GCC vs. FLEH

Last updated Jun 24, 2026

GCC (WisdomTree Enhanced Commodity Strategy Fund) and FLEH (Franklin FTSE Europe Hedged ETF) are both exchange-traded funds - GCC is a Commodities fund actively managed by WisdomTree, while FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index. GCC is actively managed, while FLEH is passively managed. Over the past 5 years, GCC returned 10.21%/yr vs 11.75%/yr for FLEH. At a 0.25 correlation, their price movements are largely independent. GCC charges 0.55%/yr vs 0.09%/yr for FLEH.

Performance

GCC vs. FLEH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Enhanced Commodity Strategy Fund (GCC) and Franklin FTSE Europe Hedged ETF (FLEH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCC achieves a 8.13% return, which is significantly higher than FLEH's 7.40% return.

GCC

• 1D: -1.29%
• 1M: -9.68%
• YTD: 8.13%
• 6M: 6.82%
• 1Y: 21.66%
• 3Y*: 14.89%
• 5Y*: 10.21%
• 10Y*: 5.86%

FLEH

• 1D: -1.70%
• 1M: 1.76%
• YTD: 7.40%
• 6M: 7.90%
• 1Y: 20.48%
• 3Y*: 17.50%
• 5Y*: 11.75%
• 10Y*: —

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

GCC vs. FLEH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCC WisdomTree Enhanced Commodity Strategy Fund	8.13%	20.01%	15.13%	-3.72%	7.74%	19.96%	1.38%	7.07%	-8.69%	0.42%
FLEH Franklin FTSE Europe Hedged ETF	7.40%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between GCC and FLEH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.25

Return for Risk

GCC vs. FLEH — Risk / Return Rank

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

GCC

GCC Risk / Return Rank: 36
GCC Sharpe Ratio Rank: 38
GCC Sortino Ratio Rank: 33
GCC Omega Ratio Rank: 38
GCC Calmar Ratio Rank: 34
GCC Martin Ratio Rank: 40

FLEH

FLEH Risk / Return Rank: 35
FLEH Sharpe Ratio Rank: 35
FLEH Sortino Ratio Rank: 35
FLEH Omega Ratio Rank: 34
FLEH Calmar Ratio Rank: 32
FLEH Martin Ratio Rank: 38

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.

GCC vs. FLEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Enhanced Commodity Strategy Fund (GCC) and Franklin FTSE Europe Hedged ETF (FLEH). 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.

	GCC	FLEH	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.18	+0.10
Sortino ratio: Return per unit of downside risk	1.66	1.75	-0.09
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	1.59	1.53	+0.06
Martin ratio: Return relative to average drawdown	5.99	5.57	+0.42

GCC vs. FLEH - Sharpe Ratio Comparison

The current GCC Sharpe Ratio is 1.27, which is comparable to the FLEH Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of GCC and FLEH, 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

GCC vs. FLEH - Drawdown Comparison

The maximum GCC drawdown since its inception was -63.19%, which is greater than FLEH's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for GCC and FLEH.

Drawdown Indicators

	GCC	FLEH	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-33.94%	-29.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-13.41%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.67%	-15.67%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-18.67%	-8.40%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-13.67%	-2.00%	-11.67%
Average Drawdown Average peak-to-trough decline	-34.83%	-4.68%	-30.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	3.69%	-0.06%

Volatility

GCC vs. FLEH - Volatility Comparison

The current volatility for WisdomTree Enhanced Commodity Strategy Fund (GCC) is 4.06%, while Franklin FTSE Europe Hedged ETF (FLEH) has a volatility of 5.38%. This indicates that GCC experiences smaller price fluctuations and is considered to be less risky than FLEH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCC	FLEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	5.38%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	15.05%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	17.53%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	16.47%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	18.27%	-3.48%

GCC vs. FLEH - Expense Ratio Comparison

GCC has a 0.55% expense ratio, which is higher than FLEH's 0.09% expense ratio.

Dividends

GCC vs. FLEH - Dividend Comparison

GCC's dividend yield for the trailing twelve months is around 6.14%, more than FLEH's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	1.08%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
GCC WisdomTree Enhanced Commodity Strategy Fund	6.14%	6.64%	3.51%	3.68%	22.49%	9.76%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCC and FLEH in my portfolio?

GCC and FLEH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCC or FLEH?

FLEH has higher volatility (5.38%) compared to GCC (4.06%). In terms of maximum drawdown, GCC dropped -63.19% vs FLEH's -33.94%.

Which ETF is better, GCC or FLEH?

On 5-year performance, FLEH leads with 11.75% vs 10.21% for GCC. On fees, FLEH is cheaper at 0.09% per year. On volatility, GCC has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCC or FLEH?

Over the 5-year period, FLEH has performed better with a 11.75% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCC or FLEH?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.55% for GCC.

Which ETF pays a higher dividend yield, GCC or FLEH?

GCC has the higher dividend yield at 6.14%, compared with 1.08% for FLEH.

What is the main difference between GCC and FLEH?

GCC is categorized as Commodities, while FLEH is Europe Equities. They also come from different issuers: WisdomTree and Franklin Templeton. Their fees differ too: 0.55% for GCC and 0.09% for FLEH.

Which has better risk-adjusted returns?

GCC currently has the higher Sharpe Ratio (1.27 vs 1.18), 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.