FLEU vs. FSZ

Last updated Aug 2, 2026

FLEU (Franklin FTSE Eurozone ETF) and FSZ (First Trust Switzerland AlphaDEX Fund) are both Europe Equities funds - FLEU tracks the FTSE Developed Eurozone Index - Benchmark TR Net while FSZ tracks the NASDAQ AlphaDEX Switzerland Index. Both are passively managed. Over the past 5 years, FLEU returned 12.16%/yr vs 5.67%/yr for FSZ. Their 0.65 correlation means they have sometimes moved together and sometimes differently. FLEU charges 0.09%/yr vs 0.80%/yr for FSZ.

Performance

FLEU vs. FSZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Eurozone ETF (FLEU) and First Trust Switzerland AlphaDEX Fund (FSZ). 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 FSZ's 3.71% 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%

FSZ

• 1D: -0.86%
• 1M: -1.77%
• 6M: 0.25%
• YTD: 3.71%
• 1Y: 10.06%
• 3Y*: 11.44%
• 5Y*: 5.67%
• 10Y*: 9.81%
• ALL TIME*: 9.28%

*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)
FLEU Franklin FTSE Eurozone ETF	$166.73K	$205.09K	$250.17K
FSZ First Trust Switzerland AlphaDEX Fund	$60.99K	$62.05K	$87.92K

FLEU vs. FSZ - 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%
FSZ First Trust Switzerland AlphaDEX Fund	3.71%	30.10%	-1.85%	21.30%	-20.12%	20.18%	13.83%	25.88%	-15.22%	1.99%

Correlation

The correlation between FLEU and FSZ is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.65

The correlation between FLEU and FSZ shifts across timeframes, from 0.65 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

FLEU vs. FSZ - Sectors Allocation Comparison

Sectors	FLEU	FSZ
Financial Services	26.3%	18.8%
Industrials	19.5%	22.2%
Technology	15.7%	1.4%
Consumer Cyclical	7.5%	11.0%
Utilities	6.8%	2.6%
Healthcare	5.7%	23.1%
Consumer Defensive	5.0%	6.3%
Basic Materials	4.3%	8.0%
Communication Services	4.1%	3.5%
Energy	3.8%	-
Real Estate	1.0%	3.2%

Return for Risk

FLEU vs. FSZ — 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

FSZ

FSZ Risk / Return Rank: 25
FSZ Sharpe Ratio Rank: 25
FSZ Sortino Ratio Rank: 25
FSZ Omega Ratio Rank: 23
FSZ Calmar Ratio Rank: 25
FSZ Martin Ratio Rank: 26

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. FSZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) and First Trust Switzerland AlphaDEX Fund (FSZ). 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	FSZ	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.56	+0.76
Sortino ratio: Return per unit of downside risk	1.93	0.92	+1.01
Omega ratio: Gain probability vs. loss probability	1.24	1.10	+0.14
Calmar ratio: Return relative to maximum drawdown	1.74	0.78	+0.95
Martin ratio: Return relative to average drawdown	6.33	2.09	+4.24

FLEU vs. FSZ - Sharpe Ratio Comparison

The current FLEU Sharpe Ratio is 1.32, which is higher than the FSZ Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of FLEU and FSZ, 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. FSZ - Drawdown Comparison

The maximum FLEU drawdown since its inception was -33.94%, roughly equal to the maximum FSZ drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for FLEU and FSZ.

Drawdown Indicators

	FLEU	FSZ	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-33.97%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-10.39%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-13.93%	-1.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-33.96%	+15.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.97%	—
Current Drawdown Current decline from peak	-0.32%	-3.56%	+3.24%
Average Drawdown Average peak-to-trough decline	-4.65%	-6.96%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.89%	-0.22%

Volatility

FLEU vs. FSZ - Volatility Comparison

The current volatility for Franklin FTSE Eurozone ETF (FLEU) is 4.77%, while First Trust Switzerland AlphaDEX Fund (FSZ) has a volatility of 5.15%. This indicates that FLEU experiences smaller price fluctuations and is considered to be less risky than FSZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLEU	FSZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	5.15%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	11.59%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	14.58%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	19.42%	-2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	18.71%	-0.46%

FLEU vs. FSZ - Expense Ratio Comparison

FLEU has a 0.09% expense ratio, which is lower than FSZ's 0.80% expense ratio.

Dividends

FLEU vs. FSZ - Dividend Comparison

FLEU's dividend yield for the trailing twelve months is around 2.67%, more than FSZ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
FSZ First Trust Switzerland AlphaDEX Fund	2.00%	1.80%	1.80%	2.11%	3.50%	1.62%	1.53%	2.01%	2.29%	1.49%	1.93%	1.08%

Frequently Asked Questions

Can I hold both FLEU and FSZ in my portfolio?

FLEU and FSZ have a correlation of 0.77, 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 FSZ?

FSZ has higher volatility (5.15%) compared to FLEU (4.77%). In terms of maximum drawdown, FLEU dropped -33.94% vs FSZ's -33.97%.

Which ETF is better, FLEU or FSZ?

On 5-year performance, FLEU leads with 12.16% vs 5.67% for FSZ. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEU or FSZ?

Over the 5-year period, FLEU has performed better with a 12.16% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEU or FSZ?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.80% for FSZ.

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

FLEU has the higher dividend yield at 2.67%, compared with 2.00% for FSZ.

What is the main difference between FLEU and FSZ?

FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while FSZ tracks NASDAQ AlphaDEX Switzerland Index. They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.09% for FLEU and 0.80% for FSZ.

Which has better risk-adjusted returns?

FLEU currently has the higher Sharpe Ratio (1.32 vs 0.56), 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.