CLIX vs. FLSP

Last updated Jun 24, 2026

CLIX (ProShares Long Online/Short Stores ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both Long-Short funds. CLIX is passively managed, while FLSP is actively managed. Over the past 5 years, CLIX returned -7.82%/yr vs 8.35%/yr for FLSP. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

CLIX vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Long Online/Short Stores ETF (CLIX) 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, CLIX achieves a -8.57% return, which is significantly lower than FLSP's 1.97% return.

CLIX

• 1D: 0.70%
• 1M: -5.51%
• YTD: -8.57%
• 6M: -8.64%
• 1Y: 9.82%
• 3Y*: 17.63%
• 5Y*: -7.82%
• 10Y*: —

FLSP

• 1D: -0.36%
• 1M: 0.59%
• YTD: 1.97%
• 6M: 2.01%
• 1Y: 14.58%
• 3Y*: 10.33%
• 5Y*: 8.35%
• 10Y*: —

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

CLIX vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CLIX ProShares Long Online/Short Stores ETF	-8.57%	32.81%	20.73%	28.97%	-46.73%	-39.96%	90.91%	0.46%
FLSP Franklin Liberty Systematic Style Premia ETF	1.97%	15.56%	11.75%	3.14%	0.44%	11.44%	-15.19%	0.90%

Correlation

The correlation between CLIX and FLSP is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019	0.00

Return for Risk

CLIX vs. FLSP — Risk / Return Rank

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

CLIX

CLIX Risk / Return Rank: 15
CLIX Sharpe Ratio Rank: 16
CLIX Sortino Ratio Rank: 15
CLIX Omega Ratio Rank: 15
CLIX Calmar Ratio Rank: 14
CLIX Martin Ratio Rank: 15

FLSP

FLSP Risk / Return Rank: 56
FLSP Sharpe Ratio Rank: 49
FLSP Sortino Ratio Rank: 50
FLSP Omega Ratio Rank: 46
FLSP Calmar Ratio Rank: 75
FLSP Martin Ratio Rank: 63

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.

CLIX vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Long Online/Short Stores ETF (CLIX) 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.

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.

	CLIX	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.62	-1.16
Sortino ratio: Return per unit of downside risk	0.76	2.31	-1.55
Omega ratio: Gain probability vs. loss probability	1.09	1.28	-0.19
Calmar ratio: Return relative to maximum drawdown	0.50	3.63	-3.13
Martin ratio: Return relative to average drawdown	1.29	10.82	-9.53

CLIX vs. FLSP - Sharpe Ratio Comparison

The current CLIX Sharpe Ratio is 0.46, which is lower than the FLSP Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of CLIX 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.

Drawdowns

CLIX vs. FLSP - Drawdown Comparison

The maximum CLIX drawdown since its inception was -73.21%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for CLIX and FLSP.

Drawdown Indicators

	CLIX	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-73.21%	-22.75%	-50.46%
Max Drawdown (1Y) Largest decline over 1 year	-19.57%	-4.03%	-15.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.18%	-6.69%	-14.49%
Max Drawdown (5Y) Largest decline over 5 years	-68.22%	-9.52%	-58.70%
Current Drawdown Current decline from peak	-45.99%	-1.26%	-44.73%
Average Drawdown Average peak-to-trough decline	-34.75%	-6.26%	-28.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	1.39%	+6.22%

Volatility

CLIX vs. FLSP - Volatility Comparison

ProShares Long Online/Short Stores ETF (CLIX) has a higher volatility of 6.64% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 1.79%. This indicates that CLIX'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

	CLIX	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	1.79%	+4.85%
Volatility (6M) Calculated over the trailing 6-month period	16.31%	6.78%	+9.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	9.07%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.05%	13.35%	+13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.92%	13.48%	+12.44%

CLIX vs. FLSP - Expense Ratio Comparison

Both CLIX and FLSP have an expense ratio of 0.65%.

Dividends

CLIX vs. FLSP - Dividend Comparison

CLIX's dividend yield for the trailing twelve months is around 0.58%, less than FLSP's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLIX ProShares Long Online/Short Stores ETF	0.58%	0.46%	0.46%	0.00%	0.00%	0.00%	1.33%
FLSP Franklin Liberty Systematic Style Premia ETF	2.60%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Frequently Asked Questions

Can I hold both CLIX and FLSP in my portfolio?

CLIX and FLSP have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLIX or FLSP?

CLIX has higher volatility (6.64%) compared to FLSP (1.79%). In terms of maximum drawdown, CLIX dropped -73.21% vs FLSP's -22.75%.

Which ETF is better, CLIX or FLSP?

On 5-year performance, FLSP leads with 8.35% vs -7.82% for CLIX. Both ETFs have the same 0.65% expense ratio. On volatility, FLSP has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLIX or FLSP?

Over the 5-year period, FLSP has performed better with a 8.35% return vs -7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLIX or FLSP?

CLIX and FLSP have the same expense ratio: 0.65% per year.

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

FLSP has the higher dividend yield at 2.60%, compared with 0.58% for CLIX.

What is the main difference between CLIX and FLSP?

They also come from different issuers: ProShares and Franklin Templeton.

Which has better risk-adjusted returns?

FLSP currently has the higher Sharpe Ratio (1.62 vs 0.46), 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.