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FTFX.L vs. FLES.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FTFX.L vs. FLES.L

Last updated Jul 16, 2026
Documentation

FTFX.L (First Trust FactorFX UCITS ETF Class A USD) and FLES.L (Franklin Euro Short Maturity UCITS ETF) are both Global Equities funds - FTFX.L tracks the First Trust FactorFX UCITS ETF Class A USD while FLES.L tracks the Franklin Euro Short Maturity UCITS ETF. Both are passively managed. Over the past 5 years, FTFX.L returned 5.92%/yr vs 1.62%/yr for FLES.L. At a 0.08 correlation, their price movements are largely independent.

Performance

FTFX.L vs. FLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust FactorFX UCITS ETF Class A USD (FTFX.L) and Franklin Euro Short Maturity UCITS ETF (FLES.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FTFX.L is traded in USD, while FLES.L is traded in EUR. To make them comparable, the FLES.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FTFX.L achieves a 6.72% return, which is significantly higher than FLES.L's -1.49% return.

FTFX.L

1D
0.81%
1M
2.12%
6M
6.59%
YTD
6.72%
1Y
10.31%
3Y*
6.78%
5Y*
5.92%
10Y*
—

FLES.L

1D
0.50%
1M
-0.93%
6M
-0.68%
YTD
-1.49%
1Y
0.66%
3Y*
3.92%
5Y*
1.62%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FTFX.L vs. FLES.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FTFX.L
First Trust FactorFX UCITS ETF Class A USD		6.72%8.14%7.93%9.97%-1.13%-3.43%0.33%4.18%1.82%
FLES.L
Franklin Euro Short Maturity UCITS ETF		-1.49%16.13%-2.23%6.56%-5.88%-6.70%8.72%-1.43%-1.37%

Correlation

The correlation between FTFX.L and FLES.L is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.03

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2018

0.08

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First Trust FactorFX UCITS ETF Class A USD

Franklin Euro Short Maturity UCITS ETF

Return for Risk

FTFX.L vs. FLES.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FTFX.L
FTFX.L Risk / Return Rank: 6565
Overall Rank
FTFX.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FTFX.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
FTFX.L Omega Ratio Rank: 6565
Omega Ratio Rank
FTFX.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
FTFX.L Martin Ratio Rank: 6969
Martin Ratio Rank
FLES.L
FLES.L Risk / Return Rank: 8787
Overall Rank
FLES.L Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
FLES.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
FLES.L Omega Ratio Rank: 9191
Omega Ratio Rank
FLES.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FLES.L Martin Ratio Rank: 8787
Martin Ratio Rank
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.

FTFX.L vs. FLES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust FactorFX UCITS ETF Class A USD (FTFX.L) and Franklin Euro Short Maturity UCITS ETF (FLES.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.

FTFX.LFLES.LDifference
Sharpe ratioReturn per unit of total volatility
1.55
0.11

+1.44

Sortino ratioReturn per unit of downside risk
2.23
0.20

+2.03

Omega ratioGain probability vs. loss probability

1.31

1.02

+0.29

Calmar ratioReturn relative to maximum drawdown

3.30

0.13

+3.17

Martin ratioReturn relative to average drawdown

10.01

0.28

+9.74

FTFX.L vs. FLES.L - Sharpe Ratio Comparison

The current FTFX.L Sharpe Ratio is 1.55, which is higher than the FLES.L Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of FTFX.L and FLES.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.

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Drawdowns

FTFX.L vs. FLES.L - Drawdown Comparison

The maximum FTFX.L drawdown since its inception was -8.13%, smaller than the maximum FLES.L drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for FTFX.L and FLES.L.

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Drawdown Indicators

FTFX.LFLES.LDifference

Max Drawdown

Largest peak-to-trough decline

-8.13%

-22.21%

+14.08%

Max Drawdown (1Y)

Largest decline over 1 year

-2.97%

-5.08%

+2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-6.92%

-7.56%

+0.64%

Max Drawdown (5Y)

Largest decline over 5 years

-6.92%

-19.33%

+12.41%

Current Drawdown

Current decline from peak

0.00%

-3.98%

+3.98%

Average Drawdown

Average peak-to-trough decline

-2.08%

-6.60%

+4.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.98%

2.39%

-1.41%

Volatility

FTFX.L vs. FLES.L - Volatility Comparison

The current volatility for First Trust FactorFX UCITS ETF Class A USD (FTFX.L) is 1.26%, while Franklin Euro Short Maturity UCITS ETF (FLES.L) has a volatility of 1.61%. This indicates that FTFX.L experiences smaller price fluctuations and is considered to be less risky than FLES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FTFX.LFLES.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.26%

1.61%

-0.35%

Volatility (6M)

Calculated over the trailing 6-month period

4.37%

4.56%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

6.34%

6.22%

+0.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.33%

7.64%

-0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.18%

7.25%

-1.07%

Dividends

FTFX.L vs. FLES.L - Dividend Comparison

FTFX.L has not paid dividends to shareholders, while FLES.L's dividend yield for the trailing twelve months is around 1.92%.

PositionTTM2025202420232022
FLES.L
Franklin Euro Short Maturity UCITS ETF		1.92%2.62%2.55%1.20%0.26%
FTFX.L
First Trust FactorFX UCITS ETF Class A USD		0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FTFX.L and FLES.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FTFX.L tracks First Trust FactorFX UCITS ETF Class A USD, while FLES.L tracks Franklin Euro Short Maturity UCITS ETF. They also come from different issuers: First Trust and Franklin.

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