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FLQL vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLQL vs. USMV

Last updated Aug 4, 2026
Documentation

FLQL (Franklin LibertyQ U.S. Equity ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - FLQL is a Large Cap Growth Equities fund tracking the LibertyQ U.S. Large Cap Equity Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, FLQL returned 13.76%/yr vs 6.93%/yr for USMV. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.15% expense ratio.

Performance

FLQL vs. USMV - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLQL achieves a 13.02% return, which is significantly higher than USMV's 5.12% return.

FLQL

1D
1.19%
1M
1.31%
6M
9.21%
YTD
13.02%
1Y
24.07%
3Y*
21.95%
5Y*
13.76%
10Y*
—
ALL TIME*
14.75%

USMV

1D
0.35%
1M
0.39%
6M
3.78%
YTD
5.12%
1Y
8.05%
3Y*
11.61%
5Y*
6.93%
10Y*
9.69%
ALL TIME*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FLQL

Franklin LibertyQ U.S. Equity ETF
$7.69M$6.06M$6.47M

USMV

iShares MSCI USA Min Vol Factor ETF
$238.33M$228.63M$219.79M

FLQL vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLQL
Franklin LibertyQ U.S. Equity ETF		13.02%19.64%24.33%23.58%-14.83%26.58%10.67%29.09%-2.79%15.04%
USMV
iShares MSCI USA Min Vol Factor ETF		5.12%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%10.38%

Correlation

The correlation between FLQL and USMV is 0.37, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.37

Correlation (3Y)
Balances recent behavior with more history.

0.59

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.73

Correlation (All Time)
Calculated using the full available price history since Apr 28, 2017

0.76

Over the past year, the correlation between FLQL and USMV has dropped to 0.37 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

FLQL vs. USMV - Sectors Allocation Comparison

Sectors
FLQL
USMV

Technology

39.4%
33.0%

Communication Services

10.5%
5.7%

Healthcare

10.2%
13.4%

Financial Services

9.6%
11.8%

Industrials

9.0%
6.4%

Consumer Cyclical

8.9%
5.8%

Consumer Defensive

3.4%
9.3%

Real Estate

2.7%
2.6%

Energy

2.6%
2.6%

Utilities

2.0%
7.2%

Basic Materials

1.7%
2.2%

Technology

FLQL
39.4%
USMV
33.0%

Communication Services

FLQL
10.5%
USMV
5.7%

Healthcare

FLQL
10.2%
USMV
13.4%

Financial Services

FLQL
9.6%
USMV
11.8%

Industrials

FLQL
9.0%
USMV
6.4%

Consumer Cyclical

FLQL
8.9%
USMV
5.8%

Consumer Defensive

FLQL
3.4%
USMV
9.3%

Real Estate

FLQL
2.7%
USMV
2.6%

Energy

FLQL
2.6%
USMV
2.6%

Utilities

FLQL
2.0%
USMV
7.2%

Basic Materials

FLQL
1.7%
USMV
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin LibertyQ U.S. Equity ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with FLQL:
FLQL vs. VOOFLQL vs. VFMFFLQL vs. COWZFLQL vs. VIGFLQL vs. OMFLFLQL vs. SPHQFLQL vs. SCHG
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

FLQL vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FLQL
FLQL Risk / Return Rank: 7474
Overall Rank
FLQL Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
FLQL Sortino Ratio Rank: 7373
Sortino Ratio Rank
FLQL Omega Ratio Rank: 7171
Omega Ratio Rank
FLQL Calmar Ratio Rank: 7373
Calmar Ratio Rank
FLQL Martin Ratio Rank: 8383
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 3737
Overall Rank
USMV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3737
Sortino Ratio Rank
USMV Omega Ratio Rank: 3434
Omega Ratio Rank
USMV Calmar Ratio Rank: 3636
Calmar Ratio Rank
USMV Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLQL vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Equity ETF (FLQL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

FLQLUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.72
0.95

+0.77

Sortino ratioReturn per unit of downside risk
2.45
1.40

+1.05

Omega ratioGain probability vs. loss probability

1.31

1.17

+0.14

Calmar ratioReturn relative to maximum drawdown

2.67

1.25

+1.42

Martin ratioReturn relative to average drawdown

11.86

4.09

+7.78

FLQL vs. USMV - Sharpe Ratio Comparison

The current FLQL Sharpe Ratio is 1.72, which is higher than the USMV Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FLQL and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FLQL vs. USMV - Drawdown Comparison

The maximum FLQL drawdown since its inception was -33.64%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FLQL and USMV.

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Drawdown Indicators

FLQLUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-33.64%

-33.10%

-0.54%

Max Drawdown (1Y)

Largest decline over 1 year

-9.05%

-6.46%

-2.59%

Max Drawdown (3Y)

Largest decline over 3 years

-19.32%

-9.36%

-9.96%

Max Drawdown (5Y)

Largest decline over 5 years

-21.41%

-17.93%

-3.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.53%

-0.29%

-0.24%

Average Drawdown

Average peak-to-trough decline

-4.00%

-2.86%

-1.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.98%

+0.05%

Volatility

FLQL vs. USMV - Volatility Comparison

Franklin LibertyQ U.S. Equity ETF (FLQL) has a higher volatility of 4.49% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.63%. This indicates that FLQL's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLQLUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.49%

2.63%

+1.86%

Volatility (6M)

Calculated over the trailing 6-month period

11.45%

6.44%

+5.01%

Volatility (1Y)

Calculated over the trailing 1-year period

14.09%

8.54%

+5.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.31%

12.38%

+3.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

14.51%

+2.98%

FLQL vs. USMV - Expense Ratio Comparison

Both FLQL and USMV 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. USMV - Dividend Comparison

FLQL's dividend yield for the trailing twelve months is around 1.02%, less than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

FLQL and USMV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLQL has higher volatility (4.49%) compared to USMV (2.63%). In terms of maximum drawdown, FLQL dropped -33.64% vs USMV's -33.10%.

On 5-year performance, FLQL leads with 13.76% vs 6.93% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLQL has performed better with a 13.76% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.47%, compared with 1.02% for FLQL.

FLQL is categorized as Large Cap Growth Equities, while USMV is Low Volatility. FLQL tracks LibertyQ U.S. Large Cap Equity Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Franklin Templeton and iShares.

FLQL currently has the higher Sharpe Ratio (1.72 vs 0.95), 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.

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