FLSP vs. LQDW
FLSP (Franklin Liberty Systematic Style Premia ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. FLSP is actively managed, while LQDW is passively managed. Over the past 3 years, FLSP returned 10.00%/yr vs 3.79%/yr for LQDW. At a correlation of -0.04, they often move in opposite directions. FLSP charges 0.65%/yr vs 0.34%/yr for LQDW.
Performance
FLSP vs. LQDW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FLSP having a 1.26% return and LQDW slightly lower at 1.25%.
FLSP
- 1D
- 0.04%
- 1M
- 1.15%
- YTD
- 1.26%
- 6M
- 3.45%
- 1Y
- 14.67%
- 3Y*
- 10.00%
- 5Y*
- 7.70%
- 10Y*
- —
LQDW
- 1D
- -0.20%
- 1M
- 0.83%
- YTD
- 1.25%
- 6M
- 1.65%
- 1Y
- 6.49%
- 3Y*
- 3.79%
- 5Y*
- —
- 10Y*
- —
FLSP vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 1.26% | 15.56% | 11.75% | 3.14% | 0.40% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.25% | 9.05% | 2.60% | 3.99% | -6.78% |
Correlation
The correlation between FLSP and LQDW is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | -0.04 |
The correlation between FLSP and LQDW shifts across timeframes, from -0.17 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FLSP vs. LQDW — Risk / Return Rank
FLSP
LQDW
FLSP vs. LQDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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.
| FLSP | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.38 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.51 | +1.14 |
| Martin ratioReturn relative to average drawdown | 10.59 | 9.39 | +1.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLSP | LQDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 1.85 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.46 | -0.16 |
Drawdowns
FLSP vs. LQDW - Drawdown Comparison
The maximum FLSP drawdown since its inception was -22.75%, which is greater than LQDW's maximum drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for FLSP and LQDW.
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Drawdown Indicators
| FLSP | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.75% | -9.20% | -13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -2.59% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -6.69% | -6.74% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -9.52% | — | — |
Current DrawdownCurrent decline from peak | -1.94% | -0.35% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -6.30% | -2.35% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.69% | +0.70% |
Volatility
FLSP vs. LQDW - Volatility Comparison
Franklin Liberty Systematic Style Premia ETF (FLSP) has a higher volatility of 1.98% compared to iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) at 1.46%. This indicates that FLSP's price experiences larger fluctuations and is considered to be riskier than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLSP | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.46% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 6.86% | 3.02% | +3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.27% | 3.53% | +5.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.37% | 5.49% | +7.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.53% | 5.49% | +8.04% |
FLSP vs. LQDW - Expense Ratio Comparison
FLSP has a 0.65% expense ratio, which is higher than LQDW's 0.34% expense ratio.
Dividends
FLSP vs. LQDW - Dividend Comparison
FLSP's dividend yield for the trailing twelve months is around 2.62%, less than LQDW's 12.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.62% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.57% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% | 0.00% |
Frequently Asked Questions
FLSP and LQDW have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (1.98%) compared to LQDW (1.46%). In terms of maximum drawdown, FLSP dropped -22.75% vs LQDW's -9.20%.
On 3-year performance, FLSP leads with 10.00% vs 3.79% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FLSP has performed better with a 10.00% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 0.65% for FLSP.
LQDW has the higher dividend yield at 12.57%, compared with 2.62% for FLSP.
FLSP is categorized as Long-Short, while LQDW is Corporate Bonds. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.65% for FLSP and 0.34% for LQDW.
LQDW currently has the higher Sharpe Ratio (1.85 vs 1.59), 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.
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