IYW vs. EWL
IYW (iShares U.S. Technology ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, IYW returned 25.63%/yr vs 10.14%/yr for EWL. At a 0.50 correlation, their price movements are largely independent. IYW charges 0.38%/yr vs 0.50%/yr for EWL.
Performance
IYW vs. EWL - Performance Comparison
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Returns By Period
In the year-to-date period, IYW achieves a 22.66% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, IYW has outperformed EWL with an annualized return of 25.63%, while EWL has yielded a comparatively lower 10.14% annualized return.
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
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%
IYW vs. EWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
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 IYW and EWL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 19, 2000 | 0.50 |
The correlation between IYW and EWL shifts across timeframes, from 0.33 (1 year) to 0.52 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IYW vs. EWL — Risk / Return Rank
IYW
EWL
IYW vs. EWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) 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.
| IYW | EWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.15 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 1.01 | +1.69 |
| Martin ratioReturn relative to average drawdown | 8.68 | 3.24 | +5.44 |
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Drawdowns
IYW vs. EWL - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for IYW and EWL.
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Drawdown Indicators
| IYW | EWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -51.62% | -30.28% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -13.48% | -4.33% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -13.48% | -12.99% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -28.99% | -10.45% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -28.99% | -10.45% |
Current DrawdownCurrent decline from peak | -5.81% | -3.63% | -2.18% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -11.08% | -23.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 4.22% | +1.32% |
Volatility
IYW vs. EWL - Volatility Comparison
iShares U.S. Technology ETF (IYW) has a higher volatility of 9.41% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that IYW'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.
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Volatility by Period
| IYW | EWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 5.12% | +4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 12.70% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 16.09% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 16.13% | +9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 16.47% | +8.73% |
IYW vs. EWL - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is lower than EWL's 0.50% expense ratio.
Dividends
IYW vs. EWL - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, 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% |
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
IYW and EWL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.41%) compared to EWL (5.12%). In terms of maximum drawdown, IYW dropped -81.90% vs EWL's -51.62%.
On 10-year performance, IYW leads with 25.63% vs 10.14% for EWL. On fees, IYW is cheaper at 0.38% per year. On volatility, EWL has been the lower-risk option at 5.12%. 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 25.63% return vs 10.14%. 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 0.50% for EWL.
EWL has the higher dividend yield at 1.63%, compared with 0.11% for IYW.
IYW is categorized as Technology Equities, while EWL is Europe Equities. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.38% for IYW and 0.50% for EWL.
IYW currently has the higher Sharpe Ratio (2.24 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.
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