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EWO vs. EWL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. EWL

Last updated Aug 2, 2026
Documentation

EWO (iShares MSCI Austria ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds from iShares - EWO tracks the MSCI Austria Investable Market Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWO returned 15.04%/yr vs 9.91%/yr for EWL. Their 0.53 correlation means they have sometimes moved together and sometimes differently. EWO charges 0.49%/yr vs 0.50%/yr for EWL.

Performance

EWO vs. EWL - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWO achieves a 22.21% return, which is significantly higher than EWL's 7.20% return. Over the past 10 years, EWO has outperformed EWL with an annualized return of 15.04%, while EWL has yielded a comparatively lower 9.91% annualized return.

EWO

1D
-0.06%
1M
-0.38%
6M
15.38%
YTD
22.21%
1Y
47.85%
3Y*
33.11%
5Y*
17.22%
10Y*
15.04%
ALL TIME*
7.31%

EWL

1D
-1.19%
1M
-1.28%
6M
4.45%
YTD
7.20%
1Y
22.60%
3Y*
12.29%
5Y*
6.77%
10Y*
9.91%
ALL TIME*
7.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWL

iShares MSCI Switzerland ETF
$28.12M$30.49M$28.31M

EWO

iShares MSCI Austria ETF
$1.47M$2.78M$1.63M

EWO vs. EWL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		22.21%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%
EWL
iShares MSCI Switzerland ETF		7.20%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%

Correlation

The correlation between EWO and EWL is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.53

Correlation (3Y)
Balances recent behavior with more history.

0.56

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.61

Correlation (10Y)
Provides a long-term view across more market conditions.

0.60

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.53

The correlation between EWO and EWL has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

EWO vs. EWL - Sectors Allocation Comparison

Sectors
EWO
EWL

Financial Services

48.1%
18.2%

Industrials

11.1%
12.9%

Energy

9.6%

-

Basic Materials

9.4%
7.0%

Utilities

6.4%
0.4%

Technology

5.9%
1.0%

Consumer Cyclical

4.7%
6.3%

Real Estate

3.7%
0.9%

Communication Services

-

1.2%

Consumer Defensive

-

13.5%

Healthcare

-

37.2%

Financial Services

EWO
48.1%
EWL
18.2%

Industrials

EWO
11.1%
EWL
12.9%

Energy

EWO
9.6%
EWL

-

Basic Materials

EWO
9.4%
EWL
7.0%

Utilities

EWO
6.4%
EWL
0.4%

Technology

EWO
5.9%
EWL
1.0%

Consumer Cyclical

EWO
4.7%
EWL
6.3%

Real Estate

EWO
3.7%
EWL
0.9%

Communication Services

EWO

-

EWL
1.2%

Consumer Defensive

EWO

-

EWL
13.5%

Healthcare

EWO

-

EWL
37.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Austria ETF

iShares MSCI Switzerland ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOOEWO vs. IUSV
Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. VTWNXEWL vs. TCIEXEWL vs. TILGXEWL vs. SFNNX

Return for Risk

EWO vs. EWL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWO
EWO Risk / Return Rank: 8989
Overall Rank
EWO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 9292
Sortino Ratio Rank
EWO Omega Ratio Rank: 8989
Omega Ratio Rank
EWO Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWO Martin Ratio Rank: 8383
Martin Ratio Rank
EWL
EWL Risk / Return Rank: 5454
Overall Rank
EWL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWL Omega Ratio Rank: 5656
Omega Ratio Rank
EWL Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWL Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWO vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and iShares MSCI Switzerland ETF (EWL). 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.

EWOEWLDifference
Sharpe ratioReturn per unit of total volatility
2.40
1.40

+0.99

Sortino ratioReturn per unit of downside risk
3.39
2.06

+1.33

Omega ratioGain probability vs. loss probability

1.41

1.25

+0.16

Calmar ratioReturn relative to maximum drawdown

3.38

1.63

+1.75

Martin ratioReturn relative to average drawdown

11.29

5.39

+5.90

EWO vs. EWL - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.40, which is higher than the EWL Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of EWO and EWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWO vs. EWL - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWO and EWL.

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Drawdown Indicators

EWOEWLDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-51.62%

-24.07%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-13.48%

-0.60%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-13.48%

-3.27%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-28.99%

-12.83%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-28.99%

-29.11%

Current Drawdown

Current decline from peak

-1.53%

-1.28%

-0.25%

Average Drawdown

Average peak-to-trough decline

-27.98%

-11.04%

-16.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

4.08%

+0.13%

Volatility

EWO vs. EWL - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 6.23% compared to iShares MSCI Switzerland ETF (EWL) at 4.59%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOEWLDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

4.59%

+1.64%

Volatility (6M)

Calculated over the trailing 6-month period

16.88%

12.83%

+4.05%

Volatility (1Y)

Calculated over the trailing 1-year period

19.92%

15.80%

+4.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.03%

16.22%

+5.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.60%

16.30%

+6.30%

EWO vs. EWL - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

EWO vs. EWL - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, more than EWL's 1.73% yield.

PositionTTM20252024202320222021202020192018201720162015
EWL
iShares MSCI Switzerland ETF		1.73%1.71%2.21%2.12%2.04%1.73%1.45%1.85%2.56%2.05%2.75%2.58%
EWO
iShares MSCI Austria ETF		1.98%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%

Frequently Asked Questions

EWO and EWL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.23%) compared to EWL (4.59%). In terms of maximum drawdown, EWO dropped -75.69% vs EWL's -51.62%.

On 10-year performance, EWO leads with 15.04% vs 9.91% for EWL. On fees, EWO is cheaper at 0.49% per year. On volatility, EWL has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWO has performed better with a 15.04% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO is cheaper with a 0.49% expense ratio, compared with 0.50% for EWL.

EWO has the higher dividend yield at 1.98%, compared with 1.73% for EWL.

EWO tracks MSCI Austria Investable Market Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.49% for EWO and 0.50% for EWL.

EWO currently has the higher Sharpe Ratio (2.40 vs 1.40), 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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