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

IWQU.L vs. FLES.L

Last updated Jul 16, 2026
Documentation

IWQU.L (iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc)) and FLES.L (Franklin Euro Short Maturity UCITS ETF) are both Global Equities funds - IWQU.L tracks the MSCI World Sector Neutral Quality Index while FLES.L tracks the Franklin Euro Short Maturity UCITS ETF. Both are passively managed. Over the past 5 years, IWQU.L returned 10.15%/yr vs 1.62%/yr for FLES.L. At a 0.26 correlation, their price movements are largely independent.

Performance

IWQU.L vs. FLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc) (IWQU.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

IWQU.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, IWQU.L achieves a 10.59% return, which is significantly higher than FLES.L's -1.49% return.

IWQU.L

1D
0.42%
1M
0.72%
6M
8.98%
YTD
10.59%
1Y
21.00%
3Y*
16.94%
5Y*
10.15%
10Y*
12.43%

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)

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

2026 (YTD)20252024202320222021202020192018
IWQU.L
iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc)		10.59%15.28%17.17%25.90%-19.26%23.70%14.95%29.64%-7.65%
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 IWQU.L and FLES.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.24

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

0.31

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

0.26

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iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc)

Franklin Euro Short Maturity UCITS ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWQU.L
IWQU.L Risk / Return Rank: 7070
Overall Rank
IWQU.L Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
IWQU.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWQU.L Omega Ratio Rank: 6969
Omega Ratio Rank
IWQU.L Calmar Ratio Rank: 6161
Calmar Ratio Rank
IWQU.L Martin Ratio Rank: 7070
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc) (IWQU.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.

IWQU.LFLES.LDifference
Sharpe ratioReturn per unit of total volatility
1.80
0.11

+1.69

Sortino ratioReturn per unit of downside risk
2.79
0.20

+2.59

Omega ratioGain probability vs. loss probability

1.33

1.02

+0.30

Calmar ratioReturn relative to maximum drawdown

2.45

0.13

+2.32

Martin ratioReturn relative to average drawdown

10.10

0.28

+9.82

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

The current IWQU.L Sharpe Ratio is 1.80, which is higher than the FLES.L Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of IWQU.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

IWQU.L vs. FLES.L - Drawdown Comparison

The maximum IWQU.L drawdown since its inception was -33.05%, which is greater than FLES.L's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for IWQU.L and FLES.L.

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Drawdown Indicators

IWQU.LFLES.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.05%

-22.21%

-10.84%

Max Drawdown (1Y)

Largest decline over 1 year

-8.53%

-5.08%

-3.45%

Max Drawdown (3Y)

Largest decline over 3 years

-16.09%

-7.56%

-8.53%

Max Drawdown (5Y)

Largest decline over 5 years

-27.70%

-19.33%

-8.37%

Max Drawdown (10Y)

Largest decline over 10 years

-33.05%

—

—

Current Drawdown

Current decline from peak

0.00%

-3.98%

+3.98%

Average Drawdown

Average peak-to-trough decline

-4.56%

-6.60%

+2.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

2.39%

-0.32%

Volatility

IWQU.L vs. FLES.L - Volatility Comparison

iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc) (IWQU.L) has a higher volatility of 2.94% compared to Franklin Euro Short Maturity UCITS ETF (FLES.L) at 1.61%. This indicates that IWQU.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

IWQU.LFLES.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.94%

1.61%

+1.33%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

4.56%

+4.75%

Volatility (1Y)

Calculated over the trailing 1-year period

11.62%

6.22%

+5.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.62%

7.64%

+7.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.63%

7.25%

+8.38%

Dividends

IWQU.L vs. FLES.L - Dividend Comparison

IWQU.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%
IWQU.L
iShares Edge MSCI World Quality Factor UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWQU.L and FLES.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWQU.L tracks MSCI World Sector Neutral Quality Index, while FLES.L tracks Franklin Euro Short Maturity UCITS ETF. They also come from different issuers: iShares and Franklin.

Portfolio Optimizer

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