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EWL vs FLEU

iShares MSCI Switzerland ETF

EWLBNYSE Arca

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

Overlap

Expense ratio

FLEU −0.41pt a year

EWL0.50%FLEU0.09%

Avg volume · 30D

EWL 82.5×the volume

EWL502KFLEU6.09K

5Y return · a year

FLEU +2.8pt

EWL+7.4%FLEU+10.2%

EWL vs FLEU Performance

Oct 29, 2021 – Oct 30, 2026

+42.7%EWL+62.4%FLEU

Oct 29, 2021 to Oct 30, 2026. EWL +42.7%. FLEU +62.4%. Use the arrow keys to read each point.−20%0%20%80%Oct 2021Apr 2024Oct 2026
Expense ratio
EWL 0.50%
FLEU 0.09%, better
Fund size
EWL $3.02B
FLEU $68M
1Y total return
EWL +18.3%, better
FLEU +8.1%
Yield (12M)
EWL 1.69%
FLEU 2.84%, better
Holdings
EWL 44
FLEU 265
Avg volume (30D)
EWL 502K sh, better
FLEU 6.09K sh
NAV per share
EWL $64.27
FLEU $33.86
52W range

ETF.net Grade

EWL: Cost 59, Risk 67, Mission 73, Tradability 74, Holdings 29, Durability 78. FLEU: Cost 89, Risk 52, Mission 100, Tradability 31, Holdings 77, Durability 28.
Pillar letters and Scores for EWL, FLEU, with each pillar’s weight
PillarEWLFLEU
Cost30% weightB59A89Higher
Mission25% weightA73A100Higher
Risk15% weightB67HigherC52
Tradability15% weightA74HigherD31
Holdings10% weightD29A77Higher
Durability5% weightA78HigherD28

Rank among Europe Region funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EWL and FLEU are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds
See all 12 ›

FLEU ranks 3rd and EWL 6th of 12 funds in the Europe Region Category.

  1. Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
  2. Rank 2AEZUiShares MSCI Eurozone ETFScore 74
  3. Rank 3AFLEUFranklin FTSE Eurozone ETFScore 73
  4. Rank 4AFEZState Street SPDR EURO STOXX 50 ETFScore 71
  5. Rank 6BDAXGlobal X DAX Germany ETFScore 64
  6. Rank 6BEWLiShares MSCI Switzerland ETFScore 64
  7. Rank 8BEWDiShares MSCI Sweden ETFScore 59

Our read on each fund

ETF.net Research

EWLBiShares MSCI Switzerland ETF

FLEUAFranklin FTSE Eurozone ETF

In short

EWL One US-listed ticker for Switzerland's blue chips: roughly 40 names, franc exposure included, running since 1996. A concentrated slice of a defensive market rather than a broad Europe fund.

FLEU The euro bloc, straight up: no UK, no Swiss francs, no hedging overlay. Franklin charges 0.09% a year to track the FTSE Developed Eurozone Index, a fraction of the median fee among index funds in its peer group.

Stated mandate

EWL The fund seeks to track the MSCI Switzerland 25/50 Index (Net), an index representing Swiss equities.

FLEU The Fund uses a passive indexing approach and seeks to track, before fees and expenses, the FTSE Developed Eurozone Index.

Why people hold it

  • EWL 0.50% a year, below the median fee in its single-country Europe peer group.
  • Listed since 1996 and now a multi-billion-dollar fund that trades at a moderate clip. Not a thin, fragile ticker.
  • Plain wiring: it tracks the capped MSCI Switzerland 25/50 index, no currency hedge and no factor tilt bolted on.
  • Ranks in the upper half of its single-country Europe cohort, ahead of hedged and factor-tilted takes on the region.
  • FLEU 0.09% a year against a 0.45% median for index funds in its peer group. Cheap beta is the entire pitch, and Franklin delivers it.
  • Roughly 300 stocks across developed eurozone markets, so the exposure reaches past the handful of household-name blue chips that dominate the region.
  • A plain mandate with nowhere to hide: passively track the FTSE Developed Eurozone Index before fees. No factor tilts, no active overlay, no discretion.sec.gov
  • Sits in the upper half of its index-wrapper peer group on the strength of that fee and a mandate it follows tightly.

