EWK vs. FLGR

Last updated Jun 24, 2026

EWK (iShares MSCI Belgium ETF) and FLGR (Franklin FTSE Germany ETF) are both Europe Equities funds - EWK tracks the MSCI Belgium Investable Market Index while FLGR tracks the FTSE Germany RIC Capped Index. Both are passively managed. Over the past 5 years, EWK returned 6.31%/yr vs 6.42%/yr for FLGR. A 0.75 correlation means they provide meaningful diversification when combined. EWK charges 0.49%/yr vs 0.09%/yr for FLGR.

Performance

EWK vs. FLGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Belgium ETF (EWK) 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, EWK achieves a 10.79% return, which is significantly higher than FLGR's -1.59% return.

EWK

• 1D: -0.60%
• 1M: 0.12%
• YTD: 10.79%
• 6M: 10.98%
• 1Y: 24.61%
• 3Y*: 17.24%
• 5Y*: 6.31%
• 10Y*: 7.30%

FLGR

• 1D: -1.35%
• 1M: -2.30%
• YTD: -1.59%
• 6M: -1.54%
• 1Y: 2.77%
• 3Y*: 16.65%
• 5Y*: 6.42%
• 10Y*: —

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

EWK vs. FLGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWK iShares MSCI Belgium ETF	10.79%	35.38%	0.14%	7.47%	-13.98%	12.84%	0.04%	25.92%	-20.40%	-0.43%
FLGR Franklin FTSE Germany ETF	-1.59%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%

Correlation

The correlation between EWK and FLGR is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.75

The correlation between EWK and FLGR shifts across timeframes, from 0.64 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

EWK vs. FLGR - Sectors Allocation Comparison

Sectors	EWK	FLGR
Healthcare	27.1%	5.6%
Consumer Defensive	24.7%	1.4%
Financial Services	16.1%	20.5%
Real Estate	10.1%	1.2%
Industrials	8.1%	29.9%
Basic Materials	5.1%	5.6%
Utilities	2.7%	4.5%
Consumer Cyclical	1.8%	8.7%
Technology	1.7%	16.1%
Communication Services	1.3%	6.4%
Energy	1.2%	-

Return for Risk

EWK vs. FLGR — Risk / Return Rank

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

EWK

EWK Risk / Return Rank: 44
EWK Sharpe Ratio Rank: 49
EWK Sortino Ratio Rank: 49
EWK Omega Ratio Rank: 49
EWK Calmar Ratio Rank: 34
EWK Martin Ratio Rank: 38

FLGR

FLGR Risk / Return Rank: 11
FLGR Sharpe Ratio Rank: 11
FLGR Sortino Ratio Rank: 10
FLGR Omega Ratio Rank: 10
FLGR Calmar Ratio Rank: 11
FLGR Martin Ratio Rank: 11

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. FLGR - Risk-Adjusted Trends Comparison

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

	EWK	FLGR	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.16	+1.43
Sortino ratio: Return per unit of downside risk	2.27	0.34	+1.92
Omega ratio: Gain probability vs. loss probability	1.29	1.04	+0.25
Calmar ratio: Return relative to maximum drawdown	1.60	0.19	+1.41
Martin ratio: Return relative to average drawdown	5.71	0.54	+5.18

EWK vs. FLGR - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.59, which is higher than the FLGR Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of EWK 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

EWK vs. FLGR - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than FLGR's maximum drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for EWK and FLGR.

Drawdown Indicators

	EWK	FLGR	Difference
Max Drawdown Largest peak-to-trough decline	-74.10%	-46.21%	-27.89%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-14.44%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-15.53%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-33.24%	-42.69%	+9.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	—	—
Current Drawdown Current decline from peak	-2.73%	-6.20%	+3.47%
Average Drawdown Average peak-to-trough decline	-21.50%	-12.32%	-9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	5.15%	-0.83%

Volatility

EWK vs. FLGR - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 4.14%, while Franklin FTSE Germany ETF (FLGR) has a volatility of 5.27%. This indicates that EWK experiences smaller price fluctuations and is considered to be less risky than FLGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWK	FLGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	5.27%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	14.55%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	17.49%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	20.32%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	21.41%	-2.55%

EWK vs. FLGR - Expense Ratio Comparison

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

Dividends

EWK vs. FLGR - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.85%, more than FLGR's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWK iShares MSCI Belgium ETF	1.85%	1.73%	3.25%	2.09%	2.58%	3.64%	1.66%	2.77%	2.78%	2.91%	1.75%	2.06%
FLGR Franklin FTSE Germany ETF	0.33%	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 EWK and FLGR in my portfolio?

EWK and FLGR have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWK or FLGR?

FLGR has higher volatility (5.27%) compared to EWK (4.14%). In terms of maximum drawdown, EWK dropped -74.10% vs FLGR's -46.21%.

Which ETF is better, EWK or FLGR?

On 5-year performance, FLGR leads with 6.42% vs 6.31% for EWK. On fees, FLGR is cheaper at 0.09% per year. On volatility, EWK has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWK or FLGR?

Over the 5-year period, FLGR has performed better with a 6.42% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWK or FLGR?

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

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

EWK has the higher dividend yield at 1.85%, compared with 0.33% for FLGR.

What is the main difference between EWK and FLGR?

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

Which has better risk-adjusted returns?

EWK currently has the higher Sharpe Ratio (1.59 vs 0.16), 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.