FLGR vs. FLEE

Last updated Jun 25, 2026

FLGR (Franklin FTSE Germany ETF) and FLEE (Franklin FTSE Europe ETF) are both Europe Equities funds from Franklin Templeton - FLGR tracks the FTSE Germany RIC Capped Index while FLEE tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, FLGR returned 6.08%/yr vs 8.86%/yr for FLEE. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

FLGR vs. FLEE - Performance Comparison

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

Returns By Period

In the year-to-date period, FLGR achieves a -2.86% return, which is significantly lower than FLEE's 6.02% return.

FLGR

• 1D: -1.28%
• 1M: -3.55%
• YTD: -2.86%
• 6M: -3.03%
• 1Y: -0.38%
• 3Y*: 16.15%
• 5Y*: 6.08%
• 10Y*: —

FLEE

• 1D: -0.22%
• 1M: -0.31%
• YTD: 6.02%
• 6M: 5.40%
• 1Y: 17.07%
• 3Y*: 16.57%
• 5Y*: 8.86%
• 10Y*: —

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

FLGR vs. FLEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLGR Franklin FTSE Germany ETF	-2.86%	36.67%	10.63%	24.22%	-21.96%	5.40%	12.11%	19.99%	-21.50%	-0.16%
FLEE Franklin FTSE Europe ETF	6.02%	35.76%	2.03%	20.46%	-15.22%	16.84%	5.33%	24.41%	-14.97%	1.80%

Correlation

The correlation between FLGR and FLEE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.86

The correlation between FLGR and FLEE has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

FLGR vs. FLEE - Sectors Allocation Comparison

Sectors	FLGR	FLEE
Industrials	29.9%	18.4%
Financial Services	20.5%	23.7%
Technology	16.1%	9.5%
Consumer Cyclical	8.7%	6.8%
Communication Services	6.4%	3.4%
Healthcare	5.6%	12.4%
Basic Materials	5.6%	5.7%
Utilities	4.5%	4.8%
Consumer Defensive	1.4%	8.8%
Real Estate	1.2%	0.9%
Energy	-	5.1%

Return for Risk

FLGR vs. FLEE — Risk / Return Rank

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

FLGR

FLGR Risk / Return Rank: 9
FLGR Sharpe Ratio Rank: 9
FLGR Sortino Ratio Rank: 8
FLGR Omega Ratio Rank: 8
FLGR Calmar Ratio Rank: 9
FLGR Martin Ratio Rank: 8

FLEE

FLEE Risk / Return Rank: 33
FLEE Sharpe Ratio Rank: 33
FLEE Sortino Ratio Rank: 33
FLEE Omega Ratio Rank: 31
FLEE Calmar Ratio Rank: 31
FLEE Martin Ratio Rank: 36

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. FLEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Germany ETF (FLGR) and Franklin FTSE Europe ETF (FLEE). 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	FLEE	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.08	-1.10
Sortino ratio: Return per unit of downside risk	0.09	1.61	-1.52
Omega ratio: Gain probability vs. loss probability	1.01	1.20	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.03	1.39	-1.41
Martin ratio: Return relative to average drawdown	-0.07	5.03	-5.11

FLGR vs. FLEE - Sharpe Ratio Comparison

The current FLGR Sharpe Ratio is -0.02, which is lower than the FLEE Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of FLGR and FLEE, 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. FLEE - Drawdown Comparison

The maximum FLGR drawdown since its inception was -46.21%, which is greater than FLEE's maximum drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for FLGR and FLEE.

Drawdown Indicators

	FLGR	FLEE	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-37.27%	-8.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-12.37%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-14.59%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-31.62%	-11.07%
Current Drawdown Current decline from peak	-7.40%	-2.62%	-4.78%
Average Drawdown Average peak-to-trough decline	-12.32%	-7.07%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	3.40%	+1.77%

Volatility

FLGR vs. FLEE - Volatility Comparison

Franklin FTSE Germany ETF (FLGR) has a higher volatility of 5.40% compared to Franklin FTSE Europe ETF (FLEE) at 4.93%. This indicates that FLGR's price experiences larger fluctuations and is considered to be riskier than FLEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLGR	FLEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.93%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	13.54%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	15.96%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	17.43%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	18.95%	+2.46%

FLGR vs. FLEE - Expense Ratio Comparison

Both FLGR and FLEE have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLGR vs. FLEE - Dividend Comparison

FLGR's dividend yield for the trailing twelve months is around 0.33%, less than FLEE's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEE Franklin FTSE Europe ETF	0.91%	2.76%	3.93%	2.57%	3.48%	3.61%	1.88%	3.02%	3.85%	0.02%
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%

Frequently Asked Questions

Can I hold both FLGR and FLEE in my portfolio?

FLGR and FLEE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLGR or FLEE?

FLGR has higher volatility (5.40%) compared to FLEE (4.93%). In terms of maximum drawdown, FLGR dropped -46.21% vs FLEE's -37.27%.

Which ETF is better, FLGR or FLEE?

On 5-year performance, FLEE leads with 8.86% vs 6.08% for FLGR. Both ETFs have the same 0.09% expense ratio. On volatility, FLEE has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLGR or FLEE?

Over the 5-year period, FLEE has performed better with a 8.86% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLGR or FLEE?

FLGR and FLEE have the same expense ratio: 0.09% per year.

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

FLEE has the higher dividend yield at 0.91%, compared with 0.33% for FLGR.

What is the main difference between FLGR and FLEE?

FLGR tracks FTSE Germany RIC Capped Index, while FLEE tracks FTSE Developed Europe RIC Capped Index.

Which has better risk-adjusted returns?

FLEE currently has the higher Sharpe Ratio (1.08 vs -0.02), 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.