FLAX vs. ASEA

Last updated Jun 24, 2026

FLAX (Franklin FTSE Asia ex Japan ETF) and ASEA (Global X FTSE Southeast Asia ETF) are both Asia Pacific Equities funds - FLAX tracks the FTSE Asia ex Japan RIC Capped Index while ASEA tracks the FTSE/ASEAN 40 Index. Both are passively managed. Over the past 5 years, FLAX returned 7.35%/yr vs 10.48%/yr for ASEA. A 0.63 correlation means they provide meaningful diversification when combined. FLAX charges 0.19%/yr vs 0.65%/yr for ASEA.

Performance

FLAX vs. ASEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Asia ex Japan ETF (FLAX) and Global X FTSE Southeast Asia ETF (ASEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLAX achieves a 24.30% return, which is significantly higher than ASEA's 9.39% return.

FLAX

• 1D: -5.68%
• 1M: 2.36%
• YTD: 24.30%
• 6M: 25.58%
• 1Y: 48.51%
• 3Y*: 23.90%
• 5Y*: 7.35%
• 10Y*: —

ASEA

• 1D: -1.57%
• 1M: 0.65%
• YTD: 9.39%
• 6M: 8.17%
• 1Y: 28.84%
• 3Y*: 15.15%
• 5Y*: 10.48%
• 10Y*: 7.73%

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

FLAX vs. ASEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLAX Franklin FTSE Asia ex Japan ETF	24.30%	33.72%	9.82%	6.27%	-18.88%	-3.54%	24.17%	17.19%	-14.34%
ASEA Global X FTSE Southeast Asia ETF	9.39%	19.80%	9.82%	4.88%	5.24%	4.66%	-7.88%	8.34%	-9.86%

Correlation

The correlation between FLAX and ASEA is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.63

The correlation between FLAX and ASEA has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

FLAX vs. ASEA - Sectors Allocation Comparison

Sectors	FLAX	ASEA
Technology	46.4%	-
Financial Services	15.6%	11.3%
Consumer Cyclical	9.1%	0.9%
Industrials	8.2%	6.3%
Communication Services	5.6%	4.0%
Basic Materials	3.6%	0.5%
Healthcare	2.9%	1.0%
Energy	2.5%	3.2%
Consumer Defensive	2.4%	1.3%
Utilities	1.9%	1.5%
Real Estate	1.8%	2.8%

Return for Risk

FLAX vs. ASEA — Risk / Return Rank

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

FLAX

FLAX Risk / Return Rank: 75
FLAX Sharpe Ratio Rank: 74
FLAX Sortino Ratio Rank: 66
FLAX Omega Ratio Rank: 78
FLAX Calmar Ratio Rank: 78
FLAX Martin Ratio Rank: 78

ASEA

ASEA Risk / Return Rank: 65
ASEA Sharpe Ratio Rank: 65
ASEA Sortino Ratio Rank: 68
ASEA Omega Ratio Rank: 63
ASEA Calmar Ratio Rank: 73
ASEA Martin Ratio Rank: 56

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.

FLAX vs. ASEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Asia ex Japan ETF (FLAX) and Global X FTSE Southeast Asia ETF (ASEA). 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.

	FLAX	ASEA	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.02	+0.20
Sortino ratio: Return per unit of downside risk	2.83	2.90	-0.08
Omega ratio: Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio: Return relative to maximum drawdown	3.75	3.50	+0.25
Martin ratio: Return relative to average drawdown	13.91	9.40	+4.52

FLAX vs. ASEA - Sharpe Ratio Comparison

The current FLAX Sharpe Ratio is 2.21, which is comparable to the ASEA Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FLAX and ASEA, 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

FLAX vs. ASEA - Drawdown Comparison

The maximum FLAX drawdown since its inception was -42.51%, roughly equal to the maximum ASEA drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FLAX and ASEA.

Drawdown Indicators

	FLAX	ASEA	Difference
Max Drawdown Largest peak-to-trough decline	-42.51%	-44.16%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	-8.28%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-22.20%	+2.91%
Max Drawdown (5Y) Largest decline over 5 years	-38.64%	-22.20%	-16.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.16%	—
Current Drawdown Current decline from peak	-5.68%	-2.91%	-2.77%
Average Drawdown Average peak-to-trough decline	-15.34%	-10.63%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.08%	+0.42%

Volatility

FLAX vs. ASEA - Volatility Comparison

Franklin FTSE Asia ex Japan ETF (FLAX) has a higher volatility of 12.58% compared to Global X FTSE Southeast Asia ETF (ASEA) at 4.52%. This indicates that FLAX's price experiences larger fluctuations and is considered to be riskier than ASEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLAX	ASEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.58%	4.52%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	19.97%	11.61%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	22.02%	14.37%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	14.73%	+4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	17.54%	+2.72%

FLAX vs. ASEA - Expense Ratio Comparison

FLAX has a 0.19% expense ratio, which is lower than ASEA's 0.65% expense ratio.

Dividends

FLAX vs. ASEA - Dividend Comparison

FLAX's dividend yield for the trailing twelve months is around 1.46%, less than ASEA's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASEA Global X FTSE Southeast Asia ETF	3.61%	3.95%	3.61%	3.76%	2.23%	4.19%	2.27%	2.51%	3.08%	1.59%	2.78%	3.64%
FLAX Franklin FTSE Asia ex Japan ETF	1.46%	2.37%	3.12%	2.20%	2.86%	2.38%	1.57%	2.23%	2.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLAX and ASEA in my portfolio?

FLAX and ASEA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAX or ASEA?

FLAX has higher volatility (12.58%) compared to ASEA (4.52%). In terms of maximum drawdown, FLAX dropped -42.51% vs ASEA's -44.16%.

Which ETF is better, FLAX or ASEA?

On 5-year performance, ASEA leads with 10.48% vs 7.35% for FLAX. On fees, FLAX is cheaper at 0.19% per year. On volatility, ASEA has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAX or ASEA?

Over the 5-year period, ASEA has performed better with a 10.48% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAX or ASEA?

FLAX is cheaper with a 0.19% expense ratio, compared with 0.65% for ASEA.

Which ETF pays a higher dividend yield, FLAX or ASEA?

ASEA has the higher dividend yield at 3.61%, compared with 1.46% for FLAX.

What is the main difference between FLAX and ASEA?

FLAX tracks FTSE Asia ex Japan RIC Capped Index, while ASEA tracks FTSE/ASEAN 40 Index. They also come from different issuers: Franklin Templeton and Global X. Their fees differ too: 0.19% for FLAX and 0.65% for ASEA.

Which has better risk-adjusted returns?

FLAX currently has the higher Sharpe Ratio (2.21 vs 2.02), 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.