FLCA vs. EWC

Last updated Jun 23, 2026

FLCA (Franklin FTSE Canada ETF) and EWC (iShares MSCI Canada ETF) are both Canada Equities funds - FLCA tracks the FTSE Canada RIC Capped Index while EWC tracks the MSCI Canada Index. Both are passively managed. Over the past 5 years, FLCA returned 11.60%/yr vs 11.28%/yr for EWC. Their correlation of 0.93 suggests significant overlap in exposure. FLCA charges 0.09%/yr vs 0.49%/yr for EWC.

Performance

FLCA vs. EWC - Performance Comparison

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

Returns By Period

In the year-to-date period, FLCA achieves a 7.45% return, which is significantly lower than EWC's 7.85% return.

FLCA

• 1D: -0.15%
• 1M: -0.82%
• YTD: 7.45%
• 6M: 6.99%
• 1Y: 28.62%
• 3Y*: 21.84%
• 5Y*: 11.60%
• 10Y*: —

EWC

• 1D: 0.03%
• 1M: -0.59%
• YTD: 7.85%
• 6M: 7.37%
• 1Y: 30.11%
• 3Y*: 21.90%
• 5Y*: 11.28%
• 10Y*: 11.42%

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

FLCA vs. EWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCA Franklin FTSE Canada ETF	7.45%	34.62%	13.02%	14.71%	-11.93%	28.67%	6.31%	28.42%	-15.55%	2.65%
EWC iShares MSCI Canada ETF	7.85%	35.92%	12.38%	14.73%	-12.95%	26.98%	5.52%	27.58%	-17.16%	3.12%

Correlation

The correlation between FLCA and EWC is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.93

The correlation between FLCA and EWC has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

FLCA vs. EWC - Sectors Allocation Comparison

Sectors	FLCA	EWC
Financial Services	40.9%	38.7%
Energy	16.8%	18.3%
Basic Materials	14.9%	15.7%
Industrials	10.3%	9.2%
Technology	7.8%	8.3%
Consumer Cyclical	3.3%	3.5%
Consumer Defensive	3.0%	3.1%
Utilities	2.2%	2.2%
Communication Services	0.5%	0.9%
Real Estate	0.2%	0.2%
Healthcare	-	-

Return for Risk

FLCA vs. EWC — Risk / Return Rank

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

FLCA

FLCA Risk / Return Rank: 64
FLCA Sharpe Ratio Rank: 62
FLCA Sortino Ratio Rank: 57
FLCA Omega Ratio Rank: 58
FLCA Calmar Ratio Rank: 69
FLCA Martin Ratio Rank: 74

EWC

EWC Risk / Return Rank: 68
EWC Sharpe Ratio Rank: 66
EWC Sortino Ratio Rank: 60
EWC Omega Ratio Rank: 61
EWC Calmar Ratio Rank: 73
EWC Martin Ratio Rank: 77

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.

FLCA vs. EWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Canada ETF (FLCA) and iShares MSCI Canada ETF (EWC). 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.

	FLCA	EWC	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.10	-0.09
Sortino ratio: Return per unit of downside risk	2.63	2.75	-0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.36	3.55	-0.19
Martin ratio: Return relative to average drawdown	13.46	14.40	-0.93

FLCA vs. EWC - Sharpe Ratio Comparison

The current FLCA Sharpe Ratio is 2.00, which is comparable to the EWC Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FLCA and EWC, 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

FLCA vs. EWC - Drawdown Comparison

The maximum FLCA drawdown since its inception was -41.51%, smaller than the maximum EWC drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for FLCA and EWC.

Drawdown Indicators

	FLCA	EWC	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-60.75%	+19.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-8.51%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	-12.97%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.23%	-24.81%	+0.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.66%	—
Current Drawdown Current decline from peak	-2.46%	-2.18%	-0.28%
Average Drawdown Average peak-to-trough decline	-5.88%	-13.12%	+7.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.10%	+0.03%

Volatility

FLCA vs. EWC - Volatility Comparison

Franklin FTSE Canada ETF (FLCA) and iShares MSCI Canada ETF (EWC) have volatilities of 4.48% and 4.36%, 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

	FLCA	EWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.36%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	11.42%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	14.46%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	17.29%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.03%	18.74%	+0.29%

FLCA vs. EWC - Expense Ratio Comparison

FLCA has a 0.09% expense ratio, which is lower than EWC's 0.49% expense ratio.

Dividends

FLCA vs. EWC - Dividend Comparison

FLCA's dividend yield for the trailing twelve months is around 1.02%, less than EWC's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWC iShares MSCI Canada ETF	1.30%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
FLCA Franklin FTSE Canada ETF	1.02%	1.85%	2.50%	2.49%	2.20%	2.02%	2.49%	2.29%	3.03%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLCA and EWC in my portfolio?

With a correlation of 0.98, FLCA and EWC 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, FLCA or EWC?

FLCA has higher volatility (4.48%) compared to EWC (4.36%). In terms of maximum drawdown, FLCA dropped -41.51% vs EWC's -60.75%.

Which ETF is better, FLCA or EWC?

On 5-year performance, FLCA leads with 11.60% vs 11.28% for EWC. On fees, FLCA is cheaper at 0.09% per year. On volatility, EWC has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCA or EWC?

Over the 5-year period, FLCA has performed better with a 11.60% return vs 11.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCA or EWC?

FLCA is cheaper with a 0.09% expense ratio, compared with 0.49% for EWC.

Which ETF pays a higher dividend yield, FLCA or EWC?

EWC has the higher dividend yield at 1.30%, compared with 1.02% for FLCA.

What is the main difference between FLCA and EWC?

FLCA tracks FTSE Canada RIC Capped Index, while EWC tracks MSCI Canada Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLCA and 0.49% for EWC.

Which has better risk-adjusted returns?

EWC currently has the higher Sharpe Ratio (2.10 vs 2.00), 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.