FLQL vs. FFLC

Last updated Jun 24, 2026

FLQL (Franklin LibertyQ U.S. Equity ETF) and FFLC (Fidelity Fundamental Large Cap Core ETF) are both exchange-traded funds - FLQL is a Large Cap Growth Equities fund tracking the LibertyQ U.S. Large Cap Equity Index, while FFLC is a Large Cap Blend Equities fund actively managed by Fidelity. FLQL is passively managed, while FFLC is actively managed. Over the past 5 years, FLQL returned 14.33%/yr vs 16.06%/yr for FFLC. Their correlation of 0.88 suggests significant overlap in exposure. FLQL charges 0.15%/yr vs 0.38%/yr for FFLC.

Performance

FLQL vs. FFLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LibertyQ U.S. Equity ETF (FLQL) and Fidelity Fundamental Large Cap Core ETF (FFLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLQL achieves a 11.18% return, which is significantly higher than FFLC's 9.17% return.

FLQL

• 1D: -1.38%
• 1M: -0.31%
• YTD: 11.18%
• 6M: 9.76%
• 1Y: 26.76%
• 3Y*: 22.29%
• 5Y*: 14.33%
• 10Y*: —

FFLC

• 1D: -1.70%
• 1M: -0.03%
• YTD: 9.17%
• 6M: 8.34%
• 1Y: 24.45%
• 3Y*: 22.21%
• 5Y*: 16.06%
• 10Y*: —

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

FLQL vs. FFLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLQL Franklin LibertyQ U.S. Equity ETF	11.18%	19.64%	24.33%	23.58%	-14.83%	26.58%	16.52%
FFLC Fidelity Fundamental Large Cap Core ETF	9.17%	17.67%	27.89%	25.07%	-0.04%	24.53%	19.50%

Correlation

The correlation between FLQL and FFLC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.88

The correlation between FLQL and FFLC has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

FLQL vs. FFLC - Sectors Allocation Comparison

Sectors	FLQL	FFLC
Technology	37.0%	32.5%
Communication Services	11.7%	10.9%
Consumer Cyclical	11.3%	9.7%
Healthcare	10.1%	8.1%
Financial Services	9.6%	11.6%
Industrials	9.5%	11.5%
Consumer Defensive	4.1%	4.6%
Real Estate	2.7%	1.1%
Basic Materials	1.7%	1.7%
Utilities	1.4%	2.6%
Energy	0.9%	4.4%

Return for Risk

FLQL vs. FFLC — Risk / Return Rank

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

FLQL

FLQL Risk / Return Rank: 67
FLQL Sharpe Ratio Rank: 65
FLQL Sortino Ratio Rank: 64
FLQL Omega Ratio Rank: 65
FLQL Calmar Ratio Rank: 63
FLQL Martin Ratio Rank: 76

FFLC

FFLC Risk / Return Rank: 56
FFLC Sharpe Ratio Rank: 56
FFLC Sortino Ratio Rank: 54
FFLC Omega Ratio Rank: 54
FFLC Calmar Ratio Rank: 52
FFLC Martin Ratio Rank: 63

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.

FLQL vs. FFLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Equity ETF (FLQL) and Fidelity Fundamental Large Cap Core ETF (FFLC). 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.

	FLQL	FFLC	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.81	+0.19
Sortino ratio: Return per unit of downside risk	2.79	2.49	+0.31
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	2.97	2.46	+0.51
Martin ratio: Return relative to average drawdown	13.71	10.96	+2.75

FLQL vs. FFLC - Sharpe Ratio Comparison

The current FLQL Sharpe Ratio is 2.00, which is comparable to the FFLC Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FLQL and FFLC, 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

FLQL vs. FFLC - Drawdown Comparison

The maximum FLQL drawdown since its inception was -33.64%, which is greater than FFLC's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for FLQL and FFLC.

Drawdown Indicators

	FLQL	FFLC	Difference
Max Drawdown Largest peak-to-trough decline	-33.64%	-19.72%	-13.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-9.98%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.32%	-19.72%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-21.41%	-19.72%	-1.69%
Current Drawdown Current decline from peak	-2.01%	-2.37%	+0.36%
Average Drawdown Average peak-to-trough decline	-4.03%	-2.98%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	2.24%	-0.28%

Volatility

FLQL vs. FFLC - Volatility Comparison

The current volatility for Franklin LibertyQ U.S. Equity ETF (FLQL) is 4.83%, while Fidelity Fundamental Large Cap Core ETF (FFLC) has a volatility of 5.32%. This indicates that FLQL experiences smaller price fluctuations and is considered to be less risky than FFLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLQL	FFLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	5.32%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	10.71%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	13.56%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	17.00%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	17.69%	-0.17%

FLQL vs. FFLC - Expense Ratio Comparison

FLQL has a 0.15% expense ratio, which is lower than FFLC's 0.38% expense ratio.

Dividends

FLQL vs. FFLC - Dividend Comparison

FLQL's dividend yield for the trailing twelve months is around 1.02%, which matches FFLC's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFLC Fidelity Fundamental Large Cap Core ETF	1.01%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%	0.00%	0.00%	0.00%
FLQL Franklin LibertyQ U.S. Equity ETF	1.02%	1.10%	1.13%	1.50%	2.07%	1.81%	1.99%	1.78%	1.82%	1.22%

Frequently Asked Questions

Can I hold both FLQL and FFLC in my portfolio?

With a correlation of 0.94, FLQL and FFLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLQL or FFLC?

FFLC has higher volatility (5.32%) compared to FLQL (4.83%). In terms of maximum drawdown, FLQL dropped -33.64% vs FFLC's -19.72%.

Which ETF is better, FLQL or FFLC?

On 5-year performance, FFLC leads with 16.06% vs 14.33% for FLQL. On fees, FLQL is cheaper at 0.15% per year. On volatility, FLQL has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLQL or FFLC?

Over the 5-year period, FFLC has performed better with a 16.06% return vs 14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLQL or FFLC?

FLQL is cheaper with a 0.15% expense ratio, compared with 0.38% for FFLC.

Which ETF pays a higher dividend yield, FLQL or FFLC?

FLQL has the higher dividend yield at 1.02%, compared with 1.01% for FFLC.

What is the main difference between FLQL and FFLC?

FLQL is categorized as Large Cap Growth Equities, while FFLC is Large Cap Blend Equities. They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.15% for FLQL and 0.38% for FFLC.

Which has better risk-adjusted returns?

FLQL currently has the higher Sharpe Ratio (2.00 vs 1.81), 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.