EMUM.L vs. FRXD.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and FRXD.L (Franklin European Quality Dividend UCITS ETF) are both Europe Equities funds - EMUM.L tracks the MSCI EMU Mid Cap Net Index while FRXD.L tracks the Franklin European Quality Dividend UCITS ETF. Both are passively managed. Over the past 3 years, EMUM.L returned 19.92%/yr vs 19.64%/yr for FRXD.L. At a 0.22 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.25%/yr for FRXD.L.
Performance
EMUM.L vs. FRXD.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUM.L achieves a 13.16% return, which is significantly higher than FRXD.L's 11.06% return.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 10Y*
- —
FRXD.L
- 1D
- -0.85%
- 1M
- -1.52%
- 6M
- 10.24%
- YTD
- 11.06%
- 1Y
- 19.06%
- 3Y*
- 19.64%
- 5Y*
- 12.20%
- 10Y*
- —
EMUM.L vs. FRXD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 13.16% | 31.38% | 11.63% | 9.56% | -14.55% |
FRXD.L Franklin European Quality Dividend UCITS ETF | 11.06% | 24.01% | 12.76% | 10.32% | -2.68% |
Correlation
The correlation between EMUM.L and FRXD.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.22 |
Over the past year, EMUM.L and FRXD.L have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
EMUM.L vs. FRXD.L — Risk / Return Rank
EMUM.L
FRXD.L
EMUM.L vs. FRXD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) and Franklin European Quality Dividend UCITS ETF (FRXD.L). 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.
| EMUM.L | FRXD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 5.71 | -2.99 |
| Martin ratioReturn relative to average drawdown | 9.65 | 13.52 | -3.87 |
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Drawdowns
EMUM.L vs. FRXD.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, smaller than the maximum FRXD.L drawdown of -35.42%. Use the drawdown chart below to compare losses from any high point for EMUM.L and FRXD.L.
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Drawdown Indicators
| EMUM.L | FRXD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -35.42% | +12.29% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -3.30% | -4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -10.26% | -4.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.39% | — |
Current DrawdownCurrent decline from peak | -1.26% | -2.31% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -3.86% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.39% | +0.82% |
Volatility
EMUM.L vs. FRXD.L - Volatility Comparison
iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a higher volatility of 3.11% compared to Franklin European Quality Dividend UCITS ETF (FRXD.L) at 2.57%. This indicates that EMUM.L's price experiences larger fluctuations and is considered to be riskier than FRXD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUM.L | FRXD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 2.57% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 6.82% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 8.72% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 11.25% | +14.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 13.50% | +12.07% |
EMUM.L vs. FRXD.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than FRXD.L's 0.25% expense ratio.
Dividends
EMUM.L vs. FRXD.L - Dividend Comparison
EMUM.L has not paid dividends to shareholders, while FRXD.L's dividend yield for the trailing twelve months is around 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FRXD.L Franklin European Quality Dividend UCITS ETF | 3.98% | 4.28% | 4.30% | 5.00% | 5.20% | 4.63% | 3.53% | 4.42% | 5.53% |
Frequently Asked Questions
EMUM.L and FRXD.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FRXD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FRXD.L is cheaper with a 0.25% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L tracks MSCI EMU Mid Cap Net Index, while FRXD.L tracks Franklin European Quality Dividend UCITS ETF. They also come from different issuers: iShares and Franklin. Their fees differ too: 0.49% for EMUM.L and 0.25% for FRXD.L.
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