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EFNL vs. FLEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFNL vs. FLEU

Last updated Jun 26, 2026

EFNL (iShares MSCI Finland ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - EFNL tracks the MSCI Finland IMI 25/50 Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EFNL returned 5.38%/yr vs 11.84%/yr for FLEU. A 0.67 correlation means they provide meaningful diversification when combined. EFNL charges 0.53%/yr vs 0.09%/yr for FLEU.

Performance

EFNL vs. FLEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and Franklin FTSE Eurozone ETF (FLEU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFNL achieves a 11.95% return, which is significantly higher than FLEU's 7.99% return.

EFNL

1D
0.95%
1M
-7.80%
YTD
11.95%
6M
12.57%
1Y
34.50%
3Y*
19.75%
5Y*
5.38%
10Y*
10.24%

FLEU

1D
1.28%
1M
0.88%
YTD
7.99%
6M
8.34%
1Y
20.22%
3Y*
17.83%
5Y*
11.84%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFNL vs. FLEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFNL
iShares MSCI Finland ETF		11.95%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%-0.68%
FLEU
Franklin FTSE Eurozone ETF		7.99%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%

Correlation

The correlation between EFNL and FLEU is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.67

The correlation between EFNL and FLEU has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

EFNL vs. FLEU - Sectors Allocation Comparison

Sectors
EFNL
FLEU

Financial Services

25.9%
24.6%

Technology

23.3%
16.3%

Industrials

20.3%
20.7%

Basic Materials

8.9%
4.2%

Consumer Cyclical

4.2%
8.6%

Energy

4.1%
3.7%

Utilities

3.6%
6.6%

Healthcare

3.5%
5.6%

Consumer Defensive

2.8%
5.0%

Communication Services

2.3%
3.6%

Real Estate

0.7%
1.2%

Financial Services

EFNL
25.9%
FLEU
24.6%

Technology

EFNL
23.3%
FLEU
16.3%

Industrials

EFNL
20.3%
FLEU
20.7%

Basic Materials

EFNL
8.9%
FLEU
4.2%

Consumer Cyclical

EFNL
4.2%
FLEU
8.6%

Energy

EFNL
4.1%
FLEU
3.7%

Utilities

EFNL
3.6%
FLEU
6.6%

Healthcare

EFNL
3.5%
FLEU
5.6%

Consumer Defensive

EFNL
2.8%
FLEU
5.0%

Communication Services

EFNL
2.3%
FLEU
3.6%

Real Estate

EFNL
0.7%
FLEU
1.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Finland ETF

Franklin FTSE Eurozone ETF

Often compared with EFNL:
EFNL vs. CN1G.DEEFNL vs. FNDAEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI
Often compared with FLEU:
FLEU vs. FLGRFLEU vs. FLEEFLEU vs. VGKFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. SWPPX

Return for Risk

EFNL vs. FLEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFNL
EFNL Risk / Return Rank: 6868
Overall Rank
EFNL Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 5959
Sortino Ratio Rank
EFNL Omega Ratio Rank: 5959
Omega Ratio Rank
EFNL Calmar Ratio Rank: 8383
Calmar Ratio Rank
EFNL Martin Ratio Rank: 7777
Martin Ratio Rank
FLEU
FLEU Risk / Return Rank: 3636
Overall Rank
FLEU Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
FLEU Sortino Ratio Rank: 3636
Sortino Ratio Rank
FLEU Omega Ratio Rank: 3636
Omega Ratio Rank
FLEU Calmar Ratio Rank: 3434
Calmar Ratio Rank
FLEU Martin Ratio Rank: 3838
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFNL vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and Franklin FTSE Eurozone ETF (FLEU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EFNLFLEUDifference
Sharpe ratioReturn per unit of total volatility
1.85
1.16

+0.69

Sortino ratioReturn per unit of downside risk
2.45
1.73

+0.72

Omega ratioGain probability vs. loss probability

1.32

1.22

+0.10

Calmar ratioReturn relative to maximum drawdown

3.90

1.52

+2.39

Martin ratioReturn relative to average drawdown

12.83

5.49

+7.34

EFNL vs. FLEU - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.85, which is higher than the FLEU Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of EFNL and FLEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EFNL vs. FLEU - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EFNL and FLEU.

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Drawdown Indicators

EFNLFLEUDifference

Max Drawdown

Largest peak-to-trough decline

-38.70%

-33.94%

-4.76%

Max Drawdown (1Y)

Largest decline over 1 year

-8.88%

-13.41%

+4.53%

Max Drawdown (3Y)

Largest decline over 3 years

-15.93%

-15.67%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-38.70%

-18.67%

-20.03%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

—

—

Current Drawdown

Current decline from peak

-8.01%

-1.46%

-6.55%

Average Drawdown

Average peak-to-trough decline

-10.91%

-4.68%

-6.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

3.69%

-0.99%

Volatility

EFNL vs. FLEU - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 8.36% compared to Franklin FTSE Eurozone ETF (FLEU) at 5.39%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than FLEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFNLFLEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.36%

5.39%

+2.97%

Volatility (6M)

Calculated over the trailing 6-month period

15.83%

15.11%

+0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

18.73%

17.51%

+1.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.88%

16.48%

+3.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.93%

18.27%

+1.66%

EFNL vs. FLEU - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

EFNL vs. FLEU - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.02%, less than FLEU's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
EFNL
iShares MSCI Finland ETF		1.02%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%
FLEU
Franklin FTSE Eurozone ETF		1.07%2.22%3.18%3.25%21.45%3.03%1.94%6.06%12.17%0.07%0.00%0.00%

Frequently Asked Questions

EFNL and FLEU have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (8.36%) compared to FLEU (5.39%). In terms of maximum drawdown, EFNL dropped -38.70% vs FLEU's -33.94%.

On 5-year performance, FLEU leads with 11.84% vs 5.38% for EFNL. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLEU has performed better with a 11.84% return vs 5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEU is cheaper with a 0.09% expense ratio, compared with 0.53% for EFNL.

FLEU has the higher dividend yield at 1.07%, compared with 1.02% for EFNL.

EFNL tracks MSCI Finland IMI 25/50 Index, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.53% for EFNL and 0.09% for FLEU.

EFNL currently has the higher Sharpe Ratio (1.85 vs 1.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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