FRXD.L vs. EMUM.L
FRXD.L (Franklin European Quality Dividend UCITS ETF EUR (Dist)) and EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) are both Europe Equities funds - FRXD.L tracks the LibertyQ European Dividend Index-NR while EMUM.L tracks the MSCI EMU Mid Cap Net Index. Both are passively managed. Over the past 3 years, FRXD.L returned 19.35%/yr vs 19.95%/yr for EMUM.L. At a 0.22 correlation, their price movements are largely independent. FRXD.L charges 0.25%/yr vs 0.49%/yr for EMUM.L.
Performance
FRXD.L vs. EMUM.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FRXD.L having a 12.87% return and EMUM.L slightly higher at 13.23%.
FRXD.L
- 1D
- 0.79%
- 1M
- 0.30%
- 6M
- 11.77%
- YTD
- 12.87%
- 1Y
- 20.35%
- 3Y*
- 19.35%
- 5Y*
- 12.56%
- 10Y*
- —
EMUM.L
- 1D
- -0.25%
- 1M
- 0.56%
- 6M
- 9.90%
- YTD
- 13.23%
- 1Y
- 21.20%
- 3Y*
- 19.95%
- 5Y*
- —
- 10Y*
- —
FRXD.L vs. EMUM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FRXD.L Franklin European Quality Dividend UCITS ETF EUR (Dist) | 12.87% | 24.01% | 12.76% | 10.32% | -2.68% |
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 13.23% | 31.38% | 11.63% | 9.56% | -14.55% |
Correlation
The correlation between FRXD.L and EMUM.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.22 |
Over the past year, FRXD.L and EMUM.L have become more correlated (0.44) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
FRXD.L vs. EMUM.L — Risk / Return Rank
FRXD.L
EMUM.L
FRXD.L vs. EMUM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin European Quality Dividend UCITS ETF EUR (Dist) (FRXD.L) and iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.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.
| FRXD.L | EMUM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.31 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 6.15 | 2.73 | +3.42 |
| Martin ratioReturn relative to average drawdown | 14.59 | 9.68 | +4.91 |
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Drawdowns
FRXD.L vs. EMUM.L - Drawdown Comparison
The maximum FRXD.L drawdown since its inception was -35.42%, which is greater than EMUM.L's maximum drawdown of -23.13%. Use the drawdown chart below to compare losses from any high point for FRXD.L and EMUM.L.
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Drawdown Indicators
| FRXD.L | EMUM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.42% | -23.13% | -12.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -7.87% | +4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -10.26% | -14.40% | +4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -14.39% | — | — |
Current DrawdownCurrent decline from peak | -0.72% | -1.19% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -2.58% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 2.21% | -0.82% |
Volatility
FRXD.L vs. EMUM.L - Volatility Comparison
The current volatility for Franklin European Quality Dividend UCITS ETF EUR (Dist) (FRXD.L) is 2.22%, while iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a volatility of 3.07%. This indicates that FRXD.L experiences smaller price fluctuations and is considered to be less risky than EMUM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRXD.L | EMUM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 3.07% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 6.79% | 10.57% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.70% | 13.15% | -4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.24% | 25.54% | -14.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.50% | 25.54% | -12.04% |
FRXD.L vs. EMUM.L - Expense Ratio Comparison
FRXD.L has a 0.25% expense ratio, which is lower than EMUM.L's 0.49% expense ratio.
Dividends
FRXD.L vs. EMUM.L - Dividend Comparison
FRXD.L's dividend yield for the trailing twelve months is around 3.91%, while EMUM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FRXD.L Franklin European Quality Dividend UCITS ETF EUR (Dist) | 3.91% | 4.28% | 4.30% | 5.00% | 5.20% | 4.63% | 3.53% | 4.42% | 5.53% |
Frequently Asked Questions
FRXD.L and EMUM.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FRXD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FRXD.L is cheaper with a 0.25% expense ratio, compared with 0.49% for EMUM.L.
FRXD.L tracks LibertyQ European Dividend Index-NR, while EMUM.L tracks MSCI EMU Mid Cap Net Index. They also come from different issuers: Franklin and iShares. Their fees differ too: 0.25% for FRXD.L and 0.49% for EMUM.L.
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