IEV vs. EWL

Last updated Jun 5, 2026

IEV (iShares Europe ETF) and EWL (iShares MSCI Switzerland ETF) are both Europe Equities funds from iShares - IEV tracks the S&P Europe 350 Index while EWL tracks the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, IEV returned 9.15%/yr vs 9.39%/yr for EWL. A 0.80 correlation means they provide meaningful diversification when combined. IEV charges 0.59%/yr vs 0.50%/yr for EWL.

Performance

IEV vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Europe ETF (IEV) and iShares MSCI Switzerland ETF (EWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEV achieves a 6.59% return, which is significantly higher than EWL's 3.17% return. Both investments have delivered pretty close results over the past 10 years, with IEV having a 9.15% annualized return and EWL not far ahead at 9.39%.

IEV

• 1D: 1.15%
• 1M: 2.48%
• YTD: 6.59%
• 6M: 9.69%
• 1Y: 18.09%
• 3Y*: 16.65%
• 5Y*: 8.80%
• 10Y*: 9.15%

EWL

• 1D: 1.58%
• 1M: 1.23%
• YTD: 3.17%
• 6M: 6.82%
• 1Y: 13.44%
• 3Y*: 11.88%
• 5Y*: 6.66%
• 10Y*: 9.39%

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

IEV vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEV iShares Europe ETF	6.59%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	24.84%
EWL iShares MSCI Switzerland ETF	3.17%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between IEV and EWL is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 31, 2000	0.80

The correlation between IEV and EWL has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

IEV vs. EWL - Sectors Allocation Comparison

Sectors	IEV	EWL
Financial Services	23.9%	18.6%
Industrials	19.3%	12.0%
Healthcare	13.1%	38.8%
Technology	8.7%	0.9%
Consumer Defensive	8.3%	14.9%
Consumer Cyclical	6.7%	5.4%
Basic Materials	5.7%	6.6%
Energy	5.6%	-
Utilities	5.0%	0.4%
Communication Services	2.9%	1.3%
Real Estate	0.8%	0.9%

Return for Risk

IEV vs. EWL — Risk / Return Rank

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

IEV

IEV Risk / Return Rank: 33
IEV Sharpe Ratio Rank: 33
IEV Sortino Ratio Rank: 33
IEV Omega Ratio Rank: 32
IEV Calmar Ratio Rank: 31
IEV Martin Ratio Rank: 36

EWL

EWL Risk / Return Rank: 24
EWL Sharpe Ratio Rank: 25
EWL Sortino Ratio Rank: 25
EWL Omega Ratio Rank: 24
EWL Calmar Ratio Rank: 23
EWL Martin Ratio Rank: 25

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.

IEV vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) and iShares MSCI Switzerland ETF (EWL). 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.

	IEV	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.86	+0.31
Sortino ratio: Return per unit of downside risk	1.71	1.29	+0.41
Omega ratio: Gain probability vs. loss probability	1.21	1.16	+0.05
Calmar ratio: Return relative to maximum drawdown	1.48	1.00	+0.47
Martin ratio: Return relative to average drawdown	5.40	3.25	+2.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEV vs. EWL - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.16, which is higher than the EWL Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of IEV and EWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEV	EWL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.86	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.42	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.57	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.35	-0.12

Drawdowns

IEV vs. EWL - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for IEV and EWL.

Drawdown Indicators

	IEV	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-63.27%	-51.62%	-11.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-13.48%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-13.48%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-28.99%	-1.61%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-28.99%	-7.63%
Current Drawdown Current decline from peak	-1.65%	-4.95%	+3.30%
Average Drawdown Average peak-to-trough decline	-15.04%	-11.09%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	4.14%	-0.78%

Volatility

IEV vs. EWL - Volatility Comparison

iShares Europe ETF (IEV) has a higher volatility of 5.56% compared to iShares MSCI Switzerland ETF (EWL) at 5.14%. This indicates that IEV's price experiences larger fluctuations and is considered to be riskier than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEV	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.14%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	12.30%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	15.76%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	16.07%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	16.47%	+2.19%

IEV vs. EWL - Expense Ratio Comparison

IEV has a 0.59% expense ratio, which is higher than EWL's 0.50% expense ratio.

Dividends

IEV vs. EWL - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.56%, more than EWL's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.65%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
IEV iShares Europe ETF	2.56%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%

Frequently Asked Questions

Can I hold both IEV and EWL in my portfolio?

IEV and EWL have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEV or EWL?

IEV has higher volatility (5.56%) compared to EWL (5.14%). In terms of maximum drawdown, IEV dropped -63.27% vs EWL's -51.62%.

Which ETF is better, IEV or EWL?

On 10-year performance, EWL leads with 9.39% vs 9.15% for IEV. On fees, EWL is cheaper at 0.50% per year. On volatility, EWL has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEV or EWL?

Over the 10-year period, EWL has performed better with a 9.39% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEV or EWL?

EWL is cheaper with a 0.50% expense ratio, compared with 0.59% for IEV.

Which ETF pays a higher dividend yield, IEV or EWL?

IEV has the higher dividend yield at 2.56%, compared with 1.65% for EWL.

What is the main difference between IEV and EWL?

IEV tracks S&P Europe 350 Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.59% for IEV and 0.50% for EWL.

Which has better risk-adjusted returns?

IEV currently has the higher Sharpe Ratio (1.16 vs 0.86), 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.