FLIA vs. EZU

Last updated Jun 4, 2026

FLIA (Franklin Liberty International Aggregate Bond ETF) and EZU (iShares MSCI Eurozone ETF) are both exchange-traded funds - FLIA is a International Government Bonds fund actively managed by Franklin Templeton, while EZU is a Europe Equities fund tracking the MSCI EMU. FLIA is actively managed, while EZU is passively managed. Over the past 5 years, FLIA returned 0.89%/yr vs 8.96%/yr for EZU. At a 0.11 correlation, their price movements are largely independent. FLIA charges 0.25%/yr vs 0.51%/yr for EZU.

Performance

FLIA vs. EZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty International Aggregate Bond ETF (FLIA) and iShares MSCI Eurozone ETF (EZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLIA achieves a 1.03% return, which is significantly lower than EZU's 6.94% return.

FLIA

• 1D: -0.20%
• 1M: 0.78%
• YTD: 1.03%
• 6M: 0.59%
• 1Y: 2.12%
• 3Y*: 3.38%
• 5Y*: 0.89%
• 10Y*: —

EZU

• 1D: -1.14%
• 1M: 5.27%
• YTD: 6.94%
• 6M: 9.19%
• 1Y: 19.47%
• 3Y*: 18.15%
• 5Y*: 8.96%
• 10Y*: 9.83%

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

FLIA vs. EZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLIA Franklin Liberty International Aggregate Bond ETF	1.03%	2.12%	2.42%	7.17%	-7.68%	-1.98%	1.37%	7.58%	-2.59%
EZU iShares MSCI Eurozone ETF	6.94%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.06%

Correlation

The correlation between FLIA and EZU is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018	0.11

Over the past year, FLIA and EZU have become more correlated (0.39) than their long-term average of 0.11, meaning their price movements have been converging.

FLIA vs. EZU - Sectors Allocation Comparison

Sectors	FLIA	EZU
Financial Services	1.7%	24.2%
Technology	0.8%	14.6%
Basic Materials	-	4.1%
Communication Services	-	4.1%
Consumer Cyclical	-	8.3%
Consumer Defensive	-	5.6%
Energy	-	4.2%
Healthcare	-	5.8%
Industrials	-	21.3%
Real Estate	-	1.0%
Utilities	-	6.8%

Return for Risk

FLIA vs. EZU — Risk / Return Rank

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

FLIA

FLIA Risk / Return Rank: 20
FLIA Sharpe Ratio Rank: 19
FLIA Sortino Ratio Rank: 18
FLIA Omega Ratio Rank: 18
FLIA Calmar Ratio Rank: 23
FLIA Martin Ratio Rank: 22

EZU

EZU Risk / Return Rank: 32
EZU Sharpe Ratio Rank: 31
EZU Sortino Ratio Rank: 31
EZU Omega Ratio Rank: 30
EZU Calmar Ratio Rank: 30
EZU Martin Ratio Rank: 35

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.

FLIA vs. EZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty International Aggregate Bond ETF (FLIA) and iShares MSCI Eurozone ETF (EZU). 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.

	FLIA	EZU	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.16	-0.52
Sortino ratio: Return per unit of downside risk	0.93	1.70	-0.78
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.10
Calmar ratio: Return relative to maximum drawdown	1.04	1.50	-0.46
Martin ratio: Return relative to average drawdown	2.77	5.42	-2.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLIA vs. EZU - Sharpe Ratio Comparison

The current FLIA Sharpe Ratio is 0.64, which is lower than the EZU Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of FLIA and EZU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLIA	EZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.16	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.45	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.21	+0.02

Drawdowns

FLIA vs. EZU - Drawdown Comparison

The maximum FLIA drawdown since its inception was -11.24%, smaller than the maximum EZU drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for FLIA and EZU.

Drawdown Indicators

	FLIA	EZU	Difference
Max Drawdown Largest peak-to-trough decline	-11.24%	-65.32%	+54.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-13.06%	+11.02%
Max Drawdown (3Y) Largest decline over 3 years	-2.77%	-15.02%	+12.25%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-36.11%	+26.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.37%	—
Current Drawdown Current decline from peak	-0.79%	-1.14%	+0.35%
Average Drawdown Average peak-to-trough decline	-3.80%	-19.24%	+15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	3.60%	-2.83%

Volatility

FLIA vs. EZU - Volatility Comparison

The current volatility for Franklin Liberty International Aggregate Bond ETF (FLIA) is 1.18%, while iShares MSCI Eurozone ETF (EZU) has a volatility of 6.43%. This indicates that FLIA experiences smaller price fluctuations and is considered to be less risky than EZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLIA	EZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	6.43%	-5.25%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	14.12%	-11.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	16.91%	-13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	19.85%	-15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	20.49%	-15.78%

FLIA vs. EZU - Expense Ratio Comparison

FLIA has a 0.25% expense ratio, which is lower than EZU's 0.51% expense ratio.

Dividends

FLIA vs. EZU - Dividend Comparison

FLIA's dividend yield for the trailing twelve months is around 2.70%, more than EZU's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.67%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
FLIA Franklin Liberty International Aggregate Bond ETF	2.70%	2.62%	2.97%	0.93%	18.12%	2.26%	0.43%	2.93%	1.23%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLIA and EZU in my portfolio?

FLIA and EZU have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLIA or EZU?

EZU has higher volatility (6.43%) compared to FLIA (1.18%). In terms of maximum drawdown, FLIA dropped -11.24% vs EZU's -65.32%.

Which ETF is better, FLIA or EZU?

On 5-year performance, EZU leads with 8.96% vs 0.89% for FLIA. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLIA or EZU?

Over the 5-year period, EZU has performed better with a 8.96% return vs 0.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLIA or EZU?

FLIA is cheaper with a 0.25% expense ratio, compared with 0.51% for EZU.

Which ETF pays a higher dividend yield, FLIA or EZU?

FLIA has the higher dividend yield at 2.70%, compared with 2.67% for EZU.

What is the main difference between FLIA and EZU?

FLIA is categorized as International Government Bonds, while EZU is Europe Equities. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.25% for FLIA and 0.51% for EZU.

Which has better risk-adjusted returns?

EZU currently has the higher Sharpe Ratio (1.16 vs 0.64), 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.