FLNG vs. SPRX

Last updated Jun 4, 2026

FLNG (FLEX LNG Ltd) is a stock, while SPRX (Spear Alpha ETF) is Technology Equities fund actively managed by Spear. Over the past 3 years, FLNG returned 10.45%/yr vs 48.52%/yr for SPRX. At a 0.19 correlation, their price movements are largely independent.

Performance

FLNG vs. SPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FLEX LNG Ltd (FLNG) and Spear Alpha ETF (SPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLNG achieves a 25.52% return, which is significantly lower than SPRX's 50.26% return.

FLNG

• 1D: -2.01%
• 1M: -6.12%
• YTD: 25.52%
• 6M: 20.73%
• 1Y: 39.28%
• 3Y*: 10.45%
• 5Y*: 28.91%
• 10Y*: —

SPRX

• 1D: -1.57%
• 1M: 33.49%
• YTD: 50.26%
• 6M: 44.40%
• 1Y: 109.60%
• 3Y*: 48.52%
• 5Y*: —
• 10Y*: —

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

FLNG vs. SPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FLNG FLEX LNG Ltd	25.52%	22.47%	-11.61%	-1.19%	56.32%	88.10%
SPRX Spear Alpha ETF	50.26%	41.91%	20.58%	88.02%	-44.99%	8.91%

Correlation

The correlation between FLNG and SPRX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.19

The correlation between FLNG and SPRX shifts across timeframes, from -0.01 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLNG vs. SPRX — Risk / Return Rank

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

FLNG

FLNG Risk / Return Rank: 81
FLNG Sharpe Ratio Rank: 82
FLNG Sortino Ratio Rank: 78
FLNG Omega Ratio Rank: 76
FLNG Calmar Ratio Rank: 85
FLNG Martin Ratio Rank: 86

SPRX

SPRX Risk / Return Rank: 71
SPRX Sharpe Ratio Rank: 77
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 61
SPRX Calmar Ratio Rank: 83
SPRX Martin Ratio Rank: 75

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.

FLNG vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FLEX LNG Ltd (FLNG) and Spear Alpha ETF (SPRX). 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.

	FLNG	SPRX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.53	-0.99
Sortino ratio: Return per unit of downside risk	2.22	2.89	-0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	3.57	4.55	-0.98
Martin ratio: Return relative to average drawdown	9.32	14.41	-5.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLNG vs. SPRX - Sharpe Ratio Comparison

The current FLNG Sharpe Ratio is 1.54, which is lower than the SPRX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FLNG and SPRX, 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

	FLNG	SPRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.53	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.59	-0.03

Drawdowns

FLNG vs. SPRX - Drawdown Comparison

The maximum FLNG drawdown since its inception was -71.92%, which is greater than SPRX's maximum drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for FLNG and SPRX.

Drawdown Indicators

	FLNG	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-71.92%	-51.21%	-20.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-24.21%	+13.16%
Max Drawdown (3Y) Largest decline over 3 years	-25.37%	-42.12%	+16.75%
Max Drawdown (5Y) Largest decline over 5 years	-31.05%	—	—
Current Drawdown Current decline from peak	-8.44%	-1.57%	-6.87%
Average Drawdown Average peak-to-trough decline	-18.83%	-17.65%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	7.63%	-3.40%

Volatility

FLNG vs. SPRX - Volatility Comparison

The current volatility for FLEX LNG Ltd (FLNG) is 7.76%, while Spear Alpha ETF (SPRX) has a volatility of 14.91%. This indicates that FLNG experiences smaller price fluctuations and is considered to be less risky than SPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLNG	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	14.91%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	18.45%	35.46%	-17.01%
Volatility (1Y) Calculated over the trailing 1-year period	25.58%	43.53%	-17.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	41.74%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.39%	41.74%	+5.65%

Dividends

FLNG vs. SPRX - Dividend Comparison

FLNG's dividend yield for the trailing twelve months is around 12.62%, while SPRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FLNG FLEX LNG Ltd	12.62%	12.02%	13.08%	11.61%	10.71%	7.88%	2.29%	0.92%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLNG and SPRX in my portfolio?

FLNG and SPRX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLNG or SPRX?

SPRX has higher volatility (14.91%) compared to FLNG (7.76%). In terms of maximum drawdown, FLNG dropped -71.92% vs SPRX's -51.21%.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.53 vs 1.54), 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.