EWL vs. FLEE
EWL (iShares MSCI Switzerland ETF) and FLEE (Franklin FTSE Europe ETF) are both Europe Equities funds - EWL tracks the MSCI Switzerland Index while FLEE tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, EWL returned 6.77%/yr vs 9.49%/yr for FLEE. Their correlation of 0.82 means they have usually moved in the same direction. EWL charges 0.50%/yr vs 0.09%/yr for FLEE.
Performance
EWL vs. FLEE - Performance Comparison
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Returns By Period
In the year-to-date period, EWL achieves a 7.20% return, which is significantly lower than FLEE's 9.38% return.
EWL
- 1D
- -1.19%
- 1M
- -1.28%
- 6M
- 4.45%
- YTD
- 7.20%
- 1Y
- 22.60%
- 3Y*
- 12.29%
- 5Y*
- 6.77%
- 10Y*
- 9.91%
- ALL TIME*
- 7.56%
FLEE
- 1D
- -1.34%
- 1M
- 0.04%
- 6M
- 4.27%
- YTD
- 9.38%
- 1Y
- 23.53%
- 3Y*
- 16.22%
- 5Y*
- 9.49%
- 10Y*
- —
- ALL TIME*
- 8.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.12M | $30.49M | $28.31M | |
| $309.38K | $221.20K | $513.36K |
EWL vs. FLEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWL iShares MSCI Switzerland ETF | 7.20% | 32.92% | -2.80% | 17.67% | -18.89% | 20.20% | 11.80% | 31.58% | -9.21% | 2.74% |
FLEE Franklin FTSE Europe ETF | 9.38% | 35.76% | 2.03% | 20.46% | -15.22% | 16.84% | 5.33% | 24.41% | -14.97% | 1.80% |
Correlation
The correlation between EWL and FLEE is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.83 |
The correlation between EWL and FLEE has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.
EWL vs. FLEE - Sectors Allocation Comparison
Sectors
EWL
FLEE
Healthcare
Financial Services
Consumer Defensive
Industrials
Basic Materials
Consumer Cyclical
Communication Services
Technology
Real Estate
Utilities
Energy
-
Healthcare
EWL
FLEE
Financial Services
EWL
FLEE
Consumer Defensive
EWL
FLEE
Industrials
EWL
FLEE
Basic Materials
EWL
FLEE
Consumer Cyclical
EWL
FLEE
Communication Services
EWL
FLEE
Technology
EWL
FLEE
Real Estate
EWL
FLEE
Utilities
EWL
FLEE
Energy
EWL
-
FLEE
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Return for Risk
EWL vs. FLEE — Risk / Return Rank
EWL
FLEE
EWL vs. FLEE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Switzerland ETF (EWL) and Franklin FTSE Europe ETF (FLEE). 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.
| EWL | FLEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.76 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.39 | 6.54 | -1.15 |
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Drawdowns
EWL vs. FLEE - Drawdown Comparison
The maximum EWL drawdown since its inception was -51.62%, which is greater than FLEE's maximum drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for EWL and FLEE.
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Drawdown Indicators
| EWL | FLEE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.62% | -37.27% | -14.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -12.37% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | -14.59% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -31.62% | +2.63% |
Max Drawdown (10Y)Largest decline over 10 years | -28.99% | — | — |
Current DrawdownCurrent decline from peak | -1.28% | -1.34% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -11.04% | -7.00% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 3.33% | +0.75% |
Volatility
EWL vs. FLEE - Volatility Comparison
iShares MSCI Switzerland ETF (EWL) and Franklin FTSE Europe ETF (FLEE) have volatilities of 4.59% and 4.51%, 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.
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Volatility by Period
| EWL | FLEE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 4.51% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 13.78% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 16.13% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 17.45% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.30% | 18.91% | -2.61% |
EWL vs. FLEE - Expense Ratio Comparison
EWL has a 0.50% expense ratio, which is higher than FLEE's 0.09% expense ratio.
Dividends
EWL vs. FLEE - Dividend Comparison
EWL's dividend yield for the trailing twelve months is around 1.73%, less than FLEE's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWL iShares MSCI Switzerland ETF | 1.73% | 1.71% | 2.21% | 2.12% | 2.04% | 1.73% | 1.45% | 1.85% | 2.56% | 2.05% | 2.75% | 2.58% |
FLEE Franklin FTSE Europe ETF | 3.13% | 2.76% | 3.93% | 2.57% | 3.48% | 3.61% | 1.88% | 3.02% | 3.85% | 0.02% | 0.00% | 0.00% |
Frequently Asked Questions
EWL and FLEE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWL has higher volatility (4.59%) compared to FLEE (4.51%). In terms of maximum drawdown, EWL dropped -51.62% vs FLEE's -37.27%.
On 5-year performance, FLEE leads with 9.49% vs 6.77% for EWL. On fees, FLEE 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.
Over the 5-year period, FLEE has performed better with a 9.49% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEE is cheaper with a 0.09% expense ratio, compared with 0.50% for EWL.
FLEE has the higher dividend yield at 3.13%, compared with 1.73% for EWL.
EWL tracks MSCI Switzerland Index, while FLEE tracks FTSE Developed Europe RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.50% for EWL and 0.09% for FLEE.
EWL currently has the higher Sharpe Ratio (1.40 vs 1.35), 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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