FLSP vs. MMSD

Last updated Jul 14, 2026

FLSP (Franklin Liberty Systematic Style Premia ETF) and MMSD (NYLI MacKay Muni Short Duration ETF) are both exchange-traded funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while MMSD is a Municipal Bonds fund actively managed by NYLI. Both are actively managed. Over the past year, FLSP returned 19.30% vs 3.87% for MMSD. At a correlation of -0.14, they often move in opposite directions. FLSP charges 0.65%/yr vs 0.25%/yr for MMSD.

Performance

FLSP vs. MMSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Systematic Style Premia ETF (FLSP) and NYLI MacKay Muni Short Duration ETF (MMSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLSP achieves a 3.20% return, which is significantly higher than MMSD's 1.45% return.

FLSP

• 1D: 0.51%
• 1M: 0.58%
• 6M: 3.31%
• YTD: 3.20%
• 1Y: 19.30%
• 3Y*: 9.94%
• 5Y*: 8.08%
• 10Y*: —

MMSD

• 1D: -0.20%
• 1M: 0.09%
• 6M: 1.09%
• YTD: 1.45%
• 1Y: 3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLSP vs. MMSD - Yearly Performance Comparison

	2026 (YTD)	2025
FLSP Franklin Liberty Systematic Style Premia ETF	3.20%	14.58%
MMSD NYLI MacKay Muni Short Duration ETF	1.45%	3.72%

Correlation

The correlation between FLSP and MMSD 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 (All Time) Calculated using the full available price history since May 6, 2025	-0.14

Return for Risk

FLSP vs. MMSD — Risk / Return Rank

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

FLSP

FLSP Risk / Return Rank: 87
FLSP Sharpe Ratio Rank: 86
FLSP Sortino Ratio Rank: 88
FLSP Omega Ratio Rank: 82
FLSP Calmar Ratio Rank: 92
FLSP Martin Ratio Rank: 87

MMSD

MMSD Risk / Return Rank: 83
MMSD Sharpe Ratio Rank: 86
MMSD Sortino Ratio Rank: 91
MMSD Omega Ratio Rank: 91
MMSD Calmar Ratio Rank: 72
MMSD Martin Ratio Rank: 75

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. MMSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and NYLI MacKay Muni Short Duration ETF (MMSD). 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	MMSD	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.20	-0.01
Sortino ratio: Return per unit of downside risk	3.16	3.44	-0.28
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio: Return relative to maximum drawdown	4.81	2.88	+1.93
Martin ratio: Return relative to average drawdown	14.40	10.96	+3.43

FLSP vs. MMSD - Sharpe Ratio Comparison

The current FLSP Sharpe Ratio is 2.20, which is comparable to the MMSD Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of FLSP and MMSD, 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. MMSD - Drawdown Comparison

The maximum FLSP drawdown since its inception was -22.75%, which is greater than MMSD's maximum drawdown of -1.35%. Use the drawdown chart below to compare losses from any high point for FLSP and MMSD.

Drawdown Indicators

	FLSP	MMSD	Difference
Max Drawdown Largest peak-to-trough decline	-22.75%	-1.35%	-21.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-1.35%	-2.68%
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	-0.07%	-0.28%	+0.21%
Average Drawdown Average peak-to-trough decline	-6.21%	-0.21%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.35%	+0.99%

Volatility

FLSP vs. MMSD - Volatility Comparison

Franklin Liberty Systematic Style Premia ETF (FLSP) has a higher volatility of 2.53% compared to NYLI MacKay Muni Short Duration ETF (MMSD) at 0.52%. This indicates that FLSP's price experiences larger fluctuations and is considered to be riskier than MMSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSP	MMSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	0.52%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	1.48%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.84%	1.77%	+7.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.37%	1.75%	+11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	1.75%	+11.70%

FLSP vs. MMSD - Expense Ratio Comparison

FLSP has a 0.65% expense ratio, which is higher than MMSD's 0.25% expense ratio.

Dividends

FLSP vs. MMSD - Dividend Comparison

FLSP's dividend yield for the trailing twelve months is around 2.57%, less than MMSD's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FLSP Franklin Liberty Systematic Style Premia ETF	2.57%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%
MMSD NYLI MacKay Muni Short Duration ETF	3.56%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLSP and MMSD in my portfolio?

FLSP and MMSD 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.

Which is riskier, FLSP or MMSD?

FLSP has higher volatility (2.53%) compared to MMSD (0.52%). In terms of maximum drawdown, FLSP dropped -22.75% vs MMSD's -1.35%.

Which ETF is better, FLSP or MMSD?

On 1-year performance, FLSP leads with 19.30% vs 3.87% for MMSD. On fees, MMSD is cheaper at 0.25% per year. On volatility, MMSD has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLSP or MMSD?

Over the 1-year period, FLSP has performed better with a 19.30% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSP or MMSD?

MMSD is cheaper with a 0.25% expense ratio, compared with 0.65% for FLSP.

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

MMSD has the higher dividend yield at 3.56%, compared with 2.57% for FLSP.

What is the main difference between FLSP and MMSD?

FLSP is categorized as Long-Short, while MMSD is Municipal Bonds. They also come from different issuers: Franklin Templeton and NYLI. Their fees differ too: 0.65% for FLSP and 0.25% for MMSD.

Which has better risk-adjusted returns?

MMSD currently has the higher Sharpe Ratio (2.20 vs 2.20), 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.