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FLGB vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLGB vs. EWP

Last updated Aug 4, 2026
Documentation

FLGB (Franklin FTSE United Kingdom ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - FLGB tracks the FTSE UK RIC Capped Index while EWP tracks the MSCI Spain 25/50 Index (Net). Both are passively managed. Over the past 5 years, FLGB returned 12.14%/yr vs 20.96%/yr for EWP. Their 0.74 correlation means they have sometimes moved together and sometimes differently. FLGB charges 0.09%/yr vs 0.50%/yr for EWP.

Performance

FLGB vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE United Kingdom ETF (FLGB) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLGB achieves a 11.41% return, which is significantly lower than EWP's 16.77% return.

FLGB

1D
-0.32%
1M
2.74%
6M
5.44%
YTD
11.41%
1Y
24.63%
3Y*
19.27%
5Y*
12.14%
10Y*
—
ALL TIME*
8.47%

EWP

1D
0.78%
1M
3.86%
6M
10.71%
YTD
16.77%
1Y
43.37%
3Y*
34.09%
5Y*
20.96%
10Y*
12.76%
ALL TIME*
8.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWP

iShares MSCI Spain ETF
$20.96M$19.84M$20.30M

FLGB

Franklin FTSE United Kingdom ETF
$6.13M$3.79M$3.38M

FLGB vs. EWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLGB
Franklin FTSE United Kingdom ETF		11.41%33.73%8.77%14.33%-6.00%17.14%-9.47%23.23%-11.60%1.12%
EWP
iShares MSCI Spain ETF		16.77%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%0.39%

Correlation

The correlation between FLGB and EWP 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.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.74

The correlation between FLGB and EWP has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

FLGB vs. EWP - Sectors Allocation Comparison

Sectors
FLGB
EWP

Financial Services

25.5%
43.9%

Consumer Defensive

14.4%

-

Industrials

14.4%
16.3%

Healthcare

13.8%
1.3%

Energy

10.0%
3.9%

Basic Materials

8.2%

-

Utilities

5.0%
21.9%

Consumer Cyclical

4.9%
4.5%

Communication Services

2.5%
2.4%

Real Estate

0.9%
2.4%

Technology

0.6%
4.8%

Financial Services

FLGB
25.5%
EWP
43.9%

Consumer Defensive

FLGB
14.4%
EWP

-

Industrials

FLGB
14.4%
EWP
16.3%

Healthcare

FLGB
13.8%
EWP
1.3%

Energy

FLGB
10.0%
EWP
3.9%

Basic Materials

FLGB
8.2%
EWP

-

Utilities

FLGB
5.0%
EWP
21.9%

Consumer Cyclical

FLGB
4.9%
EWP
4.5%

Communication Services

FLGB
2.5%
EWP
2.4%

Real Estate

FLGB
0.9%
EWP
2.4%

Technology

FLGB
0.6%
EWP
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin FTSE United Kingdom ETF

iShares MSCI Spain ETF

Often compared with FLGB:
FLGB vs. EWUFLGB vs. FLAUFLGB vs. FLEEFLGB vs. IUKD.LFLGB vs. EUFNFLGB vs. VFIAXFLGB vs. HEDJ
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. EWQEWP vs. FEZ

Return for Risk

FLGB vs. EWP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FLGB
FLGB Risk / Return Rank: 6969
Overall Rank
FLGB Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
FLGB Sortino Ratio Rank: 7272
Sortino Ratio Rank
FLGB Omega Ratio Rank: 6969
Omega Ratio Rank
FLGB Calmar Ratio Rank: 6767
Calmar Ratio Rank
FLGB Martin Ratio Rank: 6565
Martin Ratio Rank
EWP
EWP Risk / Return Rank: 8888
Overall Rank
EWP Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 8888
Sortino Ratio Rank
EWP Omega Ratio Rank: 8787
Omega Ratio Rank
EWP Calmar Ratio Rank: 8989
Calmar Ratio Rank
EWP Martin Ratio Rank: 8888
Martin Ratio Rank
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.

FLGB vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE United Kingdom ETF (FLGB) and iShares MSCI Spain ETF (EWP). 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.

FLGBEWPDifference
Sharpe ratioReturn per unit of total volatility
1.67
2.28

-0.61

Sortino ratioReturn per unit of downside risk
2.41
3.06

-0.65

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.09

Calmar ratioReturn relative to maximum drawdown

2.41

3.83

-1.42

Martin ratioReturn relative to average drawdown

8.09

13.64

-5.55

FLGB vs. EWP - Sharpe Ratio Comparison

The current FLGB Sharpe Ratio is 1.67, which is comparable to the EWP Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FLGB and EWP, 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

FLGB vs. EWP - Drawdown Comparison

The maximum FLGB drawdown since its inception was -42.61%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for FLGB and EWP.

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Drawdown Indicators

FLGBEWPDifference

Max Drawdown

Largest peak-to-trough decline

-42.61%

-61.19%

+18.58%

Max Drawdown (1Y)

Largest decline over 1 year

-10.26%

-11.38%

+1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-13.13%

-12.19%

-0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-25.90%

-30.26%

+4.36%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.36%

—

Current Drawdown

Current decline from peak

-0.91%

0.00%

-0.91%

Average Drawdown

Average peak-to-trough decline

-6.62%

-21.32%

+14.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

3.19%

-0.14%

Volatility

FLGB vs. EWP - Volatility Comparison

The current volatility for Franklin FTSE United Kingdom ETF (FLGB) is 3.96%, while iShares MSCI Spain ETF (EWP) has a volatility of 5.87%. This indicates that FLGB experiences smaller price fluctuations and is considered to be less risky than EWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLGBEWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.96%

5.87%

-1.91%

Volatility (6M)

Calculated over the trailing 6-month period

12.82%

16.55%

-3.73%

Volatility (1Y)

Calculated over the trailing 1-year period

14.80%

19.15%

-4.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

20.28%

-3.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.90%

21.50%

-2.60%

FLGB vs. EWP - Expense Ratio Comparison

FLGB has a 0.09% expense ratio, which is lower than EWP's 0.50% expense ratio.

Dividends

FLGB vs. EWP - Dividend Comparison

FLGB's dividend yield for the trailing twelve months is around 2.85%, more than EWP's 2.69% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.69%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
FLGB
Franklin FTSE United Kingdom ETF		2.85%3.50%4.42%3.95%4.23%2.93%2.67%4.30%3.92%0.43%0.00%0.00%

Frequently Asked Questions

FLGB and EWP 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.

EWP has higher volatility (5.87%) compared to FLGB (3.96%). In terms of maximum drawdown, FLGB dropped -42.61% vs EWP's -61.19%.

On 5-year performance, EWP leads with 20.96% vs 12.14% for FLGB. On fees, FLGB is cheaper at 0.09% per year. On volatility, FLGB has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWP has performed better with a 20.96% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLGB is cheaper with a 0.09% expense ratio, compared with 0.50% for EWP.

FLGB has the higher dividend yield at 2.85%, compared with 2.69% for EWP.

FLGB tracks FTSE UK RIC Capped Index, while EWP tracks MSCI Spain 25/50 Index (Net). They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLGB and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.28 vs 1.67), 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.

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