FLEH vs. FLJH

Last updated Jun 4, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while FLJH is a Japan Equities fund tracking the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, FLEH returned 11.81%/yr vs 20.80%/yr for FLJH. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.

Performance

FLEH vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe Hedged ETF (FLEH) and Franklin FTSE Japan Hedged ETF (FLJH). 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 FLJH's 20.31% return.

FLEH

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

FLJH

• 1D: 0.71%
• 1M: 8.59%
• YTD: 20.31%
• 6M: 18.71%
• 1Y: 46.83%
• 3Y*: 27.99%
• 5Y*: 20.80%
• 10Y*: —

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

FLEH vs. FLJH - 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%
FLJH Franklin FTSE Japan Hedged ETF	20.31%	25.26%	25.89%	36.02%	-2.75%	12.68%	10.65%	20.34%	-14.66%	1.26%

Correlation

The correlation between FLEH and FLJH is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.60

The correlation between FLEH and FLJH shifts across timeframes, from 0.48 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

FLEH vs. FLJH - Sectors Allocation Comparison

Sectors	FLEH	FLJH
Financial Services	16.0%	15.9%
Industrials	15.3%	26.6%
Healthcare	14.8%	5.9%
Consumer Defensive	12.1%	4.2%
Consumer Cyclical	10.8%	12.8%
Technology	7.5%	17.4%
Basic Materials	6.8%	4.3%
Energy	5.5%	1.0%
Utilities	4.0%	1.3%
Communication Services	3.4%	7.1%
Real Estate	1.3%	3.4%

Return for Risk

FLEH vs. FLJH — 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

FLJH

FLJH Risk / Return Rank: 80
FLJH Sharpe Ratio Rank: 79
FLJH Sortino Ratio Rank: 79
FLJH Omega Ratio Rank: 79
FLJH Calmar Ratio Rank: 82
FLJH Martin Ratio Rank: 83

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. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Franklin FTSE Japan Hedged ETF (FLJH). 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	FLJH	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.62	-1.53
Sortino ratio: Return per unit of downside risk	1.62	3.61	-1.99
Omega ratio: Gain probability vs. loss probability	1.20	1.48	-0.28
Calmar ratio: Return relative to maximum drawdown	1.37	4.36	-2.98
Martin ratio: Return relative to average drawdown	4.99	17.09	-12.09
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. FLJH - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.08, which is lower than the FLJH Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FLEH and FLJH, 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	FLJH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	2.62	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	1.13	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.75	-0.18

Drawdowns

FLEH vs. FLJH - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for FLEH and FLJH.

Drawdown Indicators

	FLEH	FLJH	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-31.51%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-10.80%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-20.39%	+4.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-20.39%	+1.72%
Current Drawdown Current decline from peak	-1.50%	0.00%	-1.50%
Average Drawdown Average peak-to-trough decline	-4.71%	-5.32%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.75%	+0.93%

Volatility

FLEH vs. FLJH - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 6.75% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 3.45%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	FLJH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	3.45%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	13.38%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	17.98%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.34%	18.51%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	19.82%	-1.57%

FLEH vs. FLJH - Expense Ratio Comparison

Both FLEH and FLJH 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. FLJH - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 2.09%, less than FLJH's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FLJH Franklin FTSE Japan Hedged ETF	3.24%	3.90%	5.06%	25.59%	26.67%	1.29%	0.00%	0.00%	5.92%	0.10%

Frequently Asked Questions

Can I hold both FLEH and FLJH in my portfolio?

FLEH and FLJH have a correlation of 0.54, 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 FLJH?

FLEH has higher volatility (6.75%) compared to FLJH (3.45%). In terms of maximum drawdown, FLEH dropped -33.94% vs FLJH's -31.51%.

Which ETF is better, FLEH or FLJH?

On 5-year performance, FLJH leads with 20.80% vs 11.81% for FLEH. Both ETFs have the same 0.09% expense ratio. On volatility, FLJH has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or FLJH?

Over the 5-year period, FLJH has performed better with a 20.80% 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 FLJH?

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

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

FLJH has the higher dividend yield at 3.24%, compared with 2.09% for FLEH.

What is the main difference between FLEH and FLJH?

FLEH is categorized as Europe Equities, while FLJH is Japan Equities. FLEH tracks FTSE Developed Europe RIC Capped Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index.

Which has better risk-adjusted returns?

FLJH currently has the higher Sharpe Ratio (2.62 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.