FLEH vs. BKLN
FLEH (Franklin FTSE Europe Hedged ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 5 years, FLEH returned 12.35%/yr vs 5.17%/yr for BKLN. At a 0.47 correlation, their price movements are largely independent. FLEH charges 0.09%/yr vs 0.65%/yr for BKLN.
Performance
FLEH vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, FLEH achieves a 9.26% return, which is significantly higher than BKLN's -0.03% return.
FLEH
- 1D
- -0.30%
- 1M
- 3.52%
- YTD
- 9.26%
- 6M
- 10.22%
- 1Y
- 23.73%
- 3Y*
- 18.17%
- 5Y*
- 12.35%
- 10Y*
- —
BKLN
- 1D
- 0.01%
- 1M
- -0.04%
- YTD
- -0.03%
- 6M
- 0.26%
- 1Y
- 4.45%
- 3Y*
- 7.23%
- 5Y*
- 5.17%
- 10Y*
- 4.33%
FLEH vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLEH Franklin FTSE Europe Hedged ETF | 9.26% | 41.56% | 2.26% | 16.21% | -9.14% | 23.27% | 0.95% | 26.94% | -8.54% | -1.24% |
BKLN Invesco Senior Loan ETF | -0.03% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 1.32% | 10.03% | -1.32% | 0.39% |
Correlation
The correlation between FLEH and BKLN is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.47 |
The correlation between FLEH and BKLN has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.
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Return for Risk
FLEH vs. BKLN — Risk / Return Rank
FLEH
BKLN
FLEH vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Invesco Senior Loan ETF (BKLN). 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.
| FLEH | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.45 | +0.32 |
| Martin ratioReturn relative to average drawdown | 6.45 | 5.68 | +0.77 |
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Drawdowns
FLEH vs. BKLN - Drawdown Comparison
The maximum FLEH drawdown since its inception was -33.94%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for FLEH and BKLN.
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Drawdown Indicators
| FLEH | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -24.17% | -9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -3.07% | -10.34% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -3.55% | -12.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -7.31% | -11.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.17% | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.47% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -1.09% | -3.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.69% | 0.78% | +2.91% |
Volatility
FLEH vs. BKLN - Volatility Comparison
Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 5.05% compared to Invesco Senior Loan ETF (BKLN) at 0.53%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLEH | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 0.53% | +4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.96% | 2.54% | +12.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 2.77% | +14.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.46% | 4.48% | +11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.27% | 6.43% | +11.84% |
FLEH vs. BKLN - Expense Ratio Comparison
FLEH has a 0.09% expense ratio, which is lower than BKLN's 0.65% expense ratio.
Dividends
FLEH vs. BKLN - Dividend Comparison
FLEH's dividend yield for the trailing twelve months is around 1.06%, less than BKLN's 7.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 7.16% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
FLEH Franklin FTSE Europe Hedged ETF | 1.06% | 2.22% | 3.18% | 3.25% | 21.45% | 3.03% | 1.94% | 6.06% | 12.17% | 0.07% | 0.00% | 0.00% |
Frequently Asked Questions
FLEH and BKLN have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLEH has higher volatility (5.05%) compared to BKLN (0.53%). In terms of maximum drawdown, FLEH dropped -33.94% vs BKLN's -24.17%.
On 5-year performance, FLEH leads with 12.35% vs 5.17% for BKLN. On fees, FLEH is cheaper at 0.09% per year. On volatility, BKLN has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLEH has performed better with a 12.35% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEH is cheaper with a 0.09% expense ratio, compared with 0.65% for BKLN.
BKLN has the higher dividend yield at 7.16%, compared with 1.06% for FLEH.
FLEH is categorized as Europe Equities, while BKLN is Bank Loan. FLEH tracks FTSE Developed Europe RIC Capped Index, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.09% for FLEH and 0.65% for BKLN.
BKLN currently has the higher Sharpe Ratio (1.62 vs 1.37), 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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