PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWQ vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. FSZ

Last updated Aug 5, 2026
Documentation

EWQ (iShares MSCI France ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWQ tracks the MSCI France Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWQ returned 10.16%/yr vs 10.00%/yr for FSZ. Their 0.72 correlation means they have sometimes moved together and sometimes differently. EWQ charges 0.50%/yr vs 0.80%/yr for FSZ.

Performance

EWQ vs. FSZ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWQ achieves a 8.17% return, which is significantly higher than FSZ's 5.30% return. Both investments have delivered pretty close results over the past 10 years, with EWQ having a 10.16% annualized return and FSZ not far behind at 10.00%.

EWQ

1D
1.11%
1M
3.51%
6M
6.51%
YTD
8.17%
1Y
16.85%
3Y*
10.87%
5Y*
7.54%
10Y*
10.16%
ALL TIME*
7.01%

FSZ

1D
1.12%
1M
-0.27%
6M
2.00%
YTD
5.30%
1Y
9.45%
3Y*
12.52%
5Y*
5.84%
10Y*
10.00%
ALL TIME*
9.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWQ

iShares MSCI France ETF
$16.77M$14.69M$16.24M

FSZ

First Trust Switzerland AlphaDEX Fund
$49.89K$58.29K$87.42K

EWQ vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		8.17%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
FSZ
First Trust Switzerland AlphaDEX Fund		5.30%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%

Correlation

The correlation between EWQ and FSZ is 0.76, 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.

0.76

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

0.72

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

0.73

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

0.74

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

0.72

The correlation between EWQ and FSZ has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

EWQ vs. FSZ - Sectors Allocation Comparison

Sectors
EWQ
FSZ

Industrials

33.1%
22.2%

Financial Services

13.4%
18.8%

Consumer Cyclical

11.4%
11.0%

Consumer Defensive

8.5%
6.3%

Healthcare

8.5%
23.1%

Energy

7.2%

-

Basic Materials

7.1%
8.0%

Technology

4.0%
1.4%

Communication Services

2.8%
3.5%

Utilities

2.6%
2.6%

Real Estate

1.3%
3.2%

Industrials

EWQ
33.1%
FSZ
22.2%

Financial Services

EWQ
13.4%
FSZ
18.8%

Consumer Cyclical

EWQ
11.4%
FSZ
11.0%

Consumer Defensive

EWQ
8.5%
FSZ
6.3%

Healthcare

EWQ
8.5%
FSZ
23.1%

Energy

EWQ
7.2%
FSZ

-

Basic Materials

EWQ
7.1%
FSZ
8.0%

Technology

EWQ
4.0%
FSZ
1.4%

Communication Services

EWQ
2.8%
FSZ
3.5%

Utilities

EWQ
2.6%
FSZ
2.6%

Real Estate

EWQ
1.3%
FSZ
3.2%

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 France ETF

First Trust Switzerland AlphaDEX Fund

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. EWGFSZ vs. SPYFSZ vs. EZUFSZ vs. EWI

Return for Risk

EWQ vs. FSZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWQ
EWQ Risk / Return Rank: 3535
Overall Rank
EWQ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 3535
Sortino Ratio Rank
EWQ Omega Ratio Rank: 3434
Omega Ratio Rank
EWQ Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWQ Martin Ratio Rank: 3535
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2626
Overall Rank
FSZ Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2626
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2424
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2626
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2626
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.

EWQ vs. FSZ - Risk-Adjusted Trends Comparison

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

EWQFSZDifference
Sharpe ratioReturn per unit of total volatility
0.98
0.66

+0.31

Sortino ratioReturn per unit of downside risk
1.46
1.06

+0.40

Omega ratioGain probability vs. loss probability

1.18

1.12

+0.06

Calmar ratioReturn relative to maximum drawdown

1.23

0.91

+0.31

Martin ratioReturn relative to average drawdown

3.68

2.43

+1.25

EWQ vs. FSZ - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.98, which is higher than the FSZ Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of EWQ 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.

Loading charts...

Drawdowns

EWQ vs. FSZ - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWQ and FSZ.

Loading charts...

Drawdown Indicators

EWQFSZDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-33.97%

-27.44%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-10.39%

-3.41%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-13.93%

-1.23%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-33.96%

+2.50%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-33.97%

-5.26%

Current Drawdown

Current decline from peak

0.00%

-2.08%

+2.08%

Average Drawdown

Average peak-to-trough decline

-16.01%

-6.96%

-9.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.59%

3.90%

+0.69%

Volatility

EWQ vs. FSZ - Volatility Comparison

The current volatility for iShares MSCI France ETF (EWQ) is 4.41%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 4.96%. This indicates that EWQ experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWQFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

4.96%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

14.71%

11.59%

+3.12%

Volatility (1Y)

Calculated over the trailing 1-year period

17.38%

14.51%

+2.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.86%

19.43%

+0.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.40%

18.72%

+1.68%

EWQ vs. FSZ - Expense Ratio Comparison

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

Dividends

EWQ vs. FSZ - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.77%, more than FSZ's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
EWQ
iShares MSCI France ETF		2.77%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%
FSZ
First Trust Switzerland AlphaDEX Fund		1.97%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

EWQ and FSZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSZ has higher volatility (4.96%) compared to EWQ (4.41%). In terms of maximum drawdown, EWQ dropped -61.41% vs FSZ's -33.97%.

On 10-year performance, EWQ leads with 10.16% vs 10.00% for FSZ. On fees, EWQ is cheaper at 0.50% per year. On volatility, EWQ has been the lower-risk option at 4.41%. 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 10.16% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWQ has the higher dividend yield at 2.77%, compared with 1.97% for FSZ.

EWQ tracks MSCI France 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 EWQ and 0.80% for FSZ.

EWQ currently has the higher Sharpe Ratio (0.98 vs 0.66), 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.

Portfolio Optimizer

Find the right allocation for EWQ and FSZ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer