FLES.L vs. FLQA.L

Last updated Jul 16, 2026

FLES.L (Franklin Euro Short Maturity UCITS ETF) and FLQA.L (Franklin FTSE Asia ex China ex Japan UCITS ETF) are both exchange-traded funds - FLES.L is a Global Equities fund tracking the Franklin Euro Short Maturity UCITS ETF, while FLQA.L is a China Equities fund tracking the Franklin FTSE Asia ex China ex Japan UCITS ETF. Both are passively managed. Over the past 5 years, FLES.L returned 2.20%/yr vs 13.68%/yr for FLQA.L. At a 0.09 correlation, their price movements are largely independent.

Performance

FLES.L vs. FLQA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Franklin Euro Short Maturity UCITS ETF (FLES.L) and Franklin FTSE Asia ex China ex Japan UCITS ETF (FLQA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FLES.L is traded in EUR, while FLQA.L is traded in USD. To make them comparable, the FLQA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, FLES.L achieves a 0.86% return, which is significantly lower than FLQA.L's 38.10% return.

FLES.L

• 1D: 0.04%
• 1M: 0.08%
• 6M: 0.82%
• YTD: 0.86%
• 1Y: 1.80%
• 3Y*: 3.16%
• 5Y*: 2.20%
• 10Y*: —

FLQA.L

• 1D: 0.00%
• 1M: -6.57%
• 6M: 30.77%
• YTD: 38.10%
• 1Y: 56.69%
• 3Y*: 25.02%
• 5Y*: 13.68%
• 10Y*: —

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

FLES.L vs. FLQA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLES.L Franklin Euro Short Maturity UCITS ETF	0.86%	2.37%	4.21%	3.29%	0.14%	0.12%	-0.12%	0.52%	-0.68%
FLQA.L Franklin FTSE Asia ex China ex Japan UCITS ETF	38.10%	14.43%	14.87%	8.66%	-7.54%	12.39%	-2.09%	12.23%	-4.41%

Correlation

The correlation between FLES.L and FLQA.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018	0.09

Return for Risk

FLES.L vs. FLQA.L — Risk / Return Rank

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

FLES.L

FLES.L Risk / Return Rank: 87
FLES.L Sharpe Ratio Rank: 81
FLES.L Sortino Ratio Rank: 82
FLES.L Omega Ratio Rank: 91
FLES.L Calmar Ratio Rank: 93
FLES.L Martin Ratio Rank: 87

FLQA.L

FLQA.L Risk / Return Rank: 80
FLQA.L Sharpe Ratio Rank: 81
FLQA.L Sortino Ratio Rank: 74
FLQA.L Omega Ratio Rank: 79
FLQA.L Calmar Ratio Rank: 85
FLQA.L Martin Ratio Rank: 79

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.

FLES.L vs. FLQA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Euro Short Maturity UCITS ETF (FLES.L) and Franklin FTSE Asia ex China ex Japan UCITS ETF (FLQA.L). 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.

	FLES.L	FLQA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.32	-0.27
Sortino ratio: Return per unit of downside risk	2.94	2.98	-0.04
Omega ratio: Gain probability vs. loss probability	1.47	1.41	+0.06
Calmar ratio: Return relative to maximum drawdown	5.16	4.77	+0.39
Martin ratio: Return relative to average drawdown	14.62	14.26	+0.36

FLES.L vs. FLQA.L - Sharpe Ratio Comparison

The current FLES.L Sharpe Ratio is 2.05, which is comparable to the FLQA.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of FLES.L and FLQA.L, 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

FLES.L vs. FLQA.L - Drawdown Comparison

The maximum FLES.L drawdown since its inception was -4.50%, smaller than the maximum FLQA.L drawdown of -26.80%. Use the drawdown chart below to compare losses from any high point for FLES.L and FLQA.L.

Drawdown Indicators

	FLES.L	FLQA.L	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-26.80%	+22.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-11.87%	+11.52%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	-20.75%	+20.40%
Max Drawdown (5Y) Largest decline over 5 years	-0.88%	-20.75%	+19.87%
Current Drawdown Current decline from peak	-0.12%	-11.45%	+11.33%
Average Drawdown Average peak-to-trough decline	-0.81%	-5.31%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	3.97%	-3.85%

Volatility

FLES.L vs. FLQA.L - Volatility Comparison

The current volatility for Franklin Euro Short Maturity UCITS ETF (FLES.L) is 0.30%, while Franklin FTSE Asia ex China ex Japan UCITS ETF (FLQA.L) has a volatility of 10.93%. This indicates that FLES.L experiences smaller price fluctuations and is considered to be less risky than FLQA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLES.L	FLQA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	10.93%	-10.63%
Volatility (6M) Calculated over the trailing 6-month period	0.71%	21.86%	-21.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.87%	24.34%	-23.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	16.86%	-16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.19%	18.08%	-16.89%

Dividends

FLES.L vs. FLQA.L - Dividend Comparison

FLES.L's dividend yield for the trailing twelve months is around 1.92%, while FLQA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FLES.L Franklin Euro Short Maturity UCITS ETF	1.92%	2.62%	2.55%	1.20%	0.26%
FLQA.L Franklin FTSE Asia ex China ex Japan UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLES.L and FLQA.L in my portfolio?

FLES.L and FLQA.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FLES.L and FLQA.L?

FLES.L is categorized as Global Equities, while FLQA.L is China Equities. FLES.L tracks Franklin Euro Short Maturity UCITS ETF, while FLQA.L tracks Franklin FTSE Asia ex China ex Japan UCITS ETF.