FLSW vs. EWL

Last updated Jun 24, 2026

FLSW (Franklin FTSE Switzerland ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds - FLSW tracks the FTSE Switzerland RIC Capped Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 5 years, FLSW returned 7.06%/yr vs 6.65%/yr for EWL. Their correlation of 0.95 suggests significant overlap in exposure. FLSW charges 0.09%/yr vs 0.50%/yr for EWL.

Performance

FLSW vs. EWL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FLSW having a 4.52% return and EWL slightly lower at 4.35%.

FLSW

• 1D: 0.48%
• 1M: -0.04%
• YTD: 4.52%
• 6M: 3.79%
• 1Y: 17.63%
• 3Y*: 12.98%
• 5Y*: 7.06%
• 10Y*: —

EWL

• 1D: 0.38%
• 1M: -0.12%
• YTD: 4.35%
• 6M: 3.59%
• 1Y: 17.04%
• 3Y*: 12.55%
• 5Y*: 6.65%
• 10Y*: 10.25%

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

FLSW vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLSW Franklin FTSE Switzerland ETF	4.52%	32.92%	-1.77%	16.79%	-18.14%	20.82%	13.25%	31.66%	-7.85%
EWL iShares MSCI Switzerland ETF	4.35%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-8.49%

Correlation

The correlation between FLSW and EWL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.95

The correlation between FLSW and EWL has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

FLSW vs. EWL - Sectors Allocation Comparison

Sectors	FLSW	EWL
Healthcare	37.3%	33.3%
Financial Services	17.6%	17.7%
Industrials	14.1%	12.6%
Consumer Defensive	13.7%	15.9%
Basic Materials	7.8%	7.4%
Consumer Cyclical	5.7%	7.8%
Technology	1.3%	1.1%
Real Estate	1.2%	0.9%
Communication Services	1.2%	1.3%
Utilities	0.2%	0.4%
Energy	-	-

Return for Risk

FLSW vs. EWL — Risk / Return Rank

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

FLSW

FLSW Risk / Return Rank: 31
FLSW Sharpe Ratio Rank: 33
FLSW Sortino Ratio Rank: 34
FLSW Omega Ratio Rank: 31
FLSW Calmar Ratio Rank: 28
FLSW Martin Ratio Rank: 31

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 31
EWL Sortino Ratio Rank: 31
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

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.

FLSW vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Switzerland ETF (FLSW) 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.

	FLSW	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.08	+0.05
Sortino ratio: Return per unit of downside risk	1.71	1.61	+0.10
Omega ratio: Gain probability vs. loss probability	1.20	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.32	1.27	+0.05
Martin ratio: Return relative to average drawdown	4.20	4.04	+0.16

FLSW vs. EWL - Sharpe Ratio Comparison

The current FLSW Sharpe Ratio is 1.14, which is comparable to the EWL Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of FLSW 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

FLSW vs. EWL - Drawdown Comparison

The maximum FLSW drawdown since its inception was -28.16%, smaller than the maximum EWL drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for FLSW and EWL.

Drawdown Indicators

	FLSW	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-28.16%	-51.62%	+23.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-13.48%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.38%	-13.48%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.16%	-28.99%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.99%	—
Current Drawdown Current decline from peak	-3.81%	-3.86%	+0.05%
Average Drawdown Average peak-to-trough decline	-5.95%	-11.08%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	4.23%	-0.02%

Volatility

FLSW vs. EWL - Volatility Comparison

Franklin FTSE Switzerland ETF (FLSW) and iShares MSCI Switzerland ETF (EWL) have volatilities of 4.57% and 4.71%, 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.

Volatility by Period

	FLSW	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.71%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	12.64%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	15.86%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.12%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	16.30%	+0.58%

FLSW vs. EWL - Expense Ratio Comparison

FLSW has a 0.09% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

FLSW vs. EWL - Dividend Comparison

FLSW's dividend yield for the trailing twelve months is around 0.12%, less than EWL's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.77%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
FLSW Franklin FTSE Switzerland ETF	0.12%	2.12%	2.04%	2.36%	2.02%	1.86%	2.28%	1.15%	2.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLSW and EWL in my portfolio?

With a correlation of 0.98, FLSW and EWL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLSW or EWL?

EWL has higher volatility (4.71%) compared to FLSW (4.57%). In terms of maximum drawdown, FLSW dropped -28.16% vs EWL's -51.62%.

Which ETF is better, FLSW or EWL?

On 5-year performance, FLSW leads with 7.06% vs 6.65% for EWL. On fees, FLSW is cheaper at 0.09% per year. On volatility, FLSW has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLSW or EWL?

Over the 5-year period, FLSW has performed better with a 7.06% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSW or EWL?

FLSW is cheaper with a 0.09% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.77%, compared with 0.12% for FLSW.

What is the main difference between FLSW and EWL?

FLSW tracks FTSE Switzerland RIC Capped Index, while EWL tracks MSCI Switzerland Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLSW and 0.50% for EWL.

Which has better risk-adjusted returns?

FLSW currently has the higher Sharpe Ratio (1.14 vs 1.08), 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.