EWG vs. FLEU

Last updated Jun 4, 2026

EWG (iShares MSCI Germany ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - EWG tracks the MSCI Germany Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EWG returned 5.94%/yr vs 11.81%/yr for FLEU. A 0.78 correlation means they provide meaningful diversification when combined. EWG charges 0.49%/yr vs 0.09%/yr for FLEU.

Performance

EWG vs. FLEU - Performance Comparison

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

Returns By Period

In the year-to-date period, EWG achieves a 0.64% return, which is significantly lower than FLEU's 6.27% return.

EWG

• 1D: -1.84%
• 1M: 3.11%
• YTD: 0.64%
• 6M: 4.44%
• 1Y: 3.23%
• 3Y*: 16.95%
• 5Y*: 5.94%
• 10Y*: 7.59%

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)

EWG vs. FLEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWG iShares MSCI Germany ETF	0.64%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	-0.71%
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 EWG and FLEU is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.78

The correlation between EWG and FLEU shifts across timeframes, from 0.78 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

EWG vs. FLEU - Sectors Allocation Comparison

Sectors	EWG	FLEU
Industrials	30.3%	21.0%
Financial Services	21.6%	24.8%
Technology	13.8%	14.7%
Consumer Cyclical	8.2%	8.4%
Communication Services	6.6%	3.6%
Healthcare	6.1%	5.8%
Basic Materials	5.8%	4.3%
Utilities	4.9%	7.1%
Consumer Defensive	1.4%	5.2%
Real Estate	1.3%	1.2%
Energy	-	4.0%

Return for Risk

EWG vs. FLEU — Risk / Return Rank

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

EWG

EWG Risk / Return Rank: 11
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 11
EWG Omega Ratio Rank: 11
EWG Calmar Ratio Rank: 11
EWG Martin Ratio Rank: 12

FLEU

FLEU Risk / Return Rank: 30
FLEU Sharpe Ratio Rank: 29
FLEU Sortino Ratio Rank: 30
FLEU Omega Ratio Rank: 30
FLEU Calmar Ratio Rank: 28
FLEU Martin Ratio Rank: 33

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.

EWG vs. FLEU - Risk-Adjusted Trends Comparison

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

	EWG	FLEU	Difference
Sharpe ratio: Return per unit of total volatility	0.19	1.08	-0.90
Sortino ratio: Return per unit of downside risk	0.38	1.62	-1.23
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.16
Calmar ratio: Return relative to maximum drawdown	0.22	1.37	-1.15
Martin ratio: Return relative to average drawdown	0.66	4.99	-4.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWG vs. FLEU - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.19, which is lower than the FLEU Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EWG 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.

Sharpe Ratios by Period

	EWG	FLEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	1.08	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.73	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.57	-0.32

Drawdowns

EWG vs. FLEU - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWG and FLEU.

Drawdown Indicators

	EWG	FLEU	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-33.94%	-33.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-13.41%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-15.67%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-43.44%	-18.67%	-24.77%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	—	—
Current Drawdown Current decline from peak	-4.02%	-1.50%	-2.52%
Average Drawdown Average peak-to-trough decline	-19.20%	-4.71%	-14.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	3.68%	+1.21%

Volatility

EWG vs. FLEU - Volatility Comparison

iShares MSCI Germany ETF (EWG) and Franklin FTSE Eurozone ETF (FLEU) have volatilities of 6.49% and 6.75%, 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

	EWG	FLEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	6.75%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	14.38%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	17.02%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	16.34%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	18.25%	+2.86%

EWG vs. FLEU - Expense Ratio Comparison

EWG has a 0.49% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

EWG vs. FLEU - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.59%, less than FLEU's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	1.59%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
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

Can I hold both EWG and FLEU in my portfolio?

With a correlation of 0.90, EWG and FLEU 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, EWG or FLEU?

FLEU has higher volatility (6.75%) compared to EWG (6.49%). In terms of maximum drawdown, EWG dropped -67.57% vs FLEU's -33.94%.

Which ETF is better, EWG or FLEU?

On 5-year performance, FLEU leads with 11.81% vs 5.94% for EWG. On fees, FLEU is cheaper at 0.09% per year. On volatility, EWG has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWG or FLEU?

Over the 5-year period, FLEU has performed better with a 11.81% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWG or FLEU?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.49% for EWG.

Which ETF pays a higher dividend yield, EWG or FLEU?

FLEU has the higher dividend yield at 2.09%, compared with 1.59% for EWG.

What is the main difference between EWG and FLEU?

EWG tracks MSCI Germany 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: 0.49% for EWG and 0.09% for FLEU.

Which has better risk-adjusted returns?

FLEU currently has the higher Sharpe Ratio (1.08 vs 0.19), 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.