EWN vs. FLEE

Last updated Jun 4, 2026

EWN (iShares MSCI Netherlands ETF) and FLEE (Franklin FTSE Europe ETF) are both Europe Equities funds - EWN tracks the MSCI Netherlands Investable Market Index while FLEE tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, EWN returned 8.69%/yr vs 8.65%/yr for FLEE. Their correlation of 0.86 suggests significant overlap in exposure. EWN charges 0.50%/yr vs 0.09%/yr for FLEE.

Performance

EWN vs. FLEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) 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, EWN achieves a 18.09% return, which is significantly higher than FLEE's 5.58% return.

EWN

• 1D: -1.30%
• 1M: 8.53%
• YTD: 18.09%
• 6M: 18.14%
• 1Y: 33.81%
• 3Y*: 19.93%
• 5Y*: 8.69%
• 10Y*: 12.79%

FLEE

• 1D: -1.22%
• 1M: 2.47%
• YTD: 5.58%
• 6M: 8.37%
• 1Y: 17.27%
• 3Y*: 16.30%
• 5Y*: 8.65%
• 10Y*: —

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

EWN vs. FLEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.09%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	1.11%
FLEE Franklin FTSE Europe ETF	5.58%	35.76%	2.03%	20.46%	-15.22%	16.84%	5.33%	24.41%	-14.97%	1.47%

Correlation

The correlation between EWN and FLEE is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.86

The correlation between EWN and FLEE has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

EWN vs. FLEE - Sectors Allocation Comparison

Sectors	EWN	FLEE
Technology	34.8%	8.5%
Financial Services	18.1%	23.8%
Communication Services	14.7%	3.0%
Consumer Defensive	11.5%	8.5%
Industrials	10.2%	19.6%
Basic Materials	3.1%	5.8%
Healthcare	2.6%	12.8%
Energy	2.1%	5.3%
Consumer Cyclical	1.5%	6.6%
Real Estate	0.7%	1.1%
Utilities	-	5.1%

Return for Risk

EWN vs. FLEE — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 51
EWN Sharpe Ratio Rank: 49
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 52
EWN Martin Ratio Rank: 56

FLEE

FLEE Risk / Return Rank: 30
FLEE Sharpe Ratio Rank: 30
FLEE Sortino Ratio Rank: 30
FLEE Omega Ratio Rank: 29
FLEE Calmar Ratio Rank: 28
FLEE Martin Ratio Rank: 33

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.

EWN vs. FLEE - Risk-Adjusted Trends Comparison

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

	EWN	FLEE	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.11	+0.61
Sortino ratio: Return per unit of downside risk	2.47	1.64	+0.83
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	2.57	1.40	+1.16
Martin ratio: Return relative to average drawdown	9.70	5.13	+4.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWN vs. FLEE - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.73, which is higher than the FLEE Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of EWN 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.

Sharpe Ratios by Period

	EWN	FLEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.11	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.50	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.44	-0.13

Drawdowns

EWN vs. FLEE - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, which is greater than FLEE's maximum drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for EWN and FLEE.

Drawdown Indicators

	EWN	FLEE	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-37.27%	-27.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-12.37%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-14.59%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-31.62%	-11.95%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	—	—
Current Drawdown Current decline from peak	-1.30%	-3.03%	+1.73%
Average Drawdown Average peak-to-trough decline	-16.35%	-7.11%	-9.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.38%	+0.11%

Volatility

EWN vs. FLEE - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.50% compared to Franklin FTSE Europe ETF (FLEE) at 5.78%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than FLEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	FLEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	5.78%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	12.98%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	15.59%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	17.37%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	18.95%	+2.41%

EWN vs. FLEE - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than FLEE's 0.09% expense ratio.

Dividends

EWN vs. FLEE - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.26%, more than FLEE's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.26%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
FLEE Franklin FTSE Europe ETF	2.61%	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 EWN and FLEE in my portfolio?

EWN and FLEE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or FLEE?

EWN has higher volatility (7.50%) compared to FLEE (5.78%). In terms of maximum drawdown, EWN dropped -65.22% vs FLEE's -37.27%.

Which ETF is better, EWN or FLEE?

On 5-year performance, EWN leads with 8.69% vs 8.65% for FLEE. On fees, FLEE is cheaper at 0.09% per year. On volatility, FLEE has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or FLEE?

Over the 5-year period, EWN has performed better with a 8.69% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or FLEE?

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

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

EWN has the higher dividend yield at 4.26%, compared with 2.61% for FLEE.

What is the main difference between EWN and FLEE?

EWN tracks MSCI Netherlands Investable Market 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 EWN and 0.09% for FLEE.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.73 vs 1.11), 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.