FMKT vs. AFOS

Last updated Jun 4, 2026

FMKT (The Free Markets ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. A 0.70 correlation means they provide meaningful diversification when combined. FMKT charges 0.76%/yr vs 0.45%/yr for AFOS.

Performance

FMKT vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Free Markets ETF (FMKT) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMKT achieves a 2.65% return, which is significantly lower than AFOS's 32.04% return.

FMKT

• 1D: -2.40%
• 1M: -0.64%
• YTD: 2.65%
• 6M: 0.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMKT vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
FMKT The Free Markets ETF	2.65%	6.63%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between FMKT and AFOS is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.70

Return for Risk

FMKT vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Free Markets ETF (FMKT) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

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

Sharpe Ratios by Period

	FMKT	AFOS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	4.35	-3.62

Drawdowns

FMKT vs. AFOS - Drawdown Comparison

The maximum FMKT drawdown since its inception was -17.79%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for FMKT and AFOS.

Drawdown Indicators

	FMKT	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-11.52%	-6.27%
Current Drawdown Current decline from peak	-6.86%	-0.29%	-6.57%
Average Drawdown Average peak-to-trough decline	-5.25%	-1.37%	-3.88%

Volatility

Volatility by Period

	FMKT	AFOS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	20.19%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.59%	20.19%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	20.19%	-0.60%

FMKT vs. AFOS - Expense Ratio Comparison

FMKT has a 0.76% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

FMKT vs. AFOS - Dividend Comparison

FMKT's dividend yield for the trailing twelve months is around 2.10%, more than AFOS's 0.22% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%
FMKT The Free Markets ETF	2.10%	2.15%

Frequently Asked Questions

Can I hold both FMKT and AFOS in my portfolio?

FMKT and AFOS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMKT or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMKT or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.76% for FMKT.

Which ETF pays a higher dividend yield, FMKT or AFOS?

FMKT has the higher dividend yield at 2.10%, compared with 0.22% for AFOS.

What is the main difference between FMKT and AFOS?

Their fees differ too: 0.76% for FMKT and 0.45% for AFOS.