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FLEH vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLEH vs. VOO

Last updated Jun 23, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FLEH returned 12.35%/yr vs 13.58%/yr for VOO. A 0.65 correlation means they provide meaningful diversification when combined. FLEH charges 0.09%/yr vs 0.03%/yr for VOO.

Performance

FLEH vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe Hedged ETF (FLEH) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLEH achieves a 9.26% return, which is significantly lower than VOO's 9.75% return.

FLEH

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

VOO

1D
-0.29%
1M
0.08%
YTD
9.75%
6M
9.30%
1Y
26.77%
3Y*
21.36%
5Y*
13.58%
10Y*
15.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLEH vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VOO
Vanguard S&P 500 ETF		9.75%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%3.81%

Correlation

The correlation between FLEH and VOO is 0.74, 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

0.74

Correlation (3Y)
Calculated over the trailing 3-year period

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.65

The correlation between FLEH and VOO has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

FLEH vs. VOO - Sectors Allocation Comparison

Sectors
FLEH
VOO

Financial Services

16.0%
10.9%

Industrials

15.3%
7.6%

Healthcare

14.8%
8.3%

Consumer Defensive

12.1%
4.5%

Consumer Cyclical

10.8%
9.8%

Technology

7.5%
39.1%

Basic Materials

6.8%
1.7%

Energy

5.5%
3.2%

Utilities

4.0%
2.5%

Communication Services

3.4%
10.5%

Real Estate

1.3%
1.8%

Financial Services

FLEH
16.0%
VOO
10.9%

Industrials

FLEH
15.3%
VOO
7.6%

Healthcare

FLEH
14.8%
VOO
8.3%

Consumer Defensive

FLEH
12.1%
VOO
4.5%

Consumer Cyclical

FLEH
10.8%
VOO
9.8%

Technology

FLEH
7.5%
VOO
39.1%

Basic Materials

FLEH
6.8%
VOO
1.7%

Energy

FLEH
5.5%
VOO
3.2%

Utilities

FLEH
4.0%
VOO
2.5%

Communication Services

FLEH
3.4%
VOO
10.5%

Real Estate

FLEH
1.3%
VOO
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin FTSE Europe Hedged ETF

Vanguard S&P 500 ETF

Often compared with FLEH:
FLEH vs. FLEEFLEH vs. GCCFLEH vs. PSKFLEH vs. PFFFLEH vs. HEWJFLEH vs. VRPFLEH vs. BKLN
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. VGT

Return for Risk

FLEH vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLEH
FLEH Risk / Return Rank: 3939
Overall Rank
FLEH Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FLEH Sortino Ratio Rank: 4040
Sortino Ratio Rank
FLEH Omega Ratio Rank: 4040
Omega Ratio Rank
FLEH Calmar Ratio Rank: 3636
Calmar Ratio Rank
FLEH Martin Ratio Rank: 4141
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
Martin Ratio Rank
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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) and Vanguard S&P 500 ETF (VOO). 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.

FLEHVOODifference
Sharpe ratioReturn per unit of total volatility
1.37
2.17

-0.81

Sortino ratioReturn per unit of downside risk
2.00
2.93

-0.93

Omega ratioGain probability vs. loss probability

1.25

1.39

-0.14

Calmar ratioReturn relative to maximum drawdown

1.78

3.02

-1.24

Martin ratioReturn relative to average drawdown

6.45

13.58

-7.13

FLEH vs. VOO - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.37, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FLEH and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FLEH vs. VOO - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FLEH and VOO.

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Drawdown Indicators

FLEHVOODifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-33.99%

+0.05%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-8.90%

-4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-15.67%

-18.69%

+3.02%

Max Drawdown (5Y)

Largest decline over 5 years

-18.67%

-24.52%

+5.85%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.99%

—

Current Drawdown

Current decline from peak

-0.30%

-1.74%

+1.44%

Average Drawdown

Average peak-to-trough decline

-4.69%

-3.68%

-1.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

1.98%

+1.71%

Volatility

FLEH vs. VOO - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 5.05% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that FLEH's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLEHVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

4.60%

+0.45%

Volatility (6M)

Calculated over the trailing 6-month period

14.96%

9.73%

+5.23%

Volatility (1Y)

Calculated over the trailing 1-year period

17.47%

12.39%

+5.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.46%

16.90%

-0.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.27%

18.05%

+0.22%

FLEH vs. VOO - Expense Ratio Comparison

FLEH has a 0.09% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 1.06%, more than VOO's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
VOO
Vanguard S&P 500 ETF		1.04%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

FLEH and VOO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLEH has higher volatility (5.05%) compared to VOO (4.60%). In terms of maximum drawdown, FLEH dropped -33.94% vs VOO's -33.99%.

On 5-year performance, VOO leads with 13.58% vs 12.35% for FLEH. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, VOO has performed better with a 13.58% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.09% for FLEH.

FLEH has the higher dividend yield at 1.06%, compared with 1.04% for VOO.

FLEH is categorized as Europe Equities, while VOO is S&P 500. FLEH tracks FTSE Developed Europe RIC Capped Index, while VOO tracks S&P 500 Index. They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 0.09% for FLEH and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.17 vs 1.37), 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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