EWT vs. EWL

Last updated Jun 13, 2026

EWT (iShares MSCI Taiwan ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWT returned 19.56%/yr vs 10.14%/yr for EWL. At a 0.47 correlation, their price movements are largely independent. EWT charges 0.59%/yr vs 0.50%/yr for EWL.

Performance

EWT vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) and iShares MSCI Switzerland ETF (EWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWT achieves a 61.53% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, EWT has outperformed EWL with an annualized return of 19.56%, while EWL has yielded a comparatively lower 10.14% annualized return.

EWT

• 1D: 0.17%
• 1M: 8.18%
• YTD: 61.53%
• 6M: 67.45%
• 1Y: 89.17%
• 3Y*: 34.98%
• 5Y*: 17.48%
• 10Y*: 19.56%

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%

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

EWT vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	61.53%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
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 EWT and EWL is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000	0.47

The correlation between EWT and EWL has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

EWT vs. EWL - Sectors Allocation Comparison

Sectors	EWT	EWL
Technology	72.9%	0.9%
Financial Services	13.0%	18.6%
Industrials	4.9%	12.0%
Basic Materials	3.5%	6.6%
Consumer Cyclical	1.9%	5.4%
Communication Services	1.9%	1.3%
Consumer Defensive	1.1%	14.9%
Healthcare	0.8%	38.8%
Energy	-	-
Real Estate	-	0.9%
Utilities	-	0.4%

Return for Risk

EWT vs. EWL — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 92
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 96
EWT Martin Ratio Rank: 95

EWL

EWL Risk / Return Rank: 26
EWL Sharpe Ratio Rank: 27
EWL Sortino Ratio Rank: 26
EWL Omega Ratio Rank: 25
EWL Calmar Ratio Rank: 24
EWL Martin Ratio Rank: 27

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.

EWT vs. EWL - Risk-Adjusted Trends Comparison

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

	EWT	EWL	Difference
Sharpe ratio: Return per unit of total volatility	3.36	0.85	+2.51
Sortino ratio: Return per unit of downside risk	3.88	1.30	+2.58
Omega ratio: Gain probability vs. loss probability	1.55	1.15	+0.40
Calmar ratio: Return relative to maximum drawdown	8.53	1.01	+7.52
Martin ratio: Return relative to average drawdown	25.15	3.24	+21.90

EWT vs. EWL - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 3.36, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EWT 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.

Drawdowns

EWT vs. EWL - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWT and EWL.

Drawdown Indicators

	EWT	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-51.62%	-12.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-13.48%	+2.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-13.48%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-28.99%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-28.99%	-9.89%
Current Drawdown Current decline from peak	-4.19%	-3.63%	-0.56%
Average Drawdown Average peak-to-trough decline	-19.21%	-11.08%	-8.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.22%	-0.66%

Volatility

EWT vs. EWL - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 13.55% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that EWT'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.

Volatility by Period

	EWT	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.55%	5.12%	+8.43%
Volatility (6M) Calculated over the trailing 6-month period	22.68%	12.70%	+9.98%
Volatility (1Y) Calculated over the trailing 1-year period	26.75%	16.09%	+10.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	16.13%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	16.47%	+5.31%

EWT vs. EWL - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is higher than EWL's 0.50% expense ratio.

Dividends

EWT vs. EWL - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.74%, 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%
EWT iShares MSCI Taiwan ETF	2.74%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and EWL in my portfolio?

EWT and EWL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or EWL?

EWT has higher volatility (13.55%) compared to EWL (5.12%). In terms of maximum drawdown, EWT dropped -64.37% vs EWL's -51.62%.

Which ETF is better, EWT or EWL?

On 10-year performance, EWT leads with 19.56% vs 10.14% for EWL. On fees, EWL is cheaper at 0.50% per year. 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.

Which ETF has performed better, EWT or EWL?

Over the 10-year period, EWT has performed better with a 19.56% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWL?

EWL is cheaper with a 0.50% expense ratio, compared with 0.59% for EWT.

Which ETF pays a higher dividend yield, EWT or EWL?

EWT has the higher dividend yield at 2.74%, compared with 1.63% for EWL.

What is the main difference between EWT and EWL?

EWT is categorized as Asia Pacific Equities, while EWL is Europe Equities. EWT tracks MSCI Taiwan Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.59% for EWT and 0.50% for EWL.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.36 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.