PABD vs. FLEU

Last updated Aug 4, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and FLEU (Franklin FTSE Eurozone ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past year, PABD returned 22.78% vs 24.70% for FLEU. Their correlation of 0.90 means they have usually moved in the same direction. PABD charges 0.12%/yr vs 0.09%/yr for FLEU.

Performance

PABD vs. FLEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and Franklin FTSE Eurozone ETF (FLEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABD achieves a 9.56% return, which is significantly lower than FLEU's 10.71% return.

PABD

• 1D: 0.48%
• 1M: 0.77%
• 6M: 5.02%
• YTD: 9.56%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.35%

FLEU

• 1D: 0.63%
• 1M: 1.03%
• 6M: 5.55%
• YTD: 10.71%
• 1Y: 24.70%
• 3Y*: 18.77%
• 5Y*: 12.07%
• 10Y*: —
• ALL TIME*: 10.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLEU Franklin FTSE Eurozone ETF	$156.73K	$198.57K	$232.56K
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	$83.86K	$55.85K	$338.84K

PABD vs. FLEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	9.56%	30.06%	5.32%
FLEU Franklin FTSE Eurozone ETF	10.71%	41.56%	5.43%

Correlation

The correlation between PABD and FLEU is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.90

The correlation between PABD and FLEU has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

PABD vs. FLEU - Sectors Allocation Comparison

Sectors	PABD	FLEU
Financial Services	29.5%	26.3%
Industrials	16.0%	19.5%
Technology	14.5%	15.7%
Healthcare	12.2%	5.7%
Real Estate	6.2%	1.0%
Basic Materials	4.8%	4.3%
Consumer Cyclical	4.6%	7.5%
Utilities	4.6%	6.8%
Consumer Defensive	4.4%	5.0%
Communication Services	3.0%	4.1%
Energy	0.2%	3.8%

Return for Risk

PABD vs. FLEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PABD

PABD Risk / Return Rank: 53
PABD Sharpe Ratio Rank: 55
PABD Sortino Ratio Rank: 56
PABD Omega Ratio Rank: 53
PABD Calmar Ratio Rank: 48
PABD Martin Ratio Rank: 55

FLEU

FLEU Risk / Return Rank: 55
FLEU Sharpe Ratio Rank: 57
FLEU Sortino Ratio Rank: 57
FLEU Omega Ratio Rank: 56
FLEU Calmar Ratio Rank: 50
FLEU Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PABD vs. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and Franklin FTSE Eurozone ETF (FLEU). 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.

	PABD	FLEU	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.40	+0.01
Sortino ratio: Return per unit of downside risk	2.04	2.04	0.00
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	1.82	1.85	-0.03
Martin ratio: Return relative to average drawdown	6.86	6.75	+0.11

PABD vs. FLEU - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.42, which is comparable to the FLEU Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of PABD and FLEU, 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

PABD vs. FLEU - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum FLEU drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for PABD and FLEU.

Drawdown Indicators

	PABD	FLEU	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-33.94%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-13.41%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.67%	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.55%	-4.65%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.67%	-0.34%

Volatility

PABD vs. FLEU - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and Franklin FTSE Eurozone ETF (FLEU) have volatilities of 4.50% and 4.61%, 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

	PABD	FLEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.61%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	15.46%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	17.73%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	16.53%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	18.24%	-2.64%

PABD vs. FLEU - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is higher than FLEU'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

PABD vs. FLEU - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 2.98%, more than FLEU's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEU Franklin FTSE Eurozone ETF	2.65%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.98%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PABD and FLEU in my portfolio?

With a correlation of 0.92, PABD and FLEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PABD or FLEU?

FLEU has higher volatility (4.61%) compared to PABD (4.50%). In terms of maximum drawdown, PABD dropped -13.37% vs FLEU's -33.94%.

Which ETF is better, PABD or FLEU?

On 1-year performance, FLEU leads with 24.70% vs 22.78% for PABD. On fees, FLEU is cheaper at 0.09% per year. On volatility, PABD has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PABD or FLEU?

Over the 1-year period, FLEU has performed better with a 24.70% return vs 22.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABD or FLEU?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.12% for PABD.

Which ETF pays a higher dividend yield, PABD or FLEU?

PABD has the higher dividend yield at 2.98%, compared with 2.65% for FLEU.

What is the main difference between PABD and FLEU?

PABD is categorized as Foreign Large Cap Equities, while FLEU is Europe Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.12% for PABD and 0.09% for FLEU.

Which has better risk-adjusted returns?

PABD currently has the higher Sharpe Ratio (1.42 vs 1.40), 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.