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EWQ vs. EWL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. EWL

Last updated Jun 14, 2026

EWQ (iShares MSCI France ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds from iShares - EWQ tracks the MSCI France Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWQ returned 10.24%/yr vs 10.14%/yr for EWL. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWQ vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) 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, EWQ achieves a 3.62% return, which is significantly lower than EWL's 4.60% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 10.24% annualized return and EWL not far behind at 10.14%.

EWQ

1D
0.17%
1M
5.57%
YTD
3.62%
6M
4.40%
1Y
11.89%
3Y*
9.90%
5Y*
6.62%
10Y*
10.24%

EWL

1D
-0.30%
1M
2.60%
YTD
4.60%
6M
7.45%
1Y
15.73%
3Y*
12.47%
5Y*
6.50%
10Y*
10.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWQ vs. EWL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		3.62%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
EWL
iShares MSCI Switzerland ETF		4.60%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%

Correlation

The correlation between EWQ and EWL is 0.80, 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

0.80

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

0.77

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

0.80

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

0.79

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

0.68

The correlation between EWQ and EWL shifts across timeframes, from 0.68 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

EWQ vs. EWL - Sectors Allocation Comparison

Sectors
EWQ
EWL

Industrials

31.6%
12.4%

Financial Services

12.6%
17.3%

Consumer Cyclical

11.5%
7.3%

Healthcare

8.9%
34.4%

Consumer Defensive

8.3%
15.9%

Energy

8.3%

-

Basic Materials

7.1%
7.1%

Technology

4.2%
1.2%

Communication Services

3.0%
1.3%

Utilities

2.6%
0.5%

Real Estate

1.3%
0.9%

Industrials

EWQ
31.6%
EWL
12.4%

Financial Services

EWQ
12.6%
EWL
17.3%

Consumer Cyclical

EWQ
11.5%
EWL
7.3%

Healthcare

EWQ
8.9%
EWL
34.4%

Consumer Defensive

EWQ
8.3%
EWL
15.9%

Energy

EWQ
8.3%
EWL

-

Basic Materials

EWQ
7.1%
EWL
7.1%

Technology

EWQ
4.2%
EWL
1.2%

Communication Services

EWQ
3.0%
EWL
1.3%

Utilities

EWQ
2.6%
EWL
0.5%

Real Estate

EWQ
1.3%
EWL
0.9%

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 France ETF

iShares MSCI Switzerland ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. FEZEWQ vs. EWOEWQ vs. EWNEWQ vs. EIRL
Often compared with EWL:
EWL vs. FLSWEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. IDAP.LEWL vs. TILGX

Return for Risk

EWQ vs. EWL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWQ
EWQ Risk / Return Rank: 2020
Overall Rank
EWQ Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWQ Omega Ratio Rank: 1919
Omega Ratio Rank
EWQ Calmar Ratio Rank: 1919
Calmar Ratio Rank
EWQ Martin Ratio Rank: 2121
Martin Ratio Rank
EWL
EWL Risk / Return Rank: 2626
Overall Rank
EWL Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWL Omega Ratio Rank: 2525
Omega Ratio Rank
EWL Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWL Martin Ratio Rank: 2727
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.

EWQ vs. EWL - Risk-Adjusted Trends Comparison

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

EWQEWLDifference
Sharpe ratioReturn per unit of total volatility
0.57
0.85

-0.28

Sortino ratioReturn per unit of downside risk
0.92
1.30

-0.38

Omega ratioGain probability vs. loss probability

1.11

1.15

-0.04

Calmar ratioReturn relative to maximum drawdown

0.73

1.01

-0.28

Martin ratioReturn relative to average drawdown

2.21

3.24

-1.03

EWQ vs. EWL - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.57, which is lower than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EWQ 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

EWQ vs. EWL - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWQ and EWL.

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Drawdown Indicators

EWQEWLDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-51.62%

-9.79%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-13.48%

-0.32%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-13.48%

-1.68%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-28.99%

-2.47%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-28.99%

-10.24%

Current Drawdown

Current decline from peak

-3.58%

-3.63%

+0.05%

Average Drawdown

Average peak-to-trough decline

-16.07%

-11.08%

-4.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.54%

4.22%

+0.32%

Volatility

EWQ vs. EWL - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.02% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that EWQ'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

EWQEWLDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.02%

5.12%

+0.90%

Volatility (6M)

Calculated over the trailing 6-month period

14.06%

12.70%

+1.36%

Volatility (1Y)

Calculated over the trailing 1-year period

17.62%

16.09%

+1.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.85%

16.13%

+3.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

16.47%

+4.34%

EWQ vs. EWL - Expense Ratio Comparison

Both EWQ and EWL have an expense ratio of 0.50%.

Dividends

EWQ vs. EWL - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.54%, more than EWL's 1.63% yield.

PositionTTM20252024202320222021202020192018201720162015
EWL
iShares MSCI Switzerland ETF		1.63%1.71%2.21%2.12%2.04%1.73%1.45%1.85%2.56%2.05%2.75%2.58%
EWQ
iShares MSCI France ETF		2.54%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%

Frequently Asked Questions

EWQ and EWL have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWQ has higher volatility (6.02%) compared to EWL (5.12%). In terms of maximum drawdown, EWQ dropped -61.41% vs EWL's -51.62%.

On 10-year performance, EWQ leads with 10.24% vs 10.14% for EWL. Both ETFs have the same 0.50% expense ratio. On volatility, EWL has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWQ has performed better with a 10.24% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWQ and EWL have the same expense ratio: 0.50% per year.

EWQ has the higher dividend yield at 2.54%, compared with 1.63% for EWL.

EWQ tracks MSCI France Index, while EWL tracks MSCI Switzerland Index.

EWL currently has the higher Sharpe Ratio (0.85 vs 0.57), 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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