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FLGR vs. EWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLGR vs. EWO

Last updated Jul 15, 2026
Documentation

FLGR (Franklin FTSE Germany ETF) and EWO (iShares MSCI Austria ETF) are both Europe Equities funds - FLGR tracks the FTSE Germany RIC Capped Index while EWO tracks the MSCI Austria Investable Market Index. Both are passively managed. Over the past 5 years, FLGR returned 6.78%/yr vs 17.62%/yr for EWO. A 0.74 correlation means they provide meaningful diversification when combined. FLGR charges 0.09%/yr vs 0.49%/yr for EWO.

Performance

FLGR vs. EWO - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLGR achieves a -0.81% return, which is significantly lower than EWO's 21.80% return.

FLGR

1D
0.45%
1M
-0.32%
6M
-3.22%
YTD
-0.81%
1Y
-0.60%
3Y*
15.21%
5Y*
6.78%
10Y*
—

EWO

1D
1.24%
1M
2.74%
6M
20.04%
YTD
21.80%
1Y
45.27%
3Y*
32.90%
5Y*
17.62%
10Y*
15.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLGR vs. EWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLGR
Franklin FTSE Germany ETF		-0.81%36.67%10.63%24.22%-21.96%5.40%12.11%19.99%-21.50%-0.16%
EWO
iShares MSCI Austria ETF		21.80%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%4.17%

Correlation

The correlation between FLGR and EWO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.75

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

0.75

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

0.79

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

0.74

The correlation between FLGR and EWO has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

FLGR vs. EWO - Sectors Allocation Comparison

Sectors
FLGR
EWO

Industrials

29.9%
14.5%

Financial Services

20.5%
47.3%

Technology

16.1%
5.7%

Consumer Cyclical

8.7%
3.6%

Communication Services

6.4%

-

Healthcare

5.6%

-

Basic Materials

5.6%
8.8%

Utilities

4.5%
6.5%

Consumer Defensive

1.4%

-

Real Estate

1.2%
4.1%

Energy

-

9.7%

Industrials

FLGR
29.9%
EWO
14.5%

Financial Services

FLGR
20.5%
EWO
47.3%

Technology

FLGR
16.1%
EWO
5.7%

Consumer Cyclical

FLGR
8.7%
EWO
3.6%

Communication Services

FLGR
6.4%
EWO

-

Healthcare

FLGR
5.6%
EWO

-

Basic Materials

FLGR
5.6%
EWO
8.8%

Utilities

FLGR
4.5%
EWO
6.5%

Consumer Defensive

FLGR
1.4%
EWO

-

Real Estate

FLGR
1.2%
EWO
4.1%

Energy

FLGR

-

EWO
9.7%

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 Germany ETF

iShares MSCI Austria ETF

Often compared with FLGR:
FLGR vs. EWGFLGR vs. FLEUFLGR vs. DAXFLGR vs. EWSFLGR vs. FLSWFLGR vs. FLTWFLGR vs. ZECP
Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. EWGEWO vs. IBZL.LEWO vs. EEMEWO vs. VOO

Return for Risk

FLGR vs. EWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLGR
FLGR Risk / Return Rank: 99
Overall Rank
FLGR Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FLGR Sortino Ratio Rank: 88
Sortino Ratio Rank
FLGR Omega Ratio Rank: 99
Omega Ratio Rank
FLGR Calmar Ratio Rank: 99
Calmar Ratio Rank
FLGR Martin Ratio Rank: 99
Martin Ratio Rank
EWO
EWO Risk / Return Rank: 8383
Overall Rank
EWO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8989
Sortino Ratio Rank
EWO Omega Ratio Rank: 8383
Omega Ratio Rank
EWO Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWO Martin Ratio Rank: 7474
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.

FLGR vs. EWO - Risk-Adjusted Trends Comparison

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

FLGREWODifference
Sharpe ratioReturn per unit of total volatility
-0.03
2.33

-2.36

Sortino ratioReturn per unit of downside risk
0.08
3.26

-3.18

Omega ratioGain probability vs. loss probability

1.01

1.39

-0.38

Calmar ratioReturn relative to maximum drawdown

-0.04

3.23

-3.27

Martin ratioReturn relative to average drawdown

-0.12

10.85

-10.97

FLGR vs. EWO - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is -0.03, which is lower than the EWO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FLGR and EWO, 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

FLGR vs. EWO - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, smaller than the maximum EWO drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for FLGR and EWO.

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Drawdown Indicators

FLGREWODifference

Max Drawdown

Largest peak-to-trough decline

-46.21%

-75.69%

+29.48%

Max Drawdown (1Y)

Largest decline over 1 year

-14.44%

-14.08%

-0.36%

Max Drawdown (3Y)

Largest decline over 3 years

-15.53%

-16.75%

+1.22%

Max Drawdown (5Y)

Largest decline over 5 years

-42.69%

-41.82%

-0.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-58.10%

—

Current Drawdown

Current decline from peak

-5.45%

-1.85%

-3.60%

Average Drawdown

Average peak-to-trough decline

-12.28%

-28.03%

+15.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

4.18%

+0.99%

Volatility

FLGR vs. EWO - Volatility Comparison

The current volatility for Franklin FTSE Germany ETF (FLGR) is 4.84%, while iShares MSCI Austria ETF (EWO) has a volatility of 6.20%. This indicates that FLGR experiences smaller price fluctuations and is considered to be less risky than EWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLGREWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

6.20%

-1.36%

Volatility (6M)

Calculated over the trailing 6-month period

15.05%

16.67%

-1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

17.63%

19.54%

-1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.35%

22.00%

-1.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.39%

22.56%

-1.17%

FLGR vs. EWO - Expense Ratio Comparison

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

Dividends

FLGR vs. EWO - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 3.43%, more than EWO's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		1.99%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
FLGR
Franklin FTSE Germany ETF		3.43%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

FLGR and EWO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (6.20%) compared to FLGR (4.84%). In terms of maximum drawdown, FLGR dropped -46.21% vs EWO's -75.69%.

On 5-year performance, EWO leads with 17.62% vs 6.78% for FLGR. On fees, FLGR is cheaper at 0.09% per year. On volatility, FLGR has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWO has performed better with a 17.62% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FLGR has the higher dividend yield at 3.43%, compared with 1.99% for EWO.

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

EWO currently has the higher Sharpe Ratio (2.33 vs -0.03), 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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