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FLEE vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLEE vs. EWU

Last updated Jun 4, 2026

FLEE (Franklin FTSE Europe ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - FLEE tracks the FTSE Developed Europe RIC Capped Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 5 years, FLEE returned 8.65%/yr vs 10.64%/yr for EWU. Their correlation of 0.87 suggests significant overlap in exposure. FLEE charges 0.09%/yr vs 0.50%/yr for EWU.

Performance

FLEE vs. EWU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe ETF (FLEE) and iShares MSCI United Kingdom ETF (EWU). 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 5.58% return and EWU slightly lower at 5.55%.

FLEE

1D
-1.22%
1M
2.47%
YTD
5.58%
6M
8.37%
1Y
17.27%
3Y*
16.30%
5Y*
8.65%
10Y*
—

EWU

1D
-1.09%
1M
-0.00%
YTD
5.55%
6M
8.87%
1Y
20.53%
3Y*
17.10%
5Y*
10.64%
10Y*
7.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLEE vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLEE
Franklin FTSE Europe ETF		5.58%35.76%2.03%20.46%-15.22%16.84%5.33%24.41%-14.97%1.47%
EWU
iShares MSCI United Kingdom ETF		5.55%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%4.07%

Correlation

The correlation between FLEE and EWU 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

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.87

The correlation between FLEE and EWU has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

FLEE vs. EWU - Sectors Allocation Comparison

Sectors
FLEE
EWU

Financial Services

23.8%
26.0%

Industrials

19.6%
12.1%

Healthcare

12.8%
13.9%

Consumer Defensive

8.5%
14.2%

Technology

8.5%
0.6%

Consumer Cyclical

6.6%
4.0%

Basic Materials

5.8%
9.3%

Energy

5.3%
11.0%

Utilities

5.1%
5.1%

Communication Services

3.0%
2.4%

Real Estate

1.1%
0.6%

Financial Services

FLEE
23.8%
EWU
26.0%

Industrials

FLEE
19.6%
EWU
12.1%

Healthcare

FLEE
12.8%
EWU
13.9%

Consumer Defensive

FLEE
8.5%
EWU
14.2%

Technology

FLEE
8.5%
EWU
0.6%

Consumer Cyclical

FLEE
6.6%
EWU
4.0%

Basic Materials

FLEE
5.8%
EWU
9.3%

Energy

FLEE
5.3%
EWU
11.0%

Utilities

FLEE
5.1%
EWU
5.1%

Communication Services

FLEE
3.0%
EWU
2.4%

Real Estate

FLEE
1.1%
EWU
0.6%

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 United Kingdom ETF

Often compared with FLEE:
FLEE vs. SPEUFLEE vs. FLEHFLEE vs. VGKFLEE vs. FLEUFLEE vs. DBEUFLEE vs. FLGBFLEE vs. EWG
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

FLEE vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLEE
FLEE Risk / Return Rank: 3030
Overall Rank
FLEE Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FLEE Sortino Ratio Rank: 3030
Sortino Ratio Rank
FLEE Omega Ratio Rank: 2929
Omega Ratio Rank
FLEE Calmar Ratio Rank: 2828
Calmar Ratio Rank
FLEE Martin Ratio Rank: 3333
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4141
Overall Rank
EWU Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 3939
Sortino Ratio Rank
EWU Omega Ratio Rank: 3939
Omega Ratio Rank
EWU Calmar Ratio Rank: 4242
Calmar Ratio Rank
EWU Martin Ratio Rank: 4646
Martin Ratio Rank
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. EWU - Risk-Adjusted Trends Comparison

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

FLEEEWUDifference
Sharpe ratioReturn per unit of total volatility
1.11
1.44

-0.32

Sortino ratioReturn per unit of downside risk
1.64
2.05

-0.41

Omega ratioGain probability vs. loss probability

1.20

1.26

-0.05

Calmar ratioReturn relative to maximum drawdown

1.40

2.08

-0.68

Martin ratioReturn relative to average drawdown

5.13

7.54

-2.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLEE vs. EWU - Sharpe Ratio Comparison

The current FLEE Sharpe Ratio is 1.11, which is comparable to the EWU Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FLEE and EWU, 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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Sharpe Ratios by Period

FLEEEWUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.11

1.44

-0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.65

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.41

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.26

+0.17

Drawdowns

FLEE vs. EWU - Drawdown Comparison

The maximum FLEE drawdown since its inception was -37.27%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for FLEE and EWU.

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Drawdown Indicators

FLEEEWUDifference

Max Drawdown

Largest peak-to-trough decline

-37.27%

-63.99%

+26.72%

Max Drawdown (1Y)

Largest decline over 1 year

-12.37%

-9.92%

-2.45%

Max Drawdown (3Y)

Largest decline over 3 years

-14.59%

-12.63%

-1.96%

Max Drawdown (5Y)

Largest decline over 5 years

-31.62%

-24.91%

-6.71%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.33%

—

Current Drawdown

Current decline from peak

-3.03%

-4.64%

+1.61%

Average Drawdown

Average peak-to-trough decline

-7.11%

-14.16%

+7.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.38%

2.73%

+0.65%

Volatility

FLEE vs. EWU - Volatility Comparison

Franklin FTSE Europe ETF (FLEE) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 5.78% and 5.56%, 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.

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Volatility by Period

FLEEEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.78%

5.56%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

12.98%

12.30%

+0.68%

Volatility (1Y)

Calculated over the trailing 1-year period

15.59%

14.39%

+1.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.37%

16.43%

+0.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.95%

18.84%

+0.11%

FLEE vs. EWU - Expense Ratio Comparison

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

Dividends

FLEE vs. EWU - Dividend Comparison

FLEE's dividend yield for the trailing twelve months is around 2.61%, less than EWU's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.53%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FLEE
Franklin FTSE Europe ETF		2.61%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 EWU 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.

FLEE has higher volatility (5.78%) compared to EWU (5.56%). In terms of maximum drawdown, FLEE dropped -37.27% vs EWU's -63.99%.

On 5-year performance, EWU leads with 10.64% vs 8.65% for FLEE. On fees, FLEE is cheaper at 0.09% per year. On volatility, EWU has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWU has performed better with a 10.64% return vs 8.65%. 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 EWU.

EWU has the higher dividend yield at 3.53%, compared with 2.61% for FLEE.

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

EWU currently has the higher Sharpe Ratio (1.44 vs 1.11), 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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