FLEH vs. FLGR

Last updated Aug 4, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and FLGR (Franklin FTSE Germany ETF) are both Europe Equities funds from Franklin Templeton - FLEH tracks the FTSE Developed Europe RIC Capped Index while FLGR tracks the FTSE Germany RIC Capped Index. Both are passively managed. Over the past 5 years, FLEH returned 12.07%/yr vs 7.67%/yr for FLGR. Their 0.79 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.09% expense ratio.

Performance

FLEH vs. FLGR - Performance Comparison

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

Returns By Period

In the year-to-date period, FLEH achieves a 10.71% return, which is significantly higher than FLGR's 3.94% return.

FLEH

• 1D: 0.63%
• 1M: 1.03%
• 6M: 5.55%
• YTD: 10.71%
• 1Y: 24.70%
• 3Y*: 18.77%
• 5Y*: 12.07%
• 10Y*: —
• ALL TIME*: 10.61%

FLGR

• 1D: 1.07%
• 1M: 2.46%
• 6M: 1.50%
• YTD: 3.94%
• 1Y: 8.57%
• 3Y*: 18.47%
• 5Y*: 7.67%
• 10Y*: —
• ALL TIME*: 6.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLEH Franklin FTSE Europe Hedged ETF	$156.73K	$198.57K	$232.56K
FLGR Franklin FTSE Germany ETF	$116.66K	$114.16K	$161.06K

FLEH vs. FLGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	10.71%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
FLGR Franklin FTSE Germany ETF	3.94%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%

Correlation

The correlation between FLEH and FLGR is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.79

The correlation between FLEH and FLGR shifts across timeframes, from 0.79 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

FLEH vs. FLGR - Sectors Allocation Comparison

Sectors	FLEH	FLGR
Financial Services	16.0%	22.4%
Industrials	15.3%	30.4%
Healthcare	14.8%	6.6%
Consumer Defensive	12.1%	1.5%
Consumer Cyclical	10.8%	7.7%
Technology	7.5%	14.8%
Basic Materials	6.8%	5.2%
Energy	5.5%	-
Utilities	4.0%	4.7%
Communication Services	3.4%	5.4%
Real Estate	1.3%	1.2%

Return for Risk

FLEH vs. FLGR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLEH

FLEH Risk / Return Rank: 54
FLEH Sharpe Ratio Rank: 56
FLEH Sortino Ratio Rank: 57
FLEH Omega Ratio Rank: 55
FLEH Calmar Ratio Rank: 49
FLEH Martin Ratio Rank: 54

FLGR

FLGR Risk / Return Rank: 22
FLGR Sharpe Ratio Rank: 22
FLGR Sortino Ratio Rank: 22
FLGR Omega Ratio Rank: 22
FLGR Calmar Ratio Rank: 21
FLGR Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLEH vs. FLGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Franklin FTSE Germany ETF (FLGR). 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	FLGR	Difference
Sharpe ratio: Return per unit of total volatility	1.40	0.49	+0.91
Sortino ratio: Return per unit of downside risk	2.04	0.80	+1.24
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.16
Calmar ratio: Return relative to maximum drawdown	1.85	0.60	+1.25
Martin ratio: Return relative to average drawdown	6.75	1.74	+5.01

FLEH vs. FLGR - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.40, which is higher than the FLGR Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of FLEH and FLGR, 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. FLGR - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum FLGR drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for FLEH and FLGR.

Drawdown Indicators

	FLEH	FLGR	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-46.21%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-14.44%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-15.53%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-42.69%	+24.02%
Current Drawdown Current decline from peak	0.00%	-0.92%	+0.92%
Average Drawdown Average peak-to-trough decline	-4.65%	-12.23%	+7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	4.93%	-1.26%

Volatility

FLEH vs. FLGR - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) and Franklin FTSE Germany ETF (FLGR) have volatilities of 4.61% and 4.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	FLGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.59%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	15.16%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	17.55%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	20.37%	-3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	21.37%	-3.13%

FLEH vs. FLGR - Expense Ratio Comparison

Both FLEH and FLGR 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. FLGR - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 2.65%, less than FLGR's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	2.65%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
FLGR Franklin FTSE Germany ETF	3.27%	1.72%	2.40%	2.99%	3.50%	2.67%	2.61%	2.52%	3.06%	0.00%

Frequently Asked Questions

Can I hold both FLEH and FLGR in my portfolio?

FLEH and FLGR have a correlation of 0.90, 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 FLGR?

FLEH has higher volatility (4.61%) compared to FLGR (4.59%). In terms of maximum drawdown, FLEH dropped -33.94% vs FLGR's -46.21%.

Which ETF is better, FLEH or FLGR?

On 5-year performance, FLEH leads with 12.07% vs 7.67% for FLGR. Both ETFs have the same 0.09% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or FLGR?

Over the 5-year period, FLEH has performed better with a 12.07% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or FLGR?

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

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

FLGR has the higher dividend yield at 3.27%, compared with 2.65% for FLEH.

What is the main difference between FLEH and FLGR?

FLEH tracks FTSE Developed Europe RIC Capped Index, while FLGR tracks FTSE Germany RIC Capped Index.

Which has better risk-adjusted returns?

FLEH currently has the higher Sharpe Ratio (1.40 vs 0.49), 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.