FLQS vs. FGDL

Last updated Jun 4, 2026

FLQS (Franklin LibertyQ U.S. Small Cap Equity ETF) and FGDL (Franklin Responsibly Sourced Gold ETF) are both exchange-traded funds - FLQS is a Small Cap Growth Equities fund tracking the LibertyQ U.S. Small Cap Equity Index, while FGDL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 3 years, FLQS returned 11.59%/yr vs 31.32%/yr for FGDL. At a 0.14 correlation, their price movements are largely independent. FLQS charges 0.35%/yr vs 0.15%/yr for FGDL.

Performance

FLQS vs. FGDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) and Franklin Responsibly Sourced Gold ETF (FGDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLQS achieves a 6.14% return, which is significantly higher than FGDL's 2.43% return.

FLQS

• 1D: -0.81%
• 1M: 0.12%
• YTD: 6.14%
• 6M: 5.99%
• 1Y: 13.84%
• 3Y*: 11.59%
• 5Y*: 5.27%
• 10Y*: —

FGDL

• 1D: -1.09%
• 1M: -1.94%
• YTD: 2.43%
• 6M: 4.89%
• 1Y: 31.70%
• 3Y*: 31.32%
• 5Y*: —
• 10Y*: —

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

FLQS vs. FGDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	6.14%	5.04%	8.34%	21.28%	5.13%
FGDL Franklin Responsibly Sourced Gold ETF	2.43%	64.15%	27.31%	12.92%	0.91%

Correlation

The correlation between FLQS and FGDL is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022	0.14

Return for Risk

FLQS vs. FGDL — Risk / Return Rank

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

FLQS

FLQS Risk / Return Rank: 28
FLQS Sharpe Ratio Rank: 26
FLQS Sortino Ratio Rank: 26
FLQS Omega Ratio Rank: 25
FLQS Calmar Ratio Rank: 32
FLQS Martin Ratio Rank: 31

FGDL

FGDL Risk / Return Rank: 31
FGDL Sharpe Ratio Rank: 32
FGDL Sortino Ratio Rank: 29
FGDL Omega Ratio Rank: 35
FGDL Calmar Ratio Rank: 33
FGDL Martin Ratio Rank: 28

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.

FLQS vs. FGDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) and Franklin Responsibly Sourced Gold ETF (FGDL). 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.

	FLQS	FGDL	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.19	-0.27
Sortino ratio: Return per unit of downside risk	1.44	1.57	-0.13
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.54	1.66	-0.11
Martin ratio: Return relative to average drawdown	4.55	4.03	+0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLQS vs. FGDL - Sharpe Ratio Comparison

The current FLQS Sharpe Ratio is 0.91, which is comparable to the FGDL Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FLQS and FGDL, 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

	FLQS	FGDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.19	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.35	-0.97

Drawdowns

FLQS vs. FGDL - Drawdown Comparison

The maximum FLQS drawdown since its inception was -42.16%, which is greater than FGDL's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for FLQS and FGDL.

Drawdown Indicators

	FLQS	FGDL	Difference
Max Drawdown Largest peak-to-trough decline	-42.16%	-19.23%	-22.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-19.23%	+10.23%
Max Drawdown (3Y) Largest decline over 3 years	-23.12%	-19.23%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	—	—
Current Drawdown Current decline from peak	-1.33%	-18.16%	+16.83%
Average Drawdown Average peak-to-trough decline	-8.02%	-3.83%	-4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	7.88%	-4.83%

Volatility

FLQS vs. FGDL - Volatility Comparison

The current volatility for Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) is 4.09%, while Franklin Responsibly Sourced Gold ETF (FGDL) has a volatility of 5.61%. This indicates that FLQS experiences smaller price fluctuations and is considered to be less risky than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLQS	FGDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	5.61%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	23.18%	-12.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	26.78%	-11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	19.03%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	19.03%	+2.65%

FLQS vs. FGDL - Expense Ratio Comparison

FLQS has a 0.35% expense ratio, which is higher than FGDL's 0.15% expense ratio.

Dividends

FLQS vs. FGDL - Dividend Comparison

FLQS's dividend yield for the trailing twelve months is around 1.35%, while FGDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGDL Franklin Responsibly Sourced Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	1.35%	1.16%	1.29%	1.75%	1.40%	0.95%	1.20%	1.41%	1.27%	1.02%

Frequently Asked Questions

Can I hold both FLQS and FGDL in my portfolio?

FLQS and FGDL have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLQS or FGDL?

FGDL has higher volatility (5.61%) compared to FLQS (4.09%). In terms of maximum drawdown, FLQS dropped -42.16% vs FGDL's -19.23%.

Which ETF is better, FLQS or FGDL?

On 3-year performance, FGDL leads with 31.32% vs 11.59% for FLQS. On fees, FGDL is cheaper at 0.15% per year. On volatility, FLQS has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLQS or FGDL?

Over the 3-year period, FGDL has performed better with a 31.32% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLQS or FGDL?

FGDL is cheaper with a 0.15% expense ratio, compared with 0.35% for FLQS.

Which ETF pays a higher dividend yield, FLQS or FGDL?

FLQS has the higher dividend yield at 1.35%, compared with 0.00% for FGDL.

What is the main difference between FLQS and FGDL?

FLQS is categorized as Small Cap Growth Equities, while FGDL is Precious Metals. FLQS tracks LibertyQ U.S. Small Cap Equity Index, while FGDL tracks LBMA Gold Price PM ($/ozt). Their fees differ too: 0.35% for FLQS and 0.15% for FGDL.

Which has better risk-adjusted returns?

FGDL currently has the higher Sharpe Ratio (1.19 vs 0.91), 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.