FLEE vs. EWP

Last updated Jun 24, 2026

FLEE (Franklin FTSE Europe ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - FLEE tracks the FTSE Developed Europe RIC Capped Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 5 years, FLEE returned 8.96%/yr vs 18.75%/yr for EWP. Their correlation of 0.82 suggests significant overlap in exposure. FLEE charges 0.09%/yr vs 0.50%/yr for EWP.

Performance

FLEE vs. EWP - Performance Comparison

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

Returns By Period

In the year-to-date period, FLEE achieves a 6.25% return, which is significantly lower than EWP's 11.25% return.

FLEE

• 1D: -1.18%
• 1M: -0.09%
• YTD: 6.25%
• 6M: 5.83%
• 1Y: 19.11%
• 3Y*: 16.65%
• 5Y*: 8.96%
• 10Y*: —

EWP

• 1D: -0.72%
• 1M: 6.13%
• YTD: 11.25%
• 6M: 11.48%
• 1Y: 41.28%
• 3Y*: 33.03%
• 5Y*: 18.75%
• 10Y*: 13.42%

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

FLEE vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEE Franklin FTSE Europe ETF	6.25%	35.76%	2.03%	20.46%	-15.22%	16.84%	5.33%	24.41%	-14.97%	1.80%
EWP iShares MSCI Spain ETF	11.25%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	0.39%

Correlation

The correlation between FLEE and EWP is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.82

The correlation between FLEE and EWP has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

FLEE vs. EWP - Sectors Allocation Comparison

Sectors	FLEE	EWP
Financial Services	23.7%	42.4%
Industrials	18.4%	16.3%
Healthcare	12.4%	1.3%
Technology	9.5%	5.6%
Consumer Defensive	8.8%	-
Consumer Cyclical	6.8%	4.6%
Basic Materials	5.7%	-
Energy	5.1%	4.1%
Utilities	4.8%	21.4%
Communication Services	3.4%	2.8%
Real Estate	0.9%	2.8%

Return for Risk

FLEE vs. EWP — Risk / Return Rank

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

FLEE

FLEE Risk / Return Rank: 35
FLEE Sharpe Ratio Rank: 36
FLEE Sortino Ratio Rank: 35
FLEE Omega Ratio Rank: 33
FLEE Calmar Ratio Rank: 33
FLEE Martin Ratio Rank: 38

EWP

EWP Risk / Return Rank: 71
EWP Sharpe Ratio Rank: 73
EWP Sortino Ratio Rank: 68
EWP Omega Ratio Rank: 67
EWP Calmar Ratio Rank: 75
EWP Martin Ratio Rank: 73

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.

FLEE vs. EWP - Risk-Adjusted Trends Comparison

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

	FLEE	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.21	-1.00
Sortino ratio: Return per unit of downside risk	1.78	2.94	-1.17
Omega ratio: Gain probability vs. loss probability	1.22	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	1.55	3.64	-2.09
Martin ratio: Return relative to average drawdown	5.64	12.92	-7.28

FLEE vs. EWP - Sharpe Ratio Comparison

The current FLEE Sharpe Ratio is 1.20, which is lower than the EWP Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FLEE and EWP, 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

FLEE vs. EWP - Drawdown Comparison

The maximum FLEE drawdown since its inception was -37.27%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for FLEE and EWP.

Drawdown Indicators

	FLEE	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-37.27%	-61.19%	+23.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.37%	-11.38%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.59%	-12.19%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.62%	-31.63%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.36%	—
Current Drawdown Current decline from peak	-2.41%	-0.72%	-1.69%
Average Drawdown Average peak-to-trough decline	-7.07%	-21.40%	+14.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.20%	+0.19%

Volatility

FLEE vs. EWP - Volatility Comparison

The current volatility for Franklin FTSE Europe ETF (FLEE) is 4.94%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.49%. This indicates that FLEE experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEE	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.49%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	16.07%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	18.81%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	20.29%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	21.56%	-2.61%

FLEE vs. EWP - Expense Ratio Comparison

FLEE has a 0.09% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

FLEE vs. EWP - Dividend Comparison

FLEE's dividend yield for the trailing twelve months is around 0.91%, less than EWP's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.82%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
FLEE Franklin FTSE Europe ETF	0.91%	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

Can I hold both FLEE and EWP in my portfolio?

FLEE and EWP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEE or EWP?

EWP has higher volatility (5.49%) compared to FLEE (4.94%). In terms of maximum drawdown, FLEE dropped -37.27% vs EWP's -61.19%.

Which ETF is better, FLEE or EWP?

On 5-year performance, EWP leads with 18.75% vs 8.96% for FLEE. On fees, FLEE is cheaper at 0.09% per year. On volatility, FLEE has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEE or EWP?

Over the 5-year period, EWP has performed better with a 18.75% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEE or EWP?

FLEE is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

Which ETF pays a higher dividend yield, FLEE or EWP?

EWP has the higher dividend yield at 2.82%, compared with 0.91% for FLEE.

What is the main difference between FLEE and EWP?

FLEE tracks FTSE Developed Europe RIC Capped Index, while EWP tracks MSCI Spain Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLEE and 0.50% for EWP.

Which has better risk-adjusted returns?

EWP currently has the higher Sharpe Ratio (2.21 vs 1.20), 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.