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FSZ vs. EFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSZ vs. EFNL

Last updated Jul 14, 2026
Documentation

FSZ (First Trust Switzerland AlphaDEX Fund) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 10 years, FSZ returned 10.06%/yr vs 8.76%/yr for EFNL. A 0.65 correlation means they provide meaningful diversification when combined. FSZ charges 0.80%/yr vs 0.53%/yr for EFNL.

Performance

FSZ vs. EFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Finland ETF (EFNL). 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 3.97% return, which is significantly lower than EFNL's 8.97% return. Over the past 10 years, FSZ has outperformed EFNL with an annualized return of 10.06%, while EFNL has yielded a comparatively lower 8.76% annualized return.

FSZ

1D
-0.68%
1M
0.64%
6M
2.30%
YTD
3.97%
1Y
7.15%
3Y*
11.26%
5Y*
6.30%
10Y*
10.06%

EFNL

1D
-1.42%
1M
-6.08%
6M
6.99%
YTD
8.97%
1Y
27.16%
3Y*
17.57%
5Y*
4.27%
10Y*
8.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSZ vs. EFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FSZ
First Trust Switzerland AlphaDEX Fund		3.97%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%
EFNL
iShares MSCI Finland ETF		8.97%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%23.77%

Correlation

The correlation between FSZ and EFNL is 0.61, 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

0.61

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

0.62

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

0.67

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

0.68

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

0.65

The correlation between FSZ and EFNL has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

FSZ vs. EFNL - Sectors Allocation Comparison

Sectors
FSZ
EFNL

Financial Services

22.0%
26.5%

Healthcare

17.1%
3.7%

Industrials

14.6%
20.2%

Basic Materials

9.8%
8.4%

Consumer Cyclical

7.3%
4.2%

Consumer Defensive

4.9%
2.8%

Technology

4.9%
22.8%

Communication Services

2.4%
2.2%

Real Estate

2.4%
0.8%

Utilities

2.4%
3.7%

Energy

-

4.4%

Financial Services

FSZ
22.0%
EFNL
26.5%

Healthcare

FSZ
17.1%
EFNL
3.7%

Industrials

FSZ
14.6%
EFNL
20.2%

Basic Materials

FSZ
9.8%
EFNL
8.4%

Consumer Cyclical

FSZ
7.3%
EFNL
4.2%

Consumer Defensive

FSZ
4.9%
EFNL
2.8%

Technology

FSZ
4.9%
EFNL
22.8%

Communication Services

FSZ
2.4%
EFNL
2.2%

Real Estate

FSZ
2.4%
EFNL
0.8%

Utilities

FSZ
2.4%
EFNL
3.7%

Energy

FSZ

-

EFNL
4.4%

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 Finland ETF

Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EWGFSZ vs. EZUFSZ vs. EWI
Often compared with EFNL:
EFNL vs. CN1G.DEEFNL vs. FNDAEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI

Return for Risk

FSZ vs. EFNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSZ
FSZ Risk / Return Rank: 1919
Overall Rank
FSZ Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
FSZ Omega Ratio Rank: 1717
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2020
Calmar Ratio Rank
FSZ Martin Ratio Rank: 1919
Martin Ratio Rank
EFNL
EFNL Risk / Return Rank: 5555
Overall Rank
EFNL Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 4949
Sortino Ratio Rank
EFNL Omega Ratio Rank: 4848
Omega Ratio Rank
EFNL Calmar Ratio Rank: 6565
Calmar Ratio Rank
EFNL Martin Ratio Rank: 5959
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.

FSZ vs. EFNL - Risk-Adjusted Trends Comparison

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

FSZEFNLDifference
Sharpe ratioReturn per unit of total volatility
0.50
1.43

-0.93

Sortino ratioReturn per unit of downside risk
0.82
1.96

-1.14

Omega ratioGain probability vs. loss probability

1.09

1.25

-0.15

Calmar ratioReturn relative to maximum drawdown

0.69

2.57

-1.88

Martin ratioReturn relative to average drawdown

1.66

8.18

-6.52

FSZ vs. EFNL - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.50, which is lower than the EFNL Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FSZ and EFNL, 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. EFNL - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EFNL drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for FSZ and EFNL.

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Drawdown Indicators

FSZEFNLDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-38.70%

+4.73%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-10.63%

+0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-13.93%

-15.78%

+1.85%

Max Drawdown (5Y)

Largest decline over 5 years

-33.96%

-38.70%

+4.74%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-38.70%

+4.73%

Current Drawdown

Current decline from peak

-3.31%

-10.47%

+7.16%

Average Drawdown

Average peak-to-trough decline

-6.97%

-10.90%

+3.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.30%

3.33%

+0.97%

Volatility

FSZ vs. EFNL - Volatility Comparison

The current volatility for First Trust Switzerland AlphaDEX Fund (FSZ) is 4.12%, while iShares MSCI Finland ETF (EFNL) has a volatility of 7.07%. This indicates that FSZ experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSZEFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.12%

7.07%

-2.95%

Volatility (6M)

Calculated over the trailing 6-month period

11.32%

16.39%

-5.07%

Volatility (1Y)

Calculated over the trailing 1-year period

14.38%

19.18%

-4.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.38%

19.96%

-0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

19.87%

-1.18%

FSZ vs. EFNL - Expense Ratio Comparison

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

Dividends

FSZ vs. EFNL - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.00%, more than EFNL's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EFNL
iShares MSCI Finland ETF		1.04%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%
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 EFNL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (7.07%) compared to FSZ (4.12%). In terms of maximum drawdown, FSZ dropped -33.97% vs EFNL's -38.70%.

On 10-year performance, FSZ leads with 10.06% vs 8.76% for EFNL. On fees, EFNL is cheaper at 0.53% per year. On volatility, FSZ has been the lower-risk option at 4.12%. 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 10.06% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FSZ has the higher dividend yield at 2.00%, compared with 1.04% for EFNL.

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EFNL tracks MSCI Finland 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 EFNL.

EFNL currently has the higher Sharpe Ratio (1.43 vs 0.50), 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.

Portfolio Optimizer

Find the right allocation for FSZ and EFNL

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