GSEU vs. FLSW

Last updated Jun 24, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and FLSW (Franklin FTSE Switzerland ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while FLSW tracks the FTSE Switzerland RIC Capped Index. Both are passively managed. Over the past 5 years, GSEU returned 8.34%/yr vs 7.06%/yr for FLSW. Their correlation of 0.82 suggests significant overlap in exposure. GSEU charges 0.25%/yr vs 0.09%/yr for FLSW.

Performance

GSEU vs. FLSW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Franklin FTSE Switzerland ETF (FLSW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEU achieves a 6.37% return, which is significantly higher than FLSW's 4.52% return.

GSEU

• 1D: -1.05%
• 1M: 0.18%
• YTD: 6.37%
• 6M: 6.48%
• 1Y: 18.94%
• 3Y*: 16.87%
• 5Y*: 8.34%
• 10Y*: 10.17%

FLSW

• 1D: 0.48%
• 1M: -0.04%
• YTD: 4.52%
• 6M: 3.79%
• 1Y: 17.63%
• 3Y*: 12.98%
• 5Y*: 7.06%
• 10Y*: —

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

GSEU vs. FLSW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	6.37%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.64%
FLSW Franklin FTSE Switzerland ETF	4.52%	32.92%	-1.77%	16.79%	-18.14%	20.82%	13.25%	31.66%	-7.85%

Correlation

The correlation between GSEU and FLSW is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.82

The correlation between GSEU and FLSW has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

GSEU vs. FLSW - Sectors Allocation Comparison

Sectors	GSEU	FLSW
Financial Services	24.0%	17.6%
Industrials	20.0%	14.1%
Healthcare	13.3%	37.3%
Technology	9.1%	1.3%
Consumer Defensive	8.3%	13.7%
Consumer Cyclical	6.7%	5.7%
Basic Materials	5.1%	7.8%
Utilities	4.6%	0.2%
Energy	4.2%	-
Communication Services	4.0%	1.2%
Real Estate	0.5%	1.2%

Return for Risk

GSEU vs. FLSW — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 36
GSEU Sharpe Ratio Rank: 37
GSEU Sortino Ratio Rank: 36
GSEU Omega Ratio Rank: 35
GSEU Calmar Ratio Rank: 34
GSEU Martin Ratio Rank: 40

FLSW

FLSW Risk / Return Rank: 31
FLSW Sharpe Ratio Rank: 33
FLSW Sortino Ratio Rank: 34
FLSW Omega Ratio Rank: 31
FLSW Calmar Ratio Rank: 28
FLSW Martin Ratio Rank: 31

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.

GSEU vs. FLSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Franklin FTSE Switzerland ETF (FLSW). 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.

	GSEU	FLSW	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.14	+0.10
Sortino ratio: Return per unit of downside risk	1.79	1.71	+0.08
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	1.60	1.32	+0.28
Martin ratio: Return relative to average drawdown	6.01	4.20	+1.82

GSEU vs. FLSW - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.24, which is comparable to the FLSW Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of GSEU and FLSW, 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

GSEU vs. FLSW - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than FLSW's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for GSEU and FLSW.

Drawdown Indicators

	GSEU	FLSW	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-28.16%	-7.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-13.38%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-13.38%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-28.16%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	—	—
Current Drawdown Current decline from peak	-1.76%	-3.81%	+2.05%
Average Drawdown Average peak-to-trough decline	-6.57%	-5.95%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	4.21%	-1.05%

Volatility

GSEU vs. FLSW - Volatility Comparison

Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Franklin FTSE Switzerland ETF (FLSW) have volatilities of 4.52% and 4.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	FLSW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.57%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	12.43%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	15.65%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	15.76%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	16.88%	+0.89%

GSEU vs. FLSW - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is higher than FLSW's 0.09% 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

GSEU vs. FLSW - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.56%, more than FLSW's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLSW Franklin FTSE Switzerland ETF	0.12%	2.12%	2.04%	2.36%	2.02%	1.86%	2.28%	1.15%	2.86%	0.00%	0.00%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.56%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%

Frequently Asked Questions

Can I hold both GSEU and FLSW in my portfolio?

GSEU and FLSW have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEU or FLSW?

FLSW has higher volatility (4.57%) compared to GSEU (4.52%). In terms of maximum drawdown, GSEU dropped -35.71% vs FLSW's -28.16%.

Which ETF is better, GSEU or FLSW?

On 5-year performance, GSEU leads with 8.34% vs 7.06% for FLSW. On fees, FLSW is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or FLSW?

Over the 5-year period, GSEU has performed better with a 8.34% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or FLSW?

FLSW is cheaper with a 0.09% expense ratio, compared with 0.25% for GSEU.

Which ETF pays a higher dividend yield, GSEU or FLSW?

GSEU has the higher dividend yield at 2.56%, compared with 0.12% for FLSW.

What is the main difference between GSEU and FLSW?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while FLSW tracks FTSE Switzerland RIC Capped Index. They also come from different issuers: Goldman Sachs and Franklin Templeton. Their fees differ too: 0.25% for GSEU and 0.09% for FLSW.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.24 vs 1.14), 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.