FLSP vs. FFLS

Last updated Aug 2, 2026

FLSP (Franklin Liberty Systematic Style Premia ETF) and FFLS (Future Fund Long/Short ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, FLSP returned 10.53%/yr vs 8.99%/yr for FFLS. Their 0.02 correlation means their historical movements had little consistent relationship. FLSP charges 0.65%/yr vs 1.75%/yr for FFLS.

Performance

FLSP vs. FFLS - Performance Comparison

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

Returns By Period

In the year-to-date period, FLSP achieves a 5.20% return, which is significantly higher than FFLS's -1.36% return.

FLSP

• 1D: 1.51%
• 1M: 3.43%
• 6M: 4.81%
• YTD: 5.20%
• 1Y: 17.32%
• 3Y*: 10.53%
• 5Y*: 8.25%
• 10Y*: —
• ALL TIME*: 4.56%

FFLS

• 1D: 2.13%
• 1M: -1.93%
• 6M: -2.39%
• YTD: -1.36%
• 1Y: -3.56%
• 3Y*: 8.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.66%

*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)
FFLS Future Fund Long/Short ETF	$154.37K	$125.96K	$156.23K
FLSP Franklin Liberty Systematic Style Premia ETF	$2.89M	$2.48M	$2.72M

FLSP vs. FFLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLSP Franklin Liberty Systematic Style Premia ETF	5.20%	15.56%	11.75%	2.17%
FFLS Future Fund Long/Short ETF	-1.36%	7.49%	17.71%	0.79%

Correlation

The correlation between FLSP and FFLS is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.02

Return for Risk

FLSP vs. FFLS — Risk / Return Rank

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

FLSP

FLSP Risk / Return Rank: 88
FLSP Sharpe Ratio Rank: 86
FLSP Sortino Ratio Rank: 87
FLSP Omega Ratio Rank: 83
FLSP Calmar Ratio Rank: 93
FLSP Martin Ratio Rank: 88

FFLS

FFLS Risk / Return Rank: 6
FFLS Sharpe Ratio Rank: 6
FFLS Sortino Ratio Rank: 5
FFLS Omega Ratio Rank: 5
FFLS Calmar Ratio Rank: 6
FFLS Martin Ratio Rank: 6

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.

FLSP vs. FFLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and Future Fund Long/Short ETF (FFLS). 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	FFLS	Difference
Sharpe ratio: Return per unit of total volatility	2.03	-0.43	+2.46
Sortino ratio: Return per unit of downside risk	2.93	-0.55	+3.48
Omega ratio: Gain probability vs. loss probability	1.36	0.94	+0.42
Calmar ratio: Return relative to maximum drawdown	4.48	-0.41	+4.88
Martin ratio: Return relative to average drawdown	13.39	-0.79	+14.18

FLSP vs. FFLS - Sharpe Ratio Comparison

The current FLSP Sharpe Ratio is 2.03, which is higher than the FFLS Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of FLSP and FFLS, 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

FLSP vs. FFLS - Drawdown Comparison

The maximum FLSP drawdown since its inception was -22.75%, which is greater than FFLS's maximum drawdown of -11.05%. Use the drawdown chart below to compare losses from any high point for FLSP and FFLS.

Drawdown Indicators

	FLSP	FFLS	Difference
Max Drawdown Largest peak-to-trough decline	-22.75%	-11.05%	-11.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-11.05%	+7.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-11.05%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	—	—
Current Drawdown Current decline from peak	0.00%	-6.00%	+6.00%
Average Drawdown Average peak-to-trough decline	-6.16%	-3.27%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	5.67%	-4.32%

Volatility

FLSP vs. FFLS - Volatility Comparison

The current volatility for Franklin Liberty Systematic Style Premia ETF (FLSP) is 2.98%, while Future Fund Long/Short ETF (FFLS) has a volatility of 4.13%. This indicates that FLSP experiences smaller price fluctuations and is considered to be less risky than FFLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSP	FFLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	4.13%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	8.76%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	8.88%	10.38%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.37%	11.47%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	11.47%	+1.95%

FLSP vs. FFLS - Expense Ratio Comparison

FLSP has a 0.65% expense ratio, which is lower than FFLS's 1.75% expense ratio.

Dividends

FLSP vs. FFLS - Dividend Comparison

FLSP's dividend yield for the trailing twelve months is around 2.52%, less than FFLS's 6.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FFLS Future Fund Long/Short ETF	6.67%	6.58%	3.34%	0.00%	0.00%	0.00%	0.00%
FLSP Franklin Liberty Systematic Style Premia ETF	2.52%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Frequently Asked Questions

Can I hold both FLSP and FFLS in my portfolio?

FLSP and FFLS have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLSP or FFLS?

FFLS has higher volatility (4.13%) compared to FLSP (2.98%). In terms of maximum drawdown, FLSP dropped -22.75% vs FFLS's -11.05%.

Which ETF is better, FLSP or FFLS?

On 3-year performance, FLSP leads with 10.53% vs 8.99% for FFLS. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLSP or FFLS?

Over the 3-year period, FLSP has performed better with a 10.53% return vs 8.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSP or FFLS?

FLSP is cheaper with a 0.65% expense ratio, compared with 1.75% for FFLS.

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

FFLS has the higher dividend yield at 6.67%, compared with 2.52% for FLSP.

What is the main difference between FLSP and FFLS?

They also come from different issuers: Franklin Templeton and Future Fund. Their fees differ too: 0.65% for FLSP and 1.75% for FFLS.

Which has better risk-adjusted returns?

FLSP currently has the higher Sharpe Ratio (2.03 vs -0.43), 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.