FLXD.L vs. CEUG.L

Last updated Jun 5, 2026

FLXD.L (Franklin European Quality Dividend UCITS ETF) and CEUG.L (iShares MSCI EMU UCITS ETF GBP Hedged (Dist)) are both Europe Equities funds - FLXD.L tracks the MSCI Europe High Div Yld NR EUR while CEUG.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, FLXD.L returned 13.18%/yr vs 12.03%/yr for CEUG.L. A 0.63 correlation means they provide meaningful diversification when combined. FLXD.L charges 0.25%/yr vs 0.12%/yr for CEUG.L.

Performance

FLXD.L vs. CEUG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Franklin European Quality Dividend UCITS ETF (FLXD.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXD.L achieves a 9.29% return, which is significantly lower than CEUG.L's 9.89% return.

FLXD.L

• 1D: 0.49%
• 1M: -0.03%
• YTD: 9.29%
• 6M: 12.43%
• 1Y: 20.53%
• 3Y*: 19.08%
• 5Y*: 13.18%
• 10Y*: —

CEUG.L

• 1D: 0.43%
• 1M: 4.93%
• YTD: 9.89%
• 6M: 11.74%
• 1Y: 20.38%
• 3Y*: 17.97%
• 5Y*: 12.03%
• 10Y*: —

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

FLXD.L vs. CEUG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLXD.L Franklin European Quality Dividend UCITS ETF	9.29%	31.50%	8.51%	9.23%	6.26%	10.54%	1.48%	13.79%	-12.07%
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	9.89%	26.75%	10.82%	20.52%	-10.51%	22.89%	-0.23%	26.22%	-13.84%

Correlation

The correlation between FLXD.L and CEUG.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018	0.63

Over the past year, the correlation between FLXD.L and CEUG.L has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

FLXD.L vs. CEUG.L - Sectors Allocation Comparison

Sectors	FLXD.L	CEUG.L
Financial Services	35.8%	24.2%
Communication Services	16.3%	4.1%
Energy	11.6%	4.2%
Healthcare	10.3%	5.8%
Industrials	7.9%	21.4%
Basic Materials	5.2%	4.1%
Consumer Defensive	4.6%	5.6%
Real Estate	3.5%	1.0%
Utilities	3.1%	6.8%
Consumer Cyclical	1.0%	8.3%
Technology	0.7%	14.6%

Return for Risk

FLXD.L vs. CEUG.L — Risk / Return Rank

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

FLXD.L

FLXD.L Risk / Return Rank: 80
FLXD.L Sharpe Ratio Rank: 75
FLXD.L Sortino Ratio Rank: 79
FLXD.L Omega Ratio Rank: 74
FLXD.L Calmar Ratio Rank: 91
FLXD.L Martin Ratio Rank: 81

CEUG.L

CEUG.L Risk / Return Rank: 43
CEUG.L Sharpe Ratio Rank: 42
CEUG.L Sortino Ratio Rank: 43
CEUG.L Omega Ratio Rank: 43
CEUG.L Calmar Ratio Rank: 42
CEUG.L Martin Ratio Rank: 46

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.

FLXD.L vs. CEUG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin European Quality Dividend UCITS ETF (FLXD.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.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.

	FLXD.L	CEUG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.44	+0.96
Sortino ratio: Return per unit of downside risk	3.51	2.14	+1.37
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	5.64	2.03	+3.61
Martin ratio: Return relative to average drawdown	15.75	7.54	+8.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLXD.L vs. CEUG.L - Sharpe Ratio Comparison

The current FLXD.L Sharpe Ratio is 2.40, which is higher than the CEUG.L Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FLXD.L and CEUG.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.

Sharpe Ratios by Period

	FLXD.L	CEUG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.44	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.74	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.58	+0.06

Drawdowns

FLXD.L vs. CEUG.L - Drawdown Comparison

The maximum FLXD.L drawdown since its inception was -29.71%, smaller than the maximum CEUG.L drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for FLXD.L and CEUG.L.

Drawdown Indicators

	FLXD.L	CEUG.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.71%	-38.52%	+8.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-9.98%	+6.36%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-15.34%	+7.56%
Max Drawdown (5Y) Largest decline over 5 years	-11.76%	-24.07%	+12.31%
Current Drawdown Current decline from peak	-2.77%	-0.12%	-2.65%
Average Drawdown Average peak-to-trough decline	-4.13%	-5.52%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	2.70%	-1.40%

Volatility

FLXD.L vs. CEUG.L - Volatility Comparison

The current volatility for Franklin European Quality Dividend UCITS ETF (FLXD.L) is 2.67%, while iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) has a volatility of 5.01%. This indicates that FLXD.L experiences smaller price fluctuations and is considered to be less risky than CEUG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLXD.L	CEUG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	5.01%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	11.39%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	8.52%	14.07%	-5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	16.17%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.91%	18.04%	-5.13%

FLXD.L vs. CEUG.L - Expense Ratio Comparison

FLXD.L has a 0.25% expense ratio, which is higher than CEUG.L's 0.12% 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

FLXD.L vs. CEUG.L - Dividend Comparison

FLXD.L's dividend yield for the trailing twelve months is around 4.37%, more than CEUG.L's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	2.35%	2.53%	2.80%	2.73%	2.84%	1.81%	1.77%	3.05%	0.38%
FLXD.L Franklin European Quality Dividend UCITS ETF	4.37%	4.90%	5.18%	5.75%	5.87%	5.51%	3.90%	1.53%	1.09%

Frequently Asked Questions

Can I hold both FLXD.L and CEUG.L in my portfolio?

FLXD.L and CEUG.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLXD.L or CEUG.L?

On fees, CEUG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXD.L or CEUG.L?

CEUG.L is cheaper with a 0.12% expense ratio, compared with 0.25% for FLXD.L.

What is the main difference between FLXD.L and CEUG.L?

FLXD.L tracks MSCI Europe High Div Yld NR EUR, while CEUG.L tracks MSCI Europe NR EUR. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.25% for FLXD.L and 0.12% for CEUG.L.