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FSZ vs. EDEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSZ vs. EDEN

Last updated Aug 4, 2026
Documentation

FSZ (First Trust Switzerland AlphaDEX Fund) and EDEN (iShares MSCI Denmark ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EDEN tracks the MSCI Denmark IMI 25/50 Index. Both are passively managed. Over the past 10 years, FSZ returned 9.88%/yr vs 9.23%/yr for EDEN. Their 0.63 correlation means they have sometimes moved together and sometimes differently. FSZ charges 0.80%/yr vs 0.53%/yr for EDEN.

Performance

FSZ vs. EDEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Denmark ETF (EDEN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FSZ achieves a 4.14% return, which is significantly higher than EDEN's 0.35% return. Over the past 10 years, FSZ has outperformed EDEN with an annualized return of 9.88%, while EDEN has yielded a comparatively lower 9.23% annualized return.

FSZ

1D
0.41%
1M
-1.37%
6M
0.72%
YTD
4.14%
1Y
10.51%
3Y*
12.11%
5Y*
5.68%
10Y*
9.88%
ALL TIME*
9.31%

EDEN

1D
-0.36%
1M
-1.54%
6M
-6.38%
YTD
0.35%
1Y
11.28%
3Y*
4.96%
5Y*
1.55%
10Y*
9.23%
ALL TIME*
12.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EDEN

iShares MSCI Denmark ETF
$592.81K$1.22M$1.02M

FSZ

First Trust Switzerland AlphaDEX Fund
$60.67K$60.90K$87.60K

FSZ vs. EDEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FSZ
First Trust Switzerland AlphaDEX Fund		4.14%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%
EDEN
iShares MSCI Denmark ETF		0.35%10.58%-3.94%17.99%-11.47%14.81%42.56%24.37%-14.43%35.39%

Correlation

The correlation between FSZ and EDEN is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.65

Correlation (3Y)
Balances recent behavior with more history.

0.57

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.61

Correlation (10Y)
Provides a long-term view across more market conditions.

0.64

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2012

0.63

The correlation between FSZ and EDEN has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

FSZ vs. EDEN - Sectors Allocation Comparison

Sectors
FSZ
EDEN

Healthcare

23.1%
38.3%

Industrials

22.2%
29.0%

Financial Services

18.8%
15.5%

Consumer Cyclical

11.0%
2.8%

Basic Materials

8.0%
4.8%

Consumer Defensive

6.3%
4.7%

Communication Services

3.5%

-

Real Estate

3.2%

-

Utilities

2.6%
3.2%

Technology

1.4%
0.9%

Energy

-

0.9%

Healthcare

FSZ
23.1%
EDEN
38.3%

Industrials

FSZ
22.2%
EDEN
29.0%

Financial Services

FSZ
18.8%
EDEN
15.5%

Consumer Cyclical

FSZ
11.0%
EDEN
2.8%

Basic Materials

FSZ
8.0%
EDEN
4.8%

Consumer Defensive

FSZ
6.3%
EDEN
4.7%

Communication Services

FSZ
3.5%
EDEN

-

Real Estate

FSZ
3.2%
EDEN

-

Utilities

FSZ
2.6%
EDEN
3.2%

Technology

FSZ
1.4%
EDEN
0.9%

Energy

FSZ

-

EDEN
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.

First Trust Switzerland AlphaDEX Fund

iShares MSCI Denmark ETF

Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. EWGFSZ vs. SPYFSZ vs. EZUFSZ vs. EWI
Often compared with EDEN:
EDEN vs. EWNEDEN vs. ARGTEDEN vs. FNORXEDEN vs. EWIEDEN vs. ENZLEDEN vs. ENOREDEN vs. EWQ

Return for Risk

FSZ vs. EDEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FSZ
FSZ Risk / Return Rank: 3030
Overall Rank
FSZ Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 3030
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2828
Omega Ratio Rank
FSZ Calmar Ratio Rank: 3030
Calmar Ratio Rank
FSZ Martin Ratio Rank: 3030
Martin Ratio Rank
EDEN
EDEN Risk / Return Rank: 2323
Overall Rank
EDEN Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EDEN Sortino Ratio Rank: 2525
Sortino Ratio Rank
EDEN Omega Ratio Rank: 2525
Omega Ratio Rank
EDEN Calmar Ratio Rank: 2020
Calmar Ratio Rank
EDEN Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSZ vs. EDEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Denmark ETF (EDEN). 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.

FSZEDENDifference
Sharpe ratioReturn per unit of total volatility
0.73
0.58

+0.15

Sortino ratioReturn per unit of downside risk
1.17
0.95

+0.22

Omega ratioGain probability vs. loss probability

1.13

1.12

+0.02

Calmar ratioReturn relative to maximum drawdown

1.02

0.54

+0.48

Martin ratioReturn relative to average drawdown

2.70

1.25

+1.45

FSZ vs. EDEN - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.73, which is comparable to the EDEN Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of FSZ and EDEN, 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

FSZ vs. EDEN - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EDEN drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for FSZ and EDEN.

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Drawdown Indicators

FSZEDENDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-36.61%

+2.64%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-21.17%

+10.78%

Max Drawdown (3Y)

Largest decline over 3 years

-13.93%

-29.31%

+15.38%

Max Drawdown (5Y)

Largest decline over 5 years

-33.96%

-36.61%

+2.65%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-36.61%

+2.64%

Current Drawdown

Current decline from peak

-3.16%

-10.53%

+7.37%

Average Drawdown

Average peak-to-trough decline

-6.96%

-7.41%

+0.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.90%

9.06%

-5.16%

Volatility

FSZ vs. EDEN - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Denmark ETF (EDEN) have volatilities of 4.82% and 4.93%, 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

FSZEDENDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.82%

4.93%

-0.11%

Volatility (6M)

Calculated over the trailing 6-month period

11.54%

15.52%

-3.98%

Volatility (1Y)

Calculated over the trailing 1-year period

14.50%

19.65%

-5.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.43%

20.38%

-0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.71%

19.20%

-0.49%

FSZ vs. EDEN - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than EDEN's 0.53% expense ratio.

Dividends

FSZ vs. EDEN - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.00%, less than EDEN's 3.05% yield.

PositionTTM20252024202320222021202020192018201720162015
EDEN
iShares MSCI Denmark ETF		3.05%2.79%1.50%1.92%1.47%0.74%0.42%2.36%2.01%2.03%1.28%1.46%
FSZ
First Trust Switzerland AlphaDEX Fund		2.00%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

FSZ and EDEN have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EDEN has higher volatility (4.93%) compared to FSZ (4.82%). In terms of maximum drawdown, FSZ dropped -33.97% vs EDEN's -36.61%.

On 10-year performance, FSZ leads with 9.88% vs 9.23% for EDEN. On fees, EDEN is cheaper at 0.53% per year. On volatility, FSZ has been the lower-risk option at 4.82%. 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 9.88% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EDEN is cheaper with a 0.53% expense ratio, compared with 0.80% for FSZ.

EDEN has the higher dividend yield at 3.05%, compared with 2.00% for FSZ.

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EDEN tracks MSCI Denmark IMI 25/50 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FSZ and 0.53% for EDEN.

FSZ currently has the higher Sharpe Ratio (0.73 vs 0.58), 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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