EWL vs SPEU: Grades, Fees and Holdings Compared

iShares MSCI Switzerland ETF

EWLBNYSE Arca

State Street SPDR Portfolio Europe ETF

SPEUANYSE Arca

Overlap

12.8%by weight

Expense ratio

SPEU −0.43pt a year

EWL0.50%SPEU0.07%

Avg volume · 30D

EWL 20.5×the volume

EWL502KSPEU24.5K

10Y return · a year

EWL +0.8pt

EWL+10.5%SPEU+9.7%

EWL vs SPEU Performance

Oct 29, 2021 – Oct 30, 2026

+42.7%EWL+47.7%SPEU

Expense ratio: EWL 0.50%; SPEU 0.07%, better
Fund size: EWL $3.02B; SPEU $707M
1Y total return: EWL +18.3%, better; SPEU +11.7%
Yield (12M): EWL 1.69%; SPEU 3.60%, better
Holdings: EWL 44; SPEU 1710
Avg volume (30D): EWL 502K sh, better; SPEU 24.5K sh
NAV per share: EWL $64.27; SPEU $54.38
52W range

ETF.net Grade

Pillar letters and Scores for EWL, SPEU, with each pillar’s weight
Pillar	EWL	SPEU
Cost30% weight	B59	A97Higher
Mission25% weight	A73	A100Higher
Risk15% weight	B67	A78Higher
Tradability15% weight	A74Higher	B56
Holdings10% weight	D29	A83Higher
Durability5% weight	A78Higher	C52

Rank among Europe Region funds

How we build Categories ›

Same Category. EWL and SPEU 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 ›

SPEU ranks 1st and EWL 6th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 74
Rank 6BDAXGlobal X DAX Germany ETFScore 64
Rank 6BEWLiShares MSCI Switzerland ETFScore 64
Rank 8BEWDiShares MSCI Sweden ETFScore 59

Our read on each fund

ETF.net Research

EWLBiShares MSCI Switzerland ETF

SPEUAState Street SPDR Portfolio Europe 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.

SPEU Europe in one line item, priced like a core holding. A 0.07% fee buys the whole STOXX Europe Total Market Index, large caps down to small, in a fund that has been running since 2002.

Stated mandate

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

SPEU The fund seeks to deliver returns generally corresponding to the total return of the STOXX Europe Total Market 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.

SPEU Charges 0.07% a year, versus a 0.28% median for its peer group. That is core-index pricing on a single-region fund.
Total-market index, not a blue-chip list: over a thousand western European stocks spanning large, mid and small caps.
Launched in 2002, so it has run through multiple European market cycles under State Street.
Mandate is plain and literal: match the total return of one published European index, with no sector or country tilts bolted on.

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%.

SPEU Trading is light next to the giant international funds. Limit orders matter more here, and spreads can widen when volume is thin.
Europe only. Broad international peers like VEU and IXUS cover Asia and emerging markets too, at 0.04% and 0.07%.
Holdings trade in euros, pounds and francs, so currency swings against the dollar move your return alongside the stocks.

Full EWL profile⁠

Full SPEU profile⁠

EWL vs SPEU Holdings

How EWL and SPEU differ

Overlap by weight

12.8%

Shared holdings make up 97.2% of EWL and 12.8% of SPEU.

Level by level

Holdings39 in both12.8%
Countryby domicile14.9%
Sector11 Sectors65.9%
Asset classEquity100%

