Which returned more over the last year, EWL or FEZ?

In the year to Oct 28, 2026, with distributions reinvested, EWL returned +14.5% and FEZ +6.0%.

Which is cheaper, EWL or FEZ?

FEZ is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do EWL and FEZ overlap with the S&P 500?

By their latest filed holdings, 0% of EWL and 0% of FEZ by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

EWL vs FEZ: Differences, Returns & Fees

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Over the year to Oct 28, 2026, EWL returned +14.5% to FEZ's +6.0%; 0% of their weight is in the same names.

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Net assets: $3.0bn on Oct 28, 2026 for iShares MSCI Switzerland ETF, and $4.1bn on Oct 27, 2026 for State Street SPDR EURO STOXX 50 ETF.

EWL on its own →FEZ on its own →

At a glance

+14.5%

EWL total return, 1 year

+6.0%

FEZ total return, 1 year

0.50%

EWL expense ratio

0.29%

FEZ expense ratio

Pair scorecard

FEZ costs 0.21 points a year less; their one-year returns differ by 8.5 points; FEZ is 1.4 times larger.

EWL vs FEZ: Differences, Returns & Fees
Measure	EWL	FEZ
Return
Measure	EWL	FEZ
Total return, 1 year	+14.5%	+6.0%
Drawdown
Measure	EWL	FEZ
Below its high		9.0%, high on Aug 14, 2026
Benchmark
Measure	EWL	FEZ
What it tracks	MSCI Switzerland 25/50 Index	EURO STOXX 50 Index
Cost and size
Measure	EWL	FEZ
Expense ratio	0.50%	0.29%
Net assets, as of Oct 26, 2026	$2.9bn	$4.1bn
Holdings
Measure	EWL	FEZ
Holdings in common	0%
Top ten holdings, share of the fund	65.3%	42.9%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWX

EWL FEZ

Return

Total return edge EWL +266.3% +105.3%

Annualized edge EWL +7.2% +3.9%

Price return edge EWL +146.5% +12.9%

Risk

Volatility edge EWL 18.1% 24.6%

Max drawdown edge EWL −49.0% −60.8%

Downside capture 85.4% 109.3%

Beta 0.80 1.16

Risk-adjusted

Sharpe edge EWL 0.40 0.22

Sortino edge EWL 0.56 0.31

Treynor 0.090 0.047

Calmar edge EWL 0.15 0.06

Against the benchmark

Alpha +3.2% a year −0.3% a year

Alpha t-stat 1.55 −0.15

Information ratio 0.22 0.05

Tracking error 9.7% 9.5%

Reading

EWL returned more: +266.3% to +105.3%. EWL swung less: 18.1% to 24.6%. EWL fell less at its worst: −49.0% to −60.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: EWL vs FEZ: Differences, Returns & Fees
Measure	EWL	FEZ	ACWX	Edge	How it is measured
Return
Total return	+266.3%	+105.3%	+129.8%	EWL	Price change plus distributions, reinvested.
Annualized	+7.2%	+3.9%	+4.6%	EWL	Total return as a yearly rate.
Price return	+146.5%	+12.9%	+42.8%	EWL	Price change alone, distributions left out.
Risk
Volatility	18.1%	24.6%	19.8%	EWL	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	12.9%	17.7%	14.4%	EWL	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−49.0%	−60.8%	−59.4%	EWL	Deepest fall from a high to the low after it.
Upside capture	77.0%	125.7%	100.0%	FEZ	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	85.4%	109.3%	100.0%	EWL	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.80	1.16	1.00	EWL lower	How far it moves for each 1% its benchmark moves.
R squared	0.76	0.87	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.40	0.22	0.25	EWL	Return above Treasury bills per unit of volatility.
Sortino	0.56	0.31	0.35	EWL	Return above Treasury bills per unit of downside deviation.
Treynor	0.090	0.047	0.050	EWL	Return above Treasury bills per unit of beta.
Calmar	0.15	0.06	0.08	EWL	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWX	ACWX	ACWX		The ETF each fund is measured against.
Alpha	+3.2% a year	−0.3% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	1.55	−0.15		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−0.8% to +7.2%	−4.4% to +3.8%		Both include zero	The 95% range for the yearly alpha.
Information ratio	0.22	0.05		EWL	Return against its benchmark per unit of tracking error.
Tracking error	9.7%	9.5%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, EWL and FEZ hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first EWL FEZ

