FLEU vs. FLEE

Last updated Aug 2, 2026

FLEU (Franklin FTSE Eurozone ETF) and FLEE (Franklin FTSE Europe ETF) are both Europe Equities funds from Franklin Templeton - FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net while FLEE tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, FLEU returned 12.16%/yr vs 9.49%/yr for FLEE. Their correlation of 0.80 means they have usually moved in the same direction. Both charge a 0.09% expense ratio.

Performance

FLEU vs. FLEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Eurozone ETF (FLEU) and Franklin FTSE Europe ETF (FLEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLEU achieves a 10.02% return, which is significantly higher than FLEE's 9.38% return.

FLEU

• 1D: 0.00%
• 1M: 0.40%
• 6M: 5.93%
• YTD: 10.02%
• 1Y: 23.92%
• 3Y*: 17.76%
• 5Y*: 12.16%
• 10Y*: —
• ALL TIME*: 10.54%

FLEE

• 1D: -1.34%
• 1M: 0.04%
• 6M: 4.27%
• YTD: 9.38%
• 1Y: 23.53%
• 3Y*: 16.22%
• 5Y*: 9.49%
• 10Y*: —
• ALL TIME*: 8.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLEE Franklin FTSE Europe ETF	$309.38K	$221.20K	$513.36K
FLEU Franklin FTSE Eurozone ETF	$166.73K	$205.09K	$250.17K

FLEU vs. FLEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEU Franklin FTSE Eurozone ETF	10.02%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%
FLEE Franklin FTSE Europe ETF	9.38%	35.76%	2.03%	20.46%	-15.22%	16.84%	5.33%	24.41%	-14.97%	1.80%

Correlation

The correlation between FLEU and FLEE is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.80

The correlation between FLEU and FLEE shifts across timeframes, from 0.80 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

FLEU vs. FLEE - Sectors Allocation Comparison

Sectors	FLEU	FLEE
Financial Services	26.3%	24.4%
Industrials	19.5%	19.4%
Technology	15.7%	9.8%
Consumer Cyclical	7.5%	6.7%
Utilities	6.8%	4.8%
Healthcare	5.7%	12.9%
Consumer Defensive	5.0%	8.3%
Basic Materials	4.3%	5.5%
Communication Services	4.1%	2.6%
Energy	3.8%	4.4%
Real Estate	1.0%	1.0%

Return for Risk

FLEU vs. FLEE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLEU

FLEU Risk / Return Rank: 53
FLEU Sharpe Ratio Rank: 55
FLEU Sortino Ratio Rank: 56
FLEU Omega Ratio Rank: 54
FLEU Calmar Ratio Rank: 49
FLEU Martin Ratio Rank: 54

FLEE

FLEE Risk / Return Rank: 54
FLEE Sharpe Ratio Rank: 56
FLEE Sortino Ratio Rank: 57
FLEE Omega Ratio Rank: 54
FLEE Calmar Ratio Rank: 49
FLEE Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLEU vs. FLEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) and Franklin FTSE Europe ETF (FLEE). 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.

	FLEU	FLEE	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.35	-0.04
Sortino ratio: Return per unit of downside risk	1.93	1.98	-0.04
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.74	1.76	-0.03
Martin ratio: Return relative to average drawdown	6.33	6.54	-0.21

FLEU vs. FLEE - Sharpe Ratio Comparison

The current FLEU Sharpe Ratio is 1.32, which is comparable to the FLEE Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FLEU and FLEE, 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

FLEU vs. FLEE - Drawdown Comparison

The maximum FLEU drawdown since its inception was -33.94%, smaller than the maximum FLEE drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for FLEU and FLEE.

Drawdown Indicators

	FLEU	FLEE	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-37.27%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-12.37%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-14.59%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-31.62%	+12.95%
Current Drawdown Current decline from peak	-0.32%	-1.34%	+1.02%
Average Drawdown Average peak-to-trough decline	-4.65%	-7.00%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.33%	+0.34%

Volatility

FLEU vs. FLEE - Volatility Comparison

Franklin FTSE Eurozone ETF (FLEU) has a higher volatility of 4.77% compared to Franklin FTSE Europe ETF (FLEE) at 4.51%. This indicates that FLEU's price experiences larger fluctuations and is considered to be riskier than FLEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEU	FLEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	4.51%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	13.78%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	16.13%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	17.45%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	18.91%	-0.66%

FLEU vs. FLEE - Expense Ratio Comparison

Both FLEU and FLEE have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLEU vs. FLEE - Dividend Comparison

FLEU's dividend yield for the trailing twelve months is around 2.67%, less than FLEE's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEE Franklin FTSE Europe ETF	3.13%	2.76%	3.93%	2.57%	3.48%	3.61%	1.88%	3.02%	3.85%	0.02%
FLEU Franklin FTSE Eurozone ETF	2.67%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%

Frequently Asked Questions

Can I hold both FLEU and FLEE in my portfolio?

With a correlation of 0.94, FLEU and FLEE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLEU or FLEE?

FLEU has higher volatility (4.77%) compared to FLEE (4.51%). In terms of maximum drawdown, FLEU dropped -33.94% vs FLEE's -37.27%.

Which ETF is better, FLEU or FLEE?

On 5-year performance, FLEU leads with 12.16% vs 9.49% for FLEE. Both ETFs have the same 0.09% expense ratio. On volatility, FLEE has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEU or FLEE?

Over the 5-year period, FLEU has performed better with a 12.16% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEU or FLEE?

FLEU and FLEE have the same expense ratio: 0.09% per year.

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

FLEE has the higher dividend yield at 3.13%, compared with 2.67% for FLEU.

What is the main difference between FLEU and FLEE?

FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while FLEE tracks FTSE Developed Europe RIC Capped Index.

Which has better risk-adjusted returns?

FLEE currently has the higher Sharpe Ratio (1.35 vs 1.32), 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.