VTWNX vs. EWL
VTWNX (Vanguard Target Retirement 2020 Fund) and EWL (iShares MSCI Switzerland ETF) are both funds - VTWNX is a Target Retirement Date fund tracking the Target Retirement 2020 Composite Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, VTWNX returned 6.43%/yr vs 9.91%/yr for EWL. Their 0.76 correlation means they have sometimes moved together and sometimes differently. VTWNX charges 0.08%/yr vs 0.50%/yr for EWL.
Performance
VTWNX vs. EWL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTWNX achieves a 3.97% return, which is significantly lower than EWL's 7.20% return. Over the past 10 years, VTWNX has underperformed EWL with an annualized return of 6.43%, while EWL has yielded a comparatively higher 9.91% annualized return.
VTWNX
- 1D
- 0.74%
- 1M
- -0.52%
- 6M
- 2.59%
- YTD
- 3.97%
- 1Y
- 9.43%
- 3Y*
- 9.16%
- 5Y*
- 4.27%
- 10Y*
- 6.43%
- ALL TIME*
- 6.19%
EWL
- 1D
- -1.19%
- 1M
- -1.28%
- 6M
- 4.45%
- YTD
- 7.20%
- 1Y
- 22.60%
- 3Y*
- 12.29%
- 5Y*
- 6.77%
- 10Y*
- 9.91%
- ALL TIME*
- 7.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.12M | $30.49M | $28.31M | |
| $0.00 | $0.00 | $0.00 |
VTWNX vs. EWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWNX Vanguard Target Retirement 2020 Fund | 3.97% | 12.17% | 7.57% | 12.71% | -14.17% | 8.15% | 12.05% | 17.64% | -4.23% | 11.83% |
EWL iShares MSCI Switzerland ETF | 7.20% | 32.92% | -2.80% | 17.67% | -18.89% | 20.20% | 11.80% | 31.58% | -9.21% | 23.34% |
Correlation
The correlation between VTWNX and EWL is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2006 | 0.76 |
The correlation between VTWNX and EWL shifts across timeframes, from 0.65 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.
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
VTWNX vs. EWL — Risk / Return Rank
VTWNX
EWL
VTWNX vs. EWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2020 Fund (VTWNX) 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.
| VTWNX | EWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.63 | +0.44 |
| Martin ratioReturn relative to average drawdown | 8.56 | 5.39 | +3.17 |
Loading charts...
Drawdowns
VTWNX vs. EWL - Drawdown Comparison
The maximum VTWNX drawdown since its inception was -42.16%, smaller than the maximum EWL drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for VTWNX and EWL.
Loading charts...
Drawdown Indicators
| VTWNX | EWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.16% | -51.62% | +9.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -13.48% | +9.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.38% | -13.48% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -19.38% | -28.99% | +9.61% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | -28.99% | +9.61% |
Current DrawdownCurrent decline from peak | -1.07% | -1.28% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -11.04% | +6.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 4.08% | -3.01% |
Volatility
VTWNX vs. EWL - Volatility Comparison
The current volatility for Vanguard Target Retirement 2020 Fund (VTWNX) is 1.72%, while iShares MSCI Switzerland ETF (EWL) has a volatility of 4.59%. This indicates that VTWNX 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
| VTWNX | EWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 4.59% | -2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.93% | 12.83% | -7.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 15.80% | -10.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.46% | 16.22% | -8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.22% | 16.30% | -8.08% |
VTWNX vs. EWL - Expense Ratio Comparison
VTWNX has a 0.08% expense ratio, which is lower than EWL's 0.50% expense ratio.
Dividends
VTWNX vs. EWL - Dividend Comparison
VTWNX's dividend yield for the trailing twelve months is around 7.89%, more than EWL's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWL iShares MSCI Switzerland ETF | 1.73% | 1.71% | 2.21% | 2.12% | 2.04% | 1.73% | 1.45% | 1.85% | 2.56% | 2.05% | 2.75% | 2.58% |
VTWNX Vanguard Target Retirement 2020 Fund | 7.89% | 8.20% | 9.35% | 6.20% | 4.99% | 19.57% | 6.28% | 3.54% | 4.94% | 0.73% | 2.74% | 4.15% |
Frequently Asked Questions
VTWNX and EWL have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWL has higher volatility (4.59%) compared to VTWNX (1.72%). In terms of maximum drawdown, VTWNX dropped -42.16% vs EWL's -51.62%.
VTWNX currently has the higher Sharpe Ratio (1.58 vs 1.40), 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 VTWNX 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