FIVA vs. MCSE

Last updated Aug 5, 2026

FIVA (Fidelity International Value Factor ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. FIVA is passively managed, while MCSE is actively managed. Over the past 3 years, FIVA returned 23.13%/yr vs 0.74%/yr for MCSE. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FIVA charges 0.18%/yr vs 0.59%/yr for MCSE.

Performance

FIVA vs. MCSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Value Factor ETF (FIVA) and Franklin Sustainable International Equity ETF (MCSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIVA achieves a 18.57% return, which is significantly higher than MCSE's 1.12% return.

FIVA

• 1D: 0.87%
• 1M: 3.50%
• 6M: 9.84%
• YTD: 18.57%
• 1Y: 39.55%
• 3Y*: 23.13%
• 5Y*: 14.16%
• 10Y*: —
• ALL TIME*: 9.21%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 3.22%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIVA Fidelity International Value Factor ETF	$3.16M	$3.09M	$3.15M
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00

FIVA vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIVA Fidelity International Value Factor ETF	18.57%	45.83%	2.53%	20.38%	11.10%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	14.86%	10.04%

Correlation

The correlation between FIVA and MCSE is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.67

Over the past year, the correlation between FIVA and MCSE has dropped to 0.41 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

FIVA vs. MCSE - Sectors Allocation Comparison

Sectors	FIVA	MCSE
Financial Services	26.1%	2.1%
Industrials	17.9%	18.1%
Technology	15.8%	31.1%
Healthcare	8.3%	20.1%
Basic Materials	7.1%	5.1%
Consumer Cyclical	6.9%	13.8%
Consumer Defensive	5.4%	5.0%
Energy	4.8%	-
Utilities	3.4%	-
Communication Services	2.8%	4.7%
Real Estate	1.6%	-

Return for Risk

FIVA vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIVA

FIVA Risk / Return Rank: 88
FIVA Sharpe Ratio Rank: 91
FIVA Sortino Ratio Rank: 90
FIVA Omega Ratio Rank: 88
FIVA Calmar Ratio Rank: 83
FIVA Martin Ratio Rank: 86

MCSE

MCSE Risk / Return Rank: 17
MCSE Sharpe Ratio Rank: 17
MCSE Sortino Ratio Rank: 16
MCSE Omega Ratio Rank: 20
MCSE Calmar Ratio Rank: 15
MCSE Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FIVA vs. MCSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value Factor ETF (FIVA) and Franklin Sustainable International Equity ETF (MCSE). 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.

	FIVA	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	2.49	0.35	+2.14
Sortino ratio: Return per unit of downside risk	3.41	0.54	+2.86
Omega ratio: Gain probability vs. loss probability	1.43	1.09	+0.34
Calmar ratio: Return relative to maximum drawdown	3.39	0.34	+3.05
Martin ratio: Return relative to average drawdown	13.44	0.84	+12.60

FIVA vs. MCSE - Sharpe Ratio Comparison

The current FIVA Sharpe Ratio is 2.49, which is higher than the MCSE Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of FIVA and MCSE, 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

FIVA vs. MCSE - Drawdown Comparison

The maximum FIVA drawdown since its inception was -39.76%, which is greater than MCSE's maximum drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for FIVA and MCSE.

Drawdown Indicators

	FIVA	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-26.36%	-13.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-10.42%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.77%	-26.36%	+11.59%
Max Drawdown (5Y) Largest decline over 5 years	-28.70%	—	—
Current Drawdown Current decline from peak	0.00%	-10.51%	+10.51%
Average Drawdown Average peak-to-trough decline	-7.64%	-8.80%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.38%	-1.43%

Volatility

FIVA vs. MCSE - Volatility Comparison

Fidelity International Value Factor ETF (FIVA) has a higher volatility of 4.36% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that FIVA's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVA	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	0.00%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	1.87%	+11.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	10.27%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	19.06%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	19.06%	-1.15%

FIVA vs. MCSE - Expense Ratio Comparison

FIVA has a 0.18% expense ratio, which is lower than MCSE's 0.59% expense ratio.

Dividends

FIVA vs. MCSE - Dividend Comparison

FIVA's dividend yield for the trailing twelve months is around 2.54%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIVA Fidelity International Value Factor ETF	2.54%	2.68%	3.52%	3.63%	3.62%	3.76%	2.46%	3.61%	3.28%
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIVA and MCSE in my portfolio?

FIVA and MCSE have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVA or MCSE?

FIVA has higher volatility (4.36%) compared to MCSE (0.00%). In terms of maximum drawdown, FIVA dropped -39.76% vs MCSE's -26.36%.

Which ETF is better, FIVA or MCSE?

On 3-year performance, FIVA leads with 23.13% vs 0.74% for MCSE. On fees, FIVA is cheaper at 0.18% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVA or MCSE?

Over the 3-year period, FIVA has performed better with a 23.13% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVA or MCSE?

FIVA is cheaper with a 0.18% expense ratio, compared with 0.59% for MCSE.

Which ETF pays a higher dividend yield, FIVA or MCSE?

MCSE has the higher dividend yield at 3.74%, compared with 2.54% for FIVA.

What is the main difference between FIVA and MCSE?

They also come from different issuers: Fidelity and Franklin. Their fees differ too: 0.18% for FIVA and 0.59% for MCSE.

Which has better risk-adjusted returns?

FIVA currently has the higher Sharpe Ratio (2.49 vs 0.35), 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.