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EWO vs. FLJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. FLJH

Last updated Jun 14, 2026

EWO (iShares MSCI Austria ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while FLJH is a Japan Equities fund tracking the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, EWO returned 15.56%/yr vs 20.54%/yr for FLJH. At a 0.50 correlation, their price movements are largely independent. EWO charges 0.49%/yr vs 0.09%/yr for FLJH.

Performance

EWO vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) and Franklin FTSE Japan Hedged ETF (FLJH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with EWO having a 18.55% return and FLJH slightly higher at 18.85%.

EWO

1D
1.37%
1M
6.75%
YTD
18.55%
6M
23.71%
1Y
48.35%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%

FLJH

1D
0.82%
1M
1.43%
YTD
18.85%
6M
15.00%
1Y
45.89%
3Y*
25.97%
5Y*
20.54%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWO vs. FLJH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		18.55%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%4.17%
FLJH
Franklin FTSE Japan Hedged ETF		18.85%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%

Correlation

The correlation between EWO and FLJH is 0.53, 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

0.53

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

0.44

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

0.51

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.50

The correlation between EWO and FLJH has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

EWO vs. FLJH - Sectors Allocation Comparison

Sectors
EWO
FLJH

Financial Services

47.3%
15.8%

Industrials

14.5%
25.2%

Energy

9.7%
0.9%

Basic Materials

8.8%
4.4%

Utilities

6.5%
1.2%

Technology

5.7%
19.4%

Real Estate

4.1%
3.0%

Consumer Cyclical

3.6%
12.7%

Communication Services

-

8.0%

Consumer Defensive

-

4.0%

Healthcare

-

5.5%

Financial Services

EWO
47.3%
FLJH
15.8%

Industrials

EWO
14.5%
FLJH
25.2%

Energy

EWO
9.7%
FLJH
0.9%

Basic Materials

EWO
8.8%
FLJH
4.4%

Utilities

EWO
6.5%
FLJH
1.2%

Technology

EWO
5.7%
FLJH
19.4%

Real Estate

EWO
4.1%
FLJH
3.0%

Consumer Cyclical

EWO
3.6%
FLJH
12.7%

Communication Services

EWO

-

FLJH
8.0%

Consumer Defensive

EWO

-

FLJH
4.0%

Healthcare

EWO

-

FLJH
5.5%

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 Austria ETF

Franklin FTSE Japan Hedged ETF

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Return for Risk

EWO vs. FLJH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWO
EWO Risk / Return Rank: 7979
Overall Rank
EWO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWO Omega Ratio Rank: 7979
Omega Ratio Rank
EWO Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWO Martin Ratio Rank: 6969
Martin Ratio Rank
FLJH
FLJH Risk / Return Rank: 8686
Overall Rank
FLJH Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 8686
Sortino Ratio Rank
FLJH Omega Ratio Rank: 8585
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8686
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8787
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.

EWO vs. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) and Franklin FTSE Japan Hedged ETF (FLJH). 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.

EWOFLJHDifference
Sharpe ratioReturn per unit of total volatility
2.41
2.46

-0.05

Sortino ratioReturn per unit of downside risk
3.35
3.35

-0.01

Omega ratioGain probability vs. loss probability

1.41

1.45

-0.04

Calmar ratioReturn relative to maximum drawdown

3.28

4.20

-0.92

Martin ratioReturn relative to average drawdown

11.10

16.28

-5.18

EWO vs. FLJH - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is comparable to the FLJH Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of EWO and FLJH, 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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Drawdowns

EWO vs. FLJH - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for EWO and FLJH.

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Drawdown Indicators

EWOFLJHDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-31.51%

-44.18%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-10.80%

-3.28%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-20.39%

+3.64%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-20.39%

-21.43%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

—

—

Current Drawdown

Current decline from peak

0.00%

-1.30%

+1.30%

Average Drawdown

Average peak-to-trough decline

-28.10%

-5.30%

-22.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

2.78%

+1.38%

Volatility

EWO vs. FLJH - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 5.20%. This indicates that EWO's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWOFLJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

5.20%

+2.11%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

14.09%

+1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

18.44%

+0.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.95%

18.61%

+3.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

19.84%

+3.04%

EWO vs. FLJH - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

EWO vs. FLJH - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than FLJH's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		2.01%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
FLJH
Franklin FTSE Japan Hedged ETF		3.28%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%0.00%0.00%

Frequently Asked Questions

EWO and FLJH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (7.31%) compared to FLJH (5.20%). In terms of maximum drawdown, EWO dropped -75.69% vs FLJH's -31.51%.

On 5-year performance, FLJH leads with 20.54% vs 15.56% for EWO. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLJH has performed better with a 20.54% return vs 15.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.49% for EWO.

FLJH has the higher dividend yield at 3.28%, compared with 2.01% for EWO.

EWO is categorized as Europe Equities, while FLJH is Japan Equities. EWO tracks MSCI Austria Investable Market Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for EWO and 0.09% for FLJH.

FLJH currently has the higher Sharpe Ratio (2.46 vs 2.41), 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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