FLXB.L vs. USPA.L

Last updated Jul 17, 2026

FLXB.L (Franklin FTSE Brazil UCITS ETF USD (Acc)) and USPA.L (Franklin S&P 500 Paris Aligned Climate UCITS ETF USD (Acc)) are both exchange-traded funds - FLXB.L is a Brazil Equities fund tracking the FTSE Brazil 30/18 Capped Index (Net Return), while USPA.L is a S&P 500 fund tracking the S&P 500 Net Zero 2050 Paris-Aligned ESG Index. Both are passively managed. Over the past 5 years, FLXB.L returned 6.64%/yr vs 12.24%/yr for USPA.L. At a 0.37 correlation, their price movements are largely independent. FLXB.L charges 0.19%/yr vs 0.07%/yr for USPA.L.

Performance

FLXB.L vs. USPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Brazil UCITS ETF USD (Acc) (FLXB.L) and Franklin S&P 500 Paris Aligned Climate UCITS ETF USD (Acc) (USPA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXB.L achieves a 16.28% return, which is significantly higher than USPA.L's 7.42% return.

FLXB.L

• 1D: -0.63%
• 1M: 2.41%
• 6M: 11.09%
• YTD: 16.28%
• 1Y: 38.51%
• 3Y*: 11.83%
• 5Y*: 6.64%
• 10Y*: —

USPA.L

• 1D: 0.05%
• 1M: 0.06%
• 6M: 7.17%
• YTD: 7.42%
• 1Y: 18.97%
• 3Y*: 19.16%
• 5Y*: 12.24%
• 10Y*: —

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

FLXB.L vs. USPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLXB.L Franklin FTSE Brazil UCITS ETF USD (Acc)	16.28%	45.49%	-27.92%	33.43%	10.93%	-16.59%	14.21%
USPA.L Franklin S&P 500 Paris Aligned Climate UCITS ETF USD (Acc)	7.42%	15.76%	26.74%	30.46%	-22.10%	32.21%	16.58%

Correlation

The correlation between FLXB.L and USPA.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020	0.37

Return for Risk

FLXB.L vs. USPA.L — Risk / Return Rank

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

FLXB.L

FLXB.L Risk / Return Rank: 53
FLXB.L Sharpe Ratio Rank: 60
FLXB.L Sortino Ratio Rank: 58
FLXB.L Omega Ratio Rank: 53
FLXB.L Calmar Ratio Rank: 53
FLXB.L Martin Ratio Rank: 43

USPA.L

USPA.L Risk / Return Rank: 53
USPA.L Sharpe Ratio Rank: 56
USPA.L Sortino Ratio Rank: 62
USPA.L Omega Ratio Rank: 56
USPA.L Calmar Ratio Rank: 42
USPA.L Martin Ratio Rank: 50

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.

FLXB.L vs. USPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Brazil UCITS ETF USD (Acc) (FLXB.L) and Franklin S&P 500 Paris Aligned Climate UCITS ETF USD (Acc) (USPA.L). 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.

	FLXB.L	USPA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.54	+0.07
Sortino ratio: Return per unit of downside risk	2.24	2.34	-0.10
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.16	1.79	+0.37
Martin ratio: Return relative to average drawdown	5.57	6.76	-1.19

FLXB.L vs. USPA.L - Sharpe Ratio Comparison

The current FLXB.L Sharpe Ratio is 1.61, which is comparable to the USPA.L Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of FLXB.L and USPA.L, 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

FLXB.L vs. USPA.L - Drawdown Comparison

The maximum FLXB.L drawdown since its inception was -56.54%, which is greater than USPA.L's maximum drawdown of -27.78%. Use the drawdown chart below to compare losses from any high point for FLXB.L and USPA.L.

Drawdown Indicators

	FLXB.L	USPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.54%	-27.78%	-28.76%
Max Drawdown (1Y) Largest decline over 1 year	-17.78%	-10.58%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.79%	-18.86%	-9.93%
Max Drawdown (5Y) Largest decline over 5 years	-32.17%	-27.78%	-4.39%
Current Drawdown Current decline from peak	-13.20%	-0.93%	-12.27%
Average Drawdown Average peak-to-trough decline	-18.96%	-5.97%	-12.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.90%	2.80%	+4.10%

Volatility

FLXB.L vs. USPA.L - Volatility Comparison

Franklin FTSE Brazil UCITS ETF USD (Acc) (FLXB.L) has a higher volatility of 6.45% compared to Franklin S&P 500 Paris Aligned Climate UCITS ETF USD (Acc) (USPA.L) at 3.40%. This indicates that FLXB.L's price experiences larger fluctuations and is considered to be riskier than USPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLXB.L	USPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	3.40%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	9.86%	+8.42%
Volatility (1Y) Calculated over the trailing 1-year period	23.84%	12.28%	+11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.19%	16.63%	+10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.03%	16.48%	+15.55%

FLXB.L vs. USPA.L - Expense Ratio Comparison

FLXB.L has a 0.19% expense ratio, which is higher than USPA.L's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLXB.L vs. USPA.L - Dividend Comparison

Neither FLXB.L nor USPA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLXB.L and USPA.L in my portfolio?

FLXB.L and USPA.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLXB.L or USPA.L?

On fees, USPA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXB.L or USPA.L?

USPA.L is cheaper with a 0.07% expense ratio, compared with 0.19% for FLXB.L.

What is the main difference between FLXB.L and USPA.L?

FLXB.L is categorized as Brazil Equities, while USPA.L is S&P 500. FLXB.L tracks FTSE Brazil 30/18 Capped Index (Net Return), while USPA.L tracks S&P 500 Net Zero 2050 Paris-Aligned ESG Index. Their fees differ too: 0.19% for FLXB.L and 0.07% for USPA.L.