FLSW vs. FLEE

Last updated Aug 2, 2026

FLSW (Franklin FTSE Switzerland ETF) and FLEE (Franklin FTSE Europe ETF) are both Europe Equities funds from Franklin Templeton - FLSW tracks the FTSE Switzerland RIC Capped Index while FLEE tracks the FTSE Developed Europe RIC Capped Index. Both are passively managed. Over the past 5 years, FLSW returned 7.24%/yr vs 9.49%/yr for FLEE. Their 0.80 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.09% expense ratio.

Performance

FLSW vs. FLEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Switzerland ETF (FLSW) 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, FLSW achieves a 8.08% return, which is significantly lower than FLEE's 9.38% return.

FLSW

• 1D: -0.67%
• 1M: -0.67%
• 6M: 5.20%
• YTD: 8.08%
• 1Y: 23.21%
• 3Y*: 13.06%
• 5Y*: 7.24%
• 10Y*: —
• ALL TIME*: 9.98%

FLEE

• 1D: -1.34%
• 1M: 0.04%
• 6M: 4.27%
• YTD: 9.38%
• 1Y: 23.53%
• 3Y*: 16.22%
• 5Y*: 9.49%
• 10Y*: —
• ALL TIME*: 8.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLEE Franklin FTSE Europe ETF	$309.38K	$221.20K	$513.36K
FLSW Franklin FTSE Switzerland ETF	$259.74K	$232.62K	$274.84K

FLSW vs. FLEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLSW Franklin FTSE Switzerland ETF	8.08%	32.92%	-1.77%	16.79%	-18.14%	20.82%	13.25%	31.66%	-7.85%
FLEE Franklin FTSE Europe ETF	9.38%	35.76%	2.03%	20.46%	-15.22%	16.84%	5.33%	24.41%	-14.42%

Correlation

The correlation between FLSW and FLEE is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.80

The correlation between FLSW and FLEE has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

FLSW vs. FLEE - Sectors Allocation Comparison

Sectors	FLSW	FLEE
Healthcare	38.4%	12.9%
Financial Services	16.4%	24.4%
Industrials	14.5%	19.4%
Consumer Defensive	14.0%	8.3%
Basic Materials	8.1%	5.5%
Consumer Cyclical	5.1%	6.7%
Real Estate	1.2%	1.0%
Communication Services	1.1%	2.6%
Technology	1.0%	9.8%
Utilities	0.2%	4.8%
Energy	-	4.4%

Return for Risk

FLSW vs. FLEE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLSW

FLSW Risk / Return Rank: 56
FLSW Sharpe Ratio Rank: 62
FLSW Sortino Ratio Rank: 65
FLSW Omega Ratio Rank: 57
FLSW Calmar Ratio Rank: 47
FLSW Martin Ratio Rank: 48

FLEE

FLEE Risk / Return Rank: 54
FLEE Sharpe Ratio Rank: 56
FLEE Sortino Ratio Rank: 57
FLEE Omega Ratio Rank: 54
FLEE Calmar Ratio Rank: 49
FLEE Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLSW vs. FLEE - Risk-Adjusted Trends Comparison

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

	FLSW	FLEE	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.35	+0.09
Sortino ratio: Return per unit of downside risk	2.16	1.98	+0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.69	1.76	-0.08
Martin ratio: Return relative to average drawdown	5.48	6.54	-1.06

FLSW vs. FLEE - Sharpe Ratio Comparison

The current FLSW Sharpe Ratio is 1.45, which is comparable to the FLEE Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FLSW 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

FLSW vs. FLEE - Drawdown Comparison

The maximum FLSW drawdown since its inception was -28.16%, smaller than the maximum FLEE drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for FLSW and FLEE.

Drawdown Indicators

	FLSW	FLEE	Difference
Max Drawdown Largest peak-to-trough decline	-28.16%	-37.27%	+9.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-12.37%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.38%	-14.59%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-28.16%	-31.62%	+3.46%
Current Drawdown Current decline from peak	-0.67%	-1.34%	+0.67%
Average Drawdown Average peak-to-trough decline	-5.90%	-7.00%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.33%	+0.78%

Volatility

FLSW vs. FLEE - Volatility Comparison

Franklin FTSE Switzerland ETF (FLSW) and Franklin FTSE Europe ETF (FLEE) have volatilities of 4.48% and 4.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSW	FLEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.51%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	13.78%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	16.13%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	17.45%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	18.91%	-2.05%

FLSW vs. FLEE - Expense Ratio Comparison

Both FLSW 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

FLSW vs. FLEE - Dividend Comparison

FLSW's dividend yield for the trailing twelve months is around 2.26%, less than FLEE's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEE Franklin FTSE Europe ETF	3.13%	2.76%	3.93%	2.57%	3.48%	3.61%	1.88%	3.02%	3.85%	0.02%
FLSW Franklin FTSE Switzerland ETF	2.26%	2.12%	2.04%	2.36%	2.02%	1.86%	2.28%	1.15%	2.86%	0.00%

Frequently Asked Questions

Can I hold both FLSW and FLEE in my portfolio?

FLSW and FLEE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLSW or FLEE?

FLEE has higher volatility (4.51%) compared to FLSW (4.48%). In terms of maximum drawdown, FLSW dropped -28.16% vs FLEE's -37.27%.

Which ETF is better, FLSW or FLEE?

On 5-year performance, FLEE leads with 9.49% vs 7.24% for FLSW. Both ETFs have the same 0.09% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLSW or FLEE?

Over the 5-year period, FLEE has performed better with a 9.49% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSW or FLEE?

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

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

FLEE has the higher dividend yield at 3.13%, compared with 2.26% for FLSW.

What is the main difference between FLSW and FLEE?

FLSW tracks FTSE Switzerland RIC Capped Index, while FLEE tracks FTSE Developed Europe RIC Capped Index.

Which has better risk-adjusted returns?

FLSW currently has the higher Sharpe Ratio (1.45 vs 1.35), 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.