FLCA vs. IWL

Last updated Jun 9, 2026

FLCA (Franklin FTSE Canada ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - FLCA is a Canada Equities fund tracking the FTSE Canada RIC Capped Index, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Both are passively managed. Over the past 5 years, FLCA returned 11.54%/yr vs 14.18%/yr for IWL. A 0.67 correlation means they provide meaningful diversification when combined. FLCA charges 0.09%/yr vs 0.15%/yr for IWL.

Performance

FLCA vs. IWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Canada ETF (FLCA) and iShares Russell Top 200 ETF (IWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCA achieves a 7.39% return, which is significantly lower than IWL's 7.88% return.

FLCA

• 1D: 0.03%
• 1M: -0.26%
• YTD: 7.39%
• 6M: 10.52%
• 1Y: 28.43%
• 3Y*: 21.47%
• 5Y*: 11.54%
• 10Y*: —

IWL

• 1D: 0.40%
• 1M: 0.22%
• YTD: 7.88%
• 6M: 7.94%
• 1Y: 25.27%
• 3Y*: 22.49%
• 5Y*: 14.18%
• 10Y*: 16.17%

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

FLCA vs. IWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCA Franklin FTSE Canada ETF	7.39%	34.62%	13.02%	14.71%	-11.93%	28.67%	6.31%	28.42%	-15.55%	2.65%
IWL iShares Russell Top 200 ETF	7.88%	19.09%	27.12%	29.77%	-19.89%	27.79%	22.10%	31.42%	-3.30%	3.66%

Correlation

The correlation between FLCA and IWL is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.67

The correlation between FLCA and IWL has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

FLCA vs. IWL - Sectors Allocation Comparison

Sectors	FLCA	IWL
Financial Services	38.7%	12.0%
Energy	17.4%	2.7%
Basic Materials	16.0%	1.4%
Industrials	10.4%	6.8%
Technology	8.3%	38.2%
Consumer Cyclical	3.3%	10.0%
Consumer Defensive	2.9%	5.0%
Utilities	2.2%	1.3%
Communication Services	0.5%	12.9%
Real Estate	0.2%	1.0%
Healthcare	-	8.8%

Return for Risk

FLCA vs. IWL — Risk / Return Rank

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

FLCA

FLCA Risk / Return Rank: 69
FLCA Sharpe Ratio Rank: 68
FLCA Sortino Ratio Rank: 63
FLCA Omega Ratio Rank: 64
FLCA Calmar Ratio Rank: 73
FLCA Martin Ratio Rank: 78

IWL

IWL Risk / Return Rank: 66
IWL Sharpe Ratio Rank: 69
IWL Sortino Ratio Rank: 66
IWL Omega Ratio Rank: 68
IWL Calmar Ratio Rank: 58
IWL Martin Ratio Rank: 68

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. IWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Canada ETF (FLCA) and iShares Russell Top 200 ETF (IWL). 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.

	FLCA	IWL	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.03	-0.03
Sortino ratio: Return per unit of downside risk	2.65	2.73	-0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.34	2.58	+0.76
Martin ratio: Return relative to average drawdown	13.55	11.38	+2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCA vs. IWL - Sharpe Ratio Comparison

The current FLCA Sharpe Ratio is 2.01, which is comparable to the IWL Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FLCA and IWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLCA	IWL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.03	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.83	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.87	-0.28

Drawdowns

FLCA vs. IWL - Drawdown Comparison

The maximum FLCA drawdown since its inception was -41.51%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for FLCA and IWL.

Drawdown Indicators

	FLCA	IWL	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-32.71%	-8.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-9.83%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	-19.15%	+6.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.23%	-25.65%	+1.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.71%	—
Current Drawdown Current decline from peak	-2.52%	-2.76%	+0.24%
Average Drawdown Average peak-to-trough decline	-5.90%	-3.88%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.23%	-0.13%

Volatility

FLCA vs. IWL - Volatility Comparison

Franklin FTSE Canada ETF (FLCA) has a higher volatility of 4.42% compared to iShares Russell Top 200 ETF (IWL) at 3.99%. This indicates that FLCA's price experiences larger fluctuations and is considered to be riskier than IWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCA	IWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	3.99%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	9.60%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	12.50%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	17.21%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	18.11%	+0.95%

FLCA vs. IWL - Expense Ratio Comparison

FLCA has a 0.09% expense ratio, which is lower than IWL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLCA vs. IWL - Dividend Comparison

FLCA's dividend yield for the trailing twelve months is around 1.73%, more than IWL's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCA Franklin FTSE Canada ETF	1.73%	1.85%	2.50%	2.49%	2.20%	2.02%	2.49%	2.29%	3.03%	0.09%	0.00%	0.00%
IWL iShares Russell Top 200 ETF	0.84%	0.90%	1.04%	1.30%	1.54%	1.12%	1.30%	1.96%	1.93%	1.69%	1.96%	2.14%

Frequently Asked Questions

Can I hold both FLCA and IWL in my portfolio?

FLCA and IWL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCA or IWL?

FLCA has higher volatility (4.42%) compared to IWL (3.99%). In terms of maximum drawdown, FLCA dropped -41.51% vs IWL's -32.71%.

Which ETF is better, FLCA or IWL?

On 5-year performance, IWL leads with 14.18% vs 11.54% for FLCA. On fees, FLCA is cheaper at 0.09% per year. On volatility, IWL has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCA or IWL?

Over the 5-year period, IWL has performed better with a 14.18% return vs 11.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCA or IWL?

FLCA is cheaper with a 0.09% expense ratio, compared with 0.15% for IWL.

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

FLCA has the higher dividend yield at 1.73%, compared with 0.84% for IWL.

What is the main difference between FLCA and IWL?

FLCA is categorized as Canada Equities, while IWL is Large Cap Growth Equities. FLCA tracks FTSE Canada RIC Capped Index, while IWL tracks Russell Top 200 Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLCA and 0.15% for IWL.

Which has better risk-adjusted returns?

IWL currently has the higher Sharpe Ratio (2.03 vs 2.01), 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.