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FSZ vs. IYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSZ vs. IYW

Last updated Jun 4, 2026

FSZ (First Trust Switzerland AlphaDEX Fund) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - FSZ is a Europe Equities fund tracking the NASDAQ AlphaDEX Switzerland Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, FSZ returned 9.42%/yr vs 26.11%/yr for IYW. At a 0.48 correlation, their price movements are largely independent. FSZ charges 0.80%/yr vs 0.38%/yr for IYW.

Performance

FSZ vs. IYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Switzerland AlphaDEX Fund (FSZ) and iShares U.S. Technology ETF (IYW). 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 2.04% return, which is significantly lower than IYW's 29.03% return. Over the past 10 years, FSZ has underperformed IYW with an annualized return of 9.42%, while IYW has yielded a comparatively higher 26.11% annualized return.

FSZ

1D
-0.66%
1M
1.60%
YTD
2.04%
6M
6.03%
1Y
9.94%
3Y*
12.14%
5Y*
5.94%
10Y*
9.42%

IYW

1D
-0.92%
1M
16.53%
YTD
29.03%
6M
28.22%
1Y
59.52%
3Y*
35.24%
5Y*
22.87%
10Y*
26.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSZ vs. IYW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FSZ
First Trust Switzerland AlphaDEX Fund		2.04%30.10%-1.85%21.30%-20.12%20.18%13.83%25.88%-15.22%31.30%
IYW
iShares U.S. Technology ETF		29.03%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%

Correlation

The correlation between FSZ and IYW is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

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

0.39

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

0.45

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

0.49

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

0.48

The correlation between FSZ and IYW shifts across timeframes, from 0.39 (3 years) to 0.49 (10 years), reflecting how their relationship changes across market environments.

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 U.S. Technology ETF

Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EWGFSZ vs. EZUFSZ vs. EWU
Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX

Return for Risk

FSZ vs. IYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSZ
FSZ Risk / Return Rank: 2020
Overall Rank
FSZ Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
FSZ Sortino Ratio Rank: 2020
Sortino Ratio Rank
FSZ Omega Ratio Rank: 1919
Omega Ratio Rank
FSZ Calmar Ratio Rank: 2121
Calmar Ratio Rank
FSZ Martin Ratio Rank: 2020
Martin Ratio Rank
IYW
IYW Risk / Return Rank: 7575
Overall Rank
IYW Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 8181
Sortino Ratio Rank
IYW Omega Ratio Rank: 8080
Omega Ratio Rank
IYW Calmar Ratio Rank: 6666
Calmar Ratio Rank
IYW Martin Ratio Rank: 6060
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. IYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Switzerland AlphaDEX Fund (FSZ) and iShares U.S. Technology ETF (IYW). 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.

FSZIYWDifference
Sharpe ratioReturn per unit of total volatility
0.70
2.98

-2.28

Sortino ratioReturn per unit of downside risk
1.10
3.70

-2.60

Omega ratioGain probability vs. loss probability

1.13

1.48

-0.36

Calmar ratioReturn relative to maximum drawdown

0.96

3.36

-2.40

Martin ratioReturn relative to average drawdown

2.41

11.00

-8.59

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSZ vs. IYW - Sharpe Ratio Comparison

The current FSZ Sharpe Ratio is 0.70, which is lower than the IYW Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FSZ and IYW, 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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Sharpe Ratios by Period

FSZIYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.70

2.98

-2.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.89

-0.58

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

1.04

-0.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.35

+0.16

Drawdowns

FSZ vs. IYW - Drawdown Comparison

The maximum FSZ drawdown since its inception was -33.97%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for FSZ and IYW.

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Drawdown Indicators

FSZIYWDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-81.90%

+47.93%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-17.81%

+7.42%

Max Drawdown (3Y)

Largest decline over 3 years

-13.93%

-26.47%

+12.54%

Max Drawdown (5Y)

Largest decline over 5 years

-33.96%

-39.44%

+5.48%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-39.44%

+5.47%

Current Drawdown

Current decline from peak

-5.11%

-0.92%

-4.19%

Average Drawdown

Average peak-to-trough decline

-7.00%

-34.66%

+27.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.14%

5.43%

-1.29%

Volatility

FSZ vs. IYW - Volatility Comparison

The current volatility for First Trust Switzerland AlphaDEX Fund (FSZ) is 4.72%, while iShares U.S. Technology ETF (IYW) has a volatility of 6.30%. This indicates that FSZ experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSZIYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.72%

6.30%

-1.58%

Volatility (6M)

Calculated over the trailing 6-month period

10.70%

15.85%

-5.15%

Volatility (1Y)

Calculated over the trailing 1-year period

14.25%

20.09%

-5.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.34%

25.87%

-6.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.95%

25.09%

-6.14%

FSZ vs. IYW - Expense Ratio Comparison

FSZ has a 0.80% expense ratio, which is higher than IYW's 0.38% expense ratio.

Dividends

FSZ vs. IYW - Dividend Comparison

FSZ's dividend yield for the trailing twelve months is around 2.39%, more than IYW's 0.11% yield.

PositionTTM20252024202320222021202020192018201720162015
FSZ
First Trust Switzerland AlphaDEX Fund		2.39%1.80%1.80%2.11%3.50%1.62%1.53%2.01%2.29%1.49%1.93%1.08%
IYW
iShares U.S. Technology ETF		0.11%0.14%0.21%0.34%0.50%0.31%0.56%0.72%0.92%0.82%1.14%1.12%

Frequently Asked Questions

FSZ and IYW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IYW has higher volatility (6.30%) compared to FSZ (4.72%). In terms of maximum drawdown, FSZ dropped -33.97% vs IYW's -81.90%.

On 10-year performance, IYW leads with 26.11% vs 9.42% for FSZ. On fees, IYW is cheaper at 0.38% per year. On volatility, FSZ has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYW has performed better with a 26.11% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYW is cheaper with a 0.38% expense ratio, compared with 0.80% for FSZ.

FSZ has the higher dividend yield at 2.39%, compared with 0.11% for IYW.

FSZ is categorized as Europe Equities, while IYW is Technology Equities. FSZ tracks NASDAQ AlphaDEX Switzerland Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FSZ and 0.38% for IYW.

IYW currently has the higher Sharpe Ratio (2.98 vs 0.70), 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

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