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FLEH vs. EWK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLEH vs. EWK

Last updated Jun 4, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and EWK (iShares MSCI Belgium ETF) are both Europe Equities funds - FLEH tracks the FTSE Developed Europe RIC Capped Index while EWK tracks the MSCI Belgium Investable Market Index. Both are passively managed. Over the past 5 years, FLEH returned 11.81%/yr vs 5.76%/yr for EWK. A 0.68 correlation means they provide meaningful diversification when combined. FLEH charges 0.09%/yr vs 0.49%/yr for EWK.

Performance

FLEH vs. EWK - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLEH achieves a 6.27% return, which is significantly lower than EWK's 9.09% return.

FLEH

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

EWK

1D
-0.90%
1M
4.22%
YTD
9.09%
6M
10.00%
1Y
22.69%
3Y*
16.49%
5Y*
5.76%
10Y*
6.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLEH vs. EWK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWK
iShares MSCI Belgium ETF		9.09%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-20.40%-0.48%

Correlation

The correlation between FLEH and EWK is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

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

0.75

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

0.68

The correlation between FLEH and EWK has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

FLEH vs. EWK - Sectors Allocation Comparison

Sectors
FLEH
EWK

Financial Services

16.0%
16.5%

Industrials

15.3%
7.7%

Healthcare

14.8%
26.1%

Consumer Defensive

12.1%
25.1%

Consumer Cyclical

10.8%
2.0%

Technology

7.5%
1.7%

Basic Materials

6.8%
5.0%

Energy

5.5%
1.1%

Utilities

4.0%
3.0%

Communication Services

3.4%
1.4%

Real Estate

1.3%
10.3%

Financial Services

FLEH
16.0%
EWK
16.5%

Industrials

FLEH
15.3%
EWK
7.7%

Healthcare

FLEH
14.8%
EWK
26.1%

Consumer Defensive

FLEH
12.1%
EWK
25.1%

Consumer Cyclical

FLEH
10.8%
EWK
2.0%

Technology

FLEH
7.5%
EWK
1.7%

Basic Materials

FLEH
6.8%
EWK
5.0%

Energy

FLEH
5.5%
EWK
1.1%

Utilities

FLEH
4.0%
EWK
3.0%

Communication Services

FLEH
3.4%
EWK
1.4%

Real Estate

FLEH
1.3%
EWK
10.3%

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 Hedged ETF

iShares MSCI Belgium ETF

Often compared with FLEH:
FLEH vs. FLEEFLEH vs. GCCFLEH vs. PSKFLEH vs. PFFFLEH vs. HEWJFLEH vs. VOOFLEH vs. VRP
Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. BILEWK vs. EDENEWK vs. VOOEWK vs. SPY

Return for Risk

FLEH vs. EWK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLEH
FLEH Risk / Return Rank: 3030
Overall Rank
FLEH Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FLEH Sortino Ratio Rank: 3030
Sortino Ratio Rank
FLEH Omega Ratio Rank: 3030
Omega Ratio Rank
FLEH Calmar Ratio Rank: 2828
Calmar Ratio Rank
FLEH Martin Ratio Rank: 3333
Martin Ratio Rank
EWK
EWK Risk / Return Rank: 3838
Overall Rank
EWK Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWK Omega Ratio Rank: 4343
Omega Ratio Rank
EWK Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWK Martin Ratio Rank: 3535
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.

FLEH vs. EWK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and iShares MSCI Belgium ETF (EWK). 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.

FLEHEWKDifference
Sharpe ratioReturn per unit of total volatility
1.08
1.49

-0.41

Sortino ratioReturn per unit of downside risk
1.62
2.10

-0.49

Omega ratioGain probability vs. loss probability

1.20

1.28

-0.07

Calmar ratioReturn relative to maximum drawdown

1.37

1.47

-0.10

Martin ratioReturn relative to average drawdown

4.99

5.28

-0.29

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. EWK - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.08, which is comparable to the EWK Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FLEH and EWK, 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

FLEHEWKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.08

1.49

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.32

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.32

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.26

+0.31

Drawdowns

FLEH vs. EWK - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum EWK drawdown of -74.10%. Use the drawdown chart below to compare losses from any high point for FLEH and EWK.

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Drawdown Indicators

FLEHEWKDifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-74.10%

+40.16%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-15.47%

+2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.67%

-15.64%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-18.67%

-35.22%

+16.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.80%

—

Current Drawdown

Current decline from peak

-1.50%

-3.53%

+2.03%

Average Drawdown

Average peak-to-trough decline

-4.71%

-21.54%

+16.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.68%

4.30%

-0.62%

Volatility

FLEH vs. EWK - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 6.75% compared to iShares MSCI Belgium ETF (EWK) at 5.54%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than EWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLEHEWKDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.75%

5.54%

+1.21%

Volatility (6M)

Calculated over the trailing 6-month period

14.38%

12.75%

+1.63%

Volatility (1Y)

Calculated over the trailing 1-year period

17.02%

15.29%

+1.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.34%

17.86%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.25%

19.06%

-0.81%

FLEH vs. EWK - Expense Ratio Comparison

FLEH has a 0.09% expense ratio, which is lower than EWK's 0.49% expense ratio.

Dividends

FLEH vs. EWK - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 2.09%, more than EWK's 1.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EWK
iShares MSCI Belgium ETF		1.59%1.73%3.25%2.09%2.58%3.64%1.66%2.77%2.78%2.91%1.75%2.06%
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%0.00%

Frequently Asked Questions

FLEH and EWK have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLEH has higher volatility (6.75%) compared to EWK (5.54%). In terms of maximum drawdown, FLEH dropped -33.94% vs EWK's -74.10%.

On 5-year performance, FLEH leads with 11.81% vs 5.76% for EWK. On fees, FLEH is cheaper at 0.09% per year. On volatility, EWK has been the lower-risk option at 5.54%. 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 11.81% return vs 5.76%. 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 0.49% for EWK.

FLEH has the higher dividend yield at 2.09%, compared with 1.59% for EWK.

FLEH tracks FTSE Developed Europe RIC Capped Index, while EWK tracks MSCI Belgium Investable Market Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLEH and 0.49% for EWK.

EWK currently has the higher Sharpe Ratio (1.49 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.

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