HEZU vs. FSZ

Last updated Aug 4, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - HEZU tracks the MSCI EMU 100% USD Hedged Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, HEZU returned 12.50%/yr vs 9.88%/yr for FSZ. Their 0.65 correlation means they have sometimes moved together and sometimes differently. HEZU charges 0.52%/yr vs 0.80%/yr for FSZ.

Performance

HEZU vs. FSZ - Performance Comparison

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

Returns By Period

In the year-to-date period, HEZU achieves a 15.20% return, which is significantly higher than FSZ's 4.14% return. Over the past 10 years, HEZU has outperformed FSZ with an annualized return of 12.50%, while FSZ has yielded a comparatively lower 9.88% annualized return.

HEZU

• 1D: 1.29%
• 1M: 0.86%
• 6M: 9.83%
• YTD: 15.20%
• 1Y: 28.69%
• 3Y*: 19.41%
• 5Y*: 13.05%
• 10Y*: 12.50%
• ALL TIME*: 11.05%

FSZ

• 1D: 0.41%
• 1M: -1.37%
• 6M: 0.72%
• YTD: 4.14%
• 1Y: 10.51%
• 3Y*: 12.11%
• 5Y*: 5.68%
• 10Y*: 9.88%
• ALL TIME*: 9.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSZ First Trust Switzerland AlphaDEX Fund	$60.67K	$60.90K	$87.60K
HEZU iShares Currency Hedged MSCI Eurozone ETF	$807.52K	$1.37M	$1.59M

HEZU vs. FSZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	15.20%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%
FSZ First Trust Switzerland AlphaDEX Fund	4.14%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	31.30%

Correlation

The correlation between HEZU and FSZ is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014	0.65

The correlation between HEZU and FSZ has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

HEZU vs. FSZ - Sectors Allocation Comparison

Sectors	HEZU	FSZ
Financial Services	24.7%	18.8%
Industrials	20.5%	22.2%
Technology	16.8%	1.4%
Consumer Cyclical	7.9%	11.0%
Utilities	6.5%	2.6%
Healthcare	5.8%	23.1%
Consumer Defensive	5.5%	6.3%
Communication Services	3.9%	3.5%
Basic Materials	3.9%	8.0%
Energy	3.5%	-
Real Estate	0.8%	3.2%

Return for Risk

HEZU vs. FSZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEZU

HEZU Risk / Return Rank: 77
HEZU Sharpe Ratio Rank: 78
HEZU Sortino Ratio Rank: 78
HEZU Omega Ratio Rank: 77
HEZU Calmar Ratio Rank: 73
HEZU Martin Ratio Rank: 77

FSZ

FSZ Risk / Return Rank: 30
FSZ Sharpe Ratio Rank: 30
FSZ Sortino Ratio Rank: 30
FSZ Omega Ratio Rank: 28
FSZ Calmar Ratio Rank: 30
FSZ Martin Ratio Rank: 30

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.

HEZU vs. FSZ - Risk-Adjusted Trends Comparison

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

	HEZU	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.73	+1.12
Sortino ratio: Return per unit of downside risk	2.64	1.17	+1.47
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.20
Calmar ratio: Return relative to maximum drawdown	2.63	1.02	+1.62
Martin ratio: Return relative to average drawdown	10.27	2.70	+7.57

HEZU vs. FSZ - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.85, which is higher than the FSZ Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of HEZU and FSZ, 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

HEZU vs. FSZ - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for HEZU and FSZ.

Drawdown Indicators

	HEZU	FSZ	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-33.97%	-4.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-10.39%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-13.93%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-33.96%	+11.17%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-33.97%	-4.83%
Current Drawdown Current decline from peak	0.00%	-3.16%	+3.16%
Average Drawdown Average peak-to-trough decline	-5.77%	-6.96%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.90%	-1.10%

Volatility

HEZU vs. FSZ - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 4.35%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 4.82%. This indicates that HEZU experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEZU	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.82%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	11.54%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	14.50%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	19.43%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	18.71%	-0.56%

HEZU vs. FSZ - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

HEZU vs. FSZ - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.54%, more than FSZ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.54%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both HEZU and FSZ in my portfolio?

HEZU and FSZ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEZU or FSZ?

FSZ has higher volatility (4.82%) compared to HEZU (4.35%). In terms of maximum drawdown, HEZU dropped -38.80% vs FSZ's -33.97%.

Which ETF is better, HEZU or FSZ?

On 10-year performance, HEZU leads with 12.50% vs 9.88% for FSZ. On fees, HEZU is cheaper at 0.52% per year. On volatility, HEZU has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEZU or FSZ?

Over the 10-year period, HEZU has performed better with a 12.50% return vs 9.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEZU or FSZ?

HEZU is cheaper with a 0.52% expense ratio, compared with 0.80% for FSZ.

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

HEZU has the higher dividend yield at 2.54%, compared with 2.00% for FSZ.

What is the main difference between HEZU and FSZ?

HEZU tracks MSCI EMU 100% USD Hedged Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.52% for HEZU and 0.80% for FSZ.

Which has better risk-adjusted returns?

HEZU currently has the higher Sharpe Ratio (1.85 vs 0.73), 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.