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FSZ vs. EWG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSZ vs. EWG

Last updated Aug 2, 2026
Documentation

FSZ (First Trust Switzerland AlphaDEX Fund) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 10 years, FSZ returned 9.81%/yr vs 7.90%/yr for EWG. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSZ charges 0.80%/yr vs 0.49%/yr for EWG.

Performance

FSZ vs. EWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Germany ETF (EWG). 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 3.71% return, which is significantly higher than EWG's 2.84% return. Over the past 10 years, FSZ has outperformed EWG with an annualized return of 9.81%, while EWG has yielded a comparatively lower 7.90% annualized return.

FSZ

1D
-0.86%
1M
-1.77%
6M
0.25%
YTD
3.71%
1Y
10.06%
3Y*
11.44%
5Y*
5.67%
10Y*
9.81%
ALL TIME*
9.28%

EWG

1D
-0.07%
1M
1.28%
6M
1.39%
YTD
2.84%
1Y
7.26%
3Y*
16.35%
5Y*
7.08%
10Y*
7.90%
ALL TIME*
6.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWG

iShares MSCI Germany ETF
$53.81M$49.56M$49.69M

FSZ

First Trust Switzerland AlphaDEX Fund
$60.99K$62.05K$87.92K

FSZ vs. EWG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FSZ
First Trust Switzerland AlphaDEX Fund		3.71%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%
EWG
iShares MSCI Germany ETF		2.84%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%

Correlation

The correlation between FSZ and EWG is 0.74, 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.

0.74

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

0.72

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

0.73

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

0.75

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

0.72

The correlation between FSZ and EWG has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

FSZ vs. EWG - Sectors Allocation Comparison

Sectors
FSZ
EWG

Healthcare

23.1%
7.0%

Industrials

22.2%
30.4%

Financial Services

18.8%
22.0%

Consumer Cyclical

11.0%
7.8%

Basic Materials

8.0%
5.2%

Consumer Defensive

6.3%
1.5%

Communication Services

3.5%
5.5%

Real Estate

3.2%
0.9%

Utilities

2.6%
4.7%

Technology

1.4%
15.1%

Energy

-

-

Healthcare

FSZ
23.1%
EWG
7.0%

Industrials

FSZ
22.2%
EWG
30.4%

Financial Services

FSZ
18.8%
EWG
22.0%

Consumer Cyclical

FSZ
11.0%
EWG
7.8%

Basic Materials

FSZ
8.0%
EWG
5.2%

Consumer Defensive

FSZ
6.3%
EWG
1.5%

Communication Services

FSZ
3.5%
EWG
5.5%

Real Estate

FSZ
3.2%
EWG
0.9%

Utilities

FSZ
2.6%
EWG
4.7%

Technology

FSZ
1.4%
EWG
15.1%

Energy

FSZ

-

EWG

-

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 Germany ETF

Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EZUFSZ vs. EWIFSZ vs. EWU
Often compared with EWG:
EWG vs. EWQEWG vs. SPYEWG vs. EWPEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. EWD

Return for Risk

FSZ vs. EWG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FSZ
FSZ Risk / Return Rank: 2525
Overall Rank
FSZ Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FSZ Omega Ratio Rank: 2323
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2525
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2626
Martin Ratio Rank
EWG
EWG Risk / Return Rank: 1919
Overall Rank
EWG Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1818
Sortino Ratio Rank
EWG Omega Ratio Rank: 1818
Omega Ratio Rank
EWG Calmar Ratio Rank: 1818
Calmar Ratio Rank
EWG 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. EWG - Risk-Adjusted Trends Comparison

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

FSZEWGDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.35

+0.21

Sortino ratioReturn per unit of downside risk
0.92
0.62

+0.30

Omega ratioGain probability vs. loss probability

1.10

1.07

+0.03

Calmar ratioReturn relative to maximum drawdown

0.78

0.43

+0.36

Martin ratioReturn relative to average drawdown

2.09

1.28

+0.81

FSZ vs. EWG - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.56, which is higher than the EWG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of FSZ and EWG, 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. EWG - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for FSZ and EWG.

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Drawdown Indicators

FSZEWGDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-67.57%

+33.60%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-14.54%

+4.15%

Max Drawdown (3Y)

Largest decline over 3 years

-13.93%

-15.49%

+1.56%

Max Drawdown (5Y)

Largest decline over 5 years

-33.96%

-42.59%

+8.63%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-46.80%

+12.83%

Current Drawdown

Current decline from peak

-3.56%

-1.91%

-1.65%

Average Drawdown

Average peak-to-trough decline

-6.96%

-19.12%

+12.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.89%

4.86%

-0.97%

Volatility

FSZ vs. EWG - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Germany ETF (EWG) have volatilities of 5.15% and 5.38%, 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

FSZEWGDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.15%

5.38%

-0.23%

Volatility (6M)

Calculated over the trailing 6-month period

11.59%

15.32%

-3.73%

Volatility (1Y)

Calculated over the trailing 1-year period

14.58%

17.71%

-3.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.42%

20.57%

-1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.71%

20.81%

-2.10%

FSZ vs. EWG - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than EWG's 0.49% expense ratio.

Dividends

FSZ vs. EWG - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.00%, more than EWG's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.94%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
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 EWG have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (5.38%) compared to FSZ (5.15%). In terms of maximum drawdown, FSZ dropped -33.97% vs EWG's -67.57%.

On 10-year performance, FSZ leads with 9.81% vs 7.90% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, FSZ has been the lower-risk option at 5.15%. 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 9.81% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWG is cheaper with a 0.49% expense ratio, compared with 0.80% for FSZ.

FSZ has the higher dividend yield at 2.00%, compared with 1.94% for EWG.

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EWG tracks MSCI Germany Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FSZ and 0.49% for EWG.

FSZ currently has the higher Sharpe Ratio (0.56 vs 0.35), 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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