EVNT vs. FLSP

Last updated Jun 24, 2026

EVNT (AltShares Event-Driven ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - EVNT is a Event Driven fund actively managed by AltShares, while FLSP is a Long-Short fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, EVNT returned 10.66%/yr vs 10.33%/yr for FLSP. At a correlation of -0.01, they often move in opposite directions. EVNT charges 1.30%/yr vs 0.65%/yr for FLSP.

Performance

EVNT vs. FLSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) 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, EVNT achieves a 4.68% return, which is significantly higher than FLSP's 1.97% return.

EVNT

• 1D: 0.29%
• 1M: 1.68%
• YTD: 4.68%
• 6M: 4.48%
• 1Y: 11.02%
• 3Y*: 10.66%
• 5Y*: —
• 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)

EVNT vs. FLSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EVNT AltShares Event-Driven ETF	4.68%	13.72%	5.13%	13.28%	-8.62%	-3.40%
FLSP Franklin Liberty Systematic Style Premia ETF	1.97%	15.56%	11.75%	3.14%	0.44%	5.31%

Correlation

The correlation between EVNT and FLSP is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 20, 2021	-0.01

Return for Risk

EVNT vs. FLSP — Risk / Return Rank

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

EVNT

EVNT Risk / Return Rank: 55
EVNT Sharpe Ratio Rank: 44
EVNT Sortino Ratio Rank: 47
EVNT Omega Ratio Rank: 52
EVNT Calmar Ratio Rank: 70
EVNT Martin Ratio Rank: 62

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.

EVNT vs. FLSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) 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.

	EVNT	FLSP	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.62	-0.17
Sortino ratio: Return per unit of downside risk	2.18	2.31	-0.14
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	3.31	3.63	-0.33
Martin ratio: Return relative to average drawdown	10.54	10.82	-0.28

EVNT vs. FLSP - Sharpe Ratio Comparison

The current EVNT Sharpe Ratio is 1.45, which is comparable to the FLSP Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EVNT 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

EVNT vs. FLSP - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for EVNT and FLSP.

Drawdown Indicators

	EVNT	FLSP	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-22.75%	+8.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-4.03%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	-6.69%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.52%	—
Current Drawdown Current decline from peak	0.00%	-1.26%	+1.26%
Average Drawdown Average peak-to-trough decline	-3.76%	-6.26%	+2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.39%	-0.34%

Volatility

EVNT vs. FLSP - Volatility Comparison

AltShares Event-Driven ETF (EVNT) and Franklin Liberty Systematic Style Premia ETF (FLSP) have volatilities of 1.75% and 1.79%, 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

	EVNT	FLSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	1.79%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	6.78%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	9.07%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.23%	13.35%	-4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.23%	13.48%	-4.25%

EVNT vs. FLSP - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than FLSP's 0.65% expense ratio.

Dividends

EVNT vs. FLSP - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.57%, more than FLSP's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EVNT AltShares Event-Driven ETF	4.57%	4.78%	0.66%	0.59%	2.61%	0.00%	0.00%
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 EVNT and FLSP in my portfolio?

EVNT and FLSP have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVNT or FLSP?

FLSP has higher volatility (1.79%) compared to EVNT (1.75%). In terms of maximum drawdown, EVNT dropped -13.85% vs FLSP's -22.75%.

Which ETF is better, EVNT or FLSP?

On 3-year performance, EVNT leads with 10.66% vs 10.33% for FLSP. On fees, FLSP is cheaper at 0.65% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVNT or FLSP?

Over the 3-year period, EVNT has performed better with a 10.66% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVNT or FLSP?

FLSP is cheaper with a 0.65% expense ratio, compared with 1.30% for EVNT.

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

EVNT has the higher dividend yield at 4.57%, compared with 2.60% for FLSP.

What is the main difference between EVNT and FLSP?

EVNT is categorized as Event Driven, while FLSP is Long-Short. They also come from different issuers: AltShares and Franklin Templeton. Their fees differ too: 1.30% for EVNT and 0.65% for FLSP.

Which has better risk-adjusted returns?

FLSP currently has the higher Sharpe Ratio (1.62 vs 1.45), 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.