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IEUS vs. FSZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUS vs. FSZ

Last updated Jun 26, 2026

IEUS (iShares MSCI Europe Small-Cap ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - IEUS tracks the MSCI Europe Small Cap Index while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 10 years, IEUS returned 9.01%/yr vs 10.70%/yr for FSZ. A 0.73 correlation means they provide meaningful diversification when combined. IEUS charges 0.40%/yr vs 0.80%/yr for FSZ.

Performance

IEUS vs. FSZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, IEUS achieves a 3.19% return, which is significantly lower than FSZ's 4.14% return. Over the past 10 years, IEUS has underperformed FSZ with an annualized return of 9.01%, while FSZ has yielded a comparatively higher 10.70% annualized return.

IEUS

1D
0.53%
1M
-4.28%
YTD
3.19%
6M
3.33%
1Y
9.76%
3Y*
14.02%
5Y*
2.86%
10Y*
9.01%

FSZ

1D
1.05%
1M
1.43%
YTD
4.14%
6M
3.14%
1Y
11.79%
3Y*
13.80%
5Y*
6.44%
10Y*
10.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUS vs. FSZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUS
iShares MSCI Europe Small-Cap ETF		3.19%32.06%-1.59%17.34%-27.07%15.06%12.99%29.72%-20.17%35.04%
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 IEUS and FSZ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.83

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

0.75

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

0.75

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

0.77

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

0.73

The correlation between IEUS and FSZ shifts across timeframes, from 0.73 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

IEUS vs. FSZ - Sectors Allocation Comparison

Sectors
IEUS
FSZ

Industrials

26.6%
17.1%

Financial Services

15.0%
22.0%

Consumer Cyclical

12.1%
7.3%

Real Estate

8.3%
2.4%

Technology

7.9%
4.9%

Healthcare

7.5%
14.6%

Basic Materials

7.4%
9.8%

Energy

4.8%

-

Communication Services

4.5%
2.4%

Consumer Defensive

3.6%
4.9%

Utilities

2.3%
2.4%

Industrials

IEUS
26.6%
FSZ
17.1%

Financial Services

IEUS
15.0%
FSZ
22.0%

Consumer Cyclical

IEUS
12.1%
FSZ
7.3%

Real Estate

IEUS
8.3%
FSZ
2.4%

Technology

IEUS
7.9%
FSZ
4.9%

Healthcare

IEUS
7.5%
FSZ
14.6%

Basic Materials

IEUS
7.4%
FSZ
9.8%

Energy

IEUS
4.8%
FSZ

-

Communication Services

IEUS
4.5%
FSZ
2.4%

Consumer Defensive

IEUS
3.6%
FSZ
4.9%

Utilities

IEUS
2.3%
FSZ
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe Small-Cap ETF

First Trust Switzerland AlphaDEX Fund

Often compared with IEUS:
IEUS vs. SMEA.LIEUS vs. SPEUIEUS vs. DBEUIEUS vs. USSC.LIEUS vs. IPRP.LIEUS vs. VGKIEUS vs. VOO
Often compared with FSZ:
FSZ vs. EWLFSZ vs. FLSWFSZ vs. IAUFSZ vs. SPYFSZ vs. EWGFSZ vs. EZUFSZ vs. EWI

Return for Risk

IEUS vs. FSZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUS
IEUS Risk / Return Rank: 1919
Overall Rank
IEUS Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IEUS Sortino Ratio Rank: 1919
Sortino Ratio Rank
IEUS Omega Ratio Rank: 1818
Omega Ratio Rank
IEUS Calmar Ratio Rank: 1919
Calmar Ratio Rank
IEUS Martin Ratio Rank: 2222
Martin Ratio Rank
FSZ
FSZ Risk / Return Rank: 2424
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: 2323
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.

IEUS vs. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) 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.

IEUSFSZDifference
Sharpe ratioReturn per unit of total volatility
0.61
0.83

-0.23

Sortino ratioReturn per unit of downside risk
0.96
1.28

-0.32

Omega ratioGain probability vs. loss probability

1.12

1.15

-0.03

Calmar ratioReturn relative to maximum drawdown

0.77

1.14

-0.37

Martin ratioReturn relative to average drawdown

2.57

2.78

-0.20

IEUS vs. FSZ - Sharpe Ratio Comparison

The current IEUS Sharpe Ratio is 0.61, which is comparable to the FSZ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of IEUS 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.

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Drawdowns

IEUS vs. FSZ - Drawdown Comparison

The maximum IEUS drawdown since its inception was -63.09%, which is greater than FSZ's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for IEUS and FSZ.

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Drawdown Indicators

IEUSFSZDifference

Max Drawdown

Largest peak-to-trough decline

-63.09%

-33.97%

-29.12%

Max Drawdown (1Y)

Largest decline over 1 year

-12.81%

-10.39%

-2.42%

Max Drawdown (3Y)

Largest decline over 3 years

-18.05%

-13.93%

-4.12%

Max Drawdown (5Y)

Largest decline over 5 years

-44.86%

-33.96%

-10.90%

Max Drawdown (10Y)

Largest decline over 10 years

-44.86%

-33.97%

-10.89%

Current Drawdown

Current decline from peak

-4.28%

-3.16%

-1.12%

Average Drawdown

Average peak-to-trough decline

-15.49%

-6.98%

-8.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.80%

4.26%

-0.46%

Volatility

IEUS vs. FSZ - Volatility Comparison

iShares MSCI Europe Small-Cap ETF (IEUS) has a higher volatility of 4.84% compared to First Trust Switzerland AlphaDEX Fund (FSZ) at 4.19%. This indicates that IEUS's price experiences larger fluctuations and is considered to be riskier than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEUSFSZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

4.19%

+0.65%

Volatility (6M)

Calculated over the trailing 6-month period

13.67%

11.07%

+2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

16.19%

14.23%

+1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.84%

19.36%

+1.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.09%

18.75%

+1.34%

IEUS vs. FSZ - Expense Ratio Comparison

IEUS has a 0.40% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

IEUS vs. FSZ - Dividend Comparison

IEUS's dividend yield for the trailing twelve months is around 3.25%, less than FSZ's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
FSZ
First Trust Switzerland AlphaDEX Fund		3.35%1.80%1.80%2.11%3.50%1.62%1.53%2.01%2.29%1.49%1.93%1.08%
IEUS
iShares MSCI Europe Small-Cap ETF		3.25%3.19%3.25%2.97%3.00%2.63%1.21%4.03%3.21%2.13%2.48%2.06%

Frequently Asked Questions

IEUS and FSZ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEUS has higher volatility (4.84%) compared to FSZ (4.19%). In terms of maximum drawdown, IEUS dropped -63.09% vs FSZ's -33.97%.

On 10-year performance, FSZ leads with 10.70% vs 9.01% for IEUS. On fees, IEUS is cheaper at 0.40% per year. On volatility, FSZ has been the lower-risk option at 4.19%. 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 10.70% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUS is cheaper with a 0.40% expense ratio, compared with 0.80% for FSZ.

FSZ has the higher dividend yield at 3.35%, compared with 3.25% for IEUS.

IEUS tracks MSCI Europe Small Cap Index, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.40% for IEUS and 0.80% for FSZ.

FSZ currently has the higher Sharpe Ratio (0.83 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.

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