Sector

Sector weights in EWL and SPEU, widest gap first
Sector	More in EWLMore in SPEU	EWL	SPEU
Health Care	EWL +26.9 points	39.8%	12.9%
Technology	SPEU +7.8 points	1.0%	8.8%
Industrials	SPEU +7.3 points	11.5%	18.8%
Energy	SPEU +6.0 points	0.0%	6.0%
Consumer Staples	EWL +5.2 points	13.4%	8.2%
Financials	SPEU +4.9 points	19.3%	24.2%
Utilities	SPEU +4.3 points	0.4%	4.7%
Materials	EWL +1.8 points	7.4%	5.6%
Consumer Discretionary	SPEU +1.7 points	5.0%	6.7%
Communication	SPEU +1.5 points	1.3%	2.8%
Real Estate	SPEU +0.5 points	0.9%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in EWL and SPEU, widest gap first
Country	More in EWLMore in SPEU	EWL	SPEU
Switzerland	EWL +85.1 points	100.0%	14.9%
United Kingdom	SPEU +21.5 points	0.0%	21.5%
Germany	SPEU +12.9 points	0.0%	12.9%
France	SPEU +12.7 points	0.0%	12.7%
Netherlands	SPEU +8.4 points	0.0%	8.4%
Sweden	SPEU +6.3 points	0.0%	6.3%
Spain	SPEU +5.4 points	0.0%	5.4%
Italy	SPEU +4.8 points	0.0%	4.8%
Other countries (17)	SPEU +13.1 points	0.0%	13.1%

Outside the US: EWL 100% developed, 0% emerging. SPEU 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

EWL65.5%
SPEU18.5%

Securities held

EWL40
SPEU1,685

Asset class

EWL: Equity
SPEU: Equity

Holdings

Only in EWL1
In both39
Only in SPEU1,646

Only in EWL

1 security, 1.8% of EWL by weight

Swiss Life Holding AG1.83%

Only in SPEU

1,646 securities, 87.1% of SPEU by weight

Asml Holding NV4.03%
Hsbc Holdings PLC1.84%
Banco Santander SA1.68%
Astrazeneca PLC1.67%
Sap SE1.45%
Siemens AG Reg1.39%
Totalenergies SE1.33%
Allianz SE Reg1.15%
Schneider Electric SE0.99%
Shell PLC0.97%
Iberdrola SA0.95%
Rolls Royce Holdings PLC0.88%
Shell PLC0.88%
Unilever PLC0.86%
Bp PLC0.85%
Banco Bilbao Vizcaya Argenta0.84%
British American Tobacco PLC0.81%
Airbus SE0.80%
Air Liquide SA0.78%
Unicredit Spa0.78%
Novo Nordisk A/S B0.77%
Siemens Energy AG0.77%
Safran SA0.71%
L Oreal0.70%
Lvmh Moet Hennessy Louis Vui0.65%
Intesa Sanpaolo0.64%
Bnp Paribas0.63%
Deutsche Telekom AG Reg0.61%
Gsk PLC0.61%
Ing Groep NV0.57%
Rio Tinto PLC0.55%
National Grid PLC0.55%
Bae Systems PLC0.54%
Axa SA0.52%
Anheuser Busch Inbev Sa/Nv0.51%
Enel Spa0.50%
Investor Ab B Shs0.49%
Muenchener Rueckver AG Reg0.49%
Infineon Technologies AG0.49%
Barclays PLC0.48%
Lloyds Banking Group PLC0.47%
Relx PLC0.44%
Industria De Diseno Textil0.43%
Natwest Group PLC0.43%
Glencore PLC0.42%
Vinci SA0.42%
Deutsche Bank AG Registered0.41%
Deutsche Boerse AG0.41%
Essilorluxottica0.39%
Dhl AG0.38%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in EWL and SPEU, widest gap first
Holding	More in EWLMore in SPEU	EWL	SPEU
Roche Ps Par AG	EWL +12.85 points	14.96%	2.11%
Novartis AG	EWL +10.98 points	12.86%	1.88%
Nestle SA	EWL +9.81 points	11.41%	1.60%
Ubs Group AG	EWL +4.91 points	5.82%	0.91%
Zurich Insurance Group AG	EWL +3.89 points	4.59%	0.70%
Compagnie Financiere Richemont SA	EWL +3.19 points	3.85%	0.66%
Abb Ltd	EWL +2.93 points	3.78%	0.85%
Lonza Group AG	EWL +2.60 points	2.94%	0.34%
Swiss Re AG	EWL +2.48 points	2.82%	0.34%
Givaudan SA	EWL +2.27 points	2.49%	0.22%
Galderma Group N AG	EWL +2.13 points	2.40%	0.27%
Sandoz Group AG	EWL +2.04 points	2.31%	0.27%
Holcim Ltd AG	EWL +1.99 points	2.27%	0.28%
Alcon AG	EWL +1.77 points	1.99%	0.22%
Sika AG	EWL +1.70 points	1.91%	0.21%
Helvetia Baloise Holding N AG	EWL +1.25 points	1.37%	0.12%
Geberit AG	EWL +1.23 points	1.38%	0.15%
Swisscom AG	EWL +1.19 points	1.32%	0.13%
Sgs SA	EWL +1.18 points	1.31%	0.13%
Sonova Holding AG	EWL +1.09 points	1.19%	0.10%
Vat Group AG	EWL +1.05 points	1.17%	0.12%
Julius Baer Gruppe AG	EWL +0.98 points	1.09%	0.11%
Kuehne Und Nagel International AG	EWL +0.93 points	1.03%	0.10%
Schindler Holding Par AG	EWL +0.92 points	1.01%	0.09%
Partners Group Holding AG	EWL +0.90 points	1.01%	0.11%
Straumann Holding AG	EWL +0.84 points	0.93%	0.09%
Logitech International	EWL +0.82 points	0.91%	0.09%
Swiss Prime Site AG	EWL +0.78 points	0.86%	0.08%
Chocoladefabriken Lindt & Spruengl	EWL +0.67 points	0.74%	0.07%
Belimo N AG	EWL +0.66 points	0.72%	0.06%
Ems-Chemie Holding AG	EWL +0.65 points	0.69%	0.04%
Chocoladefabriken Lindt & Spruengl	EWL +0.64 points	0.70%	0.06%
Schindler Holding AG	EWL +0.61 points	0.66%	0.05%
Avolta AG	EWL +0.52 points	0.56%	0.04%
Bc Vaud N	EWL +0.51 points	0.54%	0.03%
The Swatch Group AG	EWL +0.50 points	0.54%	0.04%
Barry Callebaut AG	EWL +0.49 points	0.52%	0.03%
Bkw N AG	EWL +0.37 points	0.39%	0.02%
Roche Holding AG	EWL +0.04 points	0.16%	0.12%

