

EWL vs. VOOG - Sectors Allocation Comparison

Sectors	EWL	VOOG
Healthcare	36.5%	5.7%
Financial Services	17.5%	8.2%
Consumer Defensive	13.9%	1.0%
Industrials	12.4%	5.7%
Consumer Cyclical	7.6%	9.0%
Basic Materials	7.2%	0.3%
Communication Services	1.2%	16.7%
Technology	0.9%	52.6%
Real Estate	0.9%	0.5%
Utilities	0.4%	0.4%
Energy	-	0.1%

Return for Risk

EWL vs. VOOG — 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

VOOG

VOOG Risk / Return Rank: 48
VOOG Sharpe Ratio Rank: 51
VOOG Sortino Ratio Rank: 49
VOOG Omega Ratio Rank: 48
VOOG Calmar Ratio Rank: 43
VOOG Martin Ratio Rank: 50

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. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and Vanguard S&P 500 Growth ETF (VOOG). 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	VOOG	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.39	-0.37
Sortino ratio: Return per unit of downside risk	1.54	1.95	-0.41
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.20	1.75	-0.55
Martin ratio: Return relative to average drawdown	3.82	6.71	-2.89

EWL vs. VOOG - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.02, which is comparable to the VOOG Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EWL and VOOG, 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. VOOG - Drawdown Comparison

The maximum EWL drawdown since its inception was -51.62%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for EWL and VOOG.

Drawdown Indicators

	EWL	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-51.62%	-32.73%	-18.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-13.71%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-22.18%	+8.70%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-32.73%	+3.74%
Max Drawdown (10Y) Largest decline over 10 years	-28.99%	-32.73%	+3.74%
Current Drawdown Current decline from peak	-2.44%	-3.52%	+1.08%
Average Drawdown Average peak-to-trough decline	-11.06%	-4.96%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	3.57%	+0.67%

Volatility

EWL vs. VOOG - Volatility Comparison

The current volatility for iShares MSCI Switzerland ETF (EWL) is 4.76%, while Vanguard S&P 500 Growth ETF (VOOG) has a volatility of 6.38%. This indicates that EWL experiences smaller price fluctuations and is considered to be less risky than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWL	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	6.38%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	14.21%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	17.26%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	21.43%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	20.81%	-4.53%

EWL vs. VOOG - Expense Ratio Comparison

EWL has a 0.50% expense ratio, which is higher than VOOG's 0.07% expense ratio.

Dividends

EWL vs. VOOG - Dividend Comparison

EWL's dividend yield for the trailing twelve months is around 1.75%, more than VOOG's 0.46% 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%
VOOG Vanguard S&P 500 Growth ETF	0.46%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both EWL and VOOG in my portfolio?

EWL and VOOG have a correlation of 0.38, 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 VOOG?

VOOG has higher volatility (6.38%) compared to EWL (4.76%). In terms of maximum drawdown, EWL dropped -51.62% vs VOOG's -32.73%.

Which ETF is better, EWL or VOOG?

On 10-year performance, VOOG leads with 17.54% vs 9.85% for EWL. On fees, VOOG is cheaper at 0.07% per year. On volatility, EWL has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWL or VOOG?

Over the 10-year period, VOOG has performed better with a 17.54% 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 VOOG?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.75%, compared with 0.46% for VOOG.

What is the main difference between EWL and VOOG?

EWL is categorized as Europe Equities, while VOOG is S&P 500. EWL tracks MSCI Switzerland Index, while VOOG tracks S&P 500 Growth Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWL and 0.07% for VOOG.

Which has better risk-adjusted returns?

VOOG currently has the higher Sharpe Ratio (1.39 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.