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FLEE vs. EFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLEE vs. EFNL

Last updated Aug 2, 2026
Documentation

FLEE (Franklin FTSE Europe ETF) and EFNL (iShares MSCI Finland ETF) are both Europe Equities funds - FLEE tracks the FTSE Developed Europe RIC Capped Index while EFNL tracks the MSCI Finland IMI 25/50 Index. Both are passively managed. Over the past 5 years, FLEE returned 9.49%/yr vs 3.99%/yr for EFNL. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FLEE charges 0.09%/yr vs 0.53%/yr for EFNL.

Performance

FLEE vs. EFNL - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with FLEE having a 9.38% return and EFNL slightly lower at 9.24%.

FLEE

1D
-1.34%
1M
0.04%
6M
4.27%
YTD
9.38%
1Y
23.53%
3Y*
16.22%
5Y*
9.49%
10Y*
—
ALL TIME*
8.57%

EFNL

1D
-0.09%
1M
-0.57%
6M
6.20%
YTD
9.24%
1Y
30.08%
3Y*
18.45%
5Y*
3.99%
10Y*
8.71%
ALL TIME*
8.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFNL

iShares MSCI Finland ETF
$520.43K$2.79M$3.90M

FLEE

Franklin FTSE Europe ETF
$309.38K$221.20K$513.36K

FLEE vs. EFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLEE
Franklin FTSE Europe ETF		9.38%35.76%2.03%20.46%-15.22%16.84%5.33%24.41%-14.97%1.80%
EFNL
iShares MSCI Finland ETF		9.24%53.59%-5.28%-0.12%-17.29%10.50%20.19%13.64%-6.86%-0.68%

Correlation

The correlation between FLEE and EFNL is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.72

Correlation (3Y)
Balances recent behavior with more history.

0.78

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.83

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.80

The correlation between FLEE and EFNL shifts across timeframes, from 0.72 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

FLEE vs. EFNL - Sectors Allocation Comparison

Sectors
FLEE
EFNL

Financial Services

24.4%
28.6%

Industrials

19.4%
21.0%

Healthcare

12.9%
4.4%

Technology

9.8%
16.4%

Consumer Defensive

8.3%
3.2%

Consumer Cyclical

6.7%
4.4%

Basic Materials

5.5%
9.7%

Utilities

4.8%
3.8%

Energy

4.4%
5.0%

Communication Services

2.6%
2.3%

Real Estate

1.0%
0.8%

Financial Services

FLEE
24.4%
EFNL
28.6%

Industrials

FLEE
19.4%
EFNL
21.0%

Healthcare

FLEE
12.9%
EFNL
4.4%

Technology

FLEE
9.8%
EFNL
16.4%

Consumer Defensive

FLEE
8.3%
EFNL
3.2%

Consumer Cyclical

FLEE
6.7%
EFNL
4.4%

Basic Materials

FLEE
5.5%
EFNL
9.7%

Utilities

FLEE
4.8%
EFNL
3.8%

Energy

FLEE
4.4%
EFNL
5.0%

Communication Services

FLEE
2.6%
EFNL
2.3%

Real Estate

FLEE
1.0%
EFNL
0.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin FTSE Europe ETF

iShares MSCI Finland ETF

Often compared with FLEE:
FLEE vs. SPEUFLEE vs. FLEHFLEE vs. VGKFLEE vs. FLEUFLEE vs. DBEUFLEE vs. FLGBFLEE vs. EWG
Often compared with EFNL:
EFNL vs. FNDAEFNL vs. CN1G.DEEFNL vs. EDENEFNL vs. EIRLEFNL vs. VFMFEFNL vs. VOOEFNL vs. VTI

Return for Risk

FLEE vs. EFNL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FLEE
FLEE Risk / Return Rank: 5454
Overall Rank
FLEE Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FLEE Sortino Ratio Rank: 5757
Sortino Ratio Rank
FLEE Omega Ratio Rank: 5454
Omega Ratio Rank
FLEE Calmar Ratio Rank: 4949
Calmar Ratio Rank
FLEE Martin Ratio Rank: 5555
Martin Ratio Rank
EFNL
EFNL Risk / Return Rank: 6666
Overall Rank
EFNL Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFNL Sortino Ratio Rank: 6565
Sortino Ratio Rank
EFNL Omega Ratio Rank: 6464
Omega Ratio Rank
EFNL Calmar Ratio Rank: 7272
Calmar Ratio Rank
EFNL Martin Ratio Rank: 6161
Martin Ratio Rank
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.

