FLQL vs. QUS

Last updated Jun 4, 2026

FLQL (Franklin LibertyQ U.S. Equity ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds - FLQL tracks the LibertyQ U.S. Large Cap Equity Index while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 5 years, FLQL returned 14.70%/yr vs 11.08%/yr for QUS. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

FLQL vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LibertyQ U.S. Equity ETF (FLQL) and SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLQL achieves a 12.66% return, which is significantly higher than QUS's 6.67% return.

FLQL

• 1D: -0.08%
• 1M: 5.00%
• YTD: 12.66%
• 6M: 12.54%
• 1Y: 29.48%
• 3Y*: 23.56%
• 5Y*: 14.70%
• 10Y*: —

QUS

• 1D: -0.43%
• 1M: 2.68%
• YTD: 6.67%
• 6M: 6.93%
• 1Y: 17.65%
• 3Y*: 17.53%
• 5Y*: 11.08%
• 10Y*: 13.67%

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

FLQL vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLQL Franklin LibertyQ U.S. Equity ETF	12.66%	19.64%	24.33%	23.58%	-14.83%	26.58%	10.67%	29.09%	-2.79%	15.04%
QUS SPDR MSCI USA StrategicFactors ETF	6.67%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	13.62%

Correlation

The correlation between FLQL and QUS is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 1, 2017	0.88

The correlation between FLQL and QUS shifts across timeframes, from 0.82 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

FLQL vs. QUS - Sectors Allocation Comparison

Sectors	FLQL	QUS
Technology	34.3%	26.3%
Communication Services	12.2%	10.2%
Consumer Cyclical	11.5%	5.8%
Healthcare	10.5%	13.4%
Industrials	10.0%	8.6%
Financial Services	9.9%	14.6%
Consumer Defensive	4.4%	9.2%
Real Estate	2.9%	1.4%
Basic Materials	1.7%	2.3%
Utilities	1.6%	3.6%
Energy	1.0%	4.6%

Return for Risk

FLQL vs. QUS — Risk / Return Rank

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

FLQL

FLQL Risk / Return Rank: 71
FLQL Sharpe Ratio Rank: 69
FLQL Sortino Ratio Rank: 70
FLQL Omega Ratio Rank: 70
FLQL Calmar Ratio Rank: 65
FLQL Martin Ratio Rank: 79

QUS

QUS Risk / Return Rank: 57
QUS Sharpe Ratio Rank: 56
QUS Sortino Ratio Rank: 58
QUS Omega Ratio Rank: 55
QUS Calmar Ratio Rank: 52
QUS 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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Equity ETF (FLQL) and SPDR MSCI USA StrategicFactors ETF (QUS). 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.

	FLQL	QUS	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.95	+0.36
Sortino ratio: Return per unit of downside risk	3.24	2.81	+0.43
Omega ratio: Gain probability vs. loss probability	1.42	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	3.27	2.59	+0.69
Martin ratio: Return relative to average drawdown	15.42	11.54	+3.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLQL vs. QUS - Sharpe Ratio Comparison

The current FLQL Sharpe Ratio is 2.31, which is comparable to the QUS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FLQL and QUS, 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

	FLQL	QUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.95	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.78	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.77	+0.09

Drawdowns

FLQL vs. QUS - Drawdown Comparison

The maximum FLQL drawdown since its inception was -33.64%, roughly equal to the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for FLQL and QUS.

Drawdown Indicators

	FLQL	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-33.64%	-33.78%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-6.85%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.32%	-13.94%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.41%	-22.30%	+0.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-0.08%	-0.50%	+0.42%
Average Drawdown Average peak-to-trough decline	-4.04%	-3.70%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.53%	+0.39%

Volatility

FLQL vs. QUS - Volatility Comparison

Franklin LibertyQ U.S. Equity ETF (FLQL) has a higher volatility of 3.19% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 1.78%. This indicates that FLQL's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLQL	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.78%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	6.66%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	9.09%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	14.33%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	16.42%	+1.08%

FLQL vs. QUS - Expense Ratio Comparison

Both FLQL and QUS have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLQL vs. QUS - Dividend Comparison

FLQL's dividend yield for the trailing twelve months is around 1.01%, less than QUS's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLQL Franklin LibertyQ U.S. Equity ETF	1.01%	1.10%	1.13%	1.50%	2.07%	1.81%	1.99%	1.78%	1.82%	1.22%	0.00%	0.00%
QUS SPDR MSCI USA StrategicFactors ETF	1.31%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both FLQL and QUS in my portfolio?

FLQL and QUS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLQL or QUS?

FLQL has higher volatility (3.19%) compared to QUS (1.78%). In terms of maximum drawdown, FLQL dropped -33.64% vs QUS's -33.78%.

Which ETF is better, FLQL or QUS?

On 5-year performance, FLQL leads with 14.70% vs 11.08% for QUS. Both ETFs have the same 0.15% expense ratio. On volatility, QUS has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLQL or QUS?

Over the 5-year period, FLQL has performed better with a 14.70% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLQL or QUS?

FLQL and QUS have the same expense ratio: 0.15% per year.

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

QUS has the higher dividend yield at 1.31%, compared with 1.01% for FLQL.

What is the main difference between FLQL and QUS?

FLQL tracks LibertyQ U.S. Large Cap Equity Index, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: Franklin Templeton and State Street.

Which has better risk-adjusted returns?

FLQL currently has the higher Sharpe Ratio (2.31 vs 1.95), 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.