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EWP vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. FSZ

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWP tracks the MSCI Spain Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWP returned 13.42%/yr vs 10.25%/yr for FSZ. A 0.62 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.80%/yr for FSZ.

Performance

EWP vs. FSZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWP achieves a 11.25% return, which is significantly higher than FSZ's 2.53% return. Over the past 10 years, EWP has outperformed FSZ with an annualized return of 13.42%, while FSZ has yielded a comparatively lower 10.25% annualized return.

EWP

1D
-0.72%
1M
6.13%
YTD
11.25%
6M
11.48%
1Y
41.28%
3Y*
33.03%
5Y*
18.75%
10Y*
13.42%

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)

EWP vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		11.25%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%26.98%
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 EWP and FSZ is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.62

The correlation between EWP and FSZ shifts across timeframes, from 0.62 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

EWP vs. FSZ - Sectors Allocation Comparison

Sectors
EWP
FSZ

Financial Services

42.4%
22.0%

Utilities

21.4%
2.4%

Industrials

16.3%
17.1%

Technology

5.6%
4.9%

Consumer Cyclical

4.6%
7.3%

Energy

4.1%

-

Communication Services

2.8%
2.4%

Real Estate

2.8%
2.4%

Healthcare

1.3%
14.6%

Basic Materials

-

9.8%

Consumer Defensive

-

4.9%

Financial Services

EWP
42.4%
FSZ
22.0%

Utilities

EWP
21.4%
FSZ
2.4%

Industrials

EWP
16.3%
FSZ
17.1%

Technology

EWP
5.6%
FSZ
4.9%

Consumer Cyclical

EWP
4.6%
FSZ
7.3%

Energy

EWP
4.1%
FSZ

-

Communication Services

EWP
2.8%
FSZ
2.4%

Real Estate

EWP
2.8%
FSZ
2.4%

Healthcare

EWP
1.3%
FSZ
14.6%

Basic Materials

EWP

-

FSZ
9.8%

Consumer Defensive

EWP

-

FSZ
4.9%

Compare stocks, funds, or ETFs

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iShares MSCI Spain ETF

First Trust Switzerland AlphaDEX Fund

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EWGFSZ vs. EZUFSZ vs. EWI

Return for Risk

EWP vs. FSZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2323
Overall Rank
FSZ Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2323
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2222
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2323
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2222
Martin Ratio Rank
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.

EWP vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) 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.

EWPFSZDifference
Sharpe ratioReturn per unit of total volatility
2.21
0.78

+1.43

Sortino ratioReturn per unit of downside risk
2.94
1.21

+1.73

Omega ratioGain probability vs. loss probability

1.38

1.14

+0.24

Calmar ratioReturn relative to maximum drawdown

3.64

1.07

+2.58

Martin ratioReturn relative to average drawdown

12.92

2.61

+10.30

EWP vs. FSZ - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is higher than the FSZ Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of EWP 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.

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Drawdowns

EWP vs. FSZ - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWP and FSZ.

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Drawdown Indicators

EWPFSZDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-33.97%

-27.22%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-10.39%

-0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-13.93%

+1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-33.96%

+2.33%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

-33.97%

-12.39%

Current Drawdown

Current decline from peak

-0.72%

-4.66%

+3.94%

Average Drawdown

Average peak-to-trough decline

-21.40%

-6.98%

-14.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

4.24%

-1.04%

Volatility

EWP vs. FSZ - Volatility Comparison

iShares MSCI Spain ETF (EWP) has a higher volatility of 5.49% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.07%. This indicates that EWP'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.

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Volatility by Period

EWPFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

4.07%

+1.42%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

11.05%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

14.34%

+4.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

19.35%

+0.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

18.75%

+2.81%

EWP vs. FSZ - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

EWP vs. FSZ - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, more than FSZ's 2.38% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.82%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
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

EWP and FSZ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to FSZ (4.07%). In terms of maximum drawdown, EWP dropped -61.19% vs FSZ's -33.97%.

On 10-year performance, EWP leads with 13.42% vs 10.25% for FSZ. On fees, EWP is cheaper at 0.50% 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.

Over the 10-year period, EWP has performed better with a 13.42% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWP is cheaper with a 0.50% expense ratio, compared with 0.80% for FSZ.

EWP has the higher dividend yield at 2.82%, compared with 2.38% for FSZ.

EWP tracks MSCI Spain Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for EWP and 0.80% for FSZ.

EWP currently has the higher Sharpe Ratio (2.21 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.

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