FLEE vs. EFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe ETF (FLEE) and iShares MSCI Finland ETF (EFNL). 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.

FLEEEFNLDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.59

-0.24

Sortino ratioReturn per unit of downside risk
1.98
2.14

-0.16

Omega ratioGain probability vs. loss probability

1.24

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

1.76

2.52

-0.76

Martin ratioReturn relative to average drawdown

6.54

7.34

-0.80

FLEE vs. EFNL - Sharpe Ratio Comparison

The current FLEE Sharpe Ratio is 1.35, which is comparable to the EFNL Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FLEE and EFNL, 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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Drawdowns

FLEE vs. EFNL - Drawdown Comparison

The maximum FLEE drawdown since its inception was -37.27%, roughly equal to the maximum EFNL drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for FLEE and EFNL.

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Drawdown Indicators

FLEEEFNLDifference

Max Drawdown

Largest peak-to-trough decline

-37.27%

-38.70%

+1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-12.37%

-12.17%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.59%

-15.78%

+1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-31.62%

-38.70%

+7.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.70%

—

Current Drawdown

Current decline from peak

-1.34%

-10.24%

+8.90%

Average Drawdown

Average peak-to-trough decline

-7.00%

-10.90%

+3.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.33%

4.17%

-0.84%

Volatility

FLEE vs. EFNL - Volatility Comparison

The current volatility for Franklin FTSE Europe ETF (FLEE) is 4.51%, while iShares MSCI Finland ETF (EFNL) has a volatility of 5.85%. This indicates that FLEE experiences smaller price fluctuations and is considered to be less risky than EFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLEEEFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.51%

5.85%

-1.34%

Volatility (6M)

Calculated over the trailing 6-month period

13.78%

16.37%

-2.59%

Volatility (1Y)

Calculated over the trailing 1-year period

16.13%

19.28%

-3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.45%

20.00%

-2.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

19.90%

-0.99%

FLEE vs. EFNL - Expense Ratio Comparison

FLEE has a 0.09% expense ratio, which is lower than EFNL's 0.53% expense ratio.

Dividends

FLEE vs. EFNL - Dividend Comparison

FLEE's dividend yield for the trailing twelve months is around 3.13%, more than EFNL's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EFNL
iShares MSCI Finland ETF		1.04%3.40%5.05%4.31%5.94%2.29%2.94%5.70%3.83%3.30%2.40%1.57%
FLEE
Franklin FTSE Europe ETF		3.13%2.76%3.93%2.57%3.48%3.61%1.88%3.02%3.85%0.02%0.00%0.00%

Frequently Asked Questions

FLEE and EFNL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFNL has higher volatility (5.85%) compared to FLEE (4.51%). In terms of maximum drawdown, FLEE dropped -37.27% vs EFNL's -38.70%.

On 5-year performance, FLEE leads with 9.49% vs 3.99% for EFNL. On fees, FLEE is cheaper at 0.09% per year. On volatility, FLEE has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLEE has performed better with a 9.49% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEE is cheaper with a 0.09% expense ratio, compared with 0.53% for EFNL.

FLEE has the higher dividend yield at 3.13%, compared with 1.04% for EFNL.

FLEE tracks FTSE Developed Europe RIC Capped Index, while EFNL tracks MSCI Finland IMI 25/50 Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLEE and 0.53% for EFNL.

EFNL currently has the higher Sharpe Ratio (1.59 vs 1.35), 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.

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