FLGR vs. EWG

Last updated Jun 24, 2026

FLGR (Franklin FTSE Germany ETF) and EWG (iShares MSCI Germany ETF) are both Europe Equities funds - FLGR tracks the FTSE Germany RIC Capped Index while EWG tracks the MSCI Germany Index. Both are passively managed. Over the past 5 years, FLGR returned 6.42%/yr vs 5.88%/yr for EWG. Their correlation of 0.93 suggests significant overlap in exposure. FLGR charges 0.09%/yr vs 0.49%/yr for EWG.

Performance

FLGR vs. EWG - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FLGR having a -1.59% return and EWG slightly lower at -1.64%.

FLGR

• 1D: -1.35%
• 1M: -2.30%
• YTD: -1.59%
• 6M: -1.54%
• 1Y: 2.77%
• 3Y*: 16.65%
• 5Y*: 6.42%
• 10Y*: —

EWG

• 1D: -1.35%
• 1M: -2.58%
• YTD: -1.64%
• 6M: -1.50%
• 1Y: 2.58%
• 3Y*: 15.95%
• 5Y*: 5.88%
• 10Y*: 8.23%

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

FLGR vs. EWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLGR Franklin FTSE Germany ETF	-1.59%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%
EWG iShares MSCI Germany ETF	-1.64%	35.79%	9.79%	23.35%	-22.27%	5.84%	10.09%	19.15%	-21.40%	-0.86%

Correlation

The correlation between FLGR and EWG is 0.99 - 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	0.99
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 6, 2017	0.93

The correlation between FLGR and EWG has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

FLGR vs. EWG - Sectors Allocation Comparison

Sectors	FLGR	EWG
Industrials	29.9%	29.9%
Financial Services	20.5%	20.6%
Technology	16.1%	16.3%
Consumer Cyclical	8.7%	8.7%
Communication Services	6.4%	6.5%
Healthcare	5.6%	6.0%
Basic Materials	5.6%	5.5%
Utilities	4.5%	4.3%
Consumer Defensive	1.4%	1.3%
Real Estate	1.2%	0.9%
Energy	-	-

Return for Risk

FLGR vs. EWG — Risk / Return Rank

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

FLGR

FLGR Risk / Return Rank: 11
FLGR Sharpe Ratio Rank: 11
FLGR Sortino Ratio Rank: 10
FLGR Omega Ratio Rank: 10
FLGR Calmar Ratio Rank: 11
FLGR Martin Ratio Rank: 11

EWG

EWG Risk / Return Rank: 10
EWG Sharpe Ratio Rank: 11
EWG Sortino Ratio Rank: 10
EWG Omega Ratio Rank: 10
EWG Calmar Ratio Rank: 10
EWG Martin Ratio Rank: 11

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.

FLGR vs. EWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Germany ETF (FLGR) and iShares MSCI Germany ETF (EWG). 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.

	FLGR	EWG	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.15	+0.01
Sortino ratio: Return per unit of downside risk	0.34	0.33	+0.01
Omega ratio: Gain probability vs. loss probability	1.04	1.04	0.00
Calmar ratio: Return relative to maximum drawdown	0.19	0.18	+0.01
Martin ratio: Return relative to average drawdown	0.54	0.52	+0.02

FLGR vs. EWG - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is 0.16, which is comparable to the EWG Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FLGR and EWG, 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

FLGR vs. EWG - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, smaller than the maximum EWG drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for FLGR and EWG.

Drawdown Indicators

	FLGR	EWG	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-67.57%	+21.36%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-14.54%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-15.81%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-42.59%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.80%	—
Current Drawdown Current decline from peak	-6.20%	-6.19%	-0.01%
Average Drawdown Average peak-to-trough decline	-12.32%	-19.17%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	5.01%	+0.14%

Volatility

FLGR vs. EWG - Volatility Comparison

Franklin FTSE Germany ETF (FLGR) and iShares MSCI Germany ETF (EWG) have volatilities of 5.27% and 5.20%, 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.

Volatility by Period

	FLGR	EWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	5.20%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.55%	14.63%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.49%	17.57%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	20.53%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	20.84%	+0.57%

FLGR vs. EWG - Expense Ratio Comparison

FLGR has a 0.09% expense ratio, which is lower than EWG's 0.49% expense ratio.

Dividends

FLGR vs. EWG - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 0.33%, less than EWG's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWG iShares MSCI Germany ETF	2.03%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
FLGR Franklin FTSE Germany ETF	0.33%	1.72%	2.40%	2.99%	3.50%	2.67%	2.61%	2.52%	3.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLGR and EWG in my portfolio?

With a correlation of 0.99, FLGR and EWG 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, FLGR or EWG?

FLGR has higher volatility (5.27%) compared to EWG (5.20%). In terms of maximum drawdown, FLGR dropped -46.21% vs EWG's -67.57%.

Which ETF is better, FLGR or EWG?

On 5-year performance, FLGR leads with 6.42% vs 5.88% for EWG. On fees, FLGR 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.

Which ETF has performed better, FLGR or EWG?

Over the 5-year period, FLGR has performed better with a 6.42% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGR or EWG?

FLGR is cheaper with a 0.09% expense ratio, compared with 0.49% for EWG.

Which ETF pays a higher dividend yield, FLGR or EWG?

EWG has the higher dividend yield at 2.03%, compared with 0.33% for FLGR.

What is the main difference between FLGR and EWG?

FLGR tracks FTSE Germany RIC Capped Index, while EWG tracks MSCI Germany Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLGR and 0.49% for EWG.

Which has better risk-adjusted returns?

FLGR currently has the higher Sharpe Ratio (0.16 vs 0.15), 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.