FLES.L vs. UQLT.L

Last updated Jul 17, 2026

FLES.L (Franklin Euro Short Maturity UCITS ETF EUR (Dist)) and UQLT.L (UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - FLES.L is a Ultra Short-Term Bonds fund tracking the ICE BofA 0-1 Year Euro Broad Market Index, while UQLT.L is a Large Cap Blend Equities fund tracking the MSCI USA Quality Advanced Target Select 100% Hedged to GBP Index. Both are passively managed. Over the past 5 years, FLES.L returned 2.20%/yr vs 11.63%/yr for UQLT.L. At a 0.07 correlation, their price movements are largely independent. FLES.L charges 0.15%/yr vs 0.28%/yr for UQLT.L.

Performance

FLES.L vs. UQLT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L) and UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist) (UQLT.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FLES.L is traded in EUR, while UQLT.L is traded in GBp. To make them comparable, the UQLT.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 UQLT.L's 14.20% return.

FLES.L

• 1D: 0.04%
• 1M: 0.04%
• 6M: 0.78%
• YTD: 0.86%
• 1Y: 1.80%
• 3Y*: 3.16%
• 5Y*: 2.20%
• 10Y*: —

UQLT.L

• 1D: 0.15%
• 1M: 3.28%
• 6M: 11.58%
• YTD: 14.20%
• 1Y: 28.66%
• 3Y*: 19.65%
• 5Y*: 11.63%
• 10Y*: 14.33%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist)	0.86%	2.37%	4.21%	3.29%	0.14%	0.12%	-0.12%	0.52%	-0.44%
UQLT.L UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist)	14.20%	11.50%	26.39%	36.60%	-29.15%	36.00%	12.56%	43.08%	-9.52%

Correlation

The correlation between FLES.L and UQLT.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.07

The correlation between FLES.L and UQLT.L shifts across timeframes, from 0.07 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLES.L vs. UQLT.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

UQLT.L

UQLT.L Risk / Return Rank: 68
UQLT.L Sharpe Ratio Rank: 73
UQLT.L Sortino Ratio Rank: 78
UQLT.L Omega Ratio Rank: 70
UQLT.L Calmar Ratio Rank: 55
UQLT.L Martin Ratio Rank: 66

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. UQLT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L) and UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist) (UQLT.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	UQLT.L	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.91	+0.14
Sortino ratio: Return per unit of downside risk	2.94	2.81	+0.13
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	5.16	2.43	+2.72
Martin ratio: Return relative to average drawdown	14.62	10.08	+4.54

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

The current FLES.L Sharpe Ratio is 2.05, which is comparable to the UQLT.L Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FLES.L and UQLT.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. UQLT.L - Drawdown Comparison

The maximum FLES.L drawdown since its inception was -4.50%, smaller than the maximum UQLT.L drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for FLES.L and UQLT.L.

Drawdown Indicators

	FLES.L	UQLT.L	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-40.23%	+35.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-11.72%	+11.37%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	-24.12%	+23.77%
Max Drawdown (5Y) Largest decline over 5 years	-0.88%	-35.02%	+34.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.23%	—
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.81%	-6.90%	+6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	2.84%	-2.72%

Volatility

FLES.L vs. UQLT.L - Volatility Comparison

The current volatility for Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L) is 0.30%, while UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist) (UQLT.L) has a volatility of 4.05%. This indicates that FLES.L experiences smaller price fluctuations and is considered to be less risky than UQLT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLES.L	UQLT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	4.05%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	0.71%	11.47%	-10.76%
Volatility (1Y) Calculated over the trailing 1-year period	0.87%	14.96%	-14.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	19.53%	-18.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.19%	19.68%	-18.49%

FLES.L vs. UQLT.L - Expense Ratio Comparison

FLES.L has a 0.15% expense ratio, which is lower than UQLT.L's 0.28% expense ratio.

Dividends

FLES.L vs. UQLT.L - Dividend Comparison

FLES.L's dividend yield for the trailing twelve months is around 1.92%, more than UQLT.L's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist)	1.92%	2.62%	2.55%	1.20%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UQLT.L UBS Factor MSCI USA Quality Screened UCITS ETF GBP Hedged (Dist)	0.21%	0.54%	0.30%	0.78%	0.81%	0.70%	0.86%	0.93%	1.24%	1.04%	0.65%

Frequently Asked Questions

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

FLES.L and UQLT.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLES.L or UQLT.L?

On fees, FLES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLES.L or UQLT.L?

FLES.L is cheaper with a 0.15% expense ratio, compared with 0.28% for UQLT.L.

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

FLES.L is categorized as Ultra Short-Term Bonds, while UQLT.L is Large Cap Blend Equities. FLES.L tracks ICE BofA 0-1 Year Euro Broad Market Index, while UQLT.L tracks MSCI USA Quality Advanced Target Select 100% Hedged to GBP Index. They also come from different issuers: Franklin and UBS. Their fees differ too: 0.15% for FLES.L and 0.28% for UQLT.L.