PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWI vs. FLGB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. FLGB

Last updated Jul 18, 2026
Documentation

EWI (iShares MSCI Italy ETF) and FLGB (Franklin FTSE United Kingdom ETF) are both Europe Equities funds - EWI tracks the MSCI Italy Index while FLGB tracks the FTSE UK RIC Capped Index. Both are passively managed. Over the past 5 years, EWI returned 18.11%/yr vs 12.25%/yr for FLGB. A 0.75 correlation means they provide meaningful diversification when combined. EWI charges 0.49%/yr vs 0.09%/yr for FLGB.

Performance

EWI vs. FLGB - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWI achieves a 13.10% return, which is significantly higher than FLGB's 8.56% return.

EWI

1D
-0.50%
1M
0.17%
6M
11.89%
YTD
13.10%
1Y
30.37%
3Y*
26.29%
5Y*
18.11%
10Y*
14.36%

FLGB

1D
0.14%
1M
2.92%
6M
5.77%
YTD
8.56%
1Y
21.73%
3Y*
17.77%
5Y*
12.25%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWI vs. FLGB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		13.10%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%-1.96%
FLGB
Franklin FTSE United Kingdom ETF		8.56%33.73%8.77%14.33%-6.00%17.14%-9.47%23.23%-11.60%1.12%

Correlation

The correlation between EWI and FLGB is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.76

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

0.76

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

0.80

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.75

The correlation between EWI and FLGB has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

EWI vs. FLGB - Sectors Allocation Comparison

Sectors
EWI
FLGB

Financial Services

47.9%
27.5%

Utilities

18.0%
4.7%

Industrials

11.1%
13.4%

Consumer Cyclical

9.8%
5.1%

Energy

7.4%
9.5%

Communication Services

2.5%
2.4%

Healthcare

1.4%
13.4%

Basic Materials

1.1%
8.1%

Consumer Defensive

1.0%
14.2%

Real Estate

-

0.9%

Technology

-

0.6%

Financial Services

EWI
47.9%
FLGB
27.5%

Utilities

EWI
18.0%
FLGB
4.7%

Industrials

EWI
11.1%
FLGB
13.4%

Consumer Cyclical

EWI
9.8%
FLGB
5.1%

Energy

EWI
7.4%
FLGB
9.5%

Communication Services

EWI
2.5%
FLGB
2.4%

Healthcare

EWI
1.4%
FLGB
13.4%

Basic Materials

EWI
1.1%
FLGB
8.1%

Consumer Defensive

EWI
1.0%
FLGB
14.2%

Real Estate

EWI

-

FLGB
0.9%

Technology

EWI

-

FLGB
0.6%

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 Italy ETF

Franklin FTSE United Kingdom ETF

Often compared with EWI:
EWI vs. SPYEWI vs. EWPEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with FLGB:
FLGB vs. EWUFLGB vs. FLAUFLGB vs. FLEEFLGB vs. IUKD.LFLGB vs. EUFNFLGB vs. VFIAXFLGB vs. HEDJ

Return for Risk

EWI vs. FLGB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWI
EWI Risk / Return Rank: 6363
Overall Rank
EWI Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWI Omega Ratio Rank: 5959
Omega Ratio Rank
EWI Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWI Martin Ratio Rank: 6565
Martin Ratio Rank
FLGB
FLGB Risk / Return Rank: 5454
Overall Rank
FLGB Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FLGB Sortino Ratio Rank: 5757
Sortino Ratio Rank
FLGB Omega Ratio Rank: 5454
Omega Ratio Rank
FLGB Calmar Ratio Rank: 5353
Calmar Ratio Rank
FLGB Martin Ratio Rank: 5353
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.

EWI vs. FLGB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) and Franklin FTSE United Kingdom ETF (FLGB). 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.

EWIFLGBDifference
Sharpe ratioReturn per unit of total volatility
1.66
1.50

+0.17

Sortino ratioReturn per unit of downside risk
2.34
2.17

+0.16

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.44

2.13

+0.32

Martin ratioReturn relative to average drawdown

9.11

7.12

+1.99

EWI vs. FLGB - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.66, which is comparable to the FLGB Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of EWI and FLGB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWI vs. FLGB - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, which is greater than FLGB's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for EWI and FLGB.

Loading charts...

Drawdown Indicators

EWIFLGBDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-42.61%

-27.77%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-10.26%

-2.22%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-13.13%

-3.67%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-25.90%

-9.35%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

—

—

Current Drawdown

Current decline from peak

-1.44%

-1.59%

+0.15%

Average Drawdown

Average peak-to-trough decline

-28.83%

-6.64%

-22.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

3.06%

+0.28%

Volatility

EWI vs. FLGB - Volatility Comparison

iShares MSCI Italy ETF (EWI) has a higher volatility of 4.04% compared to Franklin FTSE United Kingdom ETF (FLGB) at 3.82%. This indicates that EWI's price experiences larger fluctuations and is considered to be riskier than FLGB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWIFLGBDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

3.82%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

15.51%

12.62%

+2.89%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

14.56%

+3.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

16.61%

+4.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.50%

18.91%

+3.59%

EWI vs. FLGB - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is higher than FLGB's 0.09% expense ratio.

Dividends

EWI vs. FLGB - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.11%, more than FLGB's 2.92% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.11%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
FLGB
Franklin FTSE United Kingdom ETF		2.92%3.50%4.42%3.95%4.23%2.93%2.67%4.30%3.92%0.43%0.00%0.00%

Frequently Asked Questions

EWI and FLGB have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWI has higher volatility (4.04%) compared to FLGB (3.82%). In terms of maximum drawdown, EWI dropped -70.38% vs FLGB's -42.61%.

On 5-year performance, EWI leads with 18.11% vs 12.25% for FLGB. On fees, FLGB is cheaper at 0.09% per year. On volatility, FLGB has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWI has performed better with a 18.11% return vs 12.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLGB is cheaper with a 0.09% expense ratio, compared with 0.49% for EWI.

EWI has the higher dividend yield at 3.11%, compared with 2.92% for FLGB.

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

EWI currently has the higher Sharpe Ratio (1.66 vs 1.50), 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.

Portfolio Optimizer

Find the right allocation for EWI and FLGB

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer