PARI.L vs. FLES.L

Last updated Jul 16, 2026

PARI.L (Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF) and FLES.L (Franklin Euro Short Maturity UCITS ETF) are both exchange-traded funds - PARI.L is a Europe Equities fund tracking the Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF, while FLES.L is a Global Equities fund tracking the Franklin Euro Short Maturity UCITS ETF. Both are passively managed. Over the past 5 years, PARI.L returned 6.59%/yr vs 2.20%/yr for FLES.L. At a 0.07 correlation, their price movements are largely independent.

Performance

PARI.L vs. FLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.L) and Franklin Euro Short Maturity UCITS ETF (FLES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PARI.L achieves a 9.19% return, which is significantly higher than FLES.L's 0.86% return.

PARI.L

• 1D: 0.21%
• 1M: 1.42%
• 6M: 5.33%
• YTD: 9.19%
• 1Y: 12.95%
• 3Y*: 8.40%
• 5Y*: 6.59%
• 10Y*: —

FLES.L

• 1D: 0.04%
• 1M: 0.08%
• 6M: 0.82%
• YTD: 0.86%
• 1Y: 1.80%
• 3Y*: 3.16%
• 5Y*: 2.20%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PARI.L Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	9.19%	5.82%	7.25%	15.81%	-10.70%	23.80%	11.15%
FLES.L Franklin Euro Short Maturity UCITS ETF	0.86%	2.37%	4.21%	3.29%	0.14%	0.12%	0.72%

Correlation

The correlation between PARI.L and FLES.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020	0.07

The correlation between PARI.L and FLES.L shifts across timeframes, from 0.07 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

PARI.L

PARI.L Risk / Return Rank: 31
PARI.L Sharpe Ratio Rank: 32
PARI.L Sortino Ratio Rank: 32
PARI.L Omega Ratio Rank: 31
PARI.L Calmar Ratio Rank: 29
PARI.L Martin Ratio Rank: 34

FLES.L

FLES.L Risk / Return Rank: 87
FLES.L Sharpe Ratio Rank: 81
FLES.L Sortino Ratio Rank: 82
FLES.L Omega Ratio Rank: 91
FLES.L Calmar Ratio Rank: 93
FLES.L Martin Ratio Rank: 87

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.

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

This table presents a comparison of risk-adjusted performance metrics for Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.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.

	PARI.L	FLES.L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.05	-1.10
Sortino ratio: Return per unit of downside risk	1.45	2.94	-1.49
Omega ratio: Gain probability vs. loss probability	1.18	1.47	-0.29
Calmar ratio: Return relative to maximum drawdown	1.20	5.16	-3.96
Martin ratio: Return relative to average drawdown	4.10	14.62	-10.52

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

The current PARI.L Sharpe Ratio is 0.96, which is lower than the FLES.L Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PARI.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.

Drawdowns

PARI.L vs. FLES.L - Drawdown Comparison

The maximum PARI.L drawdown since its inception was -21.18%, which is greater than FLES.L's maximum drawdown of -4.50%. Use the drawdown chart below to compare losses from any high point for PARI.L and FLES.L.

Drawdown Indicators

	PARI.L	FLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.18%	-4.50%	-16.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-0.35%	-10.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-0.35%	-15.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.18%	-0.88%	-20.30%
Current Drawdown Current decline from peak	-2.01%	-0.12%	-1.89%
Average Drawdown Average peak-to-trough decline	-4.32%	-0.81%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	0.12%	+3.03%

Volatility

PARI.L vs. FLES.L - Volatility Comparison

Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.L) has a higher volatility of 3.37% compared to Franklin Euro Short Maturity UCITS ETF (FLES.L) at 0.30%. This indicates that PARI.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.

Volatility by Period

	PARI.L	FLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	0.30%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	0.71%	+10.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	0.87%	+12.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	0.80%	+13.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.36%	1.19%	+13.17%

Dividends

PARI.L vs. FLES.L - Dividend Comparison

PARI.L has not paid dividends to shareholders, while FLES.L's dividend yield for the trailing twelve months is around 1.92%.

Position	TTM	2025	2024	2023	2022
FLES.L Franklin Euro Short Maturity UCITS ETF	1.92%	2.62%	2.55%	1.20%	0.26%
PARI.L Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PARI.L and FLES.L in my portfolio?

PARI.L and FLES.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between PARI.L and FLES.L?

PARI.L is categorized as Europe Equities, while FLES.L is Global Equities. PARI.L tracks Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF, while FLES.L tracks Franklin Euro Short Maturity UCITS ETF.