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FLQM vs. FNK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLQM vs. FNK

Last updated Jun 23, 2026

FLQM (Franklin LibertyQ U.S. Mid Cap Equity ETF) and FNK (First Trust Mid Cap Value AlphaDEX Fund) are both exchange-traded funds - FLQM is a Mid Cap Blend Equities fund tracking the LibertyQ U.S. Mid Cap Equity Index, while FNK is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Mid Cap Value Index. Both are passively managed. Over the past 5 years, FLQM returned 6.86%/yr vs 8.17%/yr for FNK. A 0.79 correlation means they provide meaningful diversification when combined. FLQM charges 0.30%/yr vs 0.70%/yr for FNK.

Performance

FLQM vs. FNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) and First Trust Mid Cap Value AlphaDEX Fund (FNK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLQM achieves a 1.19% return, which is significantly lower than FNK's 8.64% return.

FLQM

1D
-0.19%
1M
-0.12%
YTD
1.19%
6M
-0.59%
1Y
7.81%
3Y*
10.89%
5Y*
6.86%
10Y*
—

FNK

1D
0.04%
1M
1.54%
YTD
8.64%
6M
7.21%
1Y
20.32%
3Y*
13.22%
5Y*
8.17%
10Y*
9.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLQM vs. FNK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLQM
Franklin LibertyQ U.S. Mid Cap Equity ETF		1.19%5.16%14.32%17.47%-12.95%28.76%15.50%28.56%-4.24%10.32%
FNK
First Trust Mid Cap Value AlphaDEX Fund		8.64%5.65%6.65%21.03%-7.24%33.60%1.23%20.56%-14.72%8.49%

Correlation

The correlation between FLQM and FNK is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.90

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

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

0.79

The correlation between FLQM and FNK shifts across timeframes, from 0.79 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

FLQM vs. FNK - Sectors Allocation Comparison

Sectors
FLQM
FNK

Consumer Cyclical

18.8%
20.3%

Industrials

17.9%
10.7%

Financial Services

15.1%
25.8%

Technology

13.4%
7.7%

Healthcare

12.3%
3.9%

Consumer Defensive

7.7%
3.7%

Energy

5.3%
9.3%

Real Estate

4.3%
9.0%

Communication Services

3.3%
1.4%

Utilities

1.6%
4.3%

Basic Materials

0.2%
3.8%

Consumer Cyclical

FLQM
18.8%
FNK
20.3%

Industrials

FLQM
17.9%
FNK
10.7%

Financial Services

FLQM
15.1%
FNK
25.8%

Technology

FLQM
13.4%
FNK
7.7%

Healthcare

FLQM
12.3%
FNK
3.9%

Consumer Defensive

FLQM
7.7%
FNK
3.7%

Energy

FLQM
5.3%
FNK
9.3%

Real Estate

FLQM
4.3%
FNK
9.0%

Communication Services

FLQM
3.3%
FNK
1.4%

Utilities

FLQM
1.6%
FNK
4.3%

Basic Materials

FLQM
0.2%
FNK
3.8%

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. Mid Cap Equity ETF

First Trust Mid Cap Value AlphaDEX Fund

Often compared with FLQM:
FLQM vs. XMHQFLQM vs. JPSEFLQM vs. FSMDXFLQM vs. COWZFLQM vs. AFMCFLQM vs. CZAFLQM vs. VOO
Often compared with FNK:
FNK vs. MDYVFNK vs. FNCMXFNK vs. GETGXFNK vs. VOEFNK vs. VOOFNK vs. DISVFNK vs. DISVX

Return for Risk

FLQM vs. FNK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLQM
FLQM Risk / Return Rank: 2020
Overall Rank
FLQM Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
FLQM Sortino Ratio Rank: 1919
Sortino Ratio Rank
FLQM Omega Ratio Rank: 1818
Omega Ratio Rank
FLQM Calmar Ratio Rank: 2323
Calmar Ratio Rank
FLQM Martin Ratio Rank: 2323
Martin Ratio Rank
FNK
FNK Risk / Return Rank: 4141
Overall Rank
FNK Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
FNK Sortino Ratio Rank: 4141
Sortino Ratio Rank
FNK Omega Ratio Rank: 3737
Omega Ratio Rank
FNK Calmar Ratio Rank: 4646
Calmar Ratio Rank
FNK Martin Ratio Rank: 4141
Martin Ratio Rank
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.

