EWQ vs. FLEH

Last updated Jun 24, 2026

EWQ (iShares MSCI France ETF) and FLEH (Franklin FTSE Europe Hedged ETF) are both Europe Equities funds - EWQ tracks the MSCI France Index while FLEH tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, EWQ returned 6.51%/yr vs 11.75%/yr for FLEH. A 0.79 correlation means they provide meaningful diversification when combined. EWQ charges 0.50%/yr vs 0.09%/yr for FLEH.

Performance

EWQ vs. FLEH - Performance Comparison

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

Returns By Period

In the year-to-date period, EWQ achieves a 1.84% return, which is significantly lower than FLEH's 7.40% return.

EWQ

• 1D: -1.02%
• 1M: 1.44%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 10.78%
• 3Y*: 9.62%
• 5Y*: 6.51%
• 10Y*: 10.31%

FLEH

• 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)

EWQ vs. FLEH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWQ iShares MSCI France ETF	1.84%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	-0.11%
FLEH Franklin FTSE Europe Hedged 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 EWQ and FLEH is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.79

The correlation between EWQ and FLEH shifts across timeframes, from 0.79 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

EWQ vs. FLEH - Sectors Allocation Comparison

Sectors	EWQ	FLEH
Industrials	31.1%	15.3%
Financial Services	12.8%	16.0%
Consumer Cyclical	12.0%	10.8%
Healthcare	8.7%	14.8%
Consumer Defensive	8.5%	12.1%
Energy	8.0%	5.5%
Basic Materials	7.1%	6.8%
Technology	4.1%	7.5%
Communication Services	3.1%	3.4%
Utilities	2.6%	4.0%
Real Estate	1.3%	1.3%

Return for Risk

EWQ vs. FLEH — Risk / Return Rank

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

EWQ

EWQ Risk / Return Rank: 19
EWQ Sharpe Ratio Rank: 19
EWQ Sortino Ratio Rank: 18
EWQ Omega Ratio Rank: 18
EWQ Calmar Ratio Rank: 19
EWQ Martin Ratio Rank: 21

FLEH

FLEH Risk / Return Rank: 35
FLEH Sharpe Ratio Rank: 35
FLEH Sortino Ratio Rank: 35
FLEH Omega Ratio Rank: 34
FLEH Calmar Ratio Rank: 32
FLEH Martin Ratio Rank: 38

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.

EWQ vs. FLEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and Franklin FTSE Europe Hedged ETF (FLEH). 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.

	EWQ	FLEH	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.18	-0.56
Sortino ratio: Return per unit of downside risk	0.98	1.75	-0.77
Omega ratio: Gain probability vs. loss probability	1.12	1.22	-0.10
Calmar ratio: Return relative to maximum drawdown	0.78	1.53	-0.75
Martin ratio: Return relative to average drawdown	2.37	5.57	-3.20

EWQ vs. FLEH - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.61, which is lower than the FLEH Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWQ and FLEH, 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

EWQ vs. FLEH - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than FLEH's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWQ and FLEH.

Drawdown Indicators

	EWQ	FLEH	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-33.94%	-27.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-13.41%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-15.67%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-18.67%	-12.79%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	—	—
Current Drawdown Current decline from peak	-5.24%	-2.00%	-3.24%
Average Drawdown Average peak-to-trough decline	-16.06%	-4.68%	-11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	3.69%	+0.87%

Volatility

EWQ vs. FLEH - Volatility Comparison

iShares MSCI France ETF (EWQ) and Franklin FTSE Europe Hedged ETF (FLEH) have volatilities of 5.62% 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.

Volatility by Period

	EWQ	FLEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	5.38%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	15.05%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	17.53%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	16.47%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	18.27%	+2.18%

EWQ vs. FLEH - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than FLEH's 0.09% expense ratio.

Dividends

EWQ vs. FLEH - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.94%, more than FLEH's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWQ iShares MSCI France ETF	2.94%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%
FLEH Franklin FTSE Europe Hedged 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

Can I hold both EWQ and FLEH in my portfolio?

With a correlation of 0.91, EWQ and FLEH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWQ or FLEH?

EWQ has higher volatility (5.62%) compared to FLEH (5.38%). In terms of maximum drawdown, EWQ dropped -61.41% vs FLEH's -33.94%.

Which ETF is better, EWQ or FLEH?

On 5-year performance, FLEH leads with 11.75% vs 6.51% for EWQ. On fees, FLEH is cheaper at 0.09% per year. On volatility, FLEH has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWQ or FLEH?

Over the 5-year period, FLEH has performed better with a 11.75% return vs 6.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWQ or FLEH?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.50% for EWQ.

Which ETF pays a higher dividend yield, EWQ or FLEH?

EWQ has the higher dividend yield at 2.94%, compared with 1.08% for FLEH.

What is the main difference between EWQ and FLEH?

EWQ tracks MSCI France Index, while FLEH tracks FTSE Developed Europe RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.50% for EWQ and 0.09% for FLEH.

Which has better risk-adjusted returns?

FLEH currently has the higher Sharpe Ratio (1.18 vs 0.61), 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.