EWC vs. FLCA

Last updated Jun 24, 2026

EWC (iShares MSCI Canada ETF) and FLCA (Franklin FTSE Canada ETF) are both Canada Equities funds - EWC tracks the MSCI Canada Index while FLCA tracks the FTSE Canada RIC Capped Index. Both are passively managed. Over the past 5 years, EWC returned 11.16%/yr vs 11.53%/yr for FLCA. Their correlation of 0.93 suggests significant overlap in exposure. EWC charges 0.49%/yr vs 0.09%/yr for FLCA.

Performance

EWC vs. FLCA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EWC having a 7.44% return and FLCA slightly lower at 7.29%.

EWC

• 1D: -0.38%
• 1M: -0.97%
• YTD: 7.44%
• 6M: 6.24%
• 1Y: 28.96%
• 3Y*: 21.74%
• 5Y*: 11.16%
• 10Y*: 11.38%

FLCA

• 1D: -0.15%
• 1M: -0.97%
• YTD: 7.29%
• 6M: 6.20%
• 1Y: 27.89%
• 3Y*: 21.78%
• 5Y*: 11.53%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWC vs. FLCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWC iShares MSCI Canada ETF	7.44%	35.92%	12.38%	14.73%	-12.95%	26.98%	5.52%	27.58%	-17.16%	3.12%
FLCA Franklin FTSE Canada ETF	7.29%	34.62%	13.02%	14.71%	-11.93%	28.67%	6.31%	28.42%	-15.55%	2.65%

Correlation

The correlation between EWC and FLCA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.93

The correlation between EWC and FLCA has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

EWC vs. FLCA - Sectors Allocation Comparison

Sectors	EWC	FLCA
Financial Services	38.7%	40.9%
Energy	18.3%	16.8%
Basic Materials	15.7%	14.9%
Industrials	9.2%	10.3%
Technology	8.3%	7.8%
Consumer Cyclical	3.5%	3.3%
Consumer Defensive	3.1%	3.0%
Utilities	2.2%	2.2%
Communication Services	0.9%	0.5%
Real Estate	0.2%	0.2%
Healthcare	-	-

Return for Risk

EWC vs. FLCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWC

EWC Risk / Return Rank: 66
EWC Sharpe Ratio Rank: 64
EWC Sortino Ratio Rank: 59
EWC Omega Ratio Rank: 59
EWC Calmar Ratio Rank: 71
EWC Martin Ratio Rank: 76

FLCA

FLCA Risk / Return Rank: 64
FLCA Sharpe Ratio Rank: 62
FLCA Sortino Ratio Rank: 57
FLCA Omega Ratio Rank: 58
FLCA Calmar Ratio Rank: 69
FLCA Martin Ratio Rank: 74

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.

EWC vs. FLCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) and Franklin FTSE Canada ETF (FLCA). 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.

	EWC	FLCA	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.95	+0.06
Sortino ratio: Return per unit of downside risk	2.66	2.58	+0.08
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.42	3.28	+0.14
Martin ratio: Return relative to average drawdown	13.81	13.08	+0.72

EWC vs. FLCA - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.02, which is comparable to the FLCA Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EWC and FLCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWC vs. FLCA - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, which is greater than FLCA's maximum drawdown of -41.51%. Use the drawdown chart below to compare losses from any high point for EWC and FLCA.

Drawdown Indicators

	EWC	FLCA	Difference
Max Drawdown Largest peak-to-trough decline	-60.75%	-41.51%	-19.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.55%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.97%	-12.58%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-24.23%	-0.58%
Max Drawdown (10Y) Largest decline over 10 years	-42.66%	—	—
Current Drawdown Current decline from peak	-2.55%	-2.61%	+0.06%
Average Drawdown Average peak-to-trough decline	-13.12%	-5.88%	-7.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.14%	-0.04%

Volatility

EWC vs. FLCA - Volatility Comparison

iShares MSCI Canada ETF (EWC) and Franklin FTSE Canada ETF (FLCA) have volatilities of 4.34% and 4.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWC	FLCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.45%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	11.54%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	14.35%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	16.77%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	19.03%	-0.32%

EWC vs. FLCA - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is higher than FLCA's 0.09% expense ratio.

Dividends

EWC vs. FLCA - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.30%, more than FLCA's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWC iShares MSCI Canada ETF	1.30%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
FLCA Franklin FTSE Canada ETF	1.02%	1.85%	2.50%	2.49%	2.20%	2.02%	2.49%	2.29%	3.03%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWC and FLCA in my portfolio?

With a correlation of 0.98, EWC and FLCA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWC or FLCA?

FLCA has higher volatility (4.45%) compared to EWC (4.34%). In terms of maximum drawdown, EWC dropped -60.75% vs FLCA's -41.51%.

Which ETF is better, EWC or FLCA?

On 5-year performance, FLCA leads with 11.53% vs 11.16% for EWC. On fees, FLCA is cheaper at 0.09% per year. On volatility, EWC has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWC or FLCA?

Over the 5-year period, FLCA has performed better with a 11.53% return vs 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWC or FLCA?

FLCA is cheaper with a 0.09% expense ratio, compared with 0.49% for EWC.

Which ETF pays a higher dividend yield, EWC or FLCA?

EWC has the higher dividend yield at 1.30%, compared with 1.02% for FLCA.

What is the main difference between EWC and FLCA?

EWC tracks MSCI Canada Index, while FLCA tracks FTSE Canada RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for EWC and 0.09% for FLCA.

Which has better risk-adjusted returns?

EWC currently has the higher Sharpe Ratio (2.02 vs 1.95), 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.