FLQM vs. FNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) and First Trust Mid Cap Value AlphaDEX Fund (FNK). 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.

FLQMFNKDifference
Sharpe ratioReturn per unit of total volatility
0.64
1.34

-0.70

Sortino ratioReturn per unit of downside risk
1.04
2.08

-1.05

Omega ratioGain probability vs. loss probability

1.12

1.24

-0.12

Calmar ratioReturn relative to maximum drawdown

1.04

2.24

-1.20

Martin ratioReturn relative to average drawdown

2.86

6.46

-3.60

FLQM vs. FNK - Sharpe Ratio Comparison

The current FLQM Sharpe Ratio is 0.64, which is lower than the FNK Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FLQM and FNK, 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

FLQM vs. FNK - Drawdown Comparison

The maximum FLQM drawdown since its inception was -37.26%, smaller than the maximum FNK drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for FLQM and FNK.

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Drawdown Indicators

FLQMFNKDifference

Max Drawdown

Largest peak-to-trough decline

-37.26%

-50.70%

+13.44%

Max Drawdown (1Y)

Largest decline over 1 year

-7.57%

-9.13%

+1.56%

Max Drawdown (3Y)

Largest decline over 3 years

-19.70%

-25.16%

+5.46%

Max Drawdown (5Y)

Largest decline over 5 years

-22.51%

-25.16%

+2.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.70%

—

Current Drawdown

Current decline from peak

-2.86%

-2.03%

-0.83%

Average Drawdown

Average peak-to-trough decline

-4.91%

-6.83%

+1.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.73%

3.15%

-0.42%

Volatility

FLQM vs. FNK - Volatility Comparison

The current volatility for Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) is 3.08%, while First Trust Mid Cap Value AlphaDEX Fund (FNK) has a volatility of 3.36%. This indicates that FLQM experiences smaller price fluctuations and is considered to be less risky than FNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLQMFNKDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

3.36%

-0.28%

Volatility (6M)

Calculated over the trailing 6-month period

8.52%

9.68%

-1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

12.24%

15.29%

-3.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.40%

21.00%

-4.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.45%

23.87%

-5.42%

FLQM vs. FNK - Expense Ratio Comparison

FLQM has a 0.30% expense ratio, which is lower than FNK's 0.70% expense ratio.

Dividends

FLQM vs. FNK - Dividend Comparison

FLQM's dividend yield for the trailing twelve months is around 1.51%, less than FNK's 1.54% yield.

PositionTTM20252024202320222021202020192018201720162015
FLQM
Franklin LibertyQ U.S. Mid Cap Equity ETF		1.51%1.49%1.28%1.27%1.33%1.05%1.10%1.37%1.42%1.15%0.00%0.00%
FNK
First Trust Mid Cap Value AlphaDEX Fund		1.54%1.53%1.63%1.76%1.66%1.27%1.61%1.82%1.76%1.40%1.38%1.45%

Frequently Asked Questions

FLQM and FNK have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNK has higher volatility (3.36%) compared to FLQM (3.08%). In terms of maximum drawdown, FLQM dropped -37.26% vs FNK's -50.70%.

On 5-year performance, FNK leads with 8.17% vs 6.86% for FLQM. On fees, FLQM is cheaper at 0.30% per year. On volatility, FLQM has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FNK has performed better with a 8.17% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLQM is cheaper with a 0.30% expense ratio, compared with 0.70% for FNK.

FNK has the higher dividend yield at 1.54%, compared with 1.51% for FLQM.

FLQM is categorized as Mid Cap Blend Equities, while FNK is Small Cap Value Equities. FLQM tracks LibertyQ U.S. Mid Cap Equity Index, while FNK tracks NASDAQ AlphaDEX Mid Cap Value Index. They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.30% for FLQM and 0.70% for FNK.

FNK currently has the higher Sharpe Ratio (1.34 vs 0.64), 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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