VTIVX vs. EWL
VTIVX (Vanguard Target Retirement 2045 Fund) and EWL (iShares MSCI Switzerland ETF) are both funds - VTIVX is a Target Retirement Date fund managed by Vanguard, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Over the past 10 years, VTIVX returned 11.31%/yr vs 10.14%/yr for EWL. A 0.74 correlation means they provide meaningful diversification when combined. VTIVX charges 0.08%/yr vs 0.50%/yr for EWL.
Performance
VTIVX vs. EWL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTIVX achieves a 8.87% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, VTIVX has outperformed EWL with an annualized return of 11.31%, while EWL has yielded a comparatively lower 10.14% annualized return.
VTIVX
- 1D
- 2.05%
- 1M
- 1.26%
- YTD
- 8.87%
- 6M
- 9.59%
- 1Y
- 23.02%
- 3Y*
- 17.25%
- 5Y*
- 8.91%
- 10Y*
- 11.31%
EWL
- 1D
- -0.30%
- 1M
- 2.60%
- YTD
- 4.60%
- 6M
- 7.45%
- 1Y
- 15.73%
- 3Y*
- 12.47%
- 5Y*
- 6.50%
- 10Y*
- 10.14%
VTIVX vs. EWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIVX Vanguard Target Retirement 2045 Fund | 8.87% | 20.01% | 13.68% | 19.72% | -17.38% | 16.16% | 16.31% | 24.94% | -7.89% | 19.16% |
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 VTIVX and EWL is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2003 | 0.74 |
The correlation between VTIVX and EWL has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTIVX vs. EWL — Risk / Return Rank
VTIVX
EWL
VTIVX vs. EWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2045 Fund (VTIVX) 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.
| VTIVX | EWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.15 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.01 | +1.67 |
| Martin ratioReturn relative to average drawdown | 11.59 | 3.24 | +8.35 |
Loading charts...
Drawdowns
VTIVX vs. EWL - Drawdown Comparison
The maximum VTIVX drawdown since its inception was -51.69%, roughly equal to the maximum EWL drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for VTIVX and EWL.
Loading charts...
Drawdown Indicators
| VTIVX | EWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.69% | -51.62% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -13.48% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -13.40% | -13.48% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -25.10% | -28.99% | +3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -31.42% | -28.99% | -2.43% |
Current DrawdownCurrent decline from peak | -2.00% | -3.63% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -6.33% | -11.08% | +4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 4.22% | -2.30% |
Volatility
VTIVX vs. EWL - Volatility Comparison
The current volatility for Vanguard Target Retirement 2045 Fund (VTIVX) is 4.51%, while iShares MSCI Switzerland ETF (EWL) has a volatility of 5.12%. This indicates that VTIVX 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.
Loading charts...
Volatility by Period
| VTIVX | EWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 5.12% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 9.13% | 12.70% | -3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.10% | 16.09% | -4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 16.13% | -2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.82% | 16.47% | -1.65% |
VTIVX vs. EWL - Expense Ratio Comparison
VTIVX has a 0.08% expense ratio, which is lower than EWL's 0.50% expense ratio.
Dividends
VTIVX vs. EWL - Dividend Comparison
VTIVX's dividend yield for the trailing twelve months is around 2.29%, more 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% |
VTIVX Vanguard Target Retirement 2045 Fund | 2.29% | 2.50% | 2.36% | 2.27% | 2.75% | 15.40% | 1.90% | 2.23% | 2.52% | 0.04% | 2.47% | 3.29% |
Frequently Asked Questions
VTIVX and EWL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWL has higher volatility (5.12%) compared to VTIVX (4.51%). In terms of maximum drawdown, VTIVX dropped -51.69% vs EWL's -51.62%.
VTIVX currently has the higher Sharpe Ratio (2.01 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.
Find the right allocation for VTIVX and EWL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer