FLQM vs. LSAF

Last updated Aug 2, 2026

FLQM (Franklin LibertyQ U.S. Mid Cap Equity ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - FLQM tracks the LibertyQ U.S. Mid Cap Equity Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, FLQM returned 7.28%/yr vs 10.90%/yr for LSAF. Their correlation of 0.90 means they have usually moved in the same direction. FLQM charges 0.30%/yr vs 0.75%/yr for LSAF.

Performance

FLQM vs. LSAF - 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 LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLQM achieves a 7.46% return, which is significantly lower than LSAF's 19.96% return.

FLQM

• 1D: -0.51%
• 1M: 1.32%
• 6M: 6.05%
• YTD: 7.46%
• 1Y: 12.52%
• 3Y*: 10.57%
• 5Y*: 7.28%
• 10Y*: —
• ALL TIME*: 11.18%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	$4.73M	$5.15M	$5.86M
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K

FLQM vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	7.46%	5.16%	14.32%	17.47%	-12.95%	28.76%	15.50%	28.56%	-13.01%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between FLQM and LSAF is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.90

The correlation between FLQM and LSAF has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

FLQM vs. LSAF - Sectors Allocation Comparison

Sectors	FLQM	LSAF
Industrials	17.7%	10.7%
Financial Services	16.9%	16.2%
Consumer Cyclical	15.4%	19.9%
Healthcare	15.2%	7.8%
Technology	11.7%	15.4%
Consumer Defensive	8.9%	4.1%
Energy	5.0%	3.3%
Real Estate	3.6%	2.1%
Communication Services	2.4%	4.7%
Utilities	2.1%	0.9%
Basic Materials	1.1%	5.8%

Return for Risk

FLQM vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLQM

FLQM Risk / Return Rank: 39
FLQM Sharpe Ratio Rank: 38
FLQM Sortino Ratio Rank: 41
FLQM Omega Ratio Rank: 35
FLQM Calmar Ratio Rank: 43
FLQM Martin Ratio Rank: 40

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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.

FLQM vs. LSAF - 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 LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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.

	FLQM	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.03	-1.09
Sortino ratio: Return per unit of downside risk	1.51	2.98	-1.47
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.55	4.41	-2.86
Martin ratio: Return relative to average drawdown	4.31	14.86	-10.55

FLQM vs. LSAF - Sharpe Ratio Comparison

The current FLQM Sharpe Ratio is 0.94, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FLQM and LSAF, 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

FLQM vs. LSAF - Drawdown Comparison

The maximum FLQM drawdown since its inception was -37.26%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FLQM and LSAF.

Drawdown Indicators

	FLQM	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-41.67%	+4.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-6.58%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-20.26%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-22.51%	-24.94%	+2.43%
Current Drawdown Current decline from peak	-2.04%	-1.48%	-0.56%
Average Drawdown Average peak-to-trough decline	-4.86%	-6.21%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	1.95%	+0.77%

Volatility

FLQM vs. LSAF - Volatility Comparison

Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) has a higher volatility of 4.57% compared to LeaderShares AlphaFactor US Core Equity ETF (LSAF) at 4.21%. This indicates that FLQM's price experiences larger fluctuations and is considered to be riskier than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLQM	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.21%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	10.49%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	14.36%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	18.38%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	21.73%	-3.32%

FLQM vs. LSAF - Expense Ratio Comparison

FLQM has a 0.30% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

FLQM vs. LSAF - Dividend Comparison

FLQM's dividend yield for the trailing twelve months is around 1.64%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF	1.64%	1.49%	1.28%	1.27%	1.33%	1.05%	1.10%	1.37%	1.42%	1.15%
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%

Frequently Asked Questions

Can I hold both FLQM and LSAF in my portfolio?

FLQM and LSAF 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.

Which is riskier, FLQM or LSAF?

FLQM has higher volatility (4.57%) compared to LSAF (4.21%). In terms of maximum drawdown, FLQM dropped -37.26% vs LSAF's -41.67%.

Which ETF is better, FLQM or LSAF?

On 5-year performance, LSAF leads with 10.90% vs 7.28% for FLQM. On fees, FLQM is cheaper at 0.30% per year. On volatility, LSAF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLQM or LSAF?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLQM or LSAF?

FLQM is cheaper with a 0.30% expense ratio, compared with 0.75% for LSAF.

Which ETF pays a higher dividend yield, FLQM or LSAF?

FLQM has the higher dividend yield at 1.64%, compared with 0.57% for LSAF.

What is the main difference between FLQM and LSAF?

FLQM tracks LibertyQ U.S. Mid Cap Equity Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Franklin Templeton and Redwood. Their fees differ too: 0.30% for FLQM and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 0.94), 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.