FLLV vs. FDLO

Last updated Jun 4, 2026

FLLV (Franklin Liberty U.S. Low Volatility ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both Volatility Hedged Equity funds. FLLV is actively managed, while FDLO is passively managed. Over the past 5 years, FLLV returned 11.11%/yr vs 10.12%/yr for FDLO. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.29% expense ratio.

Performance

FLLV vs. FDLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Low Volatility ETF (FLLV) and Fidelity Low Volatility Factor ETF (FDLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLLV achieves a 13.04% return, which is significantly higher than FDLO's 5.00% return.

FLLV

• 1D: -0.76%
• 1M: 2.34%
• YTD: 13.04%
• 6M: 14.26%
• 1Y: 26.92%
• 3Y*: 17.11%
• 5Y*: 11.11%
• 10Y*: —

FDLO

• 1D: -0.85%
• 1M: 1.29%
• YTD: 5.00%
• 6M: 4.24%
• 1Y: 15.16%
• 3Y*: 14.30%
• 5Y*: 10.12%
• 10Y*: —

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

FLLV vs. FDLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLLV Franklin Liberty U.S. Low Volatility ETF	13.04%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%
FDLO Fidelity Low Volatility Factor ETF	5.00%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%

Correlation

The correlation between FLLV and FDLO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016	0.83

The correlation between FLLV and FDLO shifts across timeframes, from 0.70 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

FLLV vs. FDLO - Sectors Allocation Comparison

Sectors	FLLV	FDLO
Technology	28.8%	33.1%
Financial Services	13.0%	12.5%
Healthcare	11.6%	9.5%
Consumer Cyclical	11.0%	10.2%
Industrials	9.6%	9.1%
Communication Services	7.8%	10.8%
Consumer Defensive	6.1%	4.7%
Energy	4.4%	3.4%
Basic Materials	2.7%	1.7%
Utilities	2.6%	2.3%
Real Estate	2.5%	2.3%

Return for Risk

FLLV vs. FDLO — Risk / Return Rank

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

FLLV

FLLV Risk / Return Rank: 91
FLLV Sharpe Ratio Rank: 91
FLLV Sortino Ratio Rank: 93
FLLV Omega Ratio Rank: 91
FLLV Calmar Ratio Rank: 90
FLLV Martin Ratio Rank: 90

FDLO

FDLO Risk / Return Rank: 49
FDLO Sharpe Ratio Rank: 50
FDLO Sortino Ratio Rank: 50
FDLO Omega Ratio Rank: 48
FDLO Calmar Ratio Rank: 43
FDLO Martin Ratio Rank: 53

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.

FLLV vs. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Low Volatility ETF (FLLV) and Fidelity Low Volatility Factor ETF (FDLO). 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.

	FLLV	FDLO	Difference
Sharpe ratio Return per unit of total volatility	3.26	1.74	+1.52
Sortino ratio Return per unit of downside risk	4.73	2.48	+2.25
Omega ratio Gain probability vs. loss probability	1.61	1.31	+0.30
Calmar ratio Return relative to maximum drawdown	5.52	2.13	+3.38
Martin ratio Return relative to average drawdown	20.83	9.30	+11.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLLV vs. FDLO - Sharpe Ratio Comparison

The current FLLV Sharpe Ratio is 3.26, which is higher than the FDLO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FLLV and FDLO, 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

	FLLV	FDLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	1.74	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.78	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.83	+0.01

Drawdowns

FLLV vs. FDLO - Drawdown Comparison

The maximum FLLV drawdown since its inception was -33.95%, roughly equal to the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for FLLV and FDLO.

Drawdown Indicators

	FLLV	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-34.35%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-7.13%	+2.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-13.68%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-19.23%	+0.83%
Current Drawdown Current decline from peak	-0.76%	-0.91%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.25%	-3.38%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.63%	-0.33%

Volatility

FLLV vs. FDLO - Volatility Comparison

Franklin Liberty U.S. Low Volatility ETF (FLLV) has a higher volatility of 2.02% compared to Fidelity Low Volatility Factor ETF (FDLO) at 1.91%. This indicates that FLLV's price experiences larger fluctuations and is considered to be riskier than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLLV	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	1.91%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	6.41%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	8.75%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	13.07%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	15.50%	+0.19%

FLLV vs. FDLO - Expense Ratio Comparison

Both FLLV and FDLO have an expense ratio of 0.29%.

Dividends

FLLV vs. FDLO - Dividend Comparison

FLLV's dividend yield for the trailing twelve months is around 4.73%, more than FDLO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDLO Fidelity Low Volatility Factor ETF	1.36%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%
FLLV Franklin Liberty U.S. Low Volatility ETF	4.73%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%

Frequently Asked Questions

Can I hold both FLLV and FDLO in my portfolio?

FLLV and FDLO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLLV or FDLO?

FLLV has higher volatility (2.02%) compared to FDLO (1.91%). In terms of maximum drawdown, FLLV dropped -33.95% vs FDLO's -34.35%.

Which ETF is better, FLLV or FDLO?

On 5-year performance, FLLV leads with 11.11% vs 10.12% for FDLO. Both ETFs have the same 0.29% expense ratio. On volatility, FDLO has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLLV or FDLO?

Over the 5-year period, FLLV has performed better with a 11.11% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLV or FDLO?

FLLV and FDLO have the same expense ratio: 0.29% per year.

Which ETF pays a higher dividend yield, FLLV or FDLO?

FLLV has the higher dividend yield at 4.73%, compared with 1.36% for FDLO.

What is the main difference between FLLV and FDLO?

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

Which has better risk-adjusted returns?

FLLV currently has the higher Sharpe Ratio (3.26 vs 1.74), 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.