IOO vs. EWL

Last updated Jun 13, 2026

IOO (iShares Global 100 ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - IOO is a Global Equities fund tracking the S&P Global 100 Index (Net), while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, IOO returned 16.66%/yr vs 10.14%/yr for EWL. A 0.71 correlation means they provide meaningful diversification when combined. IOO charges 0.40%/yr vs 0.50%/yr for EWL.

Performance

IOO vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global 100 ETF (IOO) 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, IOO achieves a 9.16% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, IOO has outperformed EWL with an annualized return of 16.66%, while EWL has yielded a comparatively lower 10.14% annualized return.

IOO

• 1D: 0.11%
• 1M: -2.09%
• YTD: 9.16%
• 6M: 10.36%
• 1Y: 31.99%
• 3Y*: 23.85%
• 5Y*: 15.85%
• 10Y*: 16.66%

EWL

• 1D: -0.30%
• 1M: 1.55%
• YTD: 4.60%
• 6M: 7.45%
• 1Y: 13.57%
• 3Y*: 12.47%
• 5Y*: 6.50%
• 10Y*: 10.14%

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

IOO vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IOO iShares Global 100 ETF	9.16%	27.02%	26.54%	27.71%	-16.34%	26.03%	18.61%	30.01%	-6.22%	23.56%
EWL iShares MSCI Switzerland ETF	4.60%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between IOO and EWL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 8, 2000	0.71

The correlation between IOO and EWL shifts across timeframes, from 0.50 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

IOO vs. EWL - Sectors Allocation Comparison

Sectors	IOO	EWL
Technology	46.2%	0.9%
Communication Services	11.0%	1.3%
Financial Services	9.1%	18.6%
Consumer Cyclical	8.4%	5.4%
Healthcare	8.4%	38.8%
Consumer Defensive	5.6%	14.9%
Industrials	4.8%	12.0%
Energy	3.6%	-
Basic Materials	1.7%	6.6%
Utilities	0.5%	0.4%
Real Estate	0.2%	0.9%

Return for Risk

IOO vs. EWL — Risk / Return Rank

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

IOO

IOO Risk / Return Rank: 80
IOO Sharpe Ratio Rank: 83
IOO Sortino Ratio Rank: 80
IOO Omega Ratio Rank: 80
IOO Calmar Ratio Rank: 73
IOO Martin Ratio Rank: 83

EWL

EWL Risk / Return Rank: 26
EWL Sharpe Ratio Rank: 27
EWL Sortino Ratio Rank: 26
EWL Omega Ratio Rank: 25
EWL Calmar Ratio Rank: 24
EWL Martin Ratio Rank: 27

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.

IOO vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global 100 ETF (IOO) 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.

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.

	IOO	EWL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.85	+1.43
Sortino ratio: Return per unit of downside risk	3.09	1.30	+1.79
Omega ratio: Gain probability vs. loss probability	1.41	1.15	+0.25
Calmar ratio: Return relative to maximum drawdown	3.23	1.01	+2.22
Martin ratio: Return relative to average drawdown	14.35	3.24	+11.11

IOO vs. EWL - Sharpe Ratio Comparison

The current IOO Sharpe Ratio is 2.28, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of IOO 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.

Drawdowns

IOO vs. EWL - Drawdown Comparison

The maximum IOO drawdown since its inception was -55.85%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for IOO and EWL.

Drawdown Indicators

	IOO	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-55.85%	-51.62%	-4.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.94%	-13.48%	+3.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-13.48%	-5.71%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-28.99%	+5.47%
Max Drawdown (10Y) Largest decline over 10 years	-31.43%	-28.99%	-2.44%
Current Drawdown Current decline from peak	-4.05%	-3.63%	-0.42%
Average Drawdown Average peak-to-trough decline	-11.26%	-11.08%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	4.22%	-1.98%

Volatility

IOO vs. EWL - Volatility Comparison

The current volatility for iShares Global 100 ETF (IOO) is 4.82%, while iShares MSCI Switzerland ETF (EWL) has a volatility of 5.12%. This indicates that IOO experiences smaller price fluctuations and is considered to be less risky than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOO	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	5.12%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	12.70%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	16.09%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	16.13%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	16.47%	+1.33%

IOO vs. EWL - Expense Ratio Comparison

IOO has a 0.40% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

IOO vs. EWL - Dividend Comparison

IOO's dividend yield for the trailing twelve months is around 0.84%, less than EWL's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.63%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
IOO iShares Global 100 ETF	0.84%	0.92%	1.08%	1.49%	2.00%	1.53%	1.49%	2.02%	2.54%	2.23%	2.75%	2.89%

Frequently Asked Questions

Can I hold both IOO and EWL in my portfolio?

IOO and EWL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOO or EWL?

EWL has higher volatility (5.12%) compared to IOO (4.82%). In terms of maximum drawdown, IOO dropped -55.85% vs EWL's -51.62%.

Which ETF is better, IOO or EWL?

On 10-year performance, IOO leads with 16.66% vs 10.14% for EWL. On fees, IOO is cheaper at 0.40% per year. On volatility, IOO has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOO or EWL?

Over the 10-year period, IOO has performed better with a 16.66% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOO or EWL?

IOO is cheaper with a 0.40% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.63%, compared with 0.84% for IOO.

What is the main difference between IOO and EWL?

IOO is categorized as Global Equities, while EWL is Europe Equities. IOO tracks S&P Global 100 Index (Net), while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.40% for IOO and 0.50% for EWL.

Which has better risk-adjusted returns?

IOO currently has the higher Sharpe Ratio (2.28 vs 0.85), 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.