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EWY vs. EWL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWY vs. EWL

Last updated Jun 13, 2026

EWY (iShares MSCI South Korea ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWY returned 16.84%/yr vs 10.14%/yr for EWL. At a 0.49 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 0.50%/yr for EWL.

Performance

EWY vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) 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, EWY achieves a 103.10% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, EWY has outperformed EWL with an annualized return of 16.84%, while EWL has yielded a comparatively lower 10.14% annualized return.

EWY

1D
-0.75%
1M
4.68%
YTD
103.10%
6M
117.85%
1Y
198.25%
3Y*
46.46%
5Y*
18.80%
10Y*
16.84%

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)

EWY vs. EWL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWY
iShares MSCI South Korea ETF		103.10%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%
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 EWY and EWL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

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

0.44

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

0.48

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

0.52

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.49

The correlation between EWY and EWL shifts across timeframes, from 0.40 (1 year) to 0.52 (10 years), reflecting how their relationship changes across market environments.

EWY vs. EWL - Sectors Allocation Comparison

Sectors
EWY
EWL

Technology

52.4%
0.9%

Industrials

20.4%
12.0%

Financial Services

9.6%
18.6%

Consumer Cyclical

5.7%
5.4%

Healthcare

3.5%
38.8%

Communication Services

2.9%
1.3%

Basic Materials

2.0%
6.6%

Consumer Defensive

1.7%
14.9%

Energy

1.4%

-

Utilities

0.4%
0.4%

Real Estate

-

0.9%

Technology

EWY
52.4%
EWL
0.9%

Industrials

EWY
20.4%
EWL
12.0%

Financial Services

EWY
9.6%
EWL
18.6%

Consumer Cyclical

EWY
5.7%
EWL
5.4%

Healthcare

EWY
3.5%
EWL
38.8%

Communication Services

EWY
2.9%
EWL
1.3%

Basic Materials

EWY
2.0%
EWL
6.6%

Consumer Defensive

EWY
1.7%
EWL
14.9%

Energy

EWY
1.4%
EWL

-

Utilities

EWY
0.4%
EWL
0.4%

Real Estate

EWY

-

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 South Korea ETF

iShares MSCI Switzerland ETF

Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH
Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. IDAP.L

Return for Risk

EWY vs. EWL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
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.

EWY vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.

EWYEWLDifference
Sharpe ratioReturn per unit of total volatility
4.29
0.85

+3.44

Sortino ratioReturn per unit of downside risk
4.08
1.30

+2.78

Omega ratioGain probability vs. loss probability

1.59

1.15

+0.44

Calmar ratioReturn relative to maximum drawdown

8.65

1.01

+7.63

Martin ratioReturn relative to average drawdown

30.24

3.24

+26.99

EWY vs. EWL - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.29, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EWY 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

EWY vs. EWL - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWY and EWL.

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Drawdown Indicators

EWYEWLDifference

Max Drawdown

Largest peak-to-trough decline

-74.14%

-51.62%

-22.52%

Max Drawdown (1Y)

Largest decline over 1 year

-23.08%

-13.48%

-9.60%

Max Drawdown (3Y)

Largest decline over 3 years

-27.36%

-13.48%

-13.88%

Max Drawdown (5Y)

Largest decline over 5 years

-48.55%

-28.99%

-19.56%

Max Drawdown (10Y)

Largest decline over 10 years

-49.73%

-28.99%

-20.74%

Current Drawdown

Current decline from peak

-8.88%

-3.63%

-5.25%

Average Drawdown

Average peak-to-trough decline

-20.11%

-11.08%

-9.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.59%

4.22%

+2.37%

Volatility

EWY vs. EWL - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that EWY'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

EWYEWLDifference

Volatility (1M)

Calculated over the trailing 1-month period

25.64%

5.12%

+20.52%

Volatility (6M)

Calculated over the trailing 6-month period

42.65%

12.70%

+29.95%

Volatility (1Y)

Calculated over the trailing 1-year period

46.51%

16.09%

+30.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.15%

16.13%

+14.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.06%

16.47%

+11.59%

EWY vs. EWL - Expense Ratio Comparison

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

Dividends

EWY vs. EWL - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.03%, less 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%
EWY
iShares MSCI South Korea ETF		1.03%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%

Frequently Asked Questions

EWY and EWL have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (25.64%) compared to EWL (5.12%). In terms of maximum drawdown, EWY dropped -74.14% vs EWL's -51.62%.

On 10-year performance, EWY leads with 16.84% 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.

Over the 10-year period, EWY has performed better with a 16.84% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWL has the higher dividend yield at 1.63%, compared with 1.03% for EWY.

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

EWY currently has the higher Sharpe Ratio (4.29 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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