Only in one fund ↓

Only in EWL

ROCHE PS PAR AG 14.99%

NOVARTIS AG 12.54%

NESTLE SA 11.36%

UBS GROUP AG 5.83%

ZURICH INSURANCE GROUP AG 4.57%

ABB LTD 3.88%

COMPAGNIE FINANCIERE RICHEMONT SA 3.87%

LONZA GROUP AG 2.94%

Only in FEZ

ASML HOLDING NV 10.09%

SAP SE 4.85%

SIEMENS AG REG 4.42%

TOTALENERGIES SE 4.28%

BANCO SANTANDER SA 3.83%

ALLIANZ SE REG 3.74%

SCHNEIDER ELECTRIC SE 3.18%

IBERDROLA SA 3.08%

Check overlap with more funds →

Side by side

EWL iShares MSCI Switzerland ETF FEZ State Street SPDR EURO STOXX 50 ETF

Where it sits Stock ETF Stock ETF

Issuer iShares State Street

What it is Tracks an index Tracks an index

Total return, 1 year +14.5% +6.0%

Its benchmark over the same days +14.3% (ACWX) +14.3% (ACWX)

Gap to its benchmark +0.2 pts vs ACWX −8.3 pts vs ACWX

Expense ratio 0.50% 0.29%

Already in the S&P 500 0.0% 0.0%

Holdings 43 52

Net assets, EWL as of Oct 28, 2026 and FEZ as of Oct 27, 2026 $3.0bn $4.1bn

EWL and FEZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-21968CAC3B

EWL and FEZ are built for the same job. How do they differ in cost, holdings and results?

What each follows. EWL follows MSCI Switzerland 25/50 Index and FEZ follows EURO STOXX 50 Index.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 EWL returned +14.5% and FEZ +6.0% with distributions reinvested, a gap of 8.5 points.

Data as of Oct 28, 2026.

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About each fund

EWL

EWL tracks an index. Over the year to Oct 28, 2026 it returned +14.5% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 43 positions, with the top ten at 65.3%.

FEZ

FEZ tracks an index. Over the year to Oct 28, 2026 it returned +6.0% with distributions reinvested, against +14.3% for its benchmark, the MSCI All Country World ex USA Index. The prospectus expense ratio is 0.29% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 42.9%. It sat 9.0% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, EWL or FEZ?: In the year to Oct 28, 2026, with distributions reinvested, EWL returned +14.5% and FEZ +6.0%.
Which is cheaper, EWL or FEZ?: FEZ is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do EWL and FEZ overlap with the S&P 500?: By their latest filed holdings, 0% of EWL and 0% of FEZ by weight is stocks the S&P 500 already holds.

Other comparisons

EWL vs EZU EWL vs EWU EUFN vs EWL EWL vs HDEF FEZ vs IEUR FEZ vs HDEF FEZ vs HEDJ FEZ vs IEV

Where to next

EWL on its own →FEZ on its own →Hold both: look the portfolio through →Rankings →EWL dividend history →EWL holdings →FEZ dividend history →FEZ holdings →Standards and sources →

Sources and dates

EWL filings on SEC EDGAR ↗

EWL prospectus with the expense ratio (SEC) ↗

iShares page for EWL ↗

FEZ filings on SEC EDGAR ↗

FEZ prospectus with the expense ratio (SEC) ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EWL against FEZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewl-vs-fez

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.