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EWUS vs. FLEH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWUS vs. FLEH

Last updated Jun 25, 2026

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and FLEH (Franklin FTSE Europe Hedged ETF) are both Europe Equities funds - EWUS tracks the MSCI United Kingdom Small Cap Index while FLEH tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, EWUS returned 0.58%/yr vs 11.55%/yr for FLEH. A 0.67 correlation means they provide meaningful diversification when combined. EWUS charges 0.59%/yr vs 0.09%/yr for FLEH.

Performance

EWUS vs. FLEH - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWUS achieves a 0.74% return, which is significantly lower than FLEH's 6.62% return.

EWUS

1D
1.05%
1M
-2.01%
YTD
0.74%
6M
0.93%
1Y
5.74%
3Y*
13.18%
5Y*
0.58%
10Y*
5.08%

FLEH

1D
-0.72%
1M
1.03%
YTD
6.62%
6M
6.97%
1Y
17.95%
3Y*
17.21%
5Y*
11.55%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWUS vs. FLEH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWUS
iShares MSCI United Kingdom Small-Cap ETF		0.74%25.13%3.55%15.41%-31.19%12.55%-2.58%35.16%-20.16%4.89%
FLEH
Franklin FTSE Europe Hedged ETF		6.62%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%

Correlation

The correlation between EWUS and FLEH is 0.76, 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

0.76

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

0.77

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

0.78

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

0.67

The correlation between EWUS and FLEH shifts across timeframes, from 0.67 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

EWUS vs. FLEH - Sectors Allocation Comparison

Sectors
EWUS
FLEH

Financial Services

23.1%
16.0%

Industrials

20.4%
15.3%

Consumer Cyclical

18.0%
10.8%

Real Estate

8.4%
1.3%

Communication Services

6.8%
3.4%

Basic Materials

6.3%
6.8%

Consumer Defensive

3.9%
12.1%

Technology

3.9%
7.5%

Energy

3.3%
5.5%

Healthcare

3.1%
14.8%

Utilities

2.8%
4.0%

Financial Services

EWUS
23.1%
FLEH
16.0%

Industrials

EWUS
20.4%
FLEH
15.3%

Consumer Cyclical

EWUS
18.0%
FLEH
10.8%

Real Estate

EWUS
8.4%
FLEH
1.3%

Communication Services

EWUS
6.8%
FLEH
3.4%

Basic Materials

EWUS
6.3%
FLEH
6.8%

Consumer Defensive

EWUS
3.9%
FLEH
12.1%

Technology

EWUS
3.9%
FLEH
7.5%

Energy

EWUS
3.3%
FLEH
5.5%

Healthcare

EWUS
3.1%
FLEH
14.8%

Utilities

EWUS
2.8%
FLEH
4.0%

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 United Kingdom Small-Cap ETF

Franklin FTSE Europe Hedged ETF

Often compared with EWUS:
EWUS vs. EWUEWUS vs. HSCZEWUS vs. SCJEWUS vs. EWZSEWUS vs. SCZEWUS vs. SMINEWUS vs. QQQ
Often compared with FLEH:
FLEH vs. FLEEFLEH vs. GCCFLEH vs. PSKFLEH vs. PFFFLEH vs. HEWJFLEH vs. VOOFLEH vs. VRP

Return for Risk

EWUS vs. FLEH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWUS
EWUS Risk / Return Rank: 1414
Overall Rank
EWUS Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
EWUS Sortino Ratio Rank: 1313
Sortino Ratio Rank
EWUS Omega Ratio Rank: 1313
Omega Ratio Rank
EWUS Calmar Ratio Rank: 1313
Calmar Ratio Rank
EWUS Martin Ratio Rank: 1515
Martin Ratio Rank
FLEH
FLEH Risk / Return Rank: 3232
Overall Rank
FLEH Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
FLEH Sortino Ratio Rank: 3131
Sortino Ratio Rank
FLEH Omega Ratio Rank: 3131
Omega Ratio Rank
FLEH Calmar Ratio Rank: 3030
Calmar Ratio Rank
FLEH Martin Ratio Rank: 3535
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.

EWUS vs. FLEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

EWUSFLEHDifference
Sharpe ratioReturn per unit of total volatility
0.32
1.03

-0.71

Sortino ratioReturn per unit of downside risk
0.60
1.56

-0.97

Omega ratioGain probability vs. loss probability

1.07

1.19

-0.13

Calmar ratioReturn relative to maximum drawdown

0.38

1.34

-0.97

Martin ratioReturn relative to average drawdown

1.19

4.87

-3.68

EWUS vs. FLEH - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.32, which is lower than the FLEH Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of EWUS 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.

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Drawdowns

EWUS vs. FLEH - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, which is greater than FLEH's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EWUS and FLEH.

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Drawdown Indicators

EWUSFLEHDifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-33.94%

-15.39%

Max Drawdown (1Y)

Largest decline over 1 year

-15.21%

-13.41%

-1.80%

Max Drawdown (3Y)

Largest decline over 3 years

-19.84%

-15.67%

-4.17%

Max Drawdown (5Y)

Largest decline over 5 years

-48.14%

-18.67%

-29.47%

Max Drawdown (10Y)

Largest decline over 10 years

-49.33%

—

—

Current Drawdown

Current decline from peak

-6.37%

-2.70%

-3.67%

Average Drawdown

Average peak-to-trough decline

-13.05%

-4.68%

-8.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.83%

3.69%

+1.14%

Volatility

EWUS vs. FLEH - Volatility Comparison

The current volatility for iShares MSCI United Kingdom Small-Cap ETF (EWUS) is 5.04%, while Franklin FTSE Europe Hedged ETF (FLEH) has a volatility of 5.42%. This indicates that EWUS experiences smaller price fluctuations and is considered to be less risky than FLEH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWUSFLEHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.04%

5.42%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

15.00%

15.06%

-0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

18.11%

17.52%

+0.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.18%

16.47%

+4.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.92%

18.27%

+3.65%

EWUS vs. FLEH - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is higher than FLEH's 0.09% expense ratio.

Dividends

EWUS vs. FLEH - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.27%, more than FLEH's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
EWUS
iShares MSCI United Kingdom Small-Cap ETF		3.27%3.59%3.67%2.88%2.03%3.54%1.97%2.59%3.53%2.61%3.18%2.85%
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

EWUS and FLEH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLEH has higher volatility (5.42%) compared to EWUS (5.04%). In terms of maximum drawdown, EWUS dropped -49.33% vs FLEH's -33.94%.

On 5-year performance, FLEH leads with 11.55% vs 0.58% for EWUS. On fees, FLEH is cheaper at 0.09% per year. On volatility, EWUS has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLEH has performed better with a 11.55% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEH is cheaper with a 0.09% expense ratio, compared with 0.59% for EWUS.

EWUS has the higher dividend yield at 3.27%, compared with 1.08% for FLEH.

EWUS tracks MSCI United Kingdom Small Cap Index, while FLEH tracks FTSE Developed Europe RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.59% for EWUS and 0.09% for FLEH.

FLEH currently has the higher Sharpe Ratio (1.03 vs 0.32), 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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