FDLS vs. LSAF

Last updated Aug 6, 2026

FDLS (Inspire Fidelis Multi Factor ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - FDLS tracks the WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 3 years, FDLS returned 18.87%/yr vs 20.05%/yr for LSAF. Their correlation of 0.85 means they have usually moved in the same direction. FDLS charges 0.76%/yr vs 0.75%/yr for LSAF.

Performance

FDLS vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Inspire Fidelis Multi Factor ETF (FDLS) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDLS achieves a 20.96% return, which is significantly lower than LSAF's 23.54% return.

FDLS

• 1D: -0.74%
• 1M: 2.23%
• 6M: 14.07%
• YTD: 20.96%
• 1Y: 34.94%
• 3Y*: 18.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.47%

LSAF

• 1D: 0.05%
• 1M: 5.12%
• 6M: 18.39%
• YTD: 23.54%
• 1Y: 32.38%
• 3Y*: 20.05%
• 5Y*: 11.42%
• 10Y*: —
• ALL TIME*: 11.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDLS Inspire Fidelis Multi Factor ETF	$1.17M	$1.57M	$1.61M
LSAF LeaderShares AlphaFactor US Core Equity ETF	$329.56K	$234.98K	$207.45K

FDLS vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDLS Inspire Fidelis Multi Factor ETF	20.96%	22.47%	7.41%	20.70%	-1.68%
LSAF LeaderShares AlphaFactor US Core Equity ETF	23.54%	12.01%	18.09%	15.48%	-0.32%

Correlation

The correlation between FDLS and LSAF is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022	0.85

The correlation between FDLS and LSAF shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

FDLS vs. LSAF - Sectors Allocation Comparison

Sectors	FDLS	LSAF
Technology	25.3%	15.4%
Financial Services	15.3%	16.2%
Industrials	13.0%	10.7%
Healthcare	12.8%	7.8%
Energy	9.2%	3.3%
Consumer Cyclical	7.5%	19.9%
Basic Materials	7.5%	5.8%
Consumer Defensive	4.2%	4.1%
Communication Services	2.3%	4.7%
Real Estate	1.9%	2.1%
Utilities	1.0%	0.9%

Return for Risk

FDLS vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDLS

FDLS Risk / Return Rank: 82
FDLS Sharpe Ratio Rank: 80
FDLS Sortino Ratio Rank: 80
FDLS Omega Ratio Rank: 76
FDLS Calmar Ratio Rank: 86
FDLS Martin Ratio Rank: 88

LSAF

LSAF Risk / Return Rank: 89
LSAF Sharpe Ratio Rank: 87
LSAF Sortino Ratio Rank: 88
LSAF Omega Ratio Rank: 83
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDLS vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Inspire Fidelis Multi Factor ETF (FDLS) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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.

	FDLS	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.27	-0.21
Sortino ratio: Return per unit of downside risk	2.91	3.30	-0.39
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	3.68	4.94	-1.27
Martin ratio: Return relative to average drawdown	14.57	16.65	-2.08

FDLS vs. LSAF - Sharpe Ratio Comparison

The current FDLS Sharpe Ratio is 2.06, which is comparable to the LSAF Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FDLS and LSAF, 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

FDLS vs. LSAF - Drawdown Comparison

The maximum FDLS drawdown since its inception was -23.32%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FDLS and LSAF.

Drawdown Indicators

	FDLS	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-23.32%	-41.67%	+18.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-6.58%	-2.97%
Max Drawdown (3Y) Largest decline over 3 years	-23.32%	-20.26%	-3.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.94%	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-3.75%	-6.20%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.95%	+0.45%

Volatility

FDLS vs. LSAF - Volatility Comparison

The current volatility for Inspire Fidelis Multi Factor ETF (FDLS) is 3.83%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.51%. This indicates that FDLS experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDLS	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	4.51%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	10.56%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	14.34%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	18.40%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	21.73%	-2.83%

FDLS vs. LSAF - Expense Ratio Comparison

FDLS has a 0.76% expense ratio, which is higher than LSAF's 0.75% expense ratio.

Dividends

FDLS vs. LSAF - Dividend Comparison

FDLS's dividend yield for the trailing twelve months is around 0.79%, more than LSAF's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDLS Inspire Fidelis Multi Factor ETF	0.79%	0.86%	7.26%	0.97%	0.31%	0.00%	0.00%	0.00%	0.00%
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.56%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%

Frequently Asked Questions

Can I hold both FDLS and LSAF in my portfolio?

FDLS and LSAF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDLS or LSAF?

LSAF has higher volatility (4.51%) compared to FDLS (3.83%). In terms of maximum drawdown, FDLS dropped -23.32% vs LSAF's -41.67%.

Which ETF is better, FDLS or LSAF?

On 3-year performance, LSAF leads with 20.05% vs 18.87% for FDLS. On fees, LSAF is cheaper at 0.75% per year. On volatility, FDLS has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDLS or LSAF?

Over the 3-year period, LSAF has performed better with a 20.05% return vs 18.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDLS or LSAF?

LSAF is cheaper with a 0.75% expense ratio, compared with 0.76% for FDLS.

Which ETF pays a higher dividend yield, FDLS or LSAF?

FDLS has the higher dividend yield at 0.79%, compared with 0.56% for LSAF.

What is the main difference between FDLS and LSAF?

FDLS tracks WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Inspire and Redwood. Their fees differ too: 0.76% for FDLS and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.27 vs 2.06), 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.