EWG vs. FLGR

Last updated Jun 23, 2026

EWG (iShares MSCI Germany ETF) and FLGR (Franklin FTSE Germany ETF) are both Europe Equities funds - EWG tracks the MSCI Germany Index while FLGR tracks the FTSE Germany RIC Capped Index. Both are passively managed. Over the past 5 years, EWG returned 6.37%/yr vs 6.93%/yr for FLGR. Their correlation of 0.93 suggests significant overlap in exposure. EWG charges 0.49%/yr vs 0.09%/yr for FLGR.

Performance

EWG vs. FLGR - Performance Comparison

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

Returns By Period

In the year-to-date period, EWG achieves a -0.30% return, which is significantly lower than FLGR's -0.25% return.

EWG

• 1D: 0.05%
• 1M: -1.25%
• YTD: -0.30%
• 6M: 0.08%
• 1Y: 5.04%
• 3Y*: 16.47%
• 5Y*: 6.37%
• 10Y*: 8.37%

FLGR

• 1D: -0.14%
• 1M: -0.96%
• YTD: -0.25%
• 6M: 0.03%
• 1Y: 5.20%
• 3Y*: 17.18%
• 5Y*: 6.93%
• 10Y*: —

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

EWG vs. FLGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWG iShares MSCI Germany ETF	-0.30%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	-0.86%
FLGR Franklin FTSE Germany ETF	-0.25%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%

Correlation

The correlation between EWG and FLGR is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.93

The correlation between EWG and FLGR has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

EWG vs. FLGR - Sectors Allocation Comparison

Sectors	EWG	FLGR
Industrials	29.9%	29.9%
Financial Services	20.6%	20.5%
Technology	16.3%	16.1%
Consumer Cyclical	8.7%	8.7%
Communication Services	6.5%	6.4%
Healthcare	6.0%	5.6%
Basic Materials	5.5%	5.6%
Utilities	4.3%	4.5%
Consumer Defensive	1.3%	1.4%
Real Estate	0.9%	1.2%
Energy	-	-

Return for Risk

EWG vs. FLGR — Risk / Return Rank

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

EWG

EWG Risk / Return Rank: 12
EWG Sharpe Ratio Rank: 12
EWG Sortino Ratio Rank: 12
EWG Omega Ratio Rank: 12
EWG Calmar Ratio Rank: 12
EWG Martin Ratio Rank: 13

FLGR

FLGR Risk / Return Rank: 12
FLGR Sharpe Ratio Rank: 12
FLGR Sortino Ratio Rank: 12
FLGR Omega Ratio Rank: 12
FLGR Calmar Ratio Rank: 12
FLGR Martin Ratio Rank: 13

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. FLGR - Risk-Adjusted Trends Comparison

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

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.

	EWG	FLGR	Difference
Sharpe ratio: Return per unit of total volatility	0.29	0.30	-0.01
Sortino ratio: Return per unit of downside risk	0.52	0.54	-0.01
Omega ratio: Gain probability vs. loss probability	1.06	1.07	0.00
Calmar ratio: Return relative to maximum drawdown	0.35	0.36	-0.01
Martin ratio: Return relative to average drawdown	1.01	1.01	0.00

EWG vs. FLGR - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.29, which is comparable to the FLGR Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of EWG 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.

Drawdowns

EWG vs. FLGR - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, which is greater than FLGR's maximum drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for EWG and FLGR.

Drawdown Indicators

	EWG	FLGR	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-46.21%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-14.44%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-15.53%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-42.59%	-42.69%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	—	—
Current Drawdown Current decline from peak	-4.91%	-4.92%	+0.01%
Average Drawdown Average peak-to-trough decline	-19.17%	-12.32%	-6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	5.14%	-0.14%

Volatility

EWG vs. FLGR - Volatility Comparison

iShares MSCI Germany ETF (EWG) and Franklin FTSE Germany ETF (FLGR) have volatilities of 5.06% and 5.12%, 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	FLGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.12%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	14.51%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	17.47%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	20.31%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	21.41%	-0.34%

EWG vs. FLGR - Expense Ratio Comparison

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

Dividends

EWG vs. FLGR - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 2.00%, more than FLGR's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	2.00%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
FLGR Franklin FTSE Germany ETF	0.32%	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

Can I hold both EWG and FLGR in my portfolio?

With a correlation of 0.99, EWG and FLGR 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 FLGR?

FLGR has higher volatility (5.12%) compared to EWG (5.06%). In terms of maximum drawdown, EWG dropped -67.57% vs FLGR's -46.21%.

Which ETF is better, EWG or FLGR?

On 5-year performance, FLGR leads with 6.93% vs 6.37% for EWG. On fees, FLGR is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWG or FLGR?

Over the 5-year period, FLGR has performed better with a 6.93% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWG or FLGR?

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

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

EWG has the higher dividend yield at 2.00%, compared with 0.32% for FLGR.

What is the main difference between EWG and FLGR?

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

Which has better risk-adjusted returns?

FLGR currently has the higher Sharpe Ratio (0.30 vs 0.29), 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.