FLEH vs. FGDL
FLEH (Franklin FTSE Europe Hedged ETF) and FGDL (Franklin Responsibly Sourced Gold ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while FGDL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 3 years, FLEH returned 16.47%/yr vs 31.32%/yr for FGDL. At a 0.25 correlation, their price movements are largely independent. FLEH charges 0.09%/yr vs 0.15%/yr for FGDL.
Performance
FLEH vs. FGDL - Performance Comparison
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Returns By Period
In the year-to-date period, FLEH achieves a 6.27% return, which is significantly higher than FGDL's 2.43% return.
FLEH
- 1D
- -0.88%
- 1M
- 4.88%
- YTD
- 6.27%
- 6M
- 9.17%
- 1Y
- 18.35%
- 3Y*
- 16.47%
- 5Y*
- 11.81%
- 10Y*
- —
FGDL
- 1D
- -1.09%
- 1M
- -1.94%
- YTD
- 2.43%
- 6M
- 4.89%
- 1Y
- 31.70%
- 3Y*
- 31.32%
- 5Y*
- —
- 10Y*
- —
FLEH vs. FGDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLEH Franklin FTSE Europe Hedged ETF | 6.27% | 41.56% | 2.26% | 16.21% | 4.52% |
FGDL Franklin Responsibly Sourced Gold ETF | 2.43% | 64.15% | 27.31% | 12.92% | 0.91% |
Correlation
The correlation between FLEH and FGDL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022 | 0.25 |
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Return for Risk
FLEH vs. FGDL — Risk / Return Rank
FLEH
FGDL
FLEH vs. FGDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Franklin Responsibly Sourced Gold ETF (FGDL). 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 | FGDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.66 | -0.28 |
| Martin ratioReturn relative to average drawdown | 4.99 | 4.03 | +0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLEH | FGDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.19 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 1.35 | -0.78 |
Drawdowns
FLEH vs. FGDL - Drawdown Comparison
The maximum FLEH drawdown since its inception was -33.94%, which is greater than FGDL's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for FLEH and FGDL.
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Drawdown Indicators
| FLEH | FGDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -19.23% | -14.71% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -19.23% | +5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -19.23% | +3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | — | — |
Current DrawdownCurrent decline from peak | -1.50% | -18.16% | +16.66% |
Average DrawdownAverage peak-to-trough decline | -4.71% | -3.83% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 7.88% | -4.20% |
Volatility
FLEH vs. FGDL - Volatility Comparison
Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 6.75% compared to Franklin Responsibly Sourced Gold ETF (FGDL) at 5.61%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLEH | FGDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 5.61% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.38% | 23.18% | -8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.02% | 26.78% | -9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.34% | 19.03% | -2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 19.03% | -0.78% |
FLEH vs. FGDL - Expense Ratio Comparison
FLEH has a 0.09% expense ratio, which is lower than FGDL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FLEH vs. FGDL - Dividend Comparison
FLEH's dividend yield for the trailing twelve months is around 2.09%, while FGDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FGDL Franklin Responsibly Sourced Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
FLEH and FGDL have a correlation of 0.29, 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 FGDL (5.61%). In terms of maximum drawdown, FLEH dropped -33.94% vs FGDL's -19.23%.
On 3-year performance, FGDL leads with 31.32% vs 16.47% for FLEH. On fees, FLEH is cheaper at 0.09% per year. On volatility, FGDL has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FGDL has performed better with a 31.32% return vs 16.47%. 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 0.15% for FGDL.
FLEH has the higher dividend yield at 2.09%, compared with 0.00% for FGDL.
FLEH is categorized as Europe Equities, while FGDL is Precious Metals. FLEH tracks FTSE Developed Europe RIC Capped Index, while FGDL tracks LBMA Gold Price PM ($/ozt). Their fees differ too: 0.09% for FLEH and 0.15% for FGDL.
FGDL currently has the higher Sharpe Ratio (1.19 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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