Worth knowing

  • EWL Roughly 40 stocks, and the index's capping rules only limit how far the biggest names run. Concentration is the price of pure Swiss exposure.
  • No currency hedge, so Swiss franc moves against the dollar flow straight into results, unlike hedged cousins such as HEDJ.
  • Single-country funds carry single-country fees: 0.50% is friendly for this group, but the cheapest name in it, DAX, runs 0.20%.
  • FLEU Thinly traded. On smaller orders the bid-ask spread can cost more than a year of the 0.09% fee.
  • It launched in 2017 as the Franklin FTSE Europe Hedged ETF and was renamed to the Eurozone strategy in 2023, so the early record reflects a different, hedged mandate.sec.gov
  • Euro-currency countries only. The UK, Switzerland and the non-euro Nordics are out, and the euro's move against the dollar rides along unhedged.

Full EWL profile⁠

Full FLEU profile⁠

EWL vs FLEU Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWL vs FLEU Cost

Overpaying EWL vs FLEU

$8,081

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EWL 0.50%

    $9,979

  • FLEU 0.09%

    $1,898

$10,000
30 years

Cost over time

  • EWL 0.50%
  • FLEU 0.09%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530EWL $9,979FLEU $1,898

Year by year

YearEWLFLEUOverpaying
10$900$165$735
20$3,460$646$2,814
30$9,979$1,898$8,081

Expense ratio

  • 0.50%EWL
  • 0.09%FLEU, cheaper
  • Middle half of Europe Region funds
  • Median 0.51%

FLEU 2nd cheapest of 12 funds

EWL 5th cheapest of 12 funds

EWL vs FLEU Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
EWL 1.69%
FLEU 2.84%, better
Payout (12M)
EWL $1.09
FLEU $0.96
Last payment
EWL $1.09
FLEU $0.58
Ex-dividend
EWL Jun 15, 2026
FLEU Jun 26, 2026
Paid on
EWL Jun 18, 2026
FLEU Jul 6, 2026
Frequency
EWL Annual
FLEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EWLAnnual · 11 paymentsAll EWL payments⁠
One bar per payment. 11 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.73; Jun 19, 2018 $0.81; Jun 17, 2019 $0.75; Jun 15, 2020 $0.62; Dec 14, 2020 $0.02; Jun 10, 2021 $0.92; Jun 9, 2022 $0.86; Jun 7, 2023 $1.02; Jun 11, 2024 $1.02; Jun 16, 2025 $1.02; Jun 15, 2026 $1.09. Use the arrow keys to read each point.$0$52017202020232026YTD
FLEUTwice a year · 20 paymentsAll FLEU payments⁠
One bar per payment. 20 payments from 2017 to 2026 YTD. Dec 20, 2017 $0.01; Dec 28, 2017 $0.0045; Jun 20, 2018 $0.38; Dec 20, 2018 $2.10; Jun 11, 2019 $0.31; Dec 11, 2019 $1.16; Jun 11, 2020 $0.15; Dec 14, 2020 $0.32; Jun 10, 2021 $0.15; Dec 13, 2021 $0.71; Dec 30, 2021 $0.02; Jun 17, 2022 $0.24; Dec 16, 2022 $4.39; Jun 16, 2023 $0.35; Dec 15, 2023 $0.44; Jun 21, 2024 $0.46; Dec 20, 2024 $0.31; Jun 20, 2025 $0.35; Dec 19, 2025 $0.38; Jun 26, 2026 $0.58. Use the arrow keys to read each point.$0$52017202020232026YTD

EWL vs FLEU Risk

Fall from peak · 5 years

  • EWL
  • FLEU
Oct 29, 2021 to Oct 30, 2026. Worst fall: EWL −29.0% · Oct 2022. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
EWL 15.3%FLEU 14.1%, better
Return per unit of riskSharpe ratio, 3 years
EWL 0.85FLEU 1.07, better
Worst fallMax drawdown, 5 years
EWL −29.0%FLEU −18.7%, better
Market sensitivityBeta, 5 years
EWL 0.90FLEU 1.02

Popular comparisons

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