ARP vs. FLSP

Last updated Jun 4, 2026

ARP (Pmv Adaptive Risk Parity ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - ARP is a Tactical Allocation fund actively managed by PMV, while FLSP is a Long-Short fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, ARP returned 15.46%/yr vs 10.00%/yr for FLSP. At a 0.06 correlation, their price movements are largely independent. ARP charges 1.42%/yr vs 0.65%/yr for FLSP.

Performance

ARP vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pmv Adaptive Risk Parity ETF (ARP) and Franklin Liberty Systematic Style Premia ETF (FLSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARP achieves a 11.60% return, which is significantly higher than FLSP's 1.26% return.

ARP

• 1D: -0.29%
• 1M: 2.94%
• YTD: 11.60%
• 6M: 12.32%
• 1Y: 27.77%
• 3Y*: 15.46%
• 5Y*: —
• 10Y*: —

FLSP

• 1D: 0.04%
• 1M: 1.15%
• YTD: 1.26%
• 6M: 3.45%
• 1Y: 14.67%
• 3Y*: 10.00%
• 5Y*: 7.70%
• 10Y*: —

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

ARP vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARP Pmv Adaptive Risk Parity ETF	11.60%	18.33%	13.79%	3.66%	-0.57%
FLSP Franklin Liberty Systematic Style Premia ETF	1.26%	15.56%	11.75%	3.14%	1.68%

Correlation

The correlation between ARP and FLSP is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Dec 23, 2022	0.06

ARP vs. FLSP - Sectors Allocation Comparison

Sectors	ARP	FLSP
Financial Services	22.7%	18.7%
Industrials	16.9%	14.8%
Technology	14.6%	21.1%
Consumer Cyclical	8.5%	8.0%
Healthcare	8.1%	9.7%
Basic Materials	7.8%	5.8%
Consumer Defensive	5.5%	6.3%
Energy	5.5%	4.7%
Communication Services	4.3%	6.5%
Utilities	3.4%	3.3%
Real Estate	2.7%	1.2%

Return for Risk

ARP vs. FLSP — Risk / Return Rank

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

ARP

ARP Risk / Return Rank: 60
ARP Sharpe Ratio Rank: 61
ARP Sortino Ratio Rank: 53
ARP Omega Ratio Rank: 71
ARP Calmar Ratio Rank: 56
ARP Martin Ratio Rank: 59

FLSP

FLSP Risk / Return Rank: 53
FLSP Sharpe Ratio Rank: 45
FLSP Sortino Ratio Rank: 45
FLSP Omega Ratio Rank: 42
FLSP Calmar Ratio Rank: 72
FLSP Martin Ratio Rank: 59

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.

ARP vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pmv Adaptive Risk Parity ETF (ARP) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.

	ARP	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.59	+0.47
Sortino ratio: Return per unit of downside risk	2.57	2.27	+0.31
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	2.76	3.66	-0.90
Martin ratio: Return relative to average drawdown	10.44	10.59	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARP vs. FLSP - Sharpe Ratio Comparison

The current ARP Sharpe Ratio is 2.06, which is comparable to the FLSP Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ARP and FLSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARP	FLSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.59	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.30	+1.05

Drawdowns

ARP vs. FLSP - Drawdown Comparison

The maximum ARP drawdown since its inception was -10.13%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for ARP and FLSP.

Drawdown Indicators

	ARP	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-10.13%	-22.75%	+12.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-4.03%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	-6.69%	-3.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.52%	—
Current Drawdown Current decline from peak	-0.29%	-1.94%	+1.65%
Average Drawdown Average peak-to-trough decline	-1.81%	-6.30%	+4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	1.39%	+1.28%

Volatility

ARP vs. FLSP - Volatility Comparison

Pmv Adaptive Risk Parity ETF (ARP) has a higher volatility of 2.95% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 1.98%. This indicates that ARP's price experiences larger fluctuations and is considered to be riskier than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARP	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	1.98%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	6.86%	+4.84%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	9.27%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.06%	13.37%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	13.53%	-3.47%

ARP vs. FLSP - Expense Ratio Comparison

ARP has a 1.42% expense ratio, which is higher than FLSP's 0.65% expense ratio.

Dividends

ARP vs. FLSP - Dividend Comparison

ARP's dividend yield for the trailing twelve months is around 5.86%, more than FLSP's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ARP Pmv Adaptive Risk Parity ETF	5.86%	6.54%	5.29%	2.67%	0.06%	0.00%	0.00%
FLSP Franklin Liberty Systematic Style Premia ETF	2.62%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Frequently Asked Questions

Can I hold both ARP and FLSP in my portfolio?

ARP and FLSP have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARP or FLSP?

ARP has higher volatility (2.95%) compared to FLSP (1.98%). In terms of maximum drawdown, ARP dropped -10.13% vs FLSP's -22.75%.

Which ETF is better, ARP or FLSP?

On 3-year performance, ARP leads with 15.46% vs 10.00% for FLSP. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARP or FLSP?

Over the 3-year period, ARP has performed better with a 15.46% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARP or FLSP?

FLSP is cheaper with a 0.65% expense ratio, compared with 1.42% for ARP.

Which ETF pays a higher dividend yield, ARP or FLSP?

ARP has the higher dividend yield at 5.86%, compared with 2.62% for FLSP.

What is the main difference between ARP and FLSP?

ARP is categorized as Tactical Allocation, while FLSP is Long-Short. They also come from different issuers: PMV and Franklin Templeton. Their fees differ too: 1.42% for ARP and 0.65% for FLSP.

Which has better risk-adjusted returns?

ARP currently has the higher Sharpe Ratio (2.06 vs 1.59), 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.