FLEH vs. EWO

Last updated Jun 24, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds - FLEH tracks the FTSE Developed Europe RIC Capped Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 5 years, FLEH returned 11.75%/yr vs 17.04%/yr for EWO. A 0.67 correlation means they provide meaningful diversification when combined. FLEH charges 0.09%/yr vs 0.49%/yr for EWO.

Performance

FLEH vs. EWO - Performance Comparison

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

Returns By Period

In the year-to-date period, FLEH achieves a 7.40% return, which is significantly lower than EWO's 22.29% return.

FLEH

• 1D: -1.70%
• 1M: 1.76%
• YTD: 7.40%
• 6M: 7.90%
• 1Y: 20.48%
• 3Y*: 17.50%
• 5Y*: 11.75%
• 10Y*: —

EWO

• 1D: -1.46%
• 1M: 8.63%
• YTD: 22.29%
• 6M: 23.55%
• 1Y: 54.33%
• 3Y*: 35.93%
• 5Y*: 17.04%
• 10Y*: 15.85%

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

FLEH vs. EWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	7.40%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
EWO iShares MSCI Austria ETF	22.29%	74.21%	4.05%	20.63%	-21.95%	31.50%	-3.67%	17.05%	-22.88%	4.17%

Correlation

The correlation between FLEH and EWO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.67

The correlation between FLEH and EWO shifts across timeframes, from 0.67 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

FLEH vs. EWO - Sectors Allocation Comparison

Sectors	FLEH	EWO
Financial Services	16.0%	47.3%
Industrials	15.3%	14.5%
Healthcare	14.8%	-
Consumer Defensive	12.1%	-
Consumer Cyclical	10.8%	3.6%
Technology	7.5%	5.7%
Basic Materials	6.8%	8.8%
Energy	5.5%	9.7%
Utilities	4.0%	6.5%
Communication Services	3.4%	-
Real Estate	1.3%	4.1%

Return for Risk

FLEH vs. EWO — Risk / Return Rank

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

FLEH

FLEH Risk / Return Rank: 35
FLEH Sharpe Ratio Rank: 35
FLEH Sortino Ratio Rank: 35
FLEH Omega Ratio Rank: 34
FLEH Calmar Ratio Rank: 32
FLEH Martin Ratio Rank: 38

EWO

EWO Risk / Return Rank: 83
EWO Sharpe Ratio Rank: 89
EWO Sortino Ratio Rank: 89
EWO Omega Ratio Rank: 84
EWO Calmar Ratio Rank: 78
EWO Martin Ratio Rank: 74

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. EWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and iShares MSCI Austria ETF (EWO). 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	EWO	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.83	-1.65
Sortino ratio: Return per unit of downside risk	1.75	3.87	-2.12
Omega ratio: Gain probability vs. loss probability	1.22	1.48	-0.26
Calmar ratio: Return relative to maximum drawdown	1.53	3.88	-2.34
Martin ratio: Return relative to average drawdown	5.57	13.13	-7.56

FLEH vs. EWO - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.18, which is lower than the EWO Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FLEH and EWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLEH vs. EWO - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for FLEH and EWO.

Drawdown Indicators

	FLEH	EWO	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-75.69%	+41.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-14.08%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-16.75%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-41.82%	+23.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-58.10%	—
Current Drawdown Current decline from peak	-2.00%	-1.46%	-0.54%
Average Drawdown Average peak-to-trough decline	-4.68%	-28.07%	+23.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	4.15%	-0.46%

Volatility

FLEH vs. EWO - Volatility Comparison

The current volatility for Franklin FTSE Europe Hedged ETF (FLEH) is 5.38%, while iShares MSCI Austria ETF (EWO) has a volatility of 7.60%. This indicates that FLEH experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	EWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	7.60%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	16.15%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	19.32%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	21.98%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	22.65%	-4.38%

FLEH vs. EWO - Expense Ratio Comparison

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

Dividends

FLEH vs. EWO - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 1.08%, less than EWO's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	1.98%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
FLEH Franklin FTSE Europe Hedged ETF	1.08%	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

Can I hold both FLEH and EWO in my portfolio?

FLEH and EWO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEH or EWO?

EWO has higher volatility (7.60%) compared to FLEH (5.38%). In terms of maximum drawdown, FLEH dropped -33.94% vs EWO's -75.69%.

Which ETF is better, FLEH or EWO?

On 5-year performance, EWO leads with 17.04% vs 11.75% for FLEH. On fees, FLEH is cheaper at 0.09% per year. On volatility, FLEH has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or EWO?

Over the 5-year period, EWO has performed better with a 17.04% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or EWO?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.49% for EWO.

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

EWO has the higher dividend yield at 1.98%, compared with 1.08% for FLEH.

What is the main difference between FLEH and EWO?

FLEH tracks FTSE Developed Europe RIC Capped Index, while EWO tracks MSCI Austria 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 EWO.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.83 vs 1.18), 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.