EWO vs. FSZ

Last updated Jun 24, 2026

EWO (iShares MSCI Austria ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWO tracks the MSCI Austria Investable Market Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWO returned 15.85%/yr vs 10.25%/yr for FSZ. A 0.62 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.80%/yr for FSZ.

Performance

EWO vs. FSZ - Performance Comparison

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

Returns By Period

In the year-to-date period, EWO achieves a 22.29% return, which is significantly higher than FSZ's 2.53% return. Over the past 10 years, EWO has outperformed FSZ with an annualized return of 15.85%, while FSZ has yielded a comparatively lower 10.25% annualized return.

EWO

• 1D: -1.46%
• 1M: 8.63%
• YTD: 22.29%
• 6M: 23.55%
• 1Y: 54.33%
• 3Y*: 35.93%
• 5Y*: 17.04%
• 10Y*: 15.85%

FSZ

• 1D: -0.05%
• 1M: 0.06%
• YTD: 2.53%
• 6M: 1.73%
• 1Y: 11.07%
• 3Y*: 13.17%
• 5Y*: 6.20%
• 10Y*: 10.25%

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

EWO vs. FSZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWO iShares MSCI Austria ETF	22.29%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	52.47%
FSZ First Trust Switzerland AlphaDEX Fund	2.53%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%

Correlation

The correlation between EWO and FSZ is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.62

The correlation between EWO and FSZ has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

EWO vs. FSZ - Sectors Allocation Comparison

Sectors	EWO	FSZ
Financial Services	47.3%	22.0%
Industrials	14.5%	17.1%
Energy	9.7%	-
Basic Materials	8.8%	9.8%
Utilities	6.5%	2.4%
Technology	5.7%	4.9%
Real Estate	4.1%	2.4%
Consumer Cyclical	3.6%	7.3%
Communication Services	-	2.4%
Consumer Defensive	-	4.9%
Healthcare	-	14.6%

Return for Risk

EWO vs. FSZ — Risk / Return Rank

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

EWO

EWO Risk / Return Rank: 83
EWO Sharpe Ratio Rank: 89
EWO Sortino Ratio Rank: 89
EWO Omega Ratio Rank: 84
EWO Calmar Ratio Rank: 78
EWO Martin Ratio Rank: 74

FSZ

FSZ Risk / Return Rank: 23
FSZ Sharpe Ratio Rank: 23
FSZ Sortino Ratio Rank: 23
FSZ Omega Ratio Rank: 22
FSZ Calmar Ratio Rank: 23
FSZ Martin Ratio Rank: 22

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.

EWO vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and First Trust Switzerland AlphaDEX Fund (FSZ). 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.

	EWO	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	2.83	0.78	+2.05
Sortino ratio: Return per unit of downside risk	3.87	1.21	+2.66
Omega ratio: Gain probability vs. loss probability	1.48	1.14	+0.33
Calmar ratio: Return relative to maximum drawdown	3.88	1.07	+2.81
Martin ratio: Return relative to average drawdown	13.13	2.61	+10.51

EWO vs. FSZ - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.83, which is higher than the FSZ Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of EWO and FSZ, 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

EWO vs. FSZ - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWO and FSZ.

Drawdown Indicators

	EWO	FSZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-33.97%	-41.72%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-10.39%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-13.93%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	-41.82%	-33.96%	-7.86%
Max Drawdown (10Y) Largest decline over 10 years	-58.10%	-33.97%	-24.13%
Current Drawdown Current decline from peak	-1.46%	-4.66%	+3.20%
Average Drawdown Average peak-to-trough decline	-28.07%	-6.98%	-21.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	4.24%	-0.09%

Volatility

EWO vs. FSZ - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.60% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.07%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWO	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	4.07%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	16.15%	11.05%	+5.10%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	14.34%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	19.35%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.65%	18.75%	+3.90%

EWO vs. FSZ - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

EWO vs. FSZ - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 1.98%, less than FSZ's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSZ First Trust Switzerland AlphaDEX Fund	2.38%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%

Frequently Asked Questions

Can I hold both EWO and FSZ in my portfolio?

EWO and FSZ have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWO or FSZ?

EWO has higher volatility (7.60%) compared to FSZ (4.07%). In terms of maximum drawdown, EWO dropped -75.69% vs FSZ's -33.97%.

Which ETF is better, EWO or FSZ?

On 10-year performance, EWO leads with 15.85% vs 10.25% for FSZ. On fees, EWO is cheaper at 0.49% per year. On volatility, FSZ has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWO or FSZ?

Over the 10-year period, EWO has performed better with a 15.85% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWO or FSZ?

EWO is cheaper with a 0.49% expense ratio, compared with 0.80% for FSZ.

Which ETF pays a higher dividend yield, EWO or FSZ?

FSZ has the higher dividend yield at 2.38%, compared with 1.98% for EWO.

What is the main difference between EWO and FSZ?

EWO tracks MSCI Austria Investable Market Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWO and 0.80% for FSZ.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.83 vs 0.78), 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.