All 40 EWL holdings⁠All 1,701 SPEU 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 SPEU Cost

Overpaying EWL vs SPEU

$8,499

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

EWL 0.50%
$9,979
SPEU 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

EWL 0.50%
SPEU 0.07%
Overpaying

Year by year

Year	EWL	SPEU	Overpaying
10	$900	$128	$772
20	$3,460	$503	$2,957
30	$9,979	$1,480	$8,499

Expense ratio

0.50%EWL
0.07%SPEU, cheaper

SPEU0.07%EWL0.50%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

SPEU cheapest of 12 funds

EWL 5th cheapest of 12 funds

EWL vs SPEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EWL 1.69%; SPEU 3.60%, better
Payout (12M): EWL $1.09; SPEU $1.94
Last payment: EWL $1.09; SPEU $0.23
Ex-dividend: EWL Jun 15, 2026; SPEU Sep 21, 2026
Paid on: EWL Jun 18, 2026; SPEU Sep 23, 2026
Frequency: EWL Annual; SPEU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EWLAnnual · 11 paymentsAll EWL payments⁠

SPEUQuarterly · 39 paymentsAll SPEU payments⁠

EWL vs SPEU Risk

Fall from peak · 5 years

EWL
SPEU

Risk facts

VolatilityStd dev, 3 years: EWL 15.3%SPEU 12.9%, better
Return per unit of riskSharpe ratio, 3 years: EWL 0.85SPEU 1.10, better
Worst fallMax drawdown, 5 years: EWL −29.0%, betterSPEU −32.7%
Market sensitivityBeta, 5 years: EWL 0.90SPEU 0.95; Market = 1

EWL and SPEU in the news

All news⁠

Income Watch
A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%
Sep 20, 2026SPEU

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EWL vs SPEU

In short

Stated mandate

Why people hold it

Worth knowing

How EWL and SPEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EWL

Only in SPEU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%

How EWL and SPEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EWL

Only in SPEU

Weight gaps