FLEH vs. SPEU

Last updated Jun 24, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - FLEH tracks the FTSE Developed Europe RIC Capped Index while SPEU tracks the STOXX Europe Total Market Index. Both are passively managed. Over the past 5 years, FLEH returned 11.75%/yr vs 8.37%/yr for SPEU. Their correlation of 0.81 suggests significant overlap in exposure. FLEH charges 0.09%/yr vs 0.07%/yr for SPEU.

Performance

FLEH vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe Hedged ETF (FLEH) and SPDR Portfolio Europe ETF (SPEU). 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 higher than SPEU's 5.69% return.

FLEH

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

SPEU

• 1D: -1.28%
• 1M: -0.38%
• YTD: 5.69%
• 6M: 5.86%
• 1Y: 18.69%
• 3Y*: 16.48%
• 5Y*: 8.37%
• 10Y*: 10.12%

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

FLEH vs. SPEU - 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%
SPEU SPDR Portfolio Europe ETF	5.69%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	1.17%

Correlation

The correlation between FLEH and SPEU is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.81

The correlation between FLEH and SPEU shifts across timeframes, from 0.81 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

FLEH vs. SPEU - Sectors Allocation Comparison

Sectors	FLEH	SPEU
Financial Services	16.0%	23.1%
Industrials	15.3%	20.0%
Healthcare	14.8%	11.2%
Consumer Defensive	12.1%	7.7%
Consumer Cyclical	10.8%	6.5%
Technology	7.5%	10.1%
Basic Materials	6.8%	6.0%
Energy	5.5%	5.5%
Utilities	4.0%	4.8%
Communication Services	3.4%	3.4%
Real Estate	1.3%	1.7%

Return for Risk

FLEH vs. SPEU — 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

SPEU

SPEU Risk / Return Rank: 34
SPEU Sharpe Ratio Rank: 34
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 33
SPEU Calmar Ratio Rank: 32
SPEU Martin Ratio Rank: 38

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. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and SPDR Portfolio Europe ETF (SPEU). 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	SPEU	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.19	-0.01
Sortino ratio: Return per unit of downside risk	1.75	1.75	0.00
Omega ratio: Gain probability vs. loss probability	1.22	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.53	1.55	-0.02
Martin ratio: Return relative to average drawdown	5.57	5.68	-0.11

FLEH vs. SPEU - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.18, which is comparable to the SPEU Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FLEH and SPEU, 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. SPEU - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for FLEH and SPEU.

Drawdown Indicators

	FLEH	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-62.45%	+28.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-12.09%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-14.17%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-32.70%	+14.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.83%	—
Current Drawdown Current decline from peak	-2.00%	-2.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-4.68%	-13.82%	+9.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.30%	+0.39%

Volatility

FLEH vs. SPEU - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 5.38% compared to SPDR Portfolio Europe ETF (SPEU) at 4.97%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEH	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	4.97%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	13.42%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	15.82%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	17.58%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	18.19%	+0.08%

FLEH vs. SPEU - Expense Ratio Comparison

FLEH has a 0.09% expense ratio, which is higher than SPEU's 0.07% expense ratio. However, 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. SPEU - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 1.08%, less than SPEU's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEU SPDR Portfolio Europe ETF	3.50%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both FLEH and SPEU in my portfolio?

With a correlation of 0.96, FLEH and SPEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLEH or SPEU?

FLEH has higher volatility (5.38%) compared to SPEU (4.97%). In terms of maximum drawdown, FLEH dropped -33.94% vs SPEU's -62.45%.

Which ETF is better, FLEH or SPEU?

On 5-year performance, FLEH leads with 11.75% vs 8.37% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or SPEU?

Over the 5-year period, FLEH has performed better with a 11.75% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or SPEU?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.09% for FLEH.

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

SPEU has the higher dividend yield at 3.50%, compared with 1.08% for FLEH.

What is the main difference between FLEH and SPEU?

FLEH tracks FTSE Developed Europe RIC Capped Index, while SPEU tracks STOXX Europe Total Market Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.09% for FLEH and 0.07% for SPEU.

Which has better risk-adjusted returns?

SPEU currently has the higher Sharpe Ratio (1.19 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.