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EWD vs. FLEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. FLEU

Last updated Jun 4, 2026

EWD (iShares MSCI Sweden ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - EWD tracks the MSCI Sweden Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EWD returned 4.25%/yr vs 11.81%/yr for FLEU. A 0.74 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.09%/yr for FLEU.

Performance

EWD vs. FLEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) 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, EWD achieves a 4.90% return, which is significantly lower than FLEU's 6.27% return.

EWD

1D
-2.16%
1M
2.70%
YTD
4.90%
6M
9.44%
1Y
18.29%
3Y*
16.43%
5Y*
4.25%
10Y*
9.23%

FLEU

1D
-0.88%
1M
4.88%
YTD
6.27%
6M
9.17%
1Y
18.35%
3Y*
16.47%
5Y*
11.81%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. FLEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		4.90%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%-3.93%
FLEU
Franklin FTSE Eurozone ETF		6.27%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%

Correlation

The correlation between EWD and FLEU is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.82

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

0.81

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

0.81

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.74

The correlation between EWD and FLEU has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

EWD vs. FLEU - Sectors Allocation Comparison

Sectors
EWD
FLEU

Industrials

46.5%
21.0%

Financial Services

24.1%
24.8%

Communication Services

12.3%
3.6%

Technology

7.2%
14.7%

Basic Materials

3.2%
4.3%

Consumer Cyclical

2.4%
8.4%

Consumer Defensive

2.1%
5.2%

Healthcare

1.2%
5.8%

Real Estate

1.2%
1.2%

Energy

-

4.0%

Utilities

-

7.1%

Industrials

EWD
46.5%
FLEU
21.0%

Financial Services

EWD
24.1%
FLEU
24.8%

Communication Services

EWD
12.3%
FLEU
3.6%

Technology

EWD
7.2%
FLEU
14.7%

Basic Materials

EWD
3.2%
FLEU
4.3%

Consumer Cyclical

EWD
2.4%
FLEU
8.4%

Consumer Defensive

EWD
2.1%
FLEU
5.2%

Healthcare

EWD
1.2%
FLEU
5.8%

Real Estate

EWD
1.2%
FLEU
1.2%

Energy

EWD

-

FLEU
4.0%

Utilities

EWD

-

FLEU
7.1%

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 Sweden ETF

Franklin FTSE Eurozone ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. QQQ
Often compared with FLEU:
FLEU vs. FLGRFLEU vs. VGKFLEU vs. FLEEFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. SWPPX

Return for Risk

EWD vs. FLEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWD
EWD Risk / Return Rank: 2626
Overall Rank
EWD Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWD Omega Ratio Rank: 2424
Omega Ratio Rank
EWD Calmar Ratio Rank: 2626
Calmar Ratio Rank
EWD Martin Ratio Rank: 3030
Martin Ratio Rank
FLEU
FLEU Risk / Return Rank: 3030
Overall Rank
FLEU Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
FLEU Sortino Ratio Rank: 3030
Sortino Ratio Rank
FLEU Omega Ratio Rank: 3030
Omega Ratio Rank
FLEU Calmar Ratio Rank: 2828
Calmar Ratio Rank
FLEU Martin Ratio Rank: 3333
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.

EWD vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) 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.

EWDFLEUDifference
Sharpe ratioReturn per unit of total volatility
0.93
1.08

-0.15

Sortino ratioReturn per unit of downside risk
1.42
1.62

-0.20

Omega ratioGain probability vs. loss probability

1.17

1.20

-0.04

Calmar ratioReturn relative to maximum drawdown

1.27

1.37

-0.11

Martin ratioReturn relative to average drawdown

4.35

4.99

-0.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWD vs. FLEU - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.93, which is comparable to the FLEU Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EWD 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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Sharpe Ratios by Period

EWDFLEUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.93

1.08

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

0.73

-0.55

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.57

-0.29

Drawdowns

EWD vs. FLEU - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWD and FLEU.

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Drawdown Indicators

EWDFLEUDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-33.94%

-41.46%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-13.41%

-1.08%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-15.67%

-2.17%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-18.67%

-23.66%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

—

—

Current Drawdown

Current decline from peak

-5.63%

-1.50%

-4.13%

Average Drawdown

Average peak-to-trough decline

-19.22%

-4.71%

-14.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

3.68%

+0.53%

Volatility

EWD vs. FLEU - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 7.26% compared to Franklin FTSE Eurozone ETF (FLEU) at 6.75%. This indicates that EWD'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

EWDFLEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.26%

6.75%

+0.51%

Volatility (6M)

Calculated over the trailing 6-month period

16.45%

14.38%

+2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

19.74%

17.02%

+2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.92%

16.34%

+7.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.50%

18.25%

+5.25%

EWD vs. FLEU - Expense Ratio Comparison

EWD has a 0.55% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

EWD vs. FLEU - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.12%, more than FLEU's 2.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.12%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
FLEU
Franklin FTSE Eurozone ETF		2.09%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

EWD and FLEU have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (7.26%) compared to FLEU (6.75%). In terms of maximum drawdown, EWD dropped -75.40% vs FLEU's -33.94%.

On 5-year performance, FLEU leads with 11.81% vs 4.25% for EWD. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 6.75%. 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 11.81% return vs 4.25%. 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 0.55% for EWD.

EWD has the higher dividend yield at 3.12%, compared with 2.09% for FLEU.

EWD tracks MSCI Sweden 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: 0.55% for EWD and 0.09% for FLEU.

FLEU currently has the higher Sharpe Ratio (1.08 vs 0.93), 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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