FLSP vs. EQLS

Last updated Jun 24, 2026

FLSP (Franklin Liberty Systematic Style Premia ETF) and EQLS (Simplify Market Neutral Equity Long/Short ETF) are both Long-Short funds. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. FLSP charges 0.65%/yr vs 1.00%/yr for EQLS.

Performance

FLSP vs. EQLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Systematic Style Premia ETF (FLSP) and Simplify Market Neutral Equity Long/Short ETF (EQLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FLSP

• 1D: -0.36%
• 1M: 0.59%
• YTD: 1.97%
• 6M: 2.01%
• 1Y: 14.58%
• 3Y*: 10.33%
• 5Y*: 8.35%
• 10Y*: —

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLSP vs. EQLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLSP Franklin Liberty Systematic Style Premia ETF	1.97%	15.56%	11.75%	2.16%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.67%

Correlation

The correlation between FLSP and EQLS is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	0.13

Return for Risk

FLSP vs. EQLS — Risk / Return Rank

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

FLSP

FLSP Risk / Return Rank: 56
FLSP Sharpe Ratio Rank: 49
FLSP Sortino Ratio Rank: 50
FLSP Omega Ratio Rank: 46
FLSP Calmar Ratio Rank: 75
FLSP Martin Ratio Rank: 63

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FLSP vs. EQLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and Simplify Market Neutral Equity Long/Short ETF (EQLS). 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.

	FLSP	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	1.62	—	—
Sortino ratio: Return per unit of downside risk	2.31	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	3.63	—	—
Martin ratio: Return relative to average drawdown	10.82	—	—

Drawdowns

Drawdown Indicators

	FLSP	EQLS	Difference
Max Drawdown Largest peak-to-trough decline	-22.75%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	—	—
Current Drawdown Current decline from peak	-1.26%	—	—
Average Drawdown Average peak-to-trough decline	-6.26%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	—	—

Volatility

Volatility by Period

	FLSP	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.07%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.48%	—	—

FLSP vs. EQLS - Expense Ratio Comparison

FLSP has a 0.65% expense ratio, which is lower than EQLS's 1.00% expense ratio.

Dividends

FLSP vs. EQLS - Dividend Comparison

FLSP's dividend yield for the trailing twelve months is around 2.60%, while EQLS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%	0.00%	0.00%	0.00%
FLSP Franklin Liberty Systematic Style Premia ETF	2.60%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Frequently Asked Questions

Can I hold both FLSP and EQLS in my portfolio?

FLSP and EQLS have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLSP or EQLS?

On fees, FLSP is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLSP or EQLS?

FLSP is cheaper with a 0.65% expense ratio, compared with 1.00% for EQLS.

Which ETF pays a higher dividend yield, FLSP or EQLS?

FLSP has the higher dividend yield at 2.60%, compared with 0.00% for EQLS.

What is the main difference between FLSP and EQLS?

They also come from different issuers: Franklin Templeton and Simplify. Their fees differ too: 0.65% for FLSP and 1.00% for EQLS.