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FLAX vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLAX vs. EWM

Last updated Jun 4, 2026

FLAX (Franklin FTSE Asia ex Japan ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds - FLAX tracks the FTSE Asia ex Japan RIC Capped Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 5 years, FLAX returned 7.95%/yr vs 4.53%/yr for EWM. A 0.55 correlation means they provide meaningful diversification when combined. FLAX charges 0.19%/yr vs 0.49%/yr for EWM.

Performance

FLAX vs. EWM - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FLAX achieves a 29.31% return, which is significantly higher than EWM's 2.45% return.

FLAX

1D
-1.11%
1M
10.05%
YTD
29.31%
6M
32.11%
1Y
58.93%
3Y*
25.00%
5Y*
7.95%
10Y*
—

EWM

1D
-2.37%
1M
-5.11%
YTD
2.45%
6M
6.54%
1Y
20.74%
3Y*
14.49%
5Y*
4.53%
10Y*
2.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLAX vs. EWM - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FLAX
Franklin FTSE Asia ex Japan ETF		29.31%33.72%9.82%6.27%-18.88%-3.54%24.17%17.19%-12.02%
EWM
iShares MSCI Malaysia ETF		2.45%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-8.50%

Correlation

The correlation between FLAX and EWM is 0.55, 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

0.55

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

0.52

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

0.52

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2018

0.55

The correlation between FLAX and EWM has been stable across timeframes, ranging from 0.52 to 0.55 - a consistent structural relationship.

FLAX vs. EWM - Sectors Allocation Comparison

Sectors
FLAX
EWM

Technology

39.7%

-

Financial Services

17.2%
46.6%

Consumer Cyclical

10.2%
1.1%

Industrials

9.2%
11.1%

Communication Services

6.5%
6.6%

Basic Materials

4.2%
8.9%

Healthcare

3.3%
3.8%

Energy

3.0%
3.9%

Consumer Defensive

2.8%
7.3%

Utilities

2.1%
10.8%

Real Estate

2.0%

-

Technology

FLAX
39.7%
EWM

-

Financial Services

FLAX
17.2%
EWM
46.6%

Consumer Cyclical

FLAX
10.2%
EWM
1.1%

Industrials

FLAX
9.2%
EWM
11.1%

Communication Services

FLAX
6.5%
EWM
6.6%

Basic Materials

FLAX
4.2%
EWM
8.9%

Healthcare

FLAX
3.3%
EWM
3.8%

Energy

FLAX
3.0%
EWM
3.9%

Consumer Defensive

FLAX
2.8%
EWM
7.3%

Utilities

FLAX
2.1%
EWM
10.8%

Real Estate

FLAX
2.0%
EWM

-

Compare stocks, funds, or ETFs

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Franklin FTSE Asia ex Japan ETF

iShares MSCI Malaysia ETF

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Return for Risk

FLAX vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLAX
FLAX Risk / Return Rank: 8787
Overall Rank
FLAX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
FLAX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FLAX Omega Ratio Rank: 8989
Omega Ratio Rank
FLAX Calmar Ratio Rank: 8484
Calmar Ratio Rank
FLAX Martin Ratio Rank: 8686
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4545
Overall Rank
EWM Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWM Omega Ratio Rank: 4040
Omega Ratio Rank
EWM Calmar Ratio Rank: 5454
Calmar Ratio Rank
EWM Martin Ratio Rank: 4949
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.

FLAX vs. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Asia ex Japan ETF (FLAX) and iShares MSCI Malaysia ETF (EWM). 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.

FLAXEWMDifference
Sharpe ratioReturn per unit of total volatility
3.11
1.49

+1.62

Sortino ratioReturn per unit of downside risk
4.06
2.09

+1.98

Omega ratioGain probability vs. loss probability

1.57

1.26

+0.31

Calmar ratioReturn relative to maximum drawdown

4.56

2.65

+1.91

Martin ratioReturn relative to average drawdown

17.96

8.22

+9.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLAX vs. EWM - Sharpe Ratio Comparison

The current FLAX Sharpe Ratio is 3.11, which is higher than the EWM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FLAX and EWM, 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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Sharpe Ratios by Period

FLAXEWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.11

1.49

+1.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.33

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.16

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.07

+0.38

Drawdowns

FLAX vs. EWM - Drawdown Comparison

The maximum FLAX drawdown since its inception was -42.51%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for FLAX and EWM.

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Drawdown Indicators

FLAXEWMDifference

Max Drawdown

Largest peak-to-trough decline

-42.51%

-89.19%

+46.68%

Max Drawdown (1Y)

Largest decline over 1 year

-12.99%

-7.86%

-5.13%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

-21.31%

+2.02%

Max Drawdown (5Y)

Largest decline over 5 years

-38.75%

-22.76%

-15.99%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.81%

—

Current Drawdown

Current decline from peak

-1.11%

-9.46%

+8.35%

Average Drawdown

Average peak-to-trough decline

-15.41%

-31.82%

+16.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

2.53%

+0.76%

Volatility

FLAX vs. EWM - Volatility Comparison

Franklin FTSE Asia ex Japan ETF (FLAX) has a higher volatility of 8.58% compared to iShares MSCI Malaysia ETF (EWM) at 4.15%. This indicates that FLAX's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLAXEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.58%

4.15%

+4.43%

Volatility (6M)

Calculated over the trailing 6-month period

16.54%

10.86%

+5.68%

Volatility (1Y)

Calculated over the trailing 1-year period

19.07%

13.99%

+5.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.02%

13.70%

+5.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.93%

16.29%

+3.64%

FLAX vs. EWM - Expense Ratio Comparison

FLAX has a 0.19% expense ratio, which is lower than EWM's 0.49% expense ratio.

Dividends

FLAX vs. EWM - Dividend Comparison

FLAX's dividend yield for the trailing twelve months is around 1.83%, less than EWM's 3.33% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.33%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
FLAX
Franklin FTSE Asia ex Japan ETF		1.83%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

FLAX and EWM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLAX has higher volatility (8.58%) compared to EWM (4.15%). In terms of maximum drawdown, FLAX dropped -42.51% vs EWM's -89.19%.

On 5-year performance, FLAX leads with 7.95% vs 4.53% for EWM. On fees, FLAX is cheaper at 0.19% per year. On volatility, EWM has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLAX has performed better with a 7.95% return vs 4.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLAX is cheaper with a 0.19% expense ratio, compared with 0.49% for EWM.

EWM has the higher dividend yield at 3.33%, compared with 1.83% for FLAX.

FLAX tracks FTSE Asia ex Japan RIC Capped Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLAX and 0.49% for EWM.

FLAX currently has the higher Sharpe Ratio (3.11 vs 1.49), 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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