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FSZ vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSZ vs. EWI

Last updated Aug 2, 2026
Documentation

FSZ (First Trust Switzerland AlphaDEX Fund) and EWI (iShares MSCI Italy ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EWI tracks the MSCI Italy 25/50 Index (Net). Both are passively managed. Over the past 10 years, FSZ returned 9.81%/yr vs 14.81%/yr for EWI. Their 0.63 correlation means they have sometimes moved together and sometimes differently. FSZ charges 0.80%/yr vs 0.50%/yr for EWI.

Performance

FSZ vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Italy ETF (EWI). 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 lower than EWI's 15.62% return. Over the past 10 years, FSZ has underperformed EWI with an annualized return of 9.81%, while EWI has yielded a comparatively higher 14.81% 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%

EWI

1D
-0.10%
1M
1.60%
6M
12.41%
YTD
15.62%
1Y
33.05%
3Y*
27.26%
5Y*
17.91%
10Y*
14.81%
ALL TIME*
6.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWI

iShares MSCI Italy ETF
$23.18M$26.44M$25.34M

FSZ

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

FSZ vs. EWI - 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%
EWI
iShares MSCI Italy ETF		15.62%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%

Correlation

The correlation between FSZ and EWI is 0.71, 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.

0.71

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

0.67

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

0.68

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

0.66

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

0.63

The correlation between FSZ and EWI has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

FSZ vs. EWI - Sectors Allocation Comparison

Sectors
FSZ
EWI

Healthcare

23.1%
1.3%

Industrials

22.2%
10.4%

Financial Services

18.8%
50.1%

Consumer Cyclical

11.0%
9.0%

Basic Materials

8.0%
1.0%

Consumer Defensive

6.3%
0.9%

Communication Services

3.5%
2.7%

Real Estate

3.2%

-

Utilities

2.6%
18.0%

Technology

1.4%

-

Energy

-

6.6%

Healthcare

FSZ
23.1%
EWI
1.3%

Industrials

FSZ
22.2%
EWI
10.4%

Financial Services

FSZ
18.8%
EWI
50.1%

Consumer Cyclical

FSZ
11.0%
EWI
9.0%

Basic Materials

FSZ
8.0%
EWI
1.0%

Consumer Defensive

FSZ
6.3%
EWI
0.9%

Communication Services

FSZ
3.5%
EWI
2.7%

Real Estate

FSZ
3.2%
EWI

-

Utilities

FSZ
2.6%
EWI
18.0%

Technology

FSZ
1.4%
EWI

-

Energy

FSZ

-

EWI
6.6%

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 Italy ETF

Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. EWGFSZ vs. SPYFSZ vs. EZUFSZ vs. EWU
Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL

Return for Risk

FSZ vs. EWI — 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
EWI
EWI Risk / Return Rank: 7575
Overall Rank
EWI Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7676
Sortino Ratio Rank
EWI Omega Ratio Rank: 7272
Omega Ratio Rank
EWI Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWI Martin Ratio Rank: 7777
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. EWI - Risk-Adjusted Trends Comparison

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

FSZEWIDifference
Sharpe ratioReturn per unit of total volatility
0.56
1.75

-1.19

Sortino ratioReturn per unit of downside risk
0.92
2.45

-1.53

Omega ratioGain probability vs. loss probability

1.10

1.30

-0.20

Calmar ratioReturn relative to maximum drawdown

0.78

2.57

-1.78

Martin ratioReturn relative to average drawdown

2.09

9.62

-7.53

FSZ vs. EWI - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.56, which is lower than the EWI Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FSZ and EWI, 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. EWI - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EWI drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for FSZ and EWI.

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Drawdown Indicators

FSZEWIDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-70.38%

+36.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-12.48%

+2.09%

Max Drawdown (3Y)

Largest decline over 3 years

-13.93%

-16.80%

+2.87%

Max Drawdown (5Y)

Largest decline over 5 years

-33.96%

-35.25%

+1.29%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-43.00%

+9.03%

Current Drawdown

Current decline from peak

-3.56%

-0.10%

-3.46%

Average Drawdown

Average peak-to-trough decline

-6.96%

-28.79%

+21.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.89%

3.32%

+0.57%

Volatility

FSZ vs. EWI - Volatility Comparison

First Trust Switzerland AlphaDEX Fund (FSZ) and iShares MSCI Italy ETF (EWI) have volatilities of 5.15% and 5.05%, 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

FSZEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.15%

5.05%

+0.10%

Volatility (6M)

Calculated over the trailing 6-month period

11.59%

15.63%

-4.04%

Volatility (1Y)

Calculated over the trailing 1-year period

14.58%

18.38%

-3.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.42%

21.11%

-1.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.71%

22.51%

-3.80%

FSZ vs. EWI - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than EWI's 0.50% expense ratio.

Dividends

FSZ vs. EWI - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.00%, less than EWI's 3.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.04%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
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 EWI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSZ has higher volatility (5.15%) compared to EWI (5.05%). In terms of maximum drawdown, FSZ dropped -33.97% vs EWI's -70.38%.

On 10-year performance, EWI leads with 14.81% vs 9.81% for FSZ. On fees, EWI is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.81% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.50% expense ratio, compared with 0.80% for FSZ.

EWI has the higher dividend yield at 3.04%, compared with 2.00% for FSZ.

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EWI tracks MSCI Italy 25/50 Index (Net). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FSZ and 0.50% for EWI.

EWI currently has the higher Sharpe Ratio (1.75 vs 0.56), 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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