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FLGB vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLGB vs. EWU

Last updated Jun 5, 2026

FLGB (Franklin FTSE United Kingdom ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - FLGB tracks the FTSE UK RIC Capped Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 5 years, FLGB returned 10.79%/yr vs 10.86%/yr for EWU. Their correlation of 0.95 suggests significant overlap in exposure. FLGB charges 0.09%/yr vs 0.50%/yr for EWU.

Performance

FLGB vs. EWU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE United Kingdom ETF (FLGB) and iShares MSCI United Kingdom ETF (EWU). 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 6.10% return, which is significantly lower than EWU's 6.59% return.

FLGB

1D
1.10%
1M
0.70%
YTD
6.10%
6M
9.49%
1Y
20.40%
3Y*
18.21%
5Y*
10.79%
10Y*
—

EWU

1D
0.99%
1M
0.93%
YTD
6.59%
6M
10.05%
1Y
21.33%
3Y*
17.73%
5Y*
10.86%
10Y*
7.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLGB vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLGB
Franklin FTSE United Kingdom ETF		6.10%33.73%8.77%14.33%-6.00%17.14%-9.47%23.23%-11.60%1.12%
EWU
iShares MSCI United Kingdom ETF		6.59%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%4.07%

Correlation

The correlation between FLGB and EWU is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.95

The correlation between FLGB and EWU has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

FLGB vs. EWU - Sectors Allocation Comparison

Sectors
FLGB
EWU

Financial Services

24.2%
26.0%

Industrials

14.2%
12.1%

Consumer Defensive

14.0%
14.2%

Healthcare

13.6%
13.9%

Energy

11.8%
11.0%

Basic Materials

8.6%
9.3%

Utilities

5.3%
5.1%

Consumer Cyclical

4.4%
4.0%

Communication Services

2.6%
2.4%

Real Estate

0.7%
0.6%

Technology

0.7%
0.6%

Financial Services

FLGB
24.2%
EWU
26.0%

Industrials

FLGB
14.2%
EWU
12.1%

Consumer Defensive

FLGB
14.0%
EWU
14.2%

Healthcare

FLGB
13.6%
EWU
13.9%

Energy

FLGB
11.8%
EWU
11.0%

Basic Materials

FLGB
8.6%
EWU
9.3%

Utilities

FLGB
5.3%
EWU
5.1%

Consumer Cyclical

FLGB
4.4%
EWU
4.0%

Communication Services

FLGB
2.6%
EWU
2.4%

Real Estate

FLGB
0.7%
EWU
0.6%

Technology

FLGB
0.7%
EWU
0.6%

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 United Kingdom ETF

Often compared with FLGB:
FLGB vs. FLAUFLGB vs. FLEEFLGB vs. IUKD.LFLGB vs. VFIAXFLGB vs. EUFNFLGB vs. HEDJFLGB vs. LVHI
Often compared with EWU:
EWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOOEWU vs. VEA

Return for Risk

FLGB vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLGB
FLGB Risk / Return Rank: 4242
Overall Rank
FLGB Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
FLGB Sortino Ratio Rank: 4141
Sortino Ratio Rank
FLGB Omega Ratio Rank: 4141
Omega Ratio Rank
FLGB Calmar Ratio Rank: 4141
Calmar Ratio Rank
FLGB Martin Ratio Rank: 4545
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4444
Overall Rank
EWU Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWU Omega Ratio Rank: 4141
Omega Ratio Rank
EWU Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWU Martin Ratio Rank: 4848
Martin Ratio Rank
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.

FLGB vs. EWU - Risk-Adjusted Trends Comparison

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

FLGBEWUDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.49

-0.05

Sortino ratioReturn per unit of downside risk
2.06
2.12

-0.05

Omega ratioGain probability vs. loss probability

1.26

1.26

-0.01

Calmar ratioReturn relative to maximum drawdown

2.00

2.16

-0.16

Martin ratioReturn relative to average drawdown

7.31

7.80

-0.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLGB vs. EWU - Sharpe Ratio Comparison

The current FLGB Sharpe Ratio is 1.44, which is comparable to the EWU Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FLGB and EWU, 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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Sharpe Ratios by Period

FLGBEWUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.49

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.66

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.42

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.26

+0.16

Drawdowns

FLGB vs. EWU - Drawdown Comparison

The maximum FLGB drawdown since its inception was -42.61%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for FLGB and EWU.

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Drawdown Indicators

FLGBEWUDifference

Max Drawdown

Largest peak-to-trough decline

-42.61%

-63.99%

+21.38%

Max Drawdown (1Y)

Largest decline over 1 year

-10.26%

-9.92%

-0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-13.13%

-12.63%

-0.50%

Max Drawdown (5Y)

Largest decline over 5 years

-25.90%

-24.91%

-0.99%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.33%

—

Current Drawdown

Current decline from peak

-3.81%

-3.70%

-0.11%

Average Drawdown

Average peak-to-trough decline

-6.69%

-14.16%

+7.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.80%

2.74%

+0.06%

Volatility

FLGB vs. EWU - Volatility Comparison

Franklin FTSE United Kingdom ETF (FLGB) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 5.60% and 5.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLGBEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

5.64%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

12.33%

-0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

14.21%

14.40%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.63%

16.43%

+0.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.97%

18.84%

+0.13%

FLGB vs. EWU - Expense Ratio Comparison

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

Dividends

FLGB vs. EWU - Dividend Comparison

FLGB's dividend yield for the trailing twelve months is around 3.29%, less than EWU's 3.50% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.50%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
FLGB
Franklin FTSE United Kingdom ETF		3.29%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

With a correlation of 0.98, FLGB and EWU 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.

EWU has higher volatility (5.64%) compared to FLGB (5.60%). In terms of maximum drawdown, FLGB dropped -42.61% vs EWU's -63.99%.

On 5-year performance, EWU leads with 10.86% vs 10.79% for FLGB. On fees, FLGB is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWU has performed better with a 10.86% return vs 10.79%. 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 EWU.

EWU has the higher dividend yield at 3.50%, compared with 3.29% for FLGB.

FLGB tracks FTSE UK RIC Capped Index, while EWU tracks MSCI United Kingdom Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLGB and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.49 vs 1.44), 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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