EWL vs. FLEE

Last updated Jun 25, 2026

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 6.83%/yr vs 8.86%/yr for FLEE. Their correlation of 0.83 suggests significant overlap in exposure. EWL charges 0.50%/yr vs 0.09%/yr for FLEE.

Performance

EWL vs. FLEE - Performance Comparison

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

Returns By Period

In the year-to-date period, EWL achieves a 5.55% return, which is significantly lower than FLEE's 6.02% return.

EWL

• 1D: 1.15%
• 1M: 1.04%
• YTD: 5.55%
• 6M: 4.56%
• 1Y: 16.51%
• 3Y*: 12.98%
• 5Y*: 6.83%
• 10Y*: 10.38%

FLEE

• 1D: -0.22%
• 1M: -0.31%
• YTD: 6.02%
• 6M: 5.40%
• 1Y: 17.07%
• 3Y*: 16.57%
• 5Y*: 8.86%
• 10Y*: —

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

EWL vs. FLEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWL iShares MSCI Switzerland ETF	5.55%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	2.74%
FLEE Franklin FTSE Europe ETF	6.02%	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 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year 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	33.3%	12.4%
Financial Services	17.7%	23.7%
Consumer Defensive	15.9%	8.8%
Industrials	12.6%	18.4%
Consumer Cyclical	7.8%	6.8%
Basic Materials	7.4%	5.7%
Communication Services	1.3%	3.4%
Technology	1.1%	9.5%
Real Estate	0.9%	0.9%
Utilities	0.4%	4.8%
Energy	-	5.1%

Return for Risk

EWL vs. FLEE — Risk / Return Rank

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

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 32
EWL Sortino Ratio Rank: 32
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

FLEE

FLEE Risk / Return Rank: 33
FLEE Sharpe Ratio Rank: 33
FLEE Sortino Ratio Rank: 33
FLEE Omega Ratio Rank: 31
FLEE Calmar Ratio Rank: 31
FLEE Martin Ratio Rank: 36

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.

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 ratio: Return per unit of total volatility	1.05	1.08	-0.03
Sortino ratio: Return per unit of downside risk	1.57	1.61	-0.05
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.23	1.39	-0.15
Martin ratio: Return relative to average drawdown	3.91	5.03	-1.12

EWL vs. FLEE - Sharpe Ratio Comparison

The current EWL Sharpe Ratio is 1.05, which is comparable to the FLEE Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EWL and FLEE, 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

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.

Drawdown Indicators

	EWL	FLEE	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.75%	-2.62%	-0.13%
Average Drawdown Average peak-to-trough decline	-11.08%	-7.07%	-4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.40%	+0.83%

Volatility

EWL vs. FLEE - Volatility Comparison

iShares MSCI Switzerland ETF (EWL) and Franklin FTSE Europe ETF (FLEE) have volatilities of 4.84% and 4.93%, 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

	EWL	FLEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.93%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	13.54%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	15.96%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	17.43%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	18.95%	-2.65%

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 1.75%, more than FLEE's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.75%	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	0.91%	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

Can I hold both EWL and FLEE in my portfolio?

EWL and FLEE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWL or FLEE?

FLEE has higher volatility (4.93%) compared to EWL (4.84%). In terms of maximum drawdown, EWL dropped -51.62% vs FLEE's -37.27%.

Which ETF is better, EWL or FLEE?

On 5-year performance, FLEE leads with 8.86% vs 6.83% 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.

Which ETF has performed better, EWL or FLEE?

Over the 5-year period, FLEE has performed better with a 8.86% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWL or FLEE?

FLEE is cheaper with a 0.09% expense ratio, compared with 0.50% for EWL.

Which ETF pays a higher dividend yield, EWL or FLEE?

EWL has the higher dividend yield at 1.75%, compared with 0.91% for FLEE.

What is the main difference between EWL and FLEE?

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.

Which has better risk-adjusted returns?

FLEE currently has the higher Sharpe Ratio (1.08 vs 1.05), 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.