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EWU vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWU vs. FSZ

Last updated Jun 5, 2026

EWU (iShares MSCI United Kingdom ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - EWU tracks the MSCI United Kingdom Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, EWU returned 7.86%/yr vs 9.48%/yr for FSZ. A 0.67 correlation means they provide meaningful diversification when combined. EWU charges 0.50%/yr vs 0.80%/yr for FSZ.

Performance

EWU vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom ETF (EWU) 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, EWU achieves a 6.59% return, which is significantly higher than FSZ's 3.12% return. Over the past 10 years, EWU has underperformed FSZ with an annualized return of 7.86%, while FSZ has yielded a comparatively higher 9.48% annualized return.

EWU

1D
0.99%
1M
0.93%
YTD
6.59%
6M
10.05%
1Y
21.33%
3Y*
17.73%
5Y*
10.86%
10Y*
7.86%

FSZ

1D
1.06%
1M
1.49%
YTD
3.12%
6M
6.76%
1Y
10.20%
3Y*
12.69%
5Y*
6.17%
10Y*
9.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWU vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWU
iShares MSCI United Kingdom ETF		6.59%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%
FSZ
First Trust Switzerland AlphaDEX Fund		3.12%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%

Correlation

The correlation between EWU 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

0.68

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

0.67

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

0.69

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

0.67

The correlation between EWU and FSZ has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

EWU vs. FSZ - Sectors Allocation Comparison

Sectors
EWU
FSZ

Financial Services

26.0%
18.9%

Consumer Defensive

14.2%
6.6%

Healthcare

13.9%
22.0%

Industrials

12.1%
22.0%

Energy

11.0%

-

Basic Materials

9.3%
8.2%

Utilities

5.1%
3.1%

Consumer Cyclical

4.0%
10.0%

Communication Services

2.4%
3.9%

Technology

0.6%
1.6%

Real Estate

0.6%
3.7%

Financial Services

EWU
26.0%
FSZ
18.9%

Consumer Defensive

EWU
14.2%
FSZ
6.6%

Healthcare

EWU
13.9%
FSZ
22.0%

Industrials

EWU
12.1%
FSZ
22.0%

Energy

EWU
11.0%
FSZ

-

Basic Materials

EWU
9.3%
FSZ
8.2%

Utilities

EWU
5.1%
FSZ
3.1%

Consumer Cyclical

EWU
4.0%
FSZ
10.0%

Communication Services

EWU
2.4%
FSZ
3.9%

Technology

EWU
0.6%
FSZ
1.6%

Real Estate

EWU
0.6%
FSZ
3.7%

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 United Kingdom ETF

First Trust Switzerland AlphaDEX Fund

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Return for Risk

EWU vs. FSZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWU
EWU Risk / Return Rank: 4444
Overall Rank
EWU Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWU Omega Ratio Rank: 4141
Omega Ratio Rank
EWU Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWU Martin Ratio Rank: 4848
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2121
Overall Rank
FSZ Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2222
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2121
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2222
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2121
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.

EWU vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.

EWUFSZDifference
Sharpe ratioReturn per unit of total volatility
1.49
0.72

+0.77

Sortino ratioReturn per unit of downside risk
2.12
1.12

+1.00

Omega ratioGain probability vs. loss probability

1.26

1.13

+0.13

Calmar ratioReturn relative to maximum drawdown

2.16

0.99

+1.17

Martin ratioReturn relative to average drawdown

7.80

2.47

+5.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWU vs. FSZ - Sharpe Ratio Comparison

The current EWU Sharpe Ratio is 1.49, which is higher than the FSZ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of EWU 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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Sharpe Ratios by Period

EWUFSZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

0.72

+0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.32

+0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.50

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.52

-0.26

Drawdowns

EWU vs. FSZ - Drawdown Comparison

The maximum EWU drawdown since its inception was -63.99%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for EWU and FSZ.

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Drawdown Indicators

EWUFSZDifference

Max Drawdown

Largest peak-to-trough decline

-63.99%

-33.97%

-30.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-10.39%

+0.47%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-13.93%

+1.30%

Max Drawdown (5Y)

Largest decline over 5 years

-24.91%

-33.96%

+9.05%

Max Drawdown (10Y)

Largest decline over 10 years

-43.33%

-33.97%

-9.36%

Current Drawdown

Current decline from peak

-3.70%

-4.11%

+0.41%

Average Drawdown

Average peak-to-trough decline

-14.16%

-6.99%

-7.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

4.14%

-1.40%

Volatility

EWU vs. FSZ - Volatility Comparison

iShares MSCI United Kingdom ETF (EWU) has a higher volatility of 5.64% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.69%. This indicates that EWU'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

EWUFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

4.69%

+0.95%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

10.75%

+1.58%

Volatility (1Y)

Calculated over the trailing 1-year period

14.40%

14.24%

+0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

19.34%

-2.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

18.95%

-0.11%

EWU vs. FSZ - Expense Ratio Comparison

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

Dividends

EWU vs. FSZ - Dividend Comparison

EWU's dividend yield for the trailing twelve months is around 3.50%, more than FSZ's 2.36% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.50%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FSZ
First Trust Switzerland AlphaDEX Fund		2.36%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

EWU 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.

EWU has higher volatility (5.64%) compared to FSZ (4.69%). In terms of maximum drawdown, EWU dropped -63.99% vs FSZ's -33.97%.

On 10-year performance, FSZ leads with 9.48% vs 7.86% for EWU. On fees, EWU is cheaper at 0.50% per year. On volatility, FSZ has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FSZ has performed better with a 9.48% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWU has the higher dividend yield at 3.50%, compared with 2.36% for FSZ.

EWU tracks MSCI United Kingdom 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 EWU and 0.80% for FSZ.

EWU currently has the higher Sharpe Ratio (1.49 vs 0.72), 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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