FSZ vs. EWQ

Last updated Jun 24, 2026

FSZ (First Trust Switzerland AlphaDEX Fund) and EWQ (iShares MSCI France ETF) are both Europe Equities funds - FSZ tracks the NASDAQ AlphaDEX Switzerland Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, FSZ returned 10.25%/yr vs 10.31%/yr for EWQ. A 0.72 correlation means they provide meaningful diversification when combined. FSZ charges 0.80%/yr vs 0.50%/yr for EWQ.

Performance

FSZ vs. EWQ - Performance Comparison

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

Returns By Period

In the year-to-date period, FSZ achieves a 2.53% return, which is significantly higher than EWQ's 1.84% return. Both investments have delivered pretty close results over the past 10 years, with FSZ having a 10.25% annualized return and EWQ not far ahead at 10.31%.

FSZ

• 1D: -0.05%
• 1M: 0.06%
• YTD: 2.53%
• 6M: 1.73%
• 1Y: 11.07%
• 3Y*: 13.17%
• 5Y*: 6.20%
• 10Y*: 10.25%

EWQ

• 1D: -1.02%
• 1M: 1.44%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 10.78%
• 3Y*: 9.62%
• 5Y*: 6.51%
• 10Y*: 10.31%

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

FSZ vs. EWQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSZ First Trust Switzerland AlphaDEX Fund	2.53%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%
EWQ iShares MSCI France ETF	1.84%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%

Correlation

The correlation between FSZ and EWQ is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.72

The correlation between FSZ and EWQ has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

FSZ vs. EWQ - Sectors Allocation Comparison

Sectors	FSZ	EWQ
Financial Services	22.0%	12.8%
Industrials	17.1%	31.1%
Healthcare	14.6%	8.7%
Basic Materials	9.8%	7.1%
Consumer Cyclical	7.3%	12.0%
Consumer Defensive	4.9%	8.5%
Technology	4.9%	4.1%
Communication Services	2.4%	3.1%
Real Estate	2.4%	1.3%
Utilities	2.4%	2.6%
Energy	-	8.0%

Return for Risk

FSZ vs. EWQ — Risk / Return Rank

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

FSZ

FSZ Risk / Return Rank: 23
FSZ Sharpe Ratio Rank: 23
FSZ Sortino Ratio Rank: 23
FSZ Omega Ratio Rank: 22
FSZ Calmar Ratio Rank: 23
FSZ Martin Ratio Rank: 22

EWQ

EWQ Risk / Return Rank: 19
EWQ Sharpe Ratio Rank: 19
EWQ Sortino Ratio Rank: 18
EWQ Omega Ratio Rank: 18
EWQ Calmar Ratio Rank: 19
EWQ Martin Ratio Rank: 21

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. EWQ - Risk-Adjusted Trends Comparison

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

	FSZ	EWQ	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.61	+0.17
Sortino ratio: Return per unit of downside risk	1.21	0.98	+0.23
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.02
Calmar ratio: Return relative to maximum drawdown	1.07	0.78	+0.28
Martin ratio: Return relative to average drawdown	2.61	2.37	+0.24

FSZ vs. EWQ - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.78, which is comparable to the EWQ Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of FSZ and EWQ, 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

FSZ vs. EWQ - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum EWQ drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for FSZ and EWQ.

Drawdown Indicators

	FSZ	EWQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-61.41%	+27.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-13.80%	+3.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-15.16%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.96%	-31.46%	-2.50%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-39.23%	+5.26%
Current Drawdown Current decline from peak	-4.66%	-5.24%	+0.58%
Average Drawdown Average peak-to-trough decline	-6.98%	-16.06%	+9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	4.56%	-0.32%

Volatility

FSZ vs. EWQ - Volatility Comparison

The current volatility for First Trust Switzerland AlphaDEX Fund (FSZ) is 4.07%, while iShares MSCI France ETF (EWQ) has a volatility of 5.62%. This indicates that FSZ experiences smaller price fluctuations and is considered to be less risky than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZ	EWQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	5.62%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	14.27%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	17.64%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	19.88%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	20.45%	-1.70%

FSZ vs. EWQ - Expense Ratio Comparison

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

Dividends

FSZ vs. EWQ - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.38%, less than EWQ's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWQ iShares MSCI France ETF	2.94%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%
FSZ First Trust Switzerland AlphaDEX Fund	2.38%	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

Can I hold both FSZ and EWQ in my portfolio?

FSZ and EWQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSZ or EWQ?

EWQ has higher volatility (5.62%) compared to FSZ (4.07%). In terms of maximum drawdown, FSZ dropped -33.97% vs EWQ's -61.41%.

Which ETF is better, FSZ or EWQ?

On 10-year performance, EWQ leads with 10.31% vs 10.25% for FSZ. On fees, EWQ is cheaper at 0.50% per year. On volatility, FSZ has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSZ or EWQ?

Over the 10-year period, EWQ has performed better with a 10.31% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSZ or EWQ?

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

Which ETF pays a higher dividend yield, FSZ or EWQ?

EWQ has the higher dividend yield at 2.94%, compared with 2.38% for FSZ.

What is the main difference between FSZ and EWQ?

FSZ tracks NASDAQ AlphaDEX Switzerland Index, while EWQ tracks MSCI France Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FSZ and 0.50% for EWQ.

Which has better risk-adjusted returns?

FSZ currently has the higher Sharpe Ratio (0.78 vs 0.61), 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.