PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWP vs. FLEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWP vs. FLEU

Last updated Jun 24, 2026

EWP (iShares MSCI Spain ETF) and FLEU (Franklin FTSE Eurozone ETF) are both Europe Equities funds - EWP tracks the MSCI Spain Index while FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EWP returned 18.75%/yr vs 11.75%/yr for FLEU. A 0.70 correlation means they provide meaningful diversification when combined. EWP charges 0.50%/yr vs 0.09%/yr for FLEU.

Performance

EWP vs. FLEU - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWP achieves a 11.25% return, which is significantly higher than FLEU's 7.40% return.

EWP

1D
-0.72%
1M
6.13%
YTD
11.25%
6M
11.48%
1Y
41.28%
3Y*
33.03%
5Y*
18.75%
10Y*
13.42%

FLEU

1D
-1.70%
1M
1.76%
YTD
7.40%
6M
7.90%
1Y
20.48%
3Y*
17.50%
5Y*
11.75%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWP vs. FLEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWP
iShares MSCI Spain ETF		11.25%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%0.39%
FLEU
Franklin FTSE Eurozone ETF		7.40%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%

Correlation

The correlation between EWP and FLEU is 0.87, 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

0.87

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

0.82

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

0.70

The correlation between EWP and FLEU shifts across timeframes, from 0.70 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

EWP vs. FLEU - Sectors Allocation Comparison

Sectors
EWP
FLEU

Financial Services

42.4%
24.6%

Utilities

21.4%
6.6%

Industrials

16.3%
20.7%

Technology

5.6%
16.3%

Consumer Cyclical

4.6%
8.6%

Energy

4.1%
3.7%

Communication Services

2.8%
3.6%

Real Estate

2.8%
1.2%

Healthcare

1.3%
5.6%

Basic Materials

-

4.2%

Consumer Defensive

-

5.0%

Financial Services

EWP
42.4%
FLEU
24.6%

Utilities

EWP
21.4%
FLEU
6.6%

Industrials

EWP
16.3%
FLEU
20.7%

Technology

EWP
5.6%
FLEU
16.3%

Consumer Cyclical

EWP
4.6%
FLEU
8.6%

Energy

EWP
4.1%
FLEU
3.7%

Communication Services

EWP
2.8%
FLEU
3.6%

Real Estate

EWP
2.8%
FLEU
1.2%

Healthcare

EWP
1.3%
FLEU
5.6%

Basic Materials

EWP

-

FLEU
4.2%

Consumer Defensive

EWP

-

FLEU
5.0%

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 Spain ETF

Franklin FTSE Eurozone ETF

Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ
Often compared with FLEU:
FLEU vs. FLGRFLEU vs. FLEEFLEU vs. VGKFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. SWPPX

Return for Risk

EWP vs. FLEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWP
EWP Risk / Return Rank: 7171
Overall Rank
EWP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 6868
Sortino Ratio Rank
EWP Omega Ratio Rank: 6767
Omega Ratio Rank
EWP Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWP Martin Ratio Rank: 7373
Martin Ratio Rank
FLEU
FLEU Risk / Return Rank: 3434
Overall Rank
FLEU Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
FLEU Sortino Ratio Rank: 3535
Sortino Ratio Rank
FLEU Omega Ratio Rank: 3434
Omega Ratio Rank
FLEU Calmar Ratio Rank: 3232
Calmar Ratio Rank
FLEU Martin Ratio Rank: 3737
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.

EWP vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) and Franklin FTSE Eurozone ETF (FLEU). 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.

EWPFLEUDifference
Sharpe ratioReturn per unit of total volatility
2.21
1.18

+1.03

Sortino ratioReturn per unit of downside risk
2.94
1.75

+1.20

Omega ratioGain probability vs. loss probability

1.38

1.22

+0.16

Calmar ratioReturn relative to maximum drawdown

3.64

1.53

+2.11

Martin ratioReturn relative to average drawdown

12.92

5.57

+7.35

EWP vs. FLEU - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 2.21, which is higher than the FLEU Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWP and FLEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWP vs. FLEU - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWP and FLEU.

Loading charts...

Drawdown Indicators

EWPFLEUDifference

Max Drawdown

Largest peak-to-trough decline

-61.19%

-33.94%

-27.25%

Max Drawdown (1Y)

Largest decline over 1 year

-11.38%

-13.41%

+2.03%

Max Drawdown (3Y)

Largest decline over 3 years

-12.19%

-15.67%

+3.48%

Max Drawdown (5Y)

Largest decline over 5 years

-31.63%

-18.67%

-12.96%

Max Drawdown (10Y)

Largest decline over 10 years

-46.36%

—

—

Current Drawdown

Current decline from peak

-0.72%

-2.00%

+1.28%

Average Drawdown

Average peak-to-trough decline

-21.40%

-4.68%

-16.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

3.69%

-0.49%

Volatility

EWP vs. FLEU - Volatility Comparison

iShares MSCI Spain ETF (EWP) and Franklin FTSE Eurozone ETF (FLEU) have volatilities of 5.49% and 5.38%, 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.

Loading charts...

Volatility by Period

EWPFLEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.49%

5.38%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

15.05%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

17.53%

+1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.29%

16.47%

+3.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.56%

18.27%

+3.29%

EWP vs. FLEU - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

EWP vs. FLEU - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.82%, more than FLEU's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.82%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
FLEU
Franklin FTSE Eurozone ETF		1.08%2.22%3.18%3.25%21.45%3.03%1.94%6.06%12.17%0.07%0.00%0.00%

Frequently Asked Questions

EWP and FLEU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWP has higher volatility (5.49%) compared to FLEU (5.38%). In terms of maximum drawdown, EWP dropped -61.19% vs FLEU's -33.94%.

On 5-year performance, EWP leads with 18.75% vs 11.75% for FLEU. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWP has performed better with a 18.75% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEU is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

EWP has the higher dividend yield at 2.82%, compared with 1.08% for FLEU.

EWP tracks MSCI Spain Index, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.50% for EWP and 0.09% for FLEU.

EWP currently has the higher Sharpe Ratio (2.21 vs 1.18), 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.

Portfolio Optimizer

Find the right allocation for EWP and FLEU

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer