FLBL vs. FSMD
FLBL (Franklin Liberty Senior Loan ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. FLBL is actively managed, while FSMD is passively managed. Over the past 5 years, FLBL returned 5.11%/yr vs 10.00%/yr for FSMD. At a 0.39 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.29%/yr for FSMD.
Performance
FLBL vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, FLBL achieves a 0.47% return, which is significantly lower than FSMD's 17.58% return.
FLBL
- 1D
- 0.00%
- 1M
- -0.50%
- YTD
- 0.47%
- 6M
- 0.11%
- 1Y
- 2.09%
- 3Y*
- 6.81%
- 5Y*
- 5.11%
- 10Y*
- —
FSMD
- 1D
- 1.00%
- 1M
- 4.34%
- YTD
- 17.58%
- 6M
- 15.58%
- 1Y
- 29.65%
- 3Y*
- 17.46%
- 5Y*
- 10.00%
- 10Y*
- —
FLBL vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 0.47% | 3.59% | 8.26% | 14.83% | -2.69% | 4.35% | 2.17% | 3.79% |
FSMD Fidelity Small-Mid Multifactor ETF | 17.58% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between FLBL and FSMD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.39 |
The correlation between FLBL and FSMD shifts across timeframes, from 0.23 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FLBL vs. FSMD — Risk / Return Rank
FLBL
FSMD
FLBL vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.
| FLBL | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.31 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 3.30 | -2.68 |
| Martin ratioReturn relative to average drawdown | 2.11 | 11.89 | -9.78 |
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Drawdowns
FLBL vs. FSMD - Drawdown Comparison
The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FLBL and FSMD.
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Drawdown Indicators
| FLBL | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.52% | -40.67% | +21.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -8.44% | +5.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.91% | -22.16% | +18.25% |
Max Drawdown (5Y)Largest decline over 5 years | -6.80% | -22.16% | +15.36% |
Current DrawdownCurrent decline from peak | -0.53% | 0.00% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -5.98% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.34% | -1.40% |
Volatility
FLBL vs. FSMD - Volatility Comparison
The current volatility for Franklin Liberty Senior Loan ETF (FLBL) is 0.67%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that FLBL experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLBL | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 5.14% | -4.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 11.85% | -9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 15.69% | -13.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.86% | 18.55% | -14.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 21.43% | -15.72% |
FLBL vs. FSMD - Expense Ratio Comparison
FLBL has a 0.45% expense ratio, which is higher than FSMD's 0.29% expense ratio.
Dividends
FLBL vs. FSMD - Dividend Comparison
FLBL's dividend yield for the trailing twelve months is around 7.61%, more than FSMD's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 7.61% | 7.24% | 8.05% | 8.37% | 5.53% | 3.57% | 3.22% | 3.97% | 2.21% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.18% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% |
Frequently Asked Questions
FLBL and FSMD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMD has higher volatility (5.14%) compared to FLBL (0.67%). In terms of maximum drawdown, FLBL dropped -19.52% vs FSMD's -40.67%.
On 5-year performance, FSMD leads with 10.00% vs 5.11% for FLBL. On fees, FSMD is cheaper at 0.29% per year. On volatility, FLBL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 10.00% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMD is cheaper with a 0.29% expense ratio, compared with 0.45% for FLBL.
FLBL has the higher dividend yield at 7.61%, compared with 1.18% for FSMD.
FLBL is categorized as High Yield Bonds, while FSMD is Small Cap Growth Equities. They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.45% for FLBL and 0.29% for FSMD.
FSMD currently has the higher Sharpe Ratio (1.78 vs 0.76), 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.
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