FLLV vs. QLVE

Last updated Jun 24, 2026

FLLV (Franklin Liberty U.S. Low Volatility ETF) and QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) are both Volatility Hedged Equity funds. FLLV is actively managed, while QLVE is passively managed. Over the past 5 years, FLLV returned 10.85%/yr vs 6.92%/yr for QLVE. A 0.56 correlation means they provide meaningful diversification when combined. FLLV charges 0.29%/yr vs 0.40%/yr for QLVE.

Performance

FLLV vs. QLVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Low Volatility ETF (FLLV) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLLV achieves a 12.00% return, which is significantly lower than QLVE's 14.49% return.

FLLV

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

QLVE

• 1D: -4.20%
• 1M: 2.11%
• YTD: 14.49%
• 6M: 15.03%
• 1Y: 28.25%
• 3Y*: 17.13%
• 5Y*: 6.92%
• 10Y*: —

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

FLLV vs. QLVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FLLV Franklin Liberty U.S. Low Volatility ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	5.22%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	14.49%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.77%

Correlation

The correlation between FLLV and QLVE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.56

The correlation between FLLV and QLVE shifts across timeframes, from 0.38 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

FLLV vs. QLVE - Sectors Allocation Comparison

Sectors	FLLV	QLVE
Technology	28.8%	37.3%
Financial Services	13.0%	15.9%
Healthcare	11.6%	4.6%
Consumer Cyclical	11.0%	6.7%
Industrials	9.6%	6.3%
Communication Services	7.8%	10.7%
Consumer Defensive	6.1%	6.2%
Energy	4.4%	4.4%
Basic Materials	2.7%	3.4%
Utilities	2.6%	4.4%
Real Estate	2.5%	0.1%

Return for Risk

FLLV vs. QLVE — Risk / Return Rank

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

FLLV

FLLV Risk / Return Rank: 90
FLLV Sharpe Ratio Rank: 90
FLLV Sortino Ratio Rank: 92
FLLV Omega Ratio Rank: 89
FLLV Calmar Ratio Rank: 89
FLLV Martin Ratio Rank: 88

QLVE

QLVE Risk / Return Rank: 52
QLVE Sharpe Ratio Rank: 47
QLVE Sortino Ratio Rank: 47
QLVE Omega Ratio Rank: 55
QLVE Calmar Ratio Rank: 53
QLVE Martin Ratio Rank: 57

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. QLVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Low Volatility ETF (FLLV) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). 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.

	FLLV	QLVE	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.55	+1.30
Sortino ratio: Return per unit of downside risk	4.13	2.18	+1.95
Omega ratio: Gain probability vs. loss probability	1.52	1.32	+0.21
Calmar ratio: Return relative to maximum drawdown	4.91	2.45	+2.47
Martin ratio: Return relative to average drawdown	18.21	9.37	+8.84

FLLV vs. QLVE - Sharpe Ratio Comparison

The current FLLV Sharpe Ratio is 2.85, which is higher than the QLVE Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FLLV and QLVE, 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

FLLV vs. QLVE - Drawdown Comparison

The maximum FLLV drawdown since its inception was -33.95%, which is greater than QLVE's maximum drawdown of -29.96%. Use the drawdown chart below to compare losses from any high point for FLLV and QLVE.

Drawdown Indicators

	FLLV	QLVE	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-29.96%	-3.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-11.60%	+6.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-13.29%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-23.86%	+5.46%
Current Drawdown Current decline from peak	-1.77%	-4.27%	+2.50%
Average Drawdown Average peak-to-trough decline	-3.24%	-8.26%	+5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	3.02%	-1.70%

Volatility

FLLV vs. QLVE - Volatility Comparison

The current volatility for Franklin Liberty U.S. Low Volatility ETF (FLLV) is 2.76%, while FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a volatility of 9.49%. This indicates that FLLV experiences smaller price fluctuations and is considered to be less risky than QLVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLLV	QLVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	9.49%	-6.73%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	16.97%	-10.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	18.33%	-9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	13.97%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	16.04%	-0.38%

FLLV vs. QLVE - Expense Ratio Comparison

FLLV has a 0.29% expense ratio, which is lower than QLVE's 0.40% expense ratio.

Dividends

FLLV vs. QLVE - Dividend Comparison

FLLV's dividend yield for the trailing twelve months is around 4.78%, more than QLVE's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLLV Franklin Liberty U.S. Low Volatility ETF	4.78%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.64%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLLV and QLVE in my portfolio?

FLLV and QLVE have a correlation of 0.38, 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 QLVE?

QLVE has higher volatility (9.49%) compared to FLLV (2.76%). In terms of maximum drawdown, FLLV dropped -33.95% vs QLVE's -29.96%.

Which ETF is better, FLLV or QLVE?

On 5-year performance, FLLV leads with 10.85% vs 6.92% for QLVE. On fees, FLLV is cheaper at 0.29% per year. On volatility, FLLV has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLLV or QLVE?

Over the 5-year period, FLLV has performed better with a 10.85% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLV or QLVE?

FLLV is cheaper with a 0.29% expense ratio, compared with 0.40% for QLVE.

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

FLLV has the higher dividend yield at 4.78%, compared with 2.64% for QLVE.

What is the main difference between FLLV and QLVE?

They also come from different issuers: Franklin Templeton and Northern Trust. Their fees differ too: 0.29% for FLLV and 0.40% for QLVE.

Which has better risk-adjusted returns?

FLLV currently has the higher Sharpe Ratio (2.85 vs 1.55), 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.