FMKT vs. USPX

Last updated Aug 2, 2026

FMKT (The Free Markets ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds. FMKT is actively managed, while USPX is passively managed. Over the past year, FMKT returned 2.63% vs 20.68% for USPX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FMKT charges 0.76%/yr vs 0.03%/yr for USPX.

Performance

FMKT vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Free Markets ETF (FMKT) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMKT achieves a 0.86% return, which is significantly lower than USPX's 9.67% return.

FMKT

• 1D: 0.42%
• 1M: -1.23%
• 6M: -0.59%
• YTD: 0.86%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.59%

USPX

• 1D: 0.59%
• 1M: 0.02%
• 6M: 8.24%
• YTD: 9.67%
• 1Y: 20.68%
• 3Y*: 19.24%
• 5Y*: 11.75%
• 10Y*: 12.14%
• ALL TIME*: 12.43%

*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)
FMKT The Free Markets ETF	$56.87K	$86.94K	$97.49K
USPX Franklin U.S. Equity Index ETF	$3.15M	$2.94M	$3.73M

FMKT vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025
FMKT The Free Markets ETF	0.86%	10.04%
USPX Franklin U.S. Equity Index ETF	9.67%	14.53%

Correlation

The correlation between FMKT and USPX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.71

The correlation between FMKT and USPX has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

FMKT vs. USPX — Risk / Return Rank

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

FMKT

FMKT Risk / Return Rank: 13
FMKT Sharpe Ratio Rank: 13
FMKT Sortino Ratio Rank: 13
FMKT Omega Ratio Rank: 13
FMKT Calmar Ratio Rank: 12
FMKT Martin Ratio Rank: 13

USPX

USPX Risk / Return Rank: 61
USPX Sharpe Ratio Rank: 61
USPX Sortino Ratio Rank: 59
USPX Omega Ratio Rank: 59
USPX Calmar Ratio Rank: 58
USPX Martin Ratio Rank: 70

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.

FMKT vs. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Free Markets ETF (FMKT) and Franklin U.S. Equity Index ETF (USPX). 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.

	FMKT	USPX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.44	-1.36
Sortino ratio: Return per unit of downside risk	0.25	2.01	-1.76
Omega ratio: Gain probability vs. loss probability	1.03	1.26	-0.22
Calmar ratio: Return relative to maximum drawdown	0.09	2.04	-1.95
Martin ratio: Return relative to average drawdown	0.21	8.56	-8.35

FMKT vs. USPX - Sharpe Ratio Comparison

The current FMKT Sharpe Ratio is 0.08, which is lower than the USPX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FMKT and USPX, 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

FMKT vs. USPX - Drawdown Comparison

The maximum FMKT drawdown since its inception was -17.79%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for FMKT and USPX.

Drawdown Indicators

	FMKT	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-31.21%	+13.42%
Max Drawdown (1Y) Largest decline over 1 year	-17.79%	-9.15%	-8.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.21%	—
Current Drawdown Current decline from peak	-8.48%	-1.63%	-6.85%
Average Drawdown Average peak-to-trough decline	-5.62%	-4.40%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	2.18%	+5.13%

Volatility

FMKT vs. USPX - Volatility Comparison

The Free Markets ETF (FMKT) has a higher volatility of 4.70% compared to Franklin U.S. Equity Index ETF (USPX) at 3.39%. This indicates that FMKT's price experiences larger fluctuations and is considered to be riskier than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMKT	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.39%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	14.90%	10.23%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	13.02%	+6.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	16.30%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	15.97%	+3.20%

FMKT vs. USPX - Expense Ratio Comparison

FMKT has a 0.76% expense ratio, which is higher than USPX's 0.03% expense ratio.

Dividends

FMKT vs. USPX - Dividend Comparison

FMKT's dividend yield for the trailing twelve months is around 2.13%, more than USPX's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FMKT The Free Markets ETF	2.13%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USPX Franklin U.S. Equity Index ETF	1.09%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both FMKT and USPX in my portfolio?

FMKT and USPX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMKT or USPX?

FMKT has higher volatility (4.70%) compared to USPX (3.39%). In terms of maximum drawdown, FMKT dropped -17.79% vs USPX's -31.21%.

Which ETF is better, FMKT or USPX?

On 1-year performance, USPX leads with 20.68% vs 2.63% for FMKT. On fees, USPX is cheaper at 0.03% per year. On volatility, USPX has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMKT or USPX?

Over the 1-year period, USPX has performed better with a 20.68% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMKT or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.76% for FMKT.

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

FMKT has the higher dividend yield at 2.13%, compared with 1.09% for USPX.

What is the main difference between FMKT and USPX?

Their fees differ too: 0.76% for FMKT and 0.03% for USPX.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (1.44 vs 0.08), 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.