IWDG.L vs. FLES.L
IWDG.L (iShares Core MSCI World UCITS ETF) and FLES.L (Franklin Euro Short Maturity UCITS ETF EUR (Dist)) are both exchange-traded funds - IWDG.L is a Global Equities fund tracking the MSCI World Index, while FLES.L is a Ultra Short-Term Bonds fund tracking the ICE BofA 0-1 Year Euro Broad Market Index. Both are passively managed. Over the past 5 years, IWDG.L returned 11.85%/yr vs 1.95%/yr for FLES.L. At a correlation of -0.09, they often move in opposite directions. IWDG.L charges 0.30%/yr vs 0.15%/yr for FLES.L.
Performance
IWDG.L vs. FLES.L - Performance Comparison
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Different Trading Currencies
IWDG.L is traded in GBp, while FLES.L is traded in EUR. To make them comparable, the FLES.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IWDG.L achieves a 10.68% return, which is significantly higher than FLES.L's -2.02% return.
IWDG.L
- 1D
- -0.04%
- 1M
- 0.48%
- 6M
- 8.40%
- YTD
- 10.68%
- 1Y
- 23.67%
- 3Y*
- 19.20%
- 5Y*
- 11.85%
- 10Y*
- —
FLES.L
- 1D
- -0.68%
- 1M
- -1.99%
- 6M
- -1.62%
- YTD
- -2.02%
- 1Y
- -0.63%
- 3Y*
- 2.74%
- 5Y*
- 1.95%
- 10Y*
- —
IWDG.L vs. FLES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IWDG.L iShares Core MSCI World UCITS ETF | 10.68% | 18.71% | 21.37% | 23.13% | -17.43% | 24.30% | 11.80% | 24.91% | -8.68% |
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist) | -2.02% | 7.85% | -0.52% | 1.23% | 5.31% | -5.82% | 5.53% | -5.18% | 1.41% |
Correlation
The correlation between IWDG.L and FLES.L is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | -0.09 |
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Return for Risk
IWDG.L vs. FLES.L — Risk / Return Rank
IWDG.L
FLES.L
IWDG.L vs. FLES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World UCITS ETF (IWDG.L) and Franklin Euro Short Maturity UCITS ETF EUR (Dist) (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.
| IWDG.L | FLES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.98 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | -0.17 | +3.26 |
| Martin ratioReturn relative to average drawdown | 12.99 | -0.47 | +13.46 |
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Drawdowns
IWDG.L vs. FLES.L - Drawdown Comparison
The maximum IWDG.L drawdown since its inception was -34.20%, which is greater than FLES.L's maximum drawdown of -10.70%. Use the drawdown chart below to compare losses from any high point for IWDG.L and FLES.L.
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Drawdown Indicators
| IWDG.L | FLES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.20% | -10.70% | -23.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.64% | -3.14% | -4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.57% | -3.14% | -14.43% |
Max Drawdown (5Y)Largest decline over 5 years | -22.82% | -4.87% | -17.95% |
Current DrawdownCurrent decline from peak | -0.04% | -3.14% | +3.10% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -4.40% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.15% | +0.67% |
Volatility
IWDG.L vs. FLES.L - Volatility Comparison
iShares Core MSCI World UCITS ETF (IWDG.L) has a higher volatility of 2.59% compared to Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L) at 1.05%. This indicates that IWDG.L's price experiences larger fluctuations and is considered to be riskier 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
| IWDG.L | FLES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 1.05% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 9.17% | 2.73% | +6.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 4.04% | +7.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.89% | 5.44% | +9.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.89% | 6.28% | +9.61% |
IWDG.L vs. FLES.L - Expense Ratio Comparison
IWDG.L has a 0.30% expense ratio, which is higher than FLES.L's 0.15% expense ratio.
Dividends
IWDG.L vs. FLES.L - Dividend Comparison
IWDG.L's dividend yield for the trailing twelve months is around 1.39%, less than FLES.L's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist) | 1.92% | 2.62% | 2.55% | 1.20% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWDG.L iShares Core MSCI World UCITS ETF | 1.39% | 1.11% | 1.24% | 1.42% | 1.74% | 1.19% | 1.35% | 1.83% | 2.14% | 0.61% |
Frequently Asked Questions
IWDG.L and FLES.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLES.L is cheaper with a 0.15% expense ratio, compared with 0.30% for IWDG.L.
IWDG.L is categorized as Global Equities, while FLES.L is Ultra Short-Term Bonds. IWDG.L tracks MSCI World Index, while FLES.L tracks ICE BofA 0-1 Year Euro Broad Market Index. They also come from different issuers: iShares and Franklin. Their fees differ too: 0.30% for IWDG.L and 0.15% for FLES.L.
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