SPEU vs. FLGB

Last updated Jul 12, 2026

SPEU (SPDR Portfolio Europe ETF) and FLGB (Franklin FTSE United Kingdom ETF) are both Europe Equities funds - SPEU tracks the STOXX Europe Total Market Index while FLGB tracks the FTSE UK RIC Capped Index. Both are passively managed. Over the past 5 years, SPEU returned 8.81%/yr vs 11.35%/yr for FLGB. Their correlation of 0.87 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.09%/yr for FLGB.

Performance

SPEU vs. FLGB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and Franklin FTSE United Kingdom ETF (FLGB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPEU having a 7.58% return and FLGB slightly lower at 7.42%.

SPEU

• 1D: 0.13%
• 1M: 0.18%
• 6M: 5.02%
• YTD: 7.58%
• 1Y: 17.20%
• 3Y*: 16.70%
• 5Y*: 8.81%
• 10Y*: 9.66%

FLGB

• 1D: 0.51%
• 1M: 0.48%
• 6M: 5.48%
• YTD: 7.42%
• 1Y: 19.92%
• 3Y*: 18.58%
• 5Y*: 11.35%
• 10Y*: —

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

SPEU vs. FLGB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	7.58%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	1.17%
FLGB Franklin FTSE United Kingdom ETF	7.42%	33.73%	8.77%	14.33%	-6.00%	17.14%	-9.47%	23.23%	-11.60%	1.12%

Correlation

The correlation between SPEU and FLGB is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.87

The correlation between SPEU and FLGB has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

SPEU vs. FLGB - Sectors Allocation Comparison

Sectors	SPEU	FLGB
Financial Services	23.1%	27.5%
Industrials	20.0%	13.4%
Healthcare	11.2%	13.4%
Technology	10.1%	0.6%
Consumer Defensive	7.7%	14.2%
Consumer Cyclical	6.5%	5.1%
Basic Materials	6.0%	8.1%
Energy	5.5%	9.5%
Utilities	4.8%	4.7%
Communication Services	3.4%	2.4%
Real Estate	1.7%	0.9%

Return for Risk

SPEU vs. FLGB — Risk / Return Rank

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

SPEU

SPEU Risk / Return Rank: 34
SPEU Sharpe Ratio Rank: 33
SPEU Sortino Ratio Rank: 34
SPEU Omega Ratio Rank: 31
SPEU Calmar Ratio Rank: 32
SPEU Martin Ratio Rank: 38

FLGB

FLGB Risk / Return Rank: 46
FLGB Sharpe Ratio Rank: 46
FLGB Sortino Ratio Rank: 47
FLGB Omega Ratio Rank: 45
FLGB Calmar Ratio Rank: 45
FLGB Martin Ratio Rank: 47

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.

SPEU vs. FLGB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and Franklin FTSE United Kingdom ETF (FLGB). 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.

	SPEU	FLGB	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.30	-0.31
Sortino ratio: Return per unit of downside risk	1.50	1.91	-0.41
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	1.31	1.85	-0.54
Martin ratio: Return relative to average drawdown	4.78	6.22	-1.44

SPEU vs. FLGB - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 0.99, which is comparable to the FLGB Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of SPEU and FLGB, 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

SPEU vs. FLGB - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than FLGB's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for SPEU and FLGB.

Drawdown Indicators

	SPEU	FLGB	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-42.61%	-19.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-10.26%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-13.13%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-25.90%	-6.80%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	—	—
Current Drawdown Current decline from peak	-1.50%	-2.62%	+1.12%
Average Drawdown Average peak-to-trough decline	-13.79%	-6.65%	-7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.05%	+0.26%

Volatility

SPEU vs. FLGB - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 4.95% compared to Franklin FTSE United Kingdom ETF (FLGB) at 4.58%. This indicates that SPEU's price experiences larger fluctuations and is considered to be riskier than FLGB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	FLGB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	4.58%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	12.60%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	14.62%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	16.61%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	18.93%	-0.80%

SPEU vs. FLGB - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than FLGB's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPEU vs. FLGB - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.44%, more than FLGB's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLGB Franklin FTSE United Kingdom ETF	2.96%	3.50%	4.42%	3.95%	4.23%	2.93%	2.67%	4.30%	3.92%	0.43%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.44%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SPEU and FLGB in my portfolio?

SPEU and FLGB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEU or FLGB?

SPEU has higher volatility (4.95%) compared to FLGB (4.58%). In terms of maximum drawdown, SPEU dropped -62.45% vs FLGB's -42.61%.

Which ETF is better, SPEU or FLGB?

On 5-year performance, FLGB leads with 11.35% vs 8.81% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, FLGB has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or FLGB?

Over the 5-year period, FLGB has performed better with a 11.35% return vs 8.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or FLGB?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.09% for FLGB.

Which ETF pays a higher dividend yield, SPEU or FLGB?

SPEU has the higher dividend yield at 3.44%, compared with 2.96% for FLGB.

What is the main difference between SPEU and FLGB?

SPEU tracks STOXX Europe Total Market Index, while FLGB tracks FTSE UK RIC Capped Index. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.07% for SPEU and 0.09% for FLGB.

Which has better risk-adjusted returns?

FLGB currently has the higher Sharpe Ratio (1.30 vs 0.99), 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.