FLEH vs. DIVI

Last updated Jun 4, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and DIVI (Franklin International Core Dividend Tilt Index ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while DIVI is a Foreign Large Cap Equities fund actively managed by Franklin Templeton. FLEH is passively managed, while DIVI is actively managed. Over the past 5 years, FLEH returned 11.81%/yr vs 13.44%/yr for DIVI. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

FLEH vs. DIVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe Hedged ETF (FLEH) and Franklin International Core Dividend Tilt Index ETF (DIVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLEH achieves a 6.27% return, which is significantly lower than DIVI's 10.89% return.

FLEH

• 1D: -0.88%
• 1M: 4.88%
• YTD: 6.27%
• 6M: 9.17%
• 1Y: 18.35%
• 3Y*: 16.47%
• 5Y*: 11.81%
• 10Y*: —

DIVI

• 1D: -0.76%
• 1M: 3.56%
• YTD: 10.89%
• 6M: 13.56%
• 1Y: 26.77%
• 3Y*: 18.22%
• 5Y*: 13.44%
• 10Y*: —

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

FLEH vs. DIVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	6.27%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
DIVI Franklin International Core Dividend Tilt Index ETF	10.89%	34.86%	1.77%	18.97%	-1.21%	16.95%	1.29%	22.98%	-6.73%	0.36%

Correlation

The correlation between FLEH and DIVI is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
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	0.80

The correlation between FLEH and DIVI shifts across timeframes, from 0.80 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

FLEH vs. DIVI - Sectors Allocation Comparison

Sectors	FLEH	DIVI
Financial Services	16.0%	27.3%
Industrials	15.3%	17.2%
Healthcare	14.8%	9.1%
Consumer Defensive	12.1%	6.8%
Consumer Cyclical	10.8%	7.1%
Technology	7.5%	10.2%
Basic Materials	6.8%	5.6%
Energy	5.5%	4.4%
Utilities	4.0%	4.9%
Communication Services	3.4%	5.0%
Real Estate	1.3%	2.3%

Return for Risk

FLEH vs. DIVI — Risk / Return Rank

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

FLEH

FLEH Risk / Return Rank: 30
FLEH Sharpe Ratio Rank: 30
FLEH Sortino Ratio Rank: 30
FLEH Omega Ratio Rank: 30
FLEH Calmar Ratio Rank: 28
FLEH Martin Ratio Rank: 33

DIVI

DIVI Risk / Return Rank: 52
DIVI Sharpe Ratio Rank: 52
DIVI Sortino Ratio Rank: 51
DIVI Omega Ratio Rank: 50
DIVI Calmar Ratio Rank: 51
DIVI Martin Ratio Rank: 56

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.

FLEH vs. DIVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Franklin International Core Dividend Tilt Index ETF (DIVI). 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.

	FLEH	DIVI	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.82	-0.73
Sortino ratio: Return per unit of downside risk	1.62	2.54	-0.92
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.37	2.55	-1.18
Martin ratio: Return relative to average drawdown	4.99	9.83	-4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLEH vs. DIVI - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.08, which is lower than the DIVI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of FLEH and DIVI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLEH	DIVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.82	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.88	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.67	-0.10

Drawdowns

FLEH vs. DIVI - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, which is greater than DIVI's maximum drawdown of -27.76%. Use the drawdown chart below to compare losses from any high point for FLEH and DIVI.

Drawdown Indicators

	FLEH	DIVI	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-27.76%	-6.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-10.54%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-14.58%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-18.53%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.76%	—
Current Drawdown Current decline from peak	-1.50%	-1.01%	-0.49%
Average Drawdown Average peak-to-trough decline	-4.71%	-3.63%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.73%	+0.95%

Volatility

FLEH vs. DIVI - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 6.75% compared to Franklin International Core Dividend Tilt Index ETF (DIVI) at 5.11%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than DIVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	DIVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	5.11%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	12.18%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	14.84%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.34%	15.30%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	16.46%	+1.79%

FLEH vs. DIVI - Expense Ratio Comparison

Both FLEH and DIVI have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLEH vs. DIVI - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 2.09%, less than DIVI's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIVI Franklin International Core Dividend Tilt Index ETF	3.53%	3.76%	4.39%	3.17%	6.03%	2.77%	8.04%	1.61%	5.67%	5.22%	11.56%
FLEH Franklin FTSE Europe Hedged ETF	2.09%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%	0.00%

Frequently Asked Questions

Can I hold both FLEH and DIVI in my portfolio?

With a correlation of 0.92, FLEH and DIVI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLEH or DIVI?

FLEH has higher volatility (6.75%) compared to DIVI (5.11%). In terms of maximum drawdown, FLEH dropped -33.94% vs DIVI's -27.76%.

Which ETF is better, FLEH or DIVI?

On 5-year performance, DIVI leads with 13.44% vs 11.81% for FLEH. Both ETFs have the same 0.09% expense ratio. On volatility, DIVI has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or DIVI?

Over the 5-year period, DIVI has performed better with a 13.44% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or DIVI?

FLEH and DIVI have the same expense ratio: 0.09% per year.

Which ETF pays a higher dividend yield, FLEH or DIVI?

DIVI has the higher dividend yield at 3.53%, compared with 2.09% for FLEH.

What is the main difference between FLEH and DIVI?

FLEH is categorized as Europe Equities, while DIVI is Foreign Large Cap Equities.

Which has better risk-adjusted returns?

DIVI currently has the higher Sharpe Ratio (1.81 vs 1.08), 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.