FLEE vs. EWP
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 25/50 Index (Net). Both are passively managed. Over the past 5 years, FLEE returned 9.49%/yr vs 20.97%/yr for EWP. Their correlation of 0.82 means they have usually moved in the same direction. FLEE charges 0.09%/yr vs 0.50%/yr for EWP.
Performance
FLEE vs. EWP - Performance Comparison
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Returns By Period
In the year-to-date period, FLEE achieves a 9.38% return, which is significantly lower than EWP's 15.87% return.
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%
EWP
- 1D
- 0.07%
- 1M
- 3.05%
- 6M
- 10.97%
- YTD
- 15.87%
- 1Y
- 42.25%
- 3Y*
- 33.14%
- 5Y*
- 20.97%
- 10Y*
- 12.83%
- ALL TIME*
- 8.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.85M | $23.74M | $20.93M | |
| $309.38K | $221.20K | $513.36K |
FLEE vs. EWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EWP iShares MSCI Spain ETF | 15.87% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
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 | 0.82 |
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
Industrials
Healthcare
Technology
Consumer Defensive
-
Consumer Cyclical
Basic Materials
-
Utilities
Energy
Communication Services
Real Estate
Financial Services
FLEE
EWP
Industrials
FLEE
EWP
Healthcare
FLEE
EWP
Technology
FLEE
EWP
Consumer Defensive
FLEE
EWP
-
Consumer Cyclical
FLEE
EWP
Basic Materials
FLEE
EWP
-
Utilities
FLEE
EWP
Energy
FLEE
EWP
Communication Services
FLEE
EWP
Real Estate
FLEE
EWP
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Return for Risk
FLEE vs. EWP — Risk / Return Rank
FLEE
EWP
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 ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.38 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.67 | -1.91 |
| Martin ratioReturn relative to average drawdown | 6.54 | 13.09 | -6.55 |
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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.
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Drawdown Indicators
| FLEE | EWP | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -30.26% | -1.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.36% | — |
Current DrawdownCurrent decline from peak | -1.34% | 0.00% | -1.34% |
Average DrawdownAverage peak-to-trough decline | -7.00% | -21.33% | +14.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 3.19% | +0.14% |
Volatility
FLEE vs. EWP - Volatility Comparison
The current volatility for Franklin FTSE Europe ETF (FLEE) is 4.51%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.92%. 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.
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Volatility by Period
| FLEE | EWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 5.92% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 16.53% | -2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.13% | 19.11% | -2.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 20.28% | -2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.91% | 21.50% | -2.59% |
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 3.13%, more than EWP's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 2.71% | 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 | 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 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.
EWP has higher volatility (5.92%) compared to FLEE (4.51%). In terms of maximum drawdown, FLEE dropped -37.27% vs EWP's -61.19%.
On 5-year performance, EWP leads with 20.97% vs 9.49% for FLEE. 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, EWP has performed better with a 20.97% return vs 9.49%. 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 0.50% for EWP.
FLEE has the higher dividend yield at 3.13%, compared with 2.71% for EWP.
FLEE tracks FTSE Developed Europe RIC Capped Index, while EWP tracks MSCI Spain 25/50 Index (Net). They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLEE and 0.50% for EWP.
EWP currently has the higher Sharpe Ratio (2.19 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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