FLEH vs. GCC

Last updated Jun 23, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and GCC (WisdomTree Enhanced Commodity Strategy Fund) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while GCC is a Commodities fund actively managed by WisdomTree. FLEH is passively managed, while GCC is actively managed. Over the past 5 years, FLEH returned 12.35%/yr vs 10.56%/yr for GCC. At a 0.25 correlation, their price movements are largely independent. FLEH charges 0.09%/yr vs 0.55%/yr for GCC.

Performance

FLEH vs. GCC - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FLEH having a 9.26% return and GCC slightly higher at 9.55%.

FLEH

• 1D: -0.30%
• 1M: 3.52%
• YTD: 9.26%
• 6M: 10.22%
• 1Y: 23.73%
• 3Y*: 18.17%
• 5Y*: 12.35%
• 10Y*: —

GCC

• 1D: -0.34%
• 1M: -8.49%
• YTD: 9.55%
• 6M: 9.43%
• 1Y: 22.24%
• 3Y*: 15.39%
• 5Y*: 10.56%
• 10Y*: 6.00%

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

FLEH vs. GCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	9.26%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
GCC WisdomTree Enhanced Commodity Strategy Fund	9.55%	20.01%	15.13%	-3.72%	7.74%	19.96%	1.38%	7.07%	-8.69%	0.42%

Correlation

The correlation between FLEH and GCC is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.25

Return for Risk

FLEH vs. GCC — Risk / Return Rank

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

FLEH

FLEH Risk / Return Rank: 39
FLEH Sharpe Ratio Rank: 40
FLEH Sortino Ratio Rank: 40
FLEH Omega Ratio Rank: 40
FLEH Calmar Ratio Rank: 36
FLEH Martin Ratio Rank: 41

GCC

GCC Risk / Return Rank: 37
GCC Sharpe Ratio Rank: 38
GCC Sortino Ratio Rank: 33
GCC Omega Ratio Rank: 38
GCC Calmar Ratio Rank: 36
GCC Martin Ratio Rank: 41

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. GCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and WisdomTree Enhanced Commodity Strategy Fund (GCC). 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	GCC	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.31	+0.06
Sortino ratio: Return per unit of downside risk	2.00	1.70	+0.30
Omega ratio: Gain probability vs. loss probability	1.25	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.78	1.78	0.00
Martin ratio: Return relative to average drawdown	6.45	6.32	+0.13

FLEH vs. GCC - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.37, which is comparable to the GCC Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of FLEH and GCC, 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. GCC - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum GCC drawdown of -63.19%. Use the drawdown chart below to compare losses from any high point for FLEH and GCC.

Drawdown Indicators

	FLEH	GCC	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-63.19%	+29.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-12.53%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-12.53%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-27.07%	+8.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-0.30%	-12.53%	+12.23%
Average Drawdown Average peak-to-trough decline	-4.69%	-34.84%	+30.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.54%	+0.15%

Volatility

FLEH vs. GCC - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 5.05% compared to WisdomTree Enhanced Commodity Strategy Fund (GCC) at 3.98%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than GCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	GCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	3.98%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	15.21%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	17.08%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	16.92%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	14.79%	+3.48%

FLEH vs. GCC - Expense Ratio Comparison

FLEH has a 0.09% expense ratio, which is lower than GCC's 0.55% expense ratio.

Dividends

FLEH vs. GCC - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 1.06%, less than GCC's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	1.06%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
GCC WisdomTree Enhanced Commodity Strategy Fund	6.06%	6.64%	3.51%	3.68%	22.49%	9.76%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLEH and GCC in my portfolio?

FLEH and GCC have a correlation of 0.16, 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 GCC?

FLEH has higher volatility (5.05%) compared to GCC (3.98%). In terms of maximum drawdown, FLEH dropped -33.94% vs GCC's -63.19%.

Which ETF is better, FLEH or GCC?

On 5-year performance, FLEH leads with 12.35% vs 10.56% for GCC. On fees, FLEH is cheaper at 0.09% per year. On volatility, GCC has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or GCC?

Over the 5-year period, FLEH has performed better with a 12.35% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or GCC?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.55% for GCC.

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

GCC has the higher dividend yield at 6.06%, compared with 1.06% for FLEH.

What is the main difference between FLEH and GCC?

FLEH is categorized as Europe Equities, while GCC is Commodities. They also come from different issuers: Franklin Templeton and WisdomTree. Their fees differ too: 0.09% for FLEH and 0.55% for GCC.

Which has better risk-adjusted returns?

FLEH currently has the higher Sharpe Ratio (1.37 vs 1.31), 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.