FLSP vs. QRPNX

Last updated Jul 26, 2026

FLSP (Franklin Liberty Systematic Style Premia ETF) and QRPNX (AQR Alternative Risk Premia Fund Class N) are both funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while QRPNX is a Multistrategy fund actively managed by AQR. Both are actively managed. Over the past 5 years, FLSP returned 8.15%/yr vs 19.57%/yr for QRPNX. Their 0.22 correlation means their historical movements had little consistent relationship. FLSP charges 0.65%/yr vs 5.29%/yr for QRPNX.

Performance

FLSP vs. QRPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty Systematic Style Premia ETF (FLSP) and AQR Alternative Risk Premia Fund Class N (QRPNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLSP achieves a 3.79% return, which is significantly lower than QRPNX's 20.97% return.

FLSP

• 1D: 0.43%
• 1M: 1.34%
• 6M: 3.96%
• YTD: 3.79%
• 1Y: 16.93%
• 3Y*: 10.62%
• 5Y*: 8.15%
• 10Y*: —
• ALL TIME*: 4.35%

QRPNX

• 1D: 0.30%
• 1M: 3.32%
• 6M: 19.57%
• YTD: 20.97%
• 1Y: 37.49%
• 3Y*: 21.88%
• 5Y*: 19.57%
• 10Y*: —
• ALL TIME*: 8.56%

*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)
FLSP Franklin Liberty Systematic Style Premia ETF	$2.24M	$3.86M	$2.59M
QRPNX AQR Alternative Risk Premia Fund Class N	$0.00	$0.00	$0.00

FLSP vs. QRPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FLSP Franklin Liberty Systematic Style Premia ETF	3.79%	15.56%	11.75%	3.14%	0.44%	11.44%	-15.19%	0.90%
QRPNX AQR Alternative Risk Premia Fund Class N	20.97%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-1.76%

Correlation

The correlation between FLSP and QRPNX is 0.09, 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.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019	0.22

The correlation between FLSP and QRPNX shifts across timeframes, from 0.09 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLSP vs. QRPNX — Risk / Return Rank

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

FLSP

FLSP Risk / Return Rank: 85
FLSP Sharpe Ratio Rank: 83
FLSP Sortino Ratio Rank: 85
FLSP Omega Ratio Rank: 80
FLSP Calmar Ratio Rank: 91
FLSP Martin Ratio Rank: 86

QRPNX

QRPNX Risk / Return Rank: 98
QRPNX Sharpe Ratio Rank: 99
QRPNX Sortino Ratio Rank: 98
QRPNX Omega Ratio Rank: 96
QRPNX Calmar Ratio Rank: 99
QRPNX Martin Ratio Rank: 98

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. QRPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) and AQR Alternative Risk Premia Fund Class N (QRPNX). 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	QRPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	3.92	-1.98
Sortino ratio: Return per unit of downside risk	2.78	5.66	-2.89
Omega ratio: Gain probability vs. loss probability	1.34	1.70	-0.36
Calmar ratio: Return relative to maximum drawdown	4.18	10.26	-6.09
Martin ratio: Return relative to average drawdown	12.50	27.66	-15.16

FLSP vs. QRPNX - Sharpe Ratio Comparison

The current FLSP Sharpe Ratio is 1.93, which is lower than the QRPNX Sharpe Ratio of 3.92. The chart below compares the historical Sharpe Ratios of FLSP and QRPNX, 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. QRPNX - Drawdown Comparison

The maximum FLSP drawdown since its inception was -22.75%, smaller than the maximum QRPNX drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for FLSP and QRPNX.

Drawdown Indicators

	FLSP	QRPNX	Difference
Max Drawdown Largest peak-to-trough decline	-22.75%	-28.78%	+6.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-3.62%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-11.22%	+4.53%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	-11.22%	+1.70%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.18%	-7.74%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.34%	0.00%

Volatility

FLSP vs. QRPNX - Volatility Comparison

Franklin Liberty Systematic Style Premia ETF (FLSP) and AQR Alternative Risk Premia Fund Class N (QRPNX) have volatilities of 2.47% and 2.51%, 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

	FLSP	QRPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.51%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	6.92%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	9.48%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	11.81%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	10.31%	+3.11%

FLSP vs. QRPNX - Expense Ratio Comparison

FLSP has a 0.65% expense ratio, which is lower than QRPNX's 5.29% expense ratio.

Dividends

FLSP vs. QRPNX - Dividend Comparison

FLSP's dividend yield for the trailing twelve months is around 2.55%, more than QRPNX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLSP Franklin Liberty Systematic Style Premia ETF	2.55%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%	0.00%	0.00%
QRPNX AQR Alternative Risk Premia Fund Class N	0.94%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%

Frequently Asked Questions

Can I hold both FLSP and QRPNX in my portfolio?

FLSP and QRPNX have a correlation of 0.09, 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 QRPNX?

QRPNX has higher volatility (2.51%) compared to FLSP (2.47%). In terms of maximum drawdown, FLSP dropped -22.75% vs QRPNX's -28.78%.

Which has better risk-adjusted returns?

QRPNX currently has the higher Sharpe Ratio (3.92 vs 1.93), 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.