XMMO vs. EWL

Last updated Jun 13, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, XMMO returned 19.95%/yr vs 10.14%/yr for EWL. A 0.59 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.50%/yr for EWL.

Performance

XMMO vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) 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, XMMO achieves a 22.77% return, which is significantly higher than EWL's 4.60% return. Over the past 10 years, XMMO has outperformed EWL with an annualized return of 19.95%, while EWL has yielded a comparatively lower 10.14% annualized return.

XMMO

• 1D: 0.96%
• 1M: 0.99%
• YTD: 22.77%
• 6M: 22.33%
• 1Y: 36.63%
• 3Y*: 30.62%
• 5Y*: 15.91%
• 10Y*: 19.95%

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)

XMMO vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	22.77%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
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 XMMO and EWL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.59

The correlation between XMMO and EWL shifts across timeframes, from 0.44 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

XMMO vs. EWL - Sectors Allocation Comparison

Sectors	XMMO	EWL
Industrials	41.1%	12.0%
Technology	16.7%	0.9%
Energy	7.7%	-
Basic Materials	7.2%	6.6%
Healthcare	6.3%	38.8%
Real Estate	6.1%	0.9%
Utilities	5.8%	0.4%
Consumer Cyclical	4.6%	5.4%
Financial Services	2.4%	18.6%
Communication Services	1.6%	1.3%
Consumer Defensive	0.5%	14.9%

Return for Risk

XMMO vs. EWL — Risk / Return Rank

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

XMMO

XMMO Risk / Return Rank: 74
XMMO Sharpe Ratio Rank: 65
XMMO Sortino Ratio Rank: 65
XMMO Omega Ratio Rank: 63
XMMO Calmar Ratio Rank: 88
XMMO Martin Ratio Rank: 89

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.

XMMO vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.

	XMMO	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.85	+1.01
Sortino ratio: Return per unit of downside risk	2.58	1.30	+1.28
Omega ratio: Gain probability vs. loss probability	1.33	1.15	+0.18
Calmar ratio: Return relative to maximum drawdown	4.41	1.01	+3.40
Martin ratio: Return relative to average drawdown	17.54	3.24	+14.30

XMMO vs. EWL - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.86, which is higher than the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of XMMO 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

XMMO vs. EWL - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for XMMO and EWL.

Drawdown Indicators

	XMMO	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-51.62%	-3.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-13.48%	+5.14%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-13.48%	-11.45%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-28.99%	+1.08%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-28.99%	-7.75%
Current Drawdown Current decline from peak	-1.19%	-3.63%	+2.44%
Average Drawdown Average peak-to-trough decline	-9.44%	-11.08%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.22%	-2.13%

Volatility

XMMO vs. EWL - Volatility Comparison

Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 9.07% compared to iShares MSCI Switzerland ETF (EWL) at 5.12%. This indicates that XMMO'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

	XMMO	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	5.12%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	12.70%	+4.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	16.09%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	16.13%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	16.47%	+5.88%

XMMO vs. EWL - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

XMMO vs. EWL - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, 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%
XMMO Invesco S&P MidCap Momentum ETF	0.61%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and EWL in my portfolio?

XMMO and EWL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or EWL?

XMMO has higher volatility (9.07%) compared to EWL (5.12%). In terms of maximum drawdown, XMMO dropped -55.37% vs EWL's -51.62%.

Which ETF is better, XMMO or EWL?

On 10-year performance, XMMO leads with 19.95% vs 10.14% for EWL. On fees, XMMO is cheaper at 0.35% 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.

Which ETF has performed better, XMMO or EWL?

Over the 10-year period, XMMO has performed better with a 19.95% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or EWL?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.50% for EWL.

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

EWL has the higher dividend yield at 1.63%, compared with 0.61% for XMMO.

What is the main difference between XMMO and EWL?

XMMO is categorized as Momentum, while EWL is Europe Equities. XMMO tracks S&P MidCap 400 Momentum Index, while EWL tracks MSCI Switzerland Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for XMMO and 0.50% for EWL.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.86 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.