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FLGR vs. EWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLGR vs. EWP

Last updated Jul 15, 2026
Documentation

FLGR (Franklin FTSE Germany ETF) and EWP (iShares MSCI Spain ETF) are both Europe Equities funds - FLGR tracks the FTSE Germany RIC Capped Index while EWP tracks the MSCI Spain Index. Both are passively managed. Over the past 5 years, FLGR returned 6.78%/yr vs 20.54%/yr for EWP. A 0.75 correlation means they provide meaningful diversification when combined. FLGR charges 0.09%/yr vs 0.50%/yr for EWP.

Performance

FLGR vs. EWP - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FLGR achieves a -0.81% return, which is significantly lower than EWP's 11.66% return.

FLGR

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

EWP

1D
0.53%
1M
2.55%
6M
9.83%
YTD
11.66%
1Y
37.65%
3Y*
30.72%
5Y*
20.54%
10Y*
12.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLGR vs. EWP - 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%
EWP
iShares MSCI Spain ETF		11.66%78.03%5.70%30.26%-5.18%0.25%-3.94%11.93%-15.32%0.39%

Correlation

The correlation between FLGR and EWP is 0.80, 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

0.80

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

0.78

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

0.80

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

0.75

The correlation between FLGR and EWP has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

FLGR vs. EWP - Sectors Allocation Comparison

Sectors
FLGR
EWP

Industrials

29.9%
16.0%

Financial Services

20.5%
44.3%

Technology

16.1%
4.9%

Consumer Cyclical

8.7%
4.6%

Communication Services

6.4%
2.4%

Healthcare

5.6%
1.3%

Basic Materials

5.6%

-

Utilities

4.5%
21.6%

Consumer Defensive

1.4%

-

Real Estate

1.2%
2.3%

Energy

-

3.9%

Industrials

FLGR
29.9%
EWP
16.0%

Financial Services

FLGR
20.5%
EWP
44.3%

Technology

FLGR
16.1%
EWP
4.9%

Consumer Cyclical

FLGR
8.7%
EWP
4.6%

Communication Services

FLGR
6.4%
EWP
2.4%

Healthcare

FLGR
5.6%
EWP
1.3%

Basic Materials

FLGR
5.6%
EWP

-

Utilities

FLGR
4.5%
EWP
21.6%

Consumer Defensive

FLGR
1.4%
EWP

-

Real Estate

FLGR
1.2%
EWP
2.3%

Energy

FLGR

-

EWP
3.9%

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 Spain ETF

Often compared with FLGR:
FLGR vs. EWGFLGR vs. FLEUFLGR vs. DAXFLGR vs. EWSFLGR vs. FLSWFLGR vs. FLTWFLGR vs. ZECP
Often compared with EWP:
EWP vs. EWGEWP vs. EWIEWP vs. EPOLEWP vs. EIRLEWP vs. VOOEWP vs. FEZEWP vs. EWQ

Return for Risk

FLGR vs. EWP — 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
EWP
EWP Risk / Return Rank: 7878
Overall Rank
EWP Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EWP Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWP Omega Ratio Rank: 7575
Omega Ratio Rank
EWP Calmar Ratio Rank: 8080
Calmar Ratio Rank
EWP Martin Ratio Rank: 7979
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. EWP - Risk-Adjusted Trends Comparison

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

FLGREWPDifference
Sharpe ratioReturn per unit of total volatility
-0.03
2.02

-2.05

Sortino ratioReturn per unit of downside risk
0.08
2.73

-2.66

Omega ratioGain probability vs. loss probability

1.01

1.35

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.04

3.32

-3.37

Martin ratioReturn relative to average drawdown

-0.12

11.87

-11.98

FLGR vs. EWP - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is -0.03, which is lower than the EWP Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FLGR 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

FLGR vs. EWP - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for FLGR and EWP.

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Drawdown Indicators

FLGREWPDifference

Max Drawdown

Largest peak-to-trough decline

-46.21%

-61.19%

+14.98%

Max Drawdown (1Y)

Largest decline over 1 year

-14.44%

-11.38%

-3.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.53%

-12.19%

-3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-42.69%

-30.26%

-12.43%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.36%

—

Current Drawdown

Current decline from peak

-5.45%

-1.71%

-3.74%

Average Drawdown

Average peak-to-trough decline

-12.28%

-21.36%

+9.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

3.19%

+1.98%

Volatility

FLGR vs. EWP - Volatility Comparison

Franklin FTSE Germany ETF (FLGR) has a higher volatility of 4.84% compared to iShares MSCI Spain ETF (EWP) at 3.81%. This indicates that FLGR's price experiences larger fluctuations and is considered to be riskier 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

FLGREWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

3.81%

+1.03%

Volatility (6M)

Calculated over the trailing 6-month period

15.05%

16.28%

-1.23%

Volatility (1Y)

Calculated over the trailing 1-year period

17.63%

18.75%

-1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.35%

20.25%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.39%

21.47%

-0.08%

FLGR vs. EWP - Expense Ratio Comparison

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

Dividends

FLGR vs. EWP - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 3.43%, more than EWP's 2.81% yield.

PositionTTM20252024202320222021202020192018201720162015
EWP
iShares MSCI Spain ETF		2.81%2.27%4.35%2.70%3.07%3.29%2.56%3.72%3.69%2.72%4.65%3.85%
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 EWP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLGR has higher volatility (4.84%) compared to EWP (3.81%). In terms of maximum drawdown, FLGR dropped -46.21% vs EWP's -61.19%.

On 5-year performance, EWP leads with 20.54% vs 6.78% for FLGR. On fees, FLGR is cheaper at 0.09% per year. On volatility, EWP has been the lower-risk option at 3.81%. 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 20.54% 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 0.50% for EWP.

FLGR has the higher dividend yield at 3.43%, compared with 2.81% for EWP.

FLGR tracks FTSE Germany RIC Capped Index, while EWP tracks MSCI Spain Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLGR and 0.50% for EWP.

EWP currently has the higher Sharpe Ratio (2.02 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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