FLQS vs. FSGS

Last updated Apr 1, 2026

Compare and contrast key facts about Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) and First Trust SMID Growth Strength ETF (FSGS).

FLQS and FSGS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FLQS is a passively managed fund by Franklin Templeton that tracks the performance of the LibertyQ U.S. Small Cap Equity Index. It was launched on Apr 26, 2017. FSGS is a passively managed fund by First Trust that tracks the performance of the SMID Growth Strength Index. It was launched on Jun 20, 2017. Both FLQS and FSGS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FLQS vs. FSGS - 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 First Trust SMID Growth Strength ETF (FSGS). The values are adjusted to include any dividend payments, if applicable.

FLQS vs. FSGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	-0.70%	5.04%	8.34%	21.28%	-16.88%	26.58%	10.51%	18.34%	-5.86%	9.79%
FSGS First Trust SMID Growth Strength ETF	-4.02%	2.41%	6.38%	15.98%	-13.17%	25.56%	10.26%	21.31%	-11.92%	10.39%

Returns By Period

In the year-to-date period, FLQS achieves a -0.70% return, which is significantly higher than FSGS's -4.02% return.

FLQS

• 1D: 1.70%
• 1M: -5.45%
• YTD: -0.70%
• 6M: -2.00%
• 1Y: 9.91%
• 3Y*: 9.43%
• 5Y*: 4.39%
• 10Y*: —

FSGS

• 1D: 2.68%
• 1M: -4.80%
• YTD: -4.02%
• 6M: -6.45%
• 1Y: 6.83%
• 3Y*: 4.89%
• 5Y*: 2.15%
• 10Y*: —

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

FLQS vs. FSGS - Expense Ratio Comparison

FLQS has a 0.35% expense ratio, which is lower than FSGS's 0.60% expense ratio.

FSGS

First Trust SMID Growth Strength ETF

FLQS

Franklin LibertyQ U.S. Small Cap Equity ETF

Return for Risk

FLQS vs. FSGS — Risk / Return Rank

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

FLQS

FLQS Risk / Return Rank: 31
FLQS Sharpe Ratio Rank: 29
FLQS Sortino Ratio Rank: 30
FLQS Omega Ratio Rank: 28
FLQS Calmar Ratio Rank: 35
FLQS Martin Ratio Rank: 33

FSGS

FSGS Risk / Return Rank: 22
FSGS Sharpe Ratio Rank: 21
FSGS Sortino Ratio Rank: 22
FSGS Omega Ratio Rank: 21
FSGS Calmar Ratio Rank: 25
FSGS Martin Ratio Rank: 24

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. FSGS - 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 First Trust SMID Growth Strength ETF (FSGS). 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	FSGS	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.34	+0.17
Sortino ratio Return per unit of downside risk	0.88	0.66	+0.22
Omega ratio Gain probability vs. loss probability	1.11	1.08	+0.03
Calmar ratio Return relative to maximum drawdown	0.87	0.57	+0.30
Martin ratio Return relative to average drawdown	3.00	1.72	+1.28
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. FSGS - Sharpe Ratio Comparison

The current FLQS Sharpe Ratio is 0.52, which is higher than the FSGS Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of FLQS and FSGS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FLQS	FSGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.34	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.11	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.28	+0.07

Correlation

The correlation between FLQS and FSGS is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FLQS vs. FSGS - Dividend Comparison

FLQS's dividend yield for the trailing twelve months is around 1.45%, while FSGS has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	1.45%	1.16%	1.29%	1.75%	1.40%	0.95%	1.20%	1.41%	1.27%	1.02%
FSGS First Trust SMID Growth Strength ETF	0.00%	0.00%	2.71%	2.29%	1.95%	1.35%	1.32%	1.77%	2.13%	1.15%

Drawdowns

FLQS vs. FSGS - Drawdown Comparison

The maximum FLQS drawdown since its inception was -42.16%, roughly equal to the maximum FSGS drawdown of -43.26%. Use the drawdown chart below to compare losses from any high point for FLQS and FSGS.

Drawdown Indicators

	FLQS	FSGS	Difference
Max Drawdown Largest peak-to-trough decline	-42.16%	-43.26%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-11.84%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	-24.08%	-3.97%
Current Drawdown Current decline from peak	-6.55%	-9.71%	+3.16%
Average Drawdown Average peak-to-trough decline	-8.14%	-8.08%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.89%	-0.30%

Volatility

FLQS vs. FSGS - Volatility Comparison

Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) and First Trust SMID Growth Strength ETF (FSGS) have volatilities of 5.22% and 5.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLQS	FSGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.40%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	11.33%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	19.90%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	20.16%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	22.95%	-1.14%