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FLES.L vs. FRGD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLES.L vs. FRGD.L

Last updated Jul 16, 2026
Documentation

FLES.L (Franklin Euro Short Maturity UCITS ETF) and FRGD.L (Franklin Global Quality Dividend UCITS ETF) are both exchange-traded funds - FLES.L is a Global Equities fund tracking the Franklin Euro Short Maturity UCITS ETF, while FRGD.L is a Dividend fund tracking the Franklin Global Quality Dividend UCITS ETF. Both are passively managed. Over the past 5 years, FLES.L returned 2.20%/yr vs 10.09%/yr for FRGD.L. At a 0.08 correlation, their price movements are largely independent.

Performance

FLES.L vs. FRGD.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 Global Quality Dividend UCITS ETF (FRGD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FLES.L is traded in EUR, while FRGD.L is traded in USD. To make them comparable, the FRGD.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 FRGD.L's 14.36% 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*
—

FRGD.L

1D
-1.04%
1M
1.10%
6M
10.37%
YTD
14.36%
1Y
20.48%
3Y*
14.99%
5Y*
10.09%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
FLES.L
Franklin Euro Short Maturity UCITS ETF		0.86%2.37%4.21%3.29%0.14%0.12%-0.12%0.52%-0.44%
FRGD.L
Franklin Global Quality Dividend UCITS ETF		14.36%0.68%23.04%7.21%-3.77%28.15%-3.14%26.68%-2.16%

Correlation

The correlation between FLES.L and FRGD.L 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

0.13

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

0.11

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2018

0.08

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Franklin Euro Short Maturity UCITS ETF

Franklin Global Quality Dividend UCITS ETF

Return for Risk

FLES.L vs. FRGD.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: 8787
Overall Rank
FLES.L Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
FLES.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
FLES.L Omega Ratio Rank: 9191
Omega Ratio Rank
FLES.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FLES.L Martin Ratio Rank: 8787
Martin Ratio Rank
FRGD.L
FRGD.L Risk / Return Rank: 7171
Overall Rank
FRGD.L Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
FRGD.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
FRGD.L Omega Ratio Rank: 6969
Omega Ratio Rank
FRGD.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
FRGD.L Martin Ratio Rank: 6767
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.

FLES.L vs. FRGD.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 Global Quality Dividend UCITS ETF (FRGD.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.LFRGD.LDifference
Sharpe ratioReturn per unit of total volatility
2.05
2.00

+0.05

Sortino ratioReturn per unit of downside risk
2.94
2.84

+0.10

Omega ratioGain probability vs. loss probability

1.47

1.36

+0.11

Calmar ratioReturn relative to maximum drawdown

5.16

3.89

+1.26

Martin ratioReturn relative to average drawdown

14.62

14.14

+0.48

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

The current FLES.L Sharpe Ratio is 2.05, which is comparable to the FRGD.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FLES.L and FRGD.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.

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Drawdowns

FLES.L vs. FRGD.L - Drawdown Comparison

The maximum FLES.L drawdown since its inception was -4.50%, smaller than the maximum FRGD.L drawdown of -34.15%. Use the drawdown chart below to compare losses from any high point for FLES.L and FRGD.L.

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Drawdown Indicators

FLES.LFRGD.LDifference

Max Drawdown

Largest peak-to-trough decline

-4.50%

-34.15%

+29.65%

Max Drawdown (1Y)

Largest decline over 1 year

-0.35%

-5.24%

+4.89%

Max Drawdown (3Y)

Largest decline over 3 years

-0.35%

-16.39%

+16.04%

Max Drawdown (5Y)

Largest decline over 5 years

-0.88%

-16.39%

+15.51%

Current Drawdown

Current decline from peak

-0.12%

-1.38%

+1.26%

Average Drawdown

Average peak-to-trough decline

-0.81%

-4.59%

+3.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

1.45%

-1.33%

Volatility

FLES.L vs. FRGD.L - Volatility Comparison

The current volatility for Franklin Euro Short Maturity UCITS ETF (FLES.L) is 0.30%, while Franklin Global Quality Dividend UCITS ETF (FRGD.L) has a volatility of 3.15%. This indicates that FLES.L experiences smaller price fluctuations and is considered to be less risky than FRGD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLES.LFRGD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.30%

3.15%

-2.85%

Volatility (6M)

Calculated over the trailing 6-month period

0.71%

7.95%

-7.24%

Volatility (1Y)

Calculated over the trailing 1-year period

0.87%

10.19%

-9.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.80%

12.58%

-11.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.19%

14.48%

-13.29%

Dividends

FLES.L vs. FRGD.L - Dividend Comparison

FLES.L's dividend yield for the trailing twelve months is around 1.92%, less than FRGD.L's 2.50% yield.

PositionTTM202520242023202220212020201920182017
FLES.L
Franklin Euro Short Maturity UCITS ETF		1.92%2.62%2.55%1.20%0.26%0.00%0.00%0.00%0.00%0.00%
FRGD.L
Franklin Global Quality Dividend UCITS ETF		2.50%2.69%2.46%2.73%3.03%2.36%2.41%3.21%3.38%0.44%

Frequently Asked Questions

FLES.L and FRGD.L 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.

FLES.L is categorized as Global Equities, while FRGD.L is Dividend. FLES.L tracks Franklin Euro Short Maturity UCITS ETF, while FRGD.L tracks Franklin Global Quality Dividend UCITS ETF.

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