EWS vs. EWL
EWS (iShares MSCI Singapore ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWS returned 7.88%/yr vs 10.14%/yr for EWL. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EWS vs. EWL - Performance Comparison
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Returns By Period
In the year-to-date period, EWS achieves a 5.96% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, EWS has underperformed EWL with an annualized return of 7.88%, while EWL has yielded a comparatively higher 10.14% annualized return.
EWS
- 1D
- 0.07%
- 1M
- -0.82%
- YTD
- 5.96%
- 6M
- 7.68%
- 1Y
- 17.42%
- 3Y*
- 20.28%
- 5Y*
- 8.93%
- 10Y*
- 7.88%
EWL
- 1D
- -0.30%
- 1M
- 1.55%
- YTD
- 4.60%
- 6M
- 7.45%
- 1Y
- 13.57%
- 3Y*
- 12.47%
- 5Y*
- 6.50%
- 10Y*
- 10.14%
EWS vs. EWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWS iShares MSCI Singapore ETF | 5.96% | 31.35% | 22.10% | 6.15% | -9.80% | 5.47% | -8.47% | 14.54% | -11.34% | 34.78% |
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 EWS and EWL is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.46 |
The correlation between EWS and EWL shifts across timeframes, from 0.46 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
EWS vs. EWL - Sectors Allocation Comparison
Sectors
EWS
EWL
Financial Services
Industrials
Real Estate
Utilities
Consumer Defensive
Communication Services
Technology
Consumer Cyclical
Basic Materials
-
Energy
-
-
Healthcare
-
Financial Services
EWS
EWL
Industrials
EWS
EWL
Real Estate
EWS
EWL
Utilities
EWS
EWL
Consumer Defensive
EWS
EWL
Communication Services
EWS
EWL
Technology
EWS
EWL
Consumer Cyclical
EWS
EWL
Basic Materials
EWS
-
EWL
Energy
EWS
-
EWL
-
Healthcare
EWS
-
EWL
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Return for Risk
EWS vs. EWL — Risk / Return Rank
EWS
EWL
EWS vs. EWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) 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.
| EWS | EWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.15 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.01 | +1.23 |
| Martin ratioReturn relative to average drawdown | 5.40 | 3.24 | +2.16 |
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Drawdowns
EWS vs. EWL - Drawdown Comparison
The maximum EWS drawdown since its inception was -75.13%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWS and EWL.
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Drawdown Indicators
| EWS | EWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.13% | -51.62% | -23.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -13.48% | +5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.34% | -13.48% | -2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -28.99% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -28.99% | -11.85% |
Current DrawdownCurrent decline from peak | -2.77% | -3.63% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -21.98% | -11.08% | -10.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 4.22% | -0.99% |
Volatility
EWS vs. EWL - Volatility Comparison
iShares MSCI Singapore ETF (EWS) and iShares MSCI Switzerland ETF (EWL) have volatilities of 5.05% and 5.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWS | EWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 5.12% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 12.70% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.24% | 16.09% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.34% | 16.13% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 16.47% | +1.57% |
EWS vs. EWL - Expense Ratio Comparison
Both EWS and EWL have an expense ratio of 0.50%.
Dividends
EWS vs. EWL - Dividend Comparison
EWS's dividend yield for the trailing twelve months is around 3.87%, more than EWL's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EWS iShares MSCI Singapore ETF | 3.87% | 4.10% | 4.28% | 6.50% | 2.56% | 6.00% | 2.68% | 4.70% | 4.21% | 3.46% | 3.96% | 4.20% |
Frequently Asked Questions
EWS and EWL have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWL has higher volatility (5.12%) compared to EWS (5.05%). In terms of maximum drawdown, EWS dropped -75.13% vs EWL's -51.62%.
On 10-year performance, EWL leads with 10.14% vs 7.88% for EWS. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWL has performed better with a 10.14% return vs 7.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWS and EWL have the same expense ratio: 0.50% per year.
EWS has the higher dividend yield at 3.87%, compared with 1.63% for EWL.
EWS is categorized as Asia Pacific Equities, while EWL is Europe Equities. EWS tracks MSCI Singapore Index, while EWL tracks MSCI Switzerland Index.
EWS currently has the higher Sharpe Ratio (1.15 vs 0.85), 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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