iShares MSCI Switzerland ETF (EWL) Performance
EWL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +7.0% since Dec 31, 2025
- 1 year
- +12.2% total return
- 5 years
- +7.0% a year
- 10 years
- +10.0% a year
- Since first price
- +7.7% a year since 1996
EWL trailing returns vs SPY, QQQ, AGG
| Period | EWL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.4% | +4.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.9% | +1.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.9% | +3.1% | +7.8% | +8.4% | −1.5% |
| YTD | +7.0% | +5.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.2% | +10.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +58.3%+16.5%/yr | +49.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +40.5%+7.0%/yr | +27.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +160.3%+10.0%/yr | +113.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +270.5%+9.1%/yr | +168.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +306.5%+7.3%/yr | +168.9% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +889.9%+7.9%/yr | +425.4% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +857.6%+7.7%/yr | +404.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWL vs SPY
From Mar 18, 1996: EWL grew to $95,755, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWL returns by calendar year
19 of 29 full years positive. Best 1997 (+34.0%), worst 2008 (−27.2%). 2026 is year to date.
EWL annual returns table
| Year | EWL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +7.0% | −13.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +32.9% | −12.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.8% | −13.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.7% | −13.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −18.9% | −28.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +20.2% | −9.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +11.8% | −27.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +31.6% | −4.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −9.2% | −17.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.3% | −3.9% | +21.7% | +32.7% | +3.6% |
| 2016 | −2.5% | −9.7% | +12.0% | +7.1% | +2.4% |
| 2015 | +0.3% | −15.4% | +1.2% | +9.4% | +0.5% |
| 2014 | −1.7% | −13.2% | +13.5% | +19.2% | +6.0% |
| 2013 | +25.7% | −9.3% | +32.3% | +36.6% | −2.0% |
| 2012 | +21.8% | −14.0% | +16.0% | +18.1% | +3.8% |
| 2011 | −7.9% | −25.5% | +1.9% | +3.4% | +7.7% |
| 2010 | +14.5% | −19.6% | +15.1% | +19.9% | +6.4% |
| 2009 | +22.1% | −29.6% | +26.4% | +54.7% | +3.0% |
| 2008 | −27.2% | −45.4% | −36.8% | −41.7% | +7.9% |
| 2007 | +5.5% | −11.1% | +5.1% | +19.0% | +6.6% |
| 2006 | +30.0% | −14.9% | +15.8% | +7.1% | +3.9% |
| 2005 | +13.0% | −7.2% | +4.8% | +1.6% | +2.3% |
| 2004 | +17.3% | −11.0% | +10.7% | +10.5% | +3.8% |
| 2003 | +33.4% | −22.9% | +28.2% | +49.7% | — |
| 2002 | −11.2% | −30.2% | −21.6% | −37.4% | — |
| 2001 | −24.8% | −39.1% | −11.8% | −33.3% | — |
| 2000 | +7.2% | −15.4% | −9.7% | −36.1% | — |
| 1999 | −3.5% | −17.1% | +20.4% | — | — |
| 1998 | +22.6% | −33.4% | +28.7% | — | — |
| 1997 | +34.0% | −12.2% | +33.5% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWL largest drawdowns
Now 2.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 10, 2007 | −51.6% | Mar 9, 2009 | Apr 14, 2011 | 1.2 years | 3.3 years |
| Jan 3, 2001 | −46.8% | Mar 12, 2003 | Feb 24, 2005 | 2.2 years | 4.1 years |
| Jul 20, 1998 | −33.4% | Oct 5, 1998 | Jan 3, 2001 | 3 months | 2.5 years |
| Dec 29, 2021 | −29.0% | Oct 12, 2022 | Jul 17, 2024 | 9 months | 2.5 years |
| Feb 19, 2020 | −27.8% | Mar 23, 2020 | Jul 22, 2020 | 33 days | 5 months |
| May 31, 2011 | −25.5% | Nov 25, 2011 | Jan 2, 2013 | 6 months | 1.6 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +12.8% | +7.0% | +9.0% | +7.5% |
| Volatility (annualized) | 15.0% | 16.6% | 14.8% | 16.5% |
| Sharpe ratio | 0.59 | 0.27 | 0.50 | — |
| Sortino ratio | 0.93 | 0.41 | 0.77 | — |
| Best month | +8.4% | +9.7% | +9.7% | +17.7% |
| Worst month | −9.6% | −9.6% | −9.6% | −18.5% |
| Best 12 months | +32.9% | +32.9% | +32.9% | +58.6% |
| Worst 12 months | −2.8% | −19.9% | −19.9% | −43.7% |
| Positive months | 64% | 57% | 62% | 60% |
| Beta vs S&P 500 | 0.57 | 0.75 | 0.71 | — |
| Correlation with S&P 500 | 0.47 | 0.71 | 0.73 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −43.7% | +10.4% | +58.6% | 71% |
| 3-year (a year) | 332 | −12.3% | +7.8% | +28.1% | 80% |
| 5-year (a year) | 308 | −8.2% | +6.7% | +22.0% | 90% |
| 10-year (a year) | 248 | −0.4% | +7.8% | +12.7% | 100% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWL performance overview
iShares MSCI Switzerland ETF (EWL) returned +12.2% over the past year and +10.0% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +7.7% a year, turning $10,000 into about $95,755. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −51.6%, from Dec 10, 2007 to Mar 9, 2009, and it took 2.1 years to get back to the old high. EWL finished 19 of its 29 full calendar years with a gain; the best year was 1997 (+34.0%) and the worst 2008 (−27.2%). Volatility has been 16.5% a year.
Related: EWL chart, EWL holdings, EWL dividends. See the EWL overview for the latest quote and fund facts.
EWL performance FAQ
What is the EWL return over the past year?
EWL returned +12.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.3%.
What is the average annual return of EWL?
EWL has returned +7.0% a year over 5 years, +10.0% a year over 10 years, +7.7% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWL be worth?
$10,000 invested in EWL at its first recorded close on March 18, 1996 would be worth about $95,755 on October 23, 2026 with distributions reinvested.
What was the worst year for EWL?
The worst calendar year was 2008, with a total return of −27.2%. The best was 1997 at +34.0%.
What is the biggest drawdown of EWL?
The largest peak-to-trough decline was −51.6% between December 10, 2007 and March 9, 2009. It recovered to the old high on April 14, 2011, 2.1 years after the bottom.
How volatile is EWL?
Over the past 3 years EWL had an annualized volatility of 15.0% and a Sharpe ratio of 0.59 (excess return over 1–3 month T-bills per unit of risk).