FLLV vs. RWL

Last updated Jul 14, 2026

FLLV (Franklin Liberty U.S. Low Volatility ETF) and RWL (Invesco S&P 500 Revenue ETF) are both exchange-traded funds - FLLV is a Volatility Hedged Equity fund actively managed by Franklin Templeton, while RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index. FLLV is actively managed, while RWL is passively managed. Over the past 5 years, FLLV returned 10.52%/yr vs 13.80%/yr for RWL. A 0.79 correlation means they provide meaningful diversification when combined. FLLV charges 0.29%/yr vs 0.39%/yr for RWL.

Performance

FLLV vs. RWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Low Volatility ETF (FLLV) and Invesco S&P 500 Revenue ETF (RWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLLV achieves a 13.64% return, which is significantly lower than RWL's 14.96% return.

FLLV

• 1D: 0.02%
• 1M: -0.09%
• 6M: 10.54%
• YTD: 13.64%
• 1Y: 20.88%
• 3Y*: 15.78%
• 5Y*: 10.52%
• 10Y*: —

RWL

• 1D: 0.35%
• 1M: 1.73%
• 6M: 11.40%
• YTD: 14.96%
• 1Y: 26.46%
• 3Y*: 19.29%
• 5Y*: 13.80%
• 10Y*: 13.99%

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

FLLV vs. RWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLLV Franklin Liberty U.S. Low Volatility ETF	13.64%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%
RWL Invesco S&P 500 Revenue ETF	14.96%	18.65%	16.45%	17.43%	-6.00%	30.29%	9.14%	27.83%	-7.74%	20.34%

Correlation

The correlation between FLLV and RWL is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.79

The correlation between FLLV and RWL has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

FLLV vs. RWL - Sectors Allocation Comparison

Sectors	FLLV	RWL
Technology	28.8%	16.3%
Financial Services	13.0%	14.8%
Healthcare	11.6%	19.4%
Consumer Cyclical	11.0%	12.6%
Industrials	9.6%	8.3%
Communication Services	7.8%	7.2%
Consumer Defensive	6.1%	10.2%
Energy	4.4%	6.1%
Basic Materials	2.7%	2.0%
Utilities	2.6%	2.2%
Real Estate	2.5%	0.9%

Return for Risk

FLLV vs. RWL — 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: 92
FLLV Sortino Ratio Rank: 92
FLLV Omega Ratio Rank: 90
FLLV Calmar Ratio Rank: 90
FLLV Martin Ratio Rank: 89

RWL

RWL Risk / Return Rank: 91
RWL Sharpe Ratio Rank: 93
RWL Sortino Ratio Rank: 93
RWL Omega Ratio Rank: 91
RWL Calmar Ratio Rank: 88
RWL Martin Ratio Rank: 91

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. RWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Low Volatility ETF (FLLV) and Invesco S&P 500 Revenue ETF (RWL). 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	RWL	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.65	-0.15
Sortino ratio: Return per unit of downside risk	3.63	3.66	-0.03
Omega ratio: Gain probability vs. loss probability	1.46	1.48	-0.02
Calmar ratio: Return relative to maximum drawdown	4.28	4.00	+0.28
Martin ratio: Return relative to average drawdown	15.57	16.82	-1.25

FLLV vs. RWL - Sharpe Ratio Comparison

The current FLLV Sharpe Ratio is 2.50, which is comparable to the RWL Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of FLLV and RWL, 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. RWL - Drawdown Comparison

The maximum FLLV drawdown since its inception was -33.95%, smaller than the maximum RWL drawdown of -54.83%. Use the drawdown chart below to compare losses from any high point for FLLV and RWL.

Drawdown Indicators

	FLLV	RWL	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-54.83%	+20.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-6.64%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-14.39%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-17.49%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.04%	—
Current Drawdown Current decline from peak	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-3.23%	-6.41%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.58%	-0.23%

Volatility

FLLV vs. RWL - Volatility Comparison

Franklin Liberty U.S. Low Volatility ETF (FLLV) and Invesco S&P 500 Revenue ETF (RWL) have volatilities of 2.57% and 2.49%, 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

	FLLV	RWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.49%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	7.20%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	8.39%	10.04%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	14.49%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	16.79%	-1.16%

FLLV vs. RWL - Expense Ratio Comparison

FLLV has a 0.29% expense ratio, which is lower than RWL's 0.39% expense ratio.

Dividends

FLLV vs. RWL - Dividend Comparison

FLLV's dividend yield for the trailing twelve months is around 4.74%, more than RWL's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLLV Franklin Liberty U.S. Low Volatility ETF	4.74%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	0.00%
RWL Invesco S&P 500 Revenue ETF	1.23%	1.35%	1.43%	1.60%	1.62%	1.35%	1.75%	1.87%	1.99%	1.60%	1.71%	1.97%

Frequently Asked Questions

Can I hold both FLLV and RWL in my portfolio?

FLLV and RWL have a correlation of 0.78, 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 RWL?

FLLV has higher volatility (2.57%) compared to RWL (2.49%). In terms of maximum drawdown, FLLV dropped -33.95% vs RWL's -54.83%.

Which ETF is better, FLLV or RWL?

On 5-year performance, RWL leads with 13.80% vs 10.52% for FLLV. On fees, FLLV is cheaper at 0.29% 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, FLLV or RWL?

Over the 5-year period, RWL has performed better with a 13.80% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLV or RWL?

FLLV is cheaper with a 0.29% expense ratio, compared with 0.39% for RWL.

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

FLLV has the higher dividend yield at 4.74%, compared with 1.23% for RWL.

What is the main difference between FLLV and RWL?

FLLV is categorized as Volatility Hedged Equity, while RWL is S&P 500. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.29% for FLLV and 0.39% for RWL.

Which has better risk-adjusted returns?

RWL currently has the higher Sharpe Ratio (2.65 vs 2.50), 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.