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EWK vs. FLEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. FLEU

Last updated Jun 4, 2026

EWK (iShares MSCI Belgium ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EWK returned 5.76%/yr vs 11.81%/yr for FLEU. A 0.68 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.09%/yr for FLEU.

Performance

EWK vs. FLEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) 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, EWK achieves a 9.09% return, which is significantly higher than FLEU's 6.27% return.

EWK

1D
-0.90%
1M
4.22%
YTD
9.09%
6M
10.00%
1Y
22.69%
3Y*
16.49%
5Y*
5.76%
10Y*
6.17%

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)

EWK vs. FLEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWK
iShares MSCI Belgium ETF		9.09%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-20.40%-0.48%
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 EWK and FLEU is 0.70, 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

0.70

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

0.75

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

0.75

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

0.68

The correlation between EWK and FLEU has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

EWK vs. FLEU - Sectors Allocation Comparison

Sectors
EWK
FLEU

Healthcare

26.1%
5.8%

Consumer Defensive

25.1%
5.2%

Financial Services

16.5%
24.8%

Real Estate

10.3%
1.2%

Industrials

7.7%
21.0%

Basic Materials

5.0%
4.3%

Utilities

3.0%
7.1%

Consumer Cyclical

2.0%
8.4%

Technology

1.7%
14.7%

Communication Services

1.4%
3.6%

Energy

1.1%
4.0%

Healthcare

EWK
26.1%
FLEU
5.8%

Consumer Defensive

EWK
25.1%
FLEU
5.2%

Financial Services

EWK
16.5%
FLEU
24.8%

Real Estate

EWK
10.3%
FLEU
1.2%

Industrials

EWK
7.7%
FLEU
21.0%

Basic Materials

EWK
5.0%
FLEU
4.3%

Utilities

EWK
3.0%
FLEU
7.1%

Consumer Cyclical

EWK
2.0%
FLEU
8.4%

Technology

EWK
1.7%
FLEU
14.7%

Communication Services

EWK
1.4%
FLEU
3.6%

Energy

EWK
1.1%
FLEU
4.0%

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 Belgium ETF

Franklin FTSE Eurozone ETF

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. BILEWK vs. EDENEWK vs. VOOEWK vs. SPY
Often compared with FLEU:
FLEU vs. FLGRFLEU vs. VGKFLEU vs. FLEEFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. SWPPX

Return for Risk

EWK vs. FLEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWK
EWK Risk / Return Rank: 3838
Overall Rank
EWK Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWK Omega Ratio Rank: 4343
Omega Ratio Rank
EWK Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWK Martin Ratio Rank: 3535
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.

EWK vs. FLEU - Risk-Adjusted Trends Comparison

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

EWKFLEUDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.08

+0.41

Sortino ratioReturn per unit of downside risk
2.10
1.62

+0.49

Omega ratioGain probability vs. loss probability

1.28

1.20

+0.07

Calmar ratioReturn relative to maximum drawdown

1.47

1.37

+0.10

Martin ratioReturn relative to average drawdown

5.28

4.99

+0.29

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

EWK vs. FLEU - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.49, which is higher than the FLEU Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EWK 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

EWKFLEUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

1.08

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.73

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.57

-0.31

Drawdowns

EWK vs. FLEU - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWK and FLEU.

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Drawdown Indicators

EWKFLEUDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-33.94%

-40.16%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-13.41%

-2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.64%

-15.67%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-35.22%

-18.67%

-16.55%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

—

—

Current Drawdown

Current decline from peak

-3.53%

-1.50%

-2.03%

Average Drawdown

Average peak-to-trough decline

-21.54%

-4.71%

-16.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.30%

3.68%

+0.62%

Volatility

EWK vs. FLEU - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 5.54%, while Franklin FTSE Eurozone ETF (FLEU) has a volatility of 6.75%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky 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

EWKFLEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.54%

6.75%

-1.21%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

14.38%

-1.63%

Volatility (1Y)

Calculated over the trailing 1-year period

15.29%

17.02%

-1.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

16.34%

+1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.06%

18.25%

+0.81%

EWK vs. FLEU - Expense Ratio Comparison

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

Dividends

EWK vs. FLEU - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
EWK
iShares MSCI Belgium ETF		1.59%1.73%3.25%2.09%2.58%3.64%1.66%2.77%2.78%2.91%1.75%2.06%
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

EWK and FLEU have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLEU has higher volatility (6.75%) compared to EWK (5.54%). In terms of maximum drawdown, EWK dropped -74.10% vs FLEU's -33.94%.

On 5-year performance, FLEU leads with 11.81% vs 5.76% for EWK. On fees, FLEU is cheaper at 0.09% per year. On volatility, EWK has been the lower-risk option at 5.54%. 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 5.76%. 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 0.49% for EWK.

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

EWK tracks MSCI Belgium Investable Market 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 EWK and 0.09% for FLEU.

EWK currently has the higher Sharpe Ratio (1.49 vs 1.08), 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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