EWL vs SPY
EWL vs SPY
iShares MSCI Switzerland ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $2.2B | $789.1B | |
| Dividend Yield | 1.74% | 1.01% | |
| Holdings | 46 | 505 | |
| YTD Return | +8.79% | +13.79% | |
| 1Y Return | +22.28% | +23.66% | |
| 3Y Return (annualized) | +13.68% | +21.40% | |
| 5Y Return (annualized) | +7.27% | +13.37% | |
| Volatility (annualized) | 16.9% | 15.3% | |
| Max Drawdown | -54.7% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWL vs SPY Performance
iShares MSCI Switzerland ETF (EWL) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWL returned +22.28% while SPY returned +23.66%. Year to date, EWL is up 8.79% versus a gain of 13.79% for SPY.
Over three years, EWL compounded at +13.68% per year against +21.40% for SPY; over five years the annualized figures are +7.27% and +13.37% respectively. Across the full 30-year window we track, SPY has the edge at +8.85% annualized vs +5.95%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWL has been the more volatile fund, with annualized monthly volatility of 16.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -54.7% for EWL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWL charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EWL currently yields 1.74% against 1.01% for SPY.
Holdings Overlap
EWL and SPY share 1 holdings out of 543 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in EWL | Weight in SPY | Difference |
|---|---|---|---|
| ROP | 12.72% | 0.06% | 12.66% |
Frequently Asked Questions
Which is cheaper, EWL or SPY?
EWL has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, EWL or SPY?
Over the past year EWL returned +22.28% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (30 years), EWL annualized +5.95% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EWL or SPY?
EWL has been the more volatile fund at 16.9% annualized versus 15.3% for SPY. Worst drawdown: EWL -54.7% vs SPY -56.5%.
Should I hold both EWL and SPY?
EWL and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWL and SPY?
EWL and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 543 unique securities.
Which pays a higher dividend, EWL or SPY?
EWL yields 1.74% while SPY yields 1.01%, so EWL currently pays the higher dividend yield.
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