FLIN vs. FLAX

Last updated Jun 4, 2026

FLIN (Franklin FTSE India ETF) and FLAX (Franklin FTSE Asia ex Japan ETF) are both Asia Pacific Equities funds from Franklin Templeton - FLIN tracks the FTSE India RIC Capped Index while FLAX tracks the FTSE Asia ex Japan RIC Capped Index. Both are passively managed. Over the past 5 years, FLIN returned 3.56%/yr vs 7.95%/yr for FLAX. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.

Performance

FLIN vs. FLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE India ETF (FLIN) and Franklin FTSE Asia ex Japan ETF (FLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLIN achieves a -11.92% return, which is significantly lower than FLAX's 29.31% return.

FLIN

• 1D: -1.51%
• 1M: -2.58%
• YTD: -11.92%
• 6M: -10.85%
• 1Y: -11.63%
• 3Y*: 5.53%
• 5Y*: 3.56%
• 10Y*: —

FLAX

• 1D: -1.11%
• 1M: 10.05%
• YTD: 29.31%
• 6M: 32.11%
• 1Y: 58.93%
• 3Y*: 25.00%
• 5Y*: 7.95%
• 10Y*: —

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

FLIN vs. FLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLIN Franklin FTSE India ETF	-11.92%	2.40%	10.33%	20.58%	-7.96%	24.96%	14.50%	4.77%	-6.70%
FLAX Franklin FTSE Asia ex Japan ETF	29.31%	33.72%	9.82%	6.27%	-18.88%	-3.54%	24.17%	17.19%	-12.02%

Correlation

The correlation between FLIN and FLAX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 9, 2018	0.57

The correlation between FLIN and FLAX has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

FLIN vs. FLAX - Sectors Allocation Comparison

Sectors	FLIN	FLAX
Financial Services	27.2%	17.2%
Consumer Cyclical	12.0%	10.2%
Industrials	10.3%	9.2%
Energy	9.5%	3.0%
Basic Materials	9.2%	4.2%
Technology	8.4%	39.7%
Healthcare	6.5%	3.3%
Consumer Defensive	5.8%	2.8%
Utilities	5.3%	2.1%
Communication Services	4.6%	6.5%
Real Estate	1.3%	2.0%

Return for Risk

FLIN vs. FLAX — Risk / Return Rank

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

FLIN

FLIN Risk / Return Rank: 2
FLIN Sharpe Ratio Rank: 3
FLIN Sortino Ratio Rank: 3
FLIN Omega Ratio Rank: 3
FLIN Calmar Ratio Rank: 3
FLIN Martin Ratio Rank: 1

FLAX

FLAX Risk / Return Rank: 87
FLAX Sharpe Ratio Rank: 90
FLAX Sortino Ratio Rank: 88
FLAX Omega Ratio Rank: 89
FLAX Calmar Ratio Rank: 84
FLAX Martin Ratio Rank: 86

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.

FLIN vs. FLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE India ETF (FLIN) and Franklin FTSE Asia ex Japan ETF (FLAX). 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.

	FLIN	FLAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	3.11	-3.89
Sortino ratio: Return per unit of downside risk	-1.06	4.06	-5.12
Omega ratio: Gain probability vs. loss probability	0.88	1.57	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.62	4.56	-5.18
Martin ratio: Return relative to average drawdown	-1.54	17.96	-19.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLIN vs. FLAX - Sharpe Ratio Comparison

The current FLIN Sharpe Ratio is -0.78, which is lower than the FLAX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of FLIN and FLAX, 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

	FLIN	FLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	3.11	-3.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.42	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.44	-0.18

Drawdowns

FLIN vs. FLAX - Drawdown Comparison

The maximum FLIN drawdown since its inception was -41.90%, roughly equal to the maximum FLAX drawdown of -42.51%. Use the drawdown chart below to compare losses from any high point for FLIN and FLAX.

Drawdown Indicators

	FLIN	FLAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-42.51%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-18.79%	-12.99%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-19.29%	-3.56%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	-38.75%	+15.90%
Current Drawdown Current decline from peak	-18.91%	-1.11%	-17.80%
Average Drawdown Average peak-to-trough decline	-8.01%	-15.41%	+7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.57%	3.29%	+4.28%

Volatility

FLIN vs. FLAX - Volatility Comparison

The current volatility for Franklin FTSE India ETF (FLIN) is 5.21%, while Franklin FTSE Asia ex Japan ETF (FLAX) has a volatility of 8.58%. This indicates that FLIN experiences smaller price fluctuations and is considered to be less risky than FLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLIN	FLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	8.58%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	16.54%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.92%	19.07%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	19.02%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	19.93%	+0.52%

FLIN vs. FLAX - Expense Ratio Comparison

Both FLIN and FLAX have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLIN vs. FLAX - Dividend Comparison

FLIN's dividend yield for the trailing twelve months is around 0.64%, less than FLAX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLAX Franklin FTSE Asia ex Japan ETF	1.83%	2.37%	3.12%	2.20%	2.86%	2.38%	1.57%	2.23%	2.35%
FLIN Franklin FTSE India ETF	0.64%	0.56%	1.58%	0.73%	0.73%	2.26%	0.68%	0.90%	0.92%

Frequently Asked Questions

Can I hold both FLIN and FLAX in my portfolio?

FLIN and FLAX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLIN or FLAX?

FLAX has higher volatility (8.58%) compared to FLIN (5.21%). In terms of maximum drawdown, FLIN dropped -41.90% vs FLAX's -42.51%.

Which ETF is better, FLIN or FLAX?

On 5-year performance, FLAX leads with 7.95% vs 3.56% for FLIN. Both ETFs have the same 0.19% expense ratio. On volatility, FLIN has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLIN or FLAX?

Over the 5-year period, FLAX has performed better with a 7.95% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLIN or FLAX?

FLIN and FLAX have the same expense ratio: 0.19% per year.

Which ETF pays a higher dividend yield, FLIN or FLAX?

FLAX has the higher dividend yield at 1.83%, compared with 0.64% for FLIN.

What is the main difference between FLIN and FLAX?

FLIN tracks FTSE India RIC Capped Index, while FLAX tracks FTSE Asia ex Japan RIC Capped Index.

Which has better risk-adjusted returns?

FLAX currently has the higher Sharpe Ratio (3.11 vs -0.78), 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.