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EWD vs. FLGR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. FLGR

Last updated Jun 5, 2026

EWD (iShares MSCI Sweden ETF) and FLGR (Franklin FTSE Germany ETF) are both Europe Equities funds - EWD tracks the MSCI Sweden Index while FLGR tracks the FTSE Germany RIC Capped Index. Both are passively managed. Over the past 5 years, EWD returned 4.52%/yr vs 6.62%/yr for FLGR. A 0.79 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.09%/yr for FLGR.

Performance

EWD vs. FLGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) and Franklin FTSE Germany ETF (FLGR). 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 6.28% return, which is significantly higher than FLGR's 1.25% return.

EWD

1D
1.32%
1M
2.83%
YTD
6.28%
6M
10.14%
1Y
17.94%
3Y*
17.14%
5Y*
4.52%
10Y*
9.31%

FLGR

1D
0.81%
1M
1.63%
YTD
1.25%
6M
4.52%
1Y
3.05%
3Y*
18.11%
5Y*
6.62%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWD vs. FLGR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		6.28%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%-3.93%
FLGR
Franklin FTSE Germany ETF		1.25%36.67%10.63%24.22%-21.96%5.40%12.11%19.99%-21.50%-0.27%

Correlation

The correlation between EWD and FLGR is 0.81, 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

0.81

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

0.79

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

0.83

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

0.79

The correlation between EWD and FLGR has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

EWD vs. FLGR - Sectors Allocation Comparison

Sectors
EWD
FLGR

Industrials

46.5%
30.5%

Financial Services

24.1%
21.7%

Communication Services

12.3%
6.3%

Technology

7.2%
13.9%

Basic Materials

3.2%
5.9%

Consumer Cyclical

2.4%
8.2%

Consumer Defensive

2.1%
1.4%

Healthcare

1.2%
5.8%

Real Estate

1.2%
1.3%

Energy

-

-

Utilities

-

5.0%

Industrials

EWD
46.5%
FLGR
30.5%

Financial Services

EWD
24.1%
FLGR
21.7%

Communication Services

EWD
12.3%
FLGR
6.3%

Technology

EWD
7.2%
FLGR
13.9%

Basic Materials

EWD
3.2%
FLGR
5.9%

Consumer Cyclical

EWD
2.4%
FLGR
8.2%

Consumer Defensive

EWD
2.1%
FLGR
1.4%

Healthcare

EWD
1.2%
FLGR
5.8%

Real Estate

EWD
1.2%
FLGR
1.3%

Energy

EWD

-

FLGR

-

Utilities

EWD

-

FLGR
5.0%

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 Germany ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. QQQ
Often compared with FLGR:
FLGR vs. EWGFLGR vs. FLEUFLGR vs. DAXFLGR vs. EWSFLGR vs. FLSWFLGR vs. ZECPFLGR vs. FLTW

Return for Risk

EWD vs. FLGR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWD
EWD Risk / Return Rank: 2727
Overall Rank
EWD Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWD Omega Ratio Rank: 2525
Omega Ratio Rank
EWD Calmar Ratio Rank: 2626
Calmar Ratio Rank
EWD Martin Ratio Rank: 3030
Martin Ratio Rank
FLGR
FLGR Risk / Return Rank: 1212
Overall Rank
FLGR Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
FLGR Sortino Ratio Rank: 1111
Sortino Ratio Rank
FLGR Omega Ratio Rank: 1212
Omega Ratio Rank
FLGR Calmar Ratio Rank: 1212
Calmar Ratio Rank
FLGR Martin Ratio Rank: 1212
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. FLGR - Risk-Adjusted Trends Comparison

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

EWDFLGRDifference
Sharpe ratioReturn per unit of total volatility
0.92
0.18

+0.74

Sortino ratioReturn per unit of downside risk
1.39
0.37

+1.03

Omega ratioGain probability vs. loss probability

1.16

1.05

+0.12

Calmar ratioReturn relative to maximum drawdown

1.24

0.21

+1.03

Martin ratioReturn relative to average drawdown

4.26

0.61

+3.65

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. FLGR - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.92, which is higher than the FLGR Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of EWD and FLGR, 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

EWDFLGRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

0.18

+0.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.33

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.28

-0.01

Drawdowns

EWD vs. FLGR - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than FLGR's maximum drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for EWD and FLGR.

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Drawdown Indicators

EWDFLGRDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-46.21%

-29.19%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-14.44%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-15.53%

-2.31%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-43.54%

+1.21%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

—

—

Current Drawdown

Current decline from peak

-4.39%

-3.49%

-0.90%

Average Drawdown

Average peak-to-trough decline

-19.22%

-12.37%

-6.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.22%

5.03%

-0.81%

Volatility

EWD vs. FLGR - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 7.28% compared to Franklin FTSE Germany ETF (FLGR) at 5.90%. This indicates that EWD's price experiences larger fluctuations and is considered to be riskier than FLGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWDFLGRDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.28%

5.90%

+1.38%

Volatility (6M)

Calculated over the trailing 6-month period

16.50%

14.03%

+2.47%

Volatility (1Y)

Calculated over the trailing 1-year period

19.76%

17.19%

+2.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.93%

20.26%

+3.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.50%

21.43%

+2.07%

EWD vs. FLGR - Expense Ratio Comparison

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

Dividends

EWD vs. FLGR - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.08%, more than FLGR's 1.70% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.08%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
FLGR
Franklin FTSE Germany ETF		1.70%1.72%2.40%2.99%3.50%2.67%2.61%2.52%3.06%0.00%0.00%0.00%

Frequently Asked Questions

EWD and FLGR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWD has higher volatility (7.28%) compared to FLGR (5.90%). In terms of maximum drawdown, EWD dropped -75.40% vs FLGR's -46.21%.

On 5-year performance, FLGR leads with 6.62% vs 4.52% for EWD. On fees, FLGR is cheaper at 0.09% per year. On volatility, FLGR has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLGR has performed better with a 6.62% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLGR is cheaper with a 0.09% expense ratio, compared with 0.55% for EWD.

EWD has the higher dividend yield at 3.08%, compared with 1.70% for FLGR.

EWD tracks MSCI Sweden Index, while FLGR tracks FTSE Germany RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.55% for EWD and 0.09% for FLGR.

EWD currently has the higher Sharpe Ratio (0.92 vs 0.18), 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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