FLEU vs. CWI

Last updated Jun 3, 2026

FLEU (Franklin FTSE Eurozone ETF) and CWI (SPDR MSCI ACWI ex-US ETF) are both exchange-traded funds - FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net, while CWI is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index. Both are passively managed. Over the past 5 years, FLEU returned 12.08%/yr vs 9.26%/yr for CWI. A 0.76 correlation means they provide meaningful diversification when combined. FLEU charges 0.09%/yr vs 0.30%/yr for CWI.

Performance

FLEU vs. CWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Eurozone ETF (FLEU) and SPDR MSCI ACWI ex-US ETF (CWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLEU achieves a 7.22% return, which is significantly lower than CWI's 15.31% return.

FLEU

• 1D: 0.52%
• 1M: 3.45%
• YTD: 7.22%
• 6M: 10.70%
• 1Y: 19.04%
• 3Y*: 16.81%
• 5Y*: 12.08%
• 10Y*: —

CWI

• 1D: 1.01%
• 1M: 5.42%
• YTD: 15.31%
• 6M: 18.45%
• 1Y: 33.32%
• 3Y*: 20.25%
• 5Y*: 9.26%
• 10Y*: 10.05%

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

FLEU vs. CWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEU Franklin FTSE Eurozone ETF	7.22%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
CWI SPDR MSCI ACWI ex-US ETF	15.31%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	1.54%

Correlation

The correlation between FLEU and CWI is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.76

The correlation between FLEU and CWI shifts across timeframes, from 0.76 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

FLEU vs. CWI - Sectors Allocation Comparison

Sectors	FLEU	CWI
Financial Services	24.8%	17.4%
Industrials	21.0%	7.8%
Technology	14.7%	14.9%
Consumer Cyclical	8.4%	5.8%
Utilities	7.1%	1.2%
Healthcare	5.8%	5.3%
Consumer Defensive	5.2%	2.8%
Basic Materials	4.3%	4.4%
Energy	4.0%	5.0%
Communication Services	3.6%	3.2%
Real Estate	1.2%	0.9%

Return for Risk

FLEU vs. CWI — Risk / Return Rank

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

FLEU

FLEU Risk / Return Rank: 32
FLEU Sharpe Ratio Rank: 31
FLEU Sortino Ratio Rank: 31
FLEU Omega Ratio Rank: 31
FLEU Calmar Ratio Rank: 30
FLEU Martin Ratio Rank: 36

CWI

CWI Risk / Return Rank: 64
CWI Sharpe Ratio Rank: 65
CWI Sortino Ratio Rank: 64
CWI Omega Ratio Rank: 65
CWI Calmar Ratio Rank: 60
CWI Martin Ratio Rank: 64

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.

FLEU vs. CWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) and SPDR MSCI ACWI ex-US ETF (CWI). 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.

	FLEU	CWI	Difference
Sharpe ratio Return per unit of total volatility	1.13	2.19	-1.06
Sortino ratio Return per unit of downside risk	1.67	3.01	-1.34
Omega ratio Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio Return relative to maximum drawdown	1.50	3.01	-1.51
Martin ratio Return relative to average drawdown	5.48	11.72	-6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLEU vs. CWI - Sharpe Ratio Comparison

The current FLEU Sharpe Ratio is 1.13, which is lower than the CWI Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FLEU and CWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLEU	CWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.19	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.57	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.25	+0.32

Drawdowns

FLEU vs. CWI - Drawdown Comparison

The maximum FLEU drawdown since its inception was -33.94%, smaller than the maximum CWI drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for FLEU and CWI.

Drawdown Indicators

	FLEU	CWI	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-60.77%	+26.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-11.47%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-13.85%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-29.45%	+10.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.64%	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-4.71%	-12.86%	+8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.95%	+0.73%

Volatility

FLEU vs. CWI - Volatility Comparison

Franklin FTSE Eurozone ETF (FLEU) has a higher volatility of 7.12% compared to SPDR MSCI ACWI ex-US ETF (CWI) at 5.77%. This indicates that FLEU's price experiences larger fluctuations and is considered to be riskier than CWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEU	CWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	5.77%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	14.35%	13.04%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	15.32%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	16.24%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	17.13%	+1.13%

FLEU vs. CWI - Expense Ratio Comparison

FLEU has a 0.09% expense ratio, which is lower than CWI's 0.30% expense ratio.

Dividends

FLEU vs. CWI - Dividend Comparison

FLEU's dividend yield for the trailing twelve months is around 2.07%, less than CWI's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.67%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
FLEU Franklin FTSE Eurozone ETF	2.07%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLEU and CWI in my portfolio?

FLEU and CWI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEU or CWI?

FLEU has higher volatility (7.12%) compared to CWI (5.77%). In terms of maximum drawdown, FLEU dropped -33.94% vs CWI's -60.77%.

Which ETF is better, FLEU or CWI?

On 5-year performance, FLEU leads with 12.08% vs 9.26% for CWI. On fees, FLEU is cheaper at 0.09% per year. On volatility, CWI has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEU or CWI?

Over the 5-year period, FLEU has performed better with a 12.08% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEU or CWI?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.30% for CWI.

Which ETF pays a higher dividend yield, FLEU or CWI?

CWI has the higher dividend yield at 2.67%, compared with 2.07% for FLEU.

What is the main difference between FLEU and CWI?

FLEU is categorized as Europe Equities, while CWI is Foreign Large Cap Equities. FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while CWI tracks MSCI All Country World ex-U.S. Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.09% for FLEU and 0.30% for CWI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (2.19 vs 1